<SEC-DOCUMENT>0001398344-18-008727.txt : 20180607
<SEC-HEADER>0001398344-18-008727.hdr.sgml : 20180607
<ACCEPTANCE-DATETIME>20180607164645
ACCESSION NUMBER:		0001398344-18-008727
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20180607
DATE AS OF CHANGE:		20180607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224875
		FILM NUMBER:		18887002

	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:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		18887001

	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:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>fp0033851_n2a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">As filed with the Securities and Exchange Commission
on June 7, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&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 STYLE="width: 33%">Registration File No. 333-224875</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; border: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Registration
File No. 811-02363</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 161.25pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 3.7pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 3.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><B>FORM N-2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Check appropriate box or
boxes)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.95pt; text-indent: 209.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[X]</TD><TD>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">[X]</TD><TD>Pre-Effective Amendment No. 1</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">[&nbsp;&nbsp;]</TD><TD>Post-Effective Amendment No. __</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[X]</TD><TD>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT
OF 1940</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">[X]</TD><TD>Amendment No. 20</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.95pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center">Cornerstone Total Return Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"></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: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 3.7pt; text-align: center">Exact Name of Registrant
as Specified in Charter</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 3.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 198.8pt 0pt 153pt; text-align: center; text-indent: 32.35pt">225
Pictoria Drive, Suite 450, Cincinnati, OH 45246</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 198.8pt 0pt 153pt; text-align: center; text-indent: 32.35pt"></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: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: center">Registrant&rsquo;s Telephone Number, including Area Code (866) 668-6558</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 152.7pt 0pt 152.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: center; text-indent: 0pt">Theresa
M. Bridge &ndash; 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 0pt 0pt 0pt; text-align: center; text-indent: 0pt"></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: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: center; text-indent: 0pt">Name and Address (Number,
Street, City, State, Zip Code) of Agent for Service</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: center; text-indent: -4.5pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Thomas R. Westle, Esquire<BR>
Blank Rome LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">405 Lexington Avenue<BR>
New York, New York 10174</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt">If any securities being registered on this form
will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities
offered in connection with a dividend reinvestment plan, check the following box &hellip;. [&nbsp;&nbsp;]</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">[X]</TD><TD>when declared effective pursuant to section 8(c)</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 302.6pt 0pt 31.95pt; text-indent: -26.05pt">&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>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><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 0pt 127.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title of Securities</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Being Registered</FONT></P></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount Being</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Registered(1)</FONT></P></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposed Maximum</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Offering Price Per Unit</FONT></P></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposed Maximum</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Aggregate Offering Price(2)</FONT></P></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Registration Fee(3)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common
    Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; text-align: center; padding-left: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15,050,616</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$13.49</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; text-align: center; padding-left: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$203,032,810</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,277.58</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt; padding-right: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights
    to purchase common stock (4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">22,575,924</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; padding-right: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; text-align: center; padding-left: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; text-align: center; padding-left: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&mdash;</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>Includes 7,525,308 shares subject to the additional
subscription privilege.</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">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 $14.99 on May 31, 2018.</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">$124.50 of which was previously paid.</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">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 in 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="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 1.85pt; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Cornerstone Total Return Fund, Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>22,575,924 Rights
for</B> <B>7,525,308</B> <B>Shares of Common Stock</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 3.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cornerstone Total Return
Fund, Inc. (the &ldquo;Fund&rdquo;) is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its holders of record of shares
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 June 18, 2018 (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-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 May 31, 2018, the last reported net asset value (&ldquo;NAV&rdquo;)
per Share was $12.39 and the last reported sales price per Share on the NYSE American was $14.99, which represents a 20.98% 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-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 JULY 20, 2018 (THE &ldquo;EXPIRATION DATE&rdquo;),
UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund is a diversified,
closed-end management investment company. The Fund&rsquo;s investment objective is capital appreciation with current income as
a secondary objective. The Fund seeks to achieve its objectives by investing primarily in 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-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

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

<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 31  of this prospectus.</B></P>

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

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Estimated Subscription</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Price (1)</P></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Estimated</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Sales Load</P></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Estimated</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Proceeds to</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">the Fund (2)(3)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 55%">Per Share</TD>
    <TD STYLE="width: 15%; text-align: center">$13.49</TD>
    <TD STYLE="width: 15%; text-align: center">None</TD>
    <TD STYLE="width: 15%; text-align: center">$101,516,405</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD>
    <TD STYLE="text-align: center">$13.49</TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">$101,516,405</TD></TR>
</TABLE>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 5.8pt">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 May 31, 2018. 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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">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 $158,378 or approximately $0.005 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="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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">Fees and expenses incurred by the Fund in connection with the Offering are
estimated to be approximately $158,378 or approximately $0.005 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 $101,358,027
or approximately $3.367 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="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-top: 0pt; margin-bottom: 0pt; 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 5.85pt 0pt 5.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this
prospectus is [&#9679;], 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Investment
Adviser.</I> Cornerstone Advisors, Inc. (the &ldquo;Adviser&rdquo;) acts as the Fund&rsquo;s investment adviser. See
&ldquo;Management of the Fund.&rdquo; As of March 31, 2018, the Adviser managed one other closed-end fund with combined assets
with the Fund of approximately $904.1 million. The 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-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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;], 2018 (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 56 of this prospectus, and other information filed with the
SEC, 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, or by visiting the Fund&rsquo;s website at www.cornerstonetotalreturnfund.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>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.85pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.85pt; margin-bottom: 0pt; 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.8pt; margin-bottom: 0pt; 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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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5.9pt; text-align: justify">&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: 85%">&nbsp;</TD>
    <TD STYLE="width: 15%; 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">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>INVESTMENT OBJECTIVE 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">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>MANAGEMENT OF THE FUND</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DETERMINATION OF NET ASSET VALUE</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>DISTRIBUTION POLICY</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DISTRIBUTION REINVESTMENT PLAN</TD>
    <TD STYLE="text-align: right">44</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">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DESCRIPTION OF CAPITAL STRUCTURE</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>REPORTS TO STOCKHOLDERS</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>ADDITIONAL INFORMATION</TD>
    <TD STYLE="text-align: right">52</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">53</TD></TR>
</TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><B>SUMMARY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center">&nbsp;</P>

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

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

<TABLE CELLPADDING="6" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: 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">Cornerstone Total Return Fund, Inc. is a diversified, closed-end management investment company. It was incorporated in New York
on March 16, 1973 and commenced investment operations on May 15, 1973. The Fund&rsquo;s Shares are traded on the NYSE American
under the ticker symbol &ldquo;CRF.&rdquo; As of May 31, 2018, the Fund had 22,575,924 Shares issued and outstanding.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>The Offering</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid"><FONT STYLE="font-size: 11pt">The Fund is issuing non-transferable rights (&ldquo;Rights&rdquo;)
    to its Stockholders as of the close of business on June 18, 2018 (the &ldquo;Record Date&rdquo;) which Rights will allow Stockholders
    to subscribe for an aggregate of 7,525,308 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">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, which was fully subscribed, the Fund issued 8,798,352 Shares
(4,399,176 Shares of which were Over-Subscription Shares) at a subscription price of $13.41 per Share, for a total offering of
$117,985,900.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">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, which was fully subscribed, the Fund issued 5,196,240 Shares
(2,598,120 Shares of which were Over-Subscription Shares) at a subscription price of $13.69 per Share, for a total offering of
$71,136,525.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">The
Fund previously conducted a rights offering that expired on August 14, 2015 (the &ldquo;2015 Offering&rdquo;) and included similar
terms and conditions as this Offering. Pursuant to the 2015 Offering, which was fully subscribed, the Fund issued 3,027,098 Shares
(1,513,549 Shares of which were Over-Subscription Shares) at a subscription price of $17.06 per Share, for a total offering of
$51,642,292.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
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<TABLE CELLPADDING="6" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-top: Black 1pt solid">Prior to the 2015 Offering, the Fund 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 1,723,096 Shares (861,548 Shares of which were Over-Subscription Shares) at a subscription prices of $21.36 per Share,
for a total offering of $36,805,331.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid">Prior to the 2013 Offering, the Fund 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, which was fully subscribed, the Fund
issued 841,130 Shares (279,448 Shares of which were Over-Subscription Shares) at a subscription price of $21.32 per Share, for
a total offering of $17,932,897.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid">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 657,003 Shares (328,501 Shares of which were Over-Subscription Shares) at a subscription price of $22.16 per Share,
for a total offering of $14,559,175.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid">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, which was fully subscribed, the Fund
issued 251,596 Shares (11,588 Shares of which were Over-Subscription Shares) at a subscription price of $28.92 per Share, for
a total offering of $7,275,425.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Use of Proceeds
    from the 2017 Offering, the 2016 Offering, the 2015 Offering, the 2013 Offering, the 2012 Offering, the 2011 Offering, and
    the 2010 Offering (collectively, the &ldquo;Prior Rights Offerings&rdquo;) 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 (as defined
    below) by providing funding for future distributions, which may constitute a return of its Stockholders&rsquo; capital.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid"><B>Purpose of the Offering</B></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-align: justify">At its meeting held on May 11, 2018, 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:</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 20%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 3%">&#9679;</TD>
    <TD STYLE="width: 77%; border-right: Black 1pt solid; text-align: justify">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>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify">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).</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#9679;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify">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 the years 2013-2017 consisted of a return of its Stockholder&rsquo;s capital, and not of income or gains generated
from the Fund&rsquo;s investment portfolio, with the exceptions of the year 2015 for which 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 and 2017 for which 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-top: 0; margin-bottom: 0">&nbsp;</P>
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<TABLE CELLPADDING="6" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; width: 20%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 77%; text-align: justify; border-top: Black 1pt solid">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.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify">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; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify">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 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>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Investment Objective
    and Policies</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">The Fund&rsquo;s investment objective is capital
appreciation with current income as a secondary objective.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="6" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid; border-top: Black 1pt solid">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;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">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.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 20%; border-left: Black 1pt solid"><B>Investment Strategies</B></TD>
    <TD STYLE="width: 80%; border-right: Black 1pt solid; text-align: justify">The Fund&rsquo;s portfolio, under normal market conditions, consists principally of the equity securities of large, mid and small-capitalization companies. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities,
warrants and other securities having the characteristics of common stocks, such as American Depositary Receipts (&ldquo;ADRs&rdquo;)
and International Depositary Receipts (&ldquo;IDRs&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid">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. The Fund will not invest in private investment companies
in excess of 15% of the Fund&rsquo;s assets and any such investment will count towards the calculation of the 20% limitation on
investments in illiquid securities.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid">The Fund may invest a portion of its assets in U.S. dollar denominated debt securities when the Adviser believes that it is appropriate
to do so in order to achieve the Fund&rsquo;s secondary investment objective (e.g., when interest rates are high in comparison
to anticipated returns on equity investments). Debt securities in which the Fund may invest include U.S. dollar denominated bank,
corporate or government bonds, notes, and debentures of any maturity determined by the Adviser to be suitable for investment by
the Fund. The Fund may invest in the securities of issuers that it determines to be suitable for investment by the Fund regardless
of their rating, provided, however, that the Fund may not invest directly in debt securities that are determined by the Adviser
to be rated below &ldquo;BBB&rdquo; by Standard &amp; Poor&rsquo;s Rating Services, a division of The McGraw-Hill Companies (&ldquo;S&amp;P&rdquo;)
or Moody&rsquo;s Investor Services, Inc. (&ldquo;Moody&rsquo;s&rdquo;), commonly referred to as &ldquo;junk bonds.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 20%; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">In determining which securities to buy for the Fund&rsquo;s portfolio, the 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 Adviser.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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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; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 4.3pt; padding-left: 110.85pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify; border-top: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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 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 Adviser.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 4.3pt; padding-left: 110.85pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 4.3pt; padding-left: 110.85pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may invest up to 20% of its assets in illiquid U.S. securities. The Fund will invest only in such illiquid securities that,
in the opinion of the Adviser, present opportunities for substantial growth over a period of two to five years.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 4.3pt; padding-left: 110.85pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">With
    respect to 75% of its total assets, the Fund may not purchase a security, other than securities issued or guaranteed by the
    U.S. Government, its agencies or instrumentalities, if as a result of such purchase, more than 5% of the value of the
    Fund&rsquo;s total assets would be invested in the securities of any one issuer, or the Fund would own more than 10% of the voting securities of any one issuer.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 4.3pt; padding-left: 110.85pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The Fund&rsquo;s annual portfolio turnover rate is expected to continue to be relatively low, ranging between 10% and 90%.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 20%; border-left: black 1pt solid; padding-top: 3.15pt; padding-left: 3.15pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment Adviser and Fee</B></FONT></TD>
    <TD STYLE="width: 80%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cornerstone
                                                                                                               Advisors, Inc. (the &ldquo;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
                                                                                                               March 31, 2018, the Adviser managed one other closed-end fund with combined assets with the Fund, of approximately $847.5
                                                                                                               million.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The 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;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3.15pt; padding-left: 3.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Administrator and Fund Accounting Agent</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
a Board of Directors Meeting held on May 11, 2018, the Board of Directors selected Ultimus Fund Solutions, LLC, 225 Pictoria Drive,
Suite 450, Cincinnati, OH (</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Ultimus</FONT>&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">)
to become the Fund</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Administrator, effective June 1, 2018.
Ultimus also serves as the 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.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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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; background-color: White">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Custodian
    and Transfer Agent</B></FONT></TD>
    <TD STYLE="width: 80%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><B>Closed-End
Fund Structure</B></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid"><B>Summary
of Principal Risks</B></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><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.</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="width: 20%; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: justify"><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.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><B><I>Managed Distribution
                                         Risk.</I></B></P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">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></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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 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.</TD></TR>
</TABLE>

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

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Managed Distribution <FONT STYLE="font-family: Times New Roman, Times, Serif">Policy</FONT></B></FONT></P>


</TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Effective
                                                                                       June 25, 2002, the Fund initiated a fixed, monthly distribution to Stockholders. On November 29, 2006, the Distribution </FONT>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  35 in the table which identifies the
                                                                                       constituent components of the Fund&rsquo;s distributions under its Distribution Policy for years 2013-2017, substantially all
                                                                                       of the distributions that the Fund made to its Stockholders for the year 2015 consisted of a return of its
                                                                                       Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio, and a majority
                                                                                       of the distributions that the Fund made to its Stockholders for the years 2013-2014 and 2016 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. Although return of capital distributions may
                                                                                       not be taxable, such distributions may reduce a Stockholder&rsquo;s cost basis on 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>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">On August
11, 2017, the Board of Directors of the Fund determined that the distribution percentage for the calendar year 2018 would remain
at 21%, which was the same distribution percentage used in 2017, which would then be applied to the net asset value of the Fund
at the end of October 2017 to determine the distribution amounts for calendar year 2018. During 2018, the Board of Directors of
the Fund will make a determination regarding the distribution percentage for 2019 which will then be applied to the net asset
value of the Fund at the end of October 2018 to determine the distribution amounts for calendar year 2019. The distribution percentage
is not a function of, nor is it related to, the investment return on the Fund&rsquo;s portfolio.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLPADDING="6" 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: 20%; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; 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.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><B>Distribution Reinvestment Plan</B> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><B>Stock Purchases and Tenders</B> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>






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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 85%">

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Stockholder
        Transaction Expenses</B></FONT></P>
</TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: bottom"><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">Sales
    load</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><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 (1)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.12%</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; vertical-align: bottom"><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; vertical-align: bottom"><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; vertical-align: bottom"><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 (2)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.22%</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 (3)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total
        Annual Expenses</B></FONT></P>

</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.52%</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following example illustrates the hypothetical expenses (including estimated expenses with respect to year 1 of this Offering
of approximately $158,000) that you would pay on a $1,000 investment in the Shares, assuming (i) annual expenses of 1.52% of net
assets attributable to the Shares and (ii) a 5% annual return:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1
    Year</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3
    Years</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5
    Years</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><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><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$83</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$182</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assuming
                                         the Fund will have 30,101,232 Shares outstanding if fully subscribed and Offering expenses
                                         to be paid by the Fund are estimated to be approximately $158,400
or approximately $0.005 per Share.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 intend 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.</FONT></TD></TR></TABLE>

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund is a diversified, closed-end management investment company. The Fund was organized as a New York corporation on March 16,
1973. 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 June 29, 2018
and ends at 5:00 p.m., New York City time, on July 20, 2018, 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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 7,525,308 Shares for a total of 15,050,616
Shares) (the &ldquo;Over-Subscription Shares&rdquo;) to honor additional subscription requests, with such Shares subject to the
same terms and conditions of this 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;</FONT></P>

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

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

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

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

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Purpose
of the Offering</U></B>. At a meeting held on May 11, 2018, 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:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Increasing
                                         the Fund&rsquo;s assets will provide the Fund additional flexibility in maintaining the
                                         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 Funds made to its Stockholders for the years 2013-2017 consisted of a return
                                         of its Stockholder&rsquo;s capital, and not of income or gains generated from the Fund&rsquo;s
                                         investment portfolio, with the exception of the year 2015 for which substantially all
                                         of the distributions that the Fund made to its Stockholders for the of a return of its
                                         Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s
                                         investment portfolio and 2017 for which a portion of the distributions that the Fund
                                         made to its Stockholders for the of a return of its Stockholders&rsquo; capital, and
                                         not of income or gains generated from the Fund&rsquo;s investment portfolio.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Board
Considerations in Approving the Offering</U></B>. At a meeting held on May 11, 2018, 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 - Purpose of the Offering&rdquo;. The Board also considered
a number of other factors, including the success of the Prior Rights Offerings and that the Prior Rights Offerings were anti-dilutive
to Stockholders, with respect to value the ability of the 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 2017 Offering and
most of the time since the 2017 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 2017 Offering. When considering the potential effect of the
Offering on the Fund&rsquo;s stock price, the Board took into account the 2017 Rights 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 interests 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
the meeting held on May 11, 2018, a majority of the Board 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 Adviser and, therefore, could benefit indirectly from the
Offering. The other six directors are not &ldquo;interested persons&rdquo; of the Fund within the meaning of the 1940 Act. The
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 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 Adviser who are also Stockholders will participate in the Offering and, accordingly,
will receive the same benefits of acquiring Shares as other Stockholders.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 this Offering. Any such future rights offerings will be made in accordance with the then applicable
requirements of the 1940 Act and the Securities Act.</FONT></P>

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 May 31, 2018 ($12.39
and $14.99, respectively), the Subscription Price would be $13.49 per share (90% of $14.99).</FONT></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         there are not enough Excess Shares to fully satisfy all Additional Subscription Privilege
                                         requests by Record Date Stockholders pursuant to paragraph (ii) 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.</FONT></TD></TR></TABLE>

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
foregoing 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 (July 20, 2018), 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.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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 STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>If by first class mail:</U></B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>If by mail or overnight
    courier:</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">American
        Stock Transfer &amp; Trust Company, LLC<BR> 6201 15th Avenue<BR> Brooklyn, New York 11219 <BR> Attn: Corporate Actions<BR></FONT></P></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">American
        Stock Transfer &amp; Trust Company, LLC <BR> 6201 15th Avenue<BR> Brooklyn, New York 11219 <BR> Attn: Corporate Actions</FONT></P></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Subscription
Agent</U></B>. The Subscription Agent is American Stock Transfer &amp; Trust Company, LLC, with an address at 6201 15th 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 $13.49 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 $2,023.50 ($1,349.00 plus $674.50).</FONT></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 $13.49 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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;Cornerstone Total Return Fund, Inc.&rdquo;</FONT></P>

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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;Federal Income Tax Matters.&rdquo;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Benefit
to the Adviser</U></B>. The 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 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 $13.49, the annual compensation to be received
by the Adviser would be increased by approximately $1,015,164. If the Fund issues all of the Over-Subscription Shares, the annual
compensation to be received by the Adviser would be increased by an additional $2,030,328. One of the Fund&rsquo;s Directors who
voted to approve the Offering is an &ldquo;interested person&rdquo; of the Adviser within the meaning of the 1940 Act. This Director,
Ralph Bradshaw, could benefit indirectly from the Offering because of his beneficial interest in the Adviser. The other Directors
were aware of the potential benefit to the Adviser (and indirectly to Mr. Bradshaw), but nevertheless concluded that the Offering
was in the best interest of the Fund&rsquo;s Stockholders.</FONT></P>

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

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

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

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

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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, 2017 have been audited by Tait, Weller &amp; Baker LLP, independent registered public accounting firm. The financial statements
and notes thereto for the fiscal year ended December 31, 2017, 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.cornerstonetotalreturnfund.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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
    the Years Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD><TD STYLE="padding-bottom: 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-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD><TD STYLE="padding-bottom: 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-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2015</FONT></TD><TD STYLE="padding-bottom: 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-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2014*</FONT></TD><TD STYLE="padding-bottom: 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-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2013*</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 40%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PER
    SHARE OPERATING PERFORMANCE</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    asset value, beginning of year</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13.04</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15.05</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">18.69</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20.56</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20.36</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    investment income/(loss) #</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    realized and unrealized gain on investments</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.40</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.83</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.25</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.15</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.76</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    increase in net assets resulting from operations</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividends
    and distributions to stockholders:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    investment income</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    realized capital gain</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Return-of-capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1.29</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2.12</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3.54</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3.20</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2.64</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    dividends and distributions to stockholders</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2.75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3.98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common
    stock transactions:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Anti-dilutive
    effect due to shares issued:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights
    offering</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reinvestment
    of dividends and distributions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    common stock transactions</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    asset value, end of year</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13.18</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13.04</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15.05</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">18.69</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20.56</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Market
    value, end of year</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15.29</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15.07</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16.89</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19.41</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24.20</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    investment return <SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25.13</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13.88</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.28</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.68</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>RATIOS/SUPPLEMENTAL
                                 DATA</B></FONT></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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    assets, end of year (000 omitted)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">293,792</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">170,337</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">115,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">83,678</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">89,147</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio
    of expenses to average net assets, net of fee waivers and fees paid indirectly, if any <SUP>(b)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio
    of expenses to average net assets, excluding fee waivers and fees paid indirectly, if any <SUP>(b)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio
    of net investment income/(loss) to average net assets <SUP>(c)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.99</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Portfolio
    turnover rate</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">71</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">53</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
on average shares outstanding.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount
rounds to less than $0.01 per share.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(b)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expenses
do not include expenses of investments companies in which the Fund invests.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(c)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recognition
of net investment income/(loss) by the Fund may be affected by the timing of the declaration of dividends, if any, by investment
companies in which the Fund invests.</FONT></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="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">For
    the Years Ended December 31,*</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2012</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2011</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2010</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2009</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2008</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 40%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">PER SHARE
    OPERATING PERFORMANCE</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net asset value, beginning
    of year</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">21.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">26.60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">28.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">31.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">68.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net investment income/(loss)#</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)+</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net realized and unrealized
    gain/(loss) on investments and foreign currency related transactions</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">5.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(22.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net increase/(decrease)
    in net assets resulting from operations and foreign currency related transactions</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">5.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(22.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Dividends and distributions
    to stockholders:</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(1.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net realized capital gains</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">Return-of-capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(3.44</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(5.28</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(5.84</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(7.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(15.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Total dividends and distributions
    to stockholders</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(4.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(5.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(5.84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(7.60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">(15.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Common stock transactions:</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Anti-dilutive effect due
    to shares issued:</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Rights offering</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Reinvestment of dividends
    and distributions</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">+</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Total common stock transactions</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">0.64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net asset value, end of
    year</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">20.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">21.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">26.60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">28.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">31.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Market value, end of year</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">21.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">23.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">31.52</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">41.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">30.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Total investment return
    <SUP>(d)</SUP></FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">11.16</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">(10.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">(10.28</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">(66.98</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">(49.30</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 11pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">RATIOS/SUPPLEMENTAL DATA</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Net assets, end of year
    (000 omitted)</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">51,575</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">36,004</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">25,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">20,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">21,505</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Ratio of expenses to average
    net assets, net of fee waivers, if any <SUP>(b) (e)</SUP></FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.67</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Ratio of expenses to average
    net assets, excluding fee waivers, if any <SUP>(b) (f)</SUP></FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">3.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Ratio of net investment
    income/(loss) to average net assets</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">(0.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">)%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 11pt">Portfolio turnover rate</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 337.15pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Effective
                                         December 29, 2014, a reverse split of 1:4 occurred. All per share amounts have been restated
                                         according to the terms of the splits.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
                                         on average shares outstanding.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&dagger;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount
                                         rounds to less than $0.01 per share.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(d)</SUP></FONT></TD><TD STYLE="padding-right: 8.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
                                         investment return at market value is based on the changes in market price of a share
                                         during the year and assumes reinvestment of dividends and distributions, if any, at actual
                                         prices pursuant to the Fund&rsquo;s distribution reinvestment plan. Total investment
                                         return does not reflect brokerage commissions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(e)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expenses
                                         are net of fees paid indirectly.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(f)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expenses
                                         exclude the reduction for fees paid indirectly.</FONT></TD></TR></TABLE>

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
fully-subscribed, the net proceeds of the Offering will be approximately $101,358,027 or approximately $3.37 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.</FONT></P>

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s investment objective is to seek capital appreciation with current income as a secondary objective. The Fund seeks
to achieve its objectives by investing primarily in U.S. and non-U.S. companies. The Fund&rsquo;s objectives are fundamental and
may not be changed without stockholder approval.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s portfolio, under normal market conditions, will consist principally of the equity securities of large, mid and small-capitalization
companies. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, warrants
and other securities having the characteristics of common stocks, such as ADRs and IDRs. The Fund may, however, invest a portion
of its assets in U.S. dollar denominated debt securities when the Adviser believes that it is appropriate to do so in order to
achieve the Fund&rsquo;s secondary investment objective, for example, when interest rates are high in comparison to anticipated
returns on equity investments. Debt securities in which the Fund may invest include U.S. dollar denominated bank, corporate or
government bonds, notes, and debentures of any maturity determined by the Adviser to be suitable for investment by the Fund. The
Fund may invest in the securities of issuers that it determines to be suitable for investment by the Fund regardless of their
rating, provided, however, that the Fund may not invest directly in debt securities that are determined by the Adviser to be rated
below &ldquo;BBB&rdquo; by S&amp;P or Moody&rsquo;s, commonly referred to as &ldquo;junk bonds.&rdquo;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Adviser utilizes 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 Adviser with respect to the Fund&rsquo;s portfolio.</FONT></P>

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 Adviser votes such shares in the same general proportion as shares held by other shareholders
of that investment company. The Fund will not invest in any other closed-end funds managed by the Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may invest up to 20% of its assets in illiquid U.S. securities. The Fund will invest only in such illiquid securities that,
in the opinion of the Adviser, present opportunities for substantial growth over a period of two to five years.</FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Adviser may invest the Fund&rsquo;s cash balances in any investments it deems appropriate. The 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 Adviser&rsquo;s recommendations and the portfolio manager&rsquo;s
decisions are subjective.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund has no current intent to use leverage; however, the Fund may borrow money to purchase securities provided that the amount
borrowed does not exceed 20% of its total assets (including the amount borrowed) at the time of borrowing and for temporary or
emergency purposes in an amount not exceeding 5% of its total assets (including the amount borrowed) at the time of borrowing.
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.</FONT></P>

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


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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 ADRs) 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 Adviser&rsquo;s misjudging the value of certain securities
or in a significant loss in the value of those securities.</FONT></P>

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

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

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may purchase ADRs, IDRs 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;Federal Income Tax Matters.&rdquo;</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 Adviser would consider, among other
factors, their non-cumulative nature in making any decision to purchase or sell such securities.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may invest in certain 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may invest in corporate bonds, debentures and other debt securities, and in investment companies holding 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will 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.</FONT></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will not invest directly in debt securities rated below investment grade (i.e., securities rated lower than &ldquo;Baa&rdquo;
by Moody&rsquo;s or lower than &ldquo;BBB&rdquo; by S&amp;P), or their equivalent as determined by the 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund may invest in convertible securities and in investment companies holding such instruments. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the 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 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 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.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Repurchase
Agreements</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund has agreed to purchase securities from financial institutions subject to the seller&rsquo;s agreement to repurchase them
at an agreed-upon time and price (&ldquo;repurchase agreements&rdquo;). The financial institutions with whom the Fund enters into
repurchase agreements are banks and broker/dealers, which the Adviser considers creditworthy. The seller under a repurchase agreement
will be required to maintain the value of the securities as collateral, subject to the agreement at not less than the repurchase
price plus accrued interest. The Adviser monitors the mark-to-market of the value of the collateral, and, if necessary, requires
the seller to maintain additional securities, so that the value of the collateral is not less than the repurchase price. Default
by or bankruptcy of the seller would, however, expose the Fund to possible loss because of adverse market action or delays in
connection with the disposition of the underlying securities.</FONT></P>

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


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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 20% 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.</FONT></P>

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 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 20% limit on investments in illiquid securities.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 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 Adviser to fulfill the Fund&rsquo;s investment objective. The 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 Adviser, the 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 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Managed
Distribution Policy Risk.</I></B> The Fund&rsquo;s Distribution Policy 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.</FONT></P>

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


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Managed
Distributions Paid and NAV Returns from 2013 through 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: center"><FONT STYLE="font-size: 11pt">Years</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">NAV</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Per Share</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Average</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Annual</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Return*</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Average</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Annual</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Return**</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Managed</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Distribution</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Per Share</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Return-of-</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Capital</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Distribution+</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Capital</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Gains</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Distribution</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Net</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Investment</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Income</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Distribution</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Gross</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Expense</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Ratios</FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2013+</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">20.56</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">25.09</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">22.46</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">4.36</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">2.64</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">0.80</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">0.92</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 11pt">1.46</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2014+</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">18.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">12.57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">11.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">4.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">3.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2015</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">15.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">3.98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">3.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">13.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">10.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">8.91</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">3.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">13.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">24.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">22.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">2.75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">0.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">1.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD>
</TR></TABLE>

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Repurchase
Agreement Risk.</I></B> The Funds 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</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 Tax Considerations.&rdquo;</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Credit
Risks.</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.</FONT></P>

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Illiquid
Securities.</I></B> The Fund may invest up to 20% 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.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Anti-Takeover
Provisions.</I></B> The Fund&rsquo;s 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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Portfolio
Turnover Risk.</I></B> The Fund cannot predict its 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.</FONT></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Real
Estate Investment Trust (&ldquo;REIT&rdquo;) Risk.</I></B> Investments in REITs will subject the Fund to various risks. The first,
real estate industry risk, is the risk that REIT share prices will decline because of adverse developments affecting the real
estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply
and demand for properties, the economic health of the country or of different regions, and the strength of specific industries
that rent properties. REITs often invest in highly leveraged properties. The second risk is the risk that returns from REITs,
which typically are small or medium capitalization stocks, will trail returns from the overall stock market. The third, interest
rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other
income producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self liquidation.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Qualification
as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance
that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An
entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends
paid to its stockholders and would not pass through to its stockholders the character of income earned by the entity. If the Fund
were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund&rsquo;s yield on
that investment.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">REITs
can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental
income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be
affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs
invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged
properties. They are paid interest by the owners of the financed properties. Mortgage REITs will be affected by changes in creditworthiness
of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs
are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividends
paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code. See &ldquo;Federal Income Tax Matters.&rdquo;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s investment in REITs may include an additional risk to Stockholders. Some or all of a REIT&rsquo;s annual distributions
to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund&rsquo;s
basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund&rsquo;s
basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return
of capital, Fund distributions to Stockholders may also include a nontaxable return of capital. Stockholders that receive such
a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution
exceeds a Stockholder&rsquo;s basis in the Fund shares, such Stockholder will generally recognize capital gain.</FONT></P>

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

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

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

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT OF THE FUND</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; text-align: justify"><B>Directors and Officers</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 Board of Directors is responsible for
the overall management of the Fund, including supervision of the duties performed by the 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 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Adviser</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">Cornerstone Advisors, Inc., 1075 Hendersonville
Road, Suite 250, Asheville, North Carolina 28803, is a corporation organized under the laws of North Carolina and serves as the
Fund&rsquo;s investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers
Act of 1940, as amended. The Adviser began conducting business in February 2001 and manages one other closed-end fund with combined
assets under management with the Fund of approximately $847.5 million, as of May 31, 2018.</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">Under the general supervision of the Fund&rsquo;s
Board of Directors, the 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 Adviser furnishes to the Fund investment advice and office facilities, equipment and personnel for servicing
the investments of the Fund. The Adviser compensates all Directors and officers of the Fund who are members of the Adviser&rsquo;s
organization and who render investment services to the Fund, and will also compensate all other 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 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 9, 2018 of the continuance of the Investment Management Agreement between the Fund and the Adviser will be available
in the Fund&rsquo;s semi-annual report to Stockholders for the six month period ended June 30, 2018.</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">During the last three fiscal years, the
Fund paid the Adviser the following amounts as compensation:&nbsp;</P>

<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"></P>

<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">&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: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fiscal
    Year Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2015</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 55%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management
    Fees Earned</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,103,752</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,176,172</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">930,123</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management Fee Paid
    <BR></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,103,752</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1,176,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">930,123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ralph W. Bradshaw has been the Fund&rsquo;s
portfolio manager (the &ldquo;Portfolio Manager&rdquo;) for over ten years. Mr. Bradshaw, an owner of Cornerstone Advisors, Inc.,
is the President and Chairman of the Board of Directors of the Fund. In addition, Mr. Bradshaw may consult with Gary Bentz, another
officer of the Adviser, 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 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">&nbsp;</P>

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

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

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






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administrator and Fund Accounting Agent</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">At a Board of Directors Meeting held on
May 11, 2018, the Board of Directors selected Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH (&ldquo;Ultimus&rdquo;)
to become the Fund&rsquo;s Administrator, effective June 1, 2018. Ultimus also serves as the 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">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fund Expenses</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 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 Adviser.</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">Ultimus is obligated to pay expenses associated
with providing the services contemplated by the 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
of the Fund who is affiliated with Ultimus.</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 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">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; 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: justify"></P>






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s annual operating expenses
for the fiscal year ended December 31, 2017 were approximately $2,575,000. 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses relating to the Fund&rsquo;s
Shares, estimated at approximately $158,400 will 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">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading may take place in foreign issuers
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">&nbsp;</P>

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

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

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






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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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 Adviser will be successful in this regard.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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  35 in the table which identifies the constituent components of the Fund&rsquo;s distributions under its
Distribution Policy for years 2013-2017, a majority of the distributions that the funds made to its Stockholders for the
years 2013-2017 consisted of a return of its Stockholder's capital, not of income or gains generated from the Fund's
investment portfolio, with the exception of the year 2015 for which 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 and 2017 for which 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.. 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>

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

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





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

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

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

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

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

<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">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">&nbsp;</P>

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

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






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">For the years 2013-2017, 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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dividend and Distributions Paid from
2013 through 2017</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ordinary
    Income</B></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Capital
    Gains</B></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B> Return-of-Capital</B></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <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; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Years</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend and</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distributions</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percent&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percent&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Percent&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,855,318</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,509,261</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21.17</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,173,165</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.33</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,172,892</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">60.50</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,433,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">723,784</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,600,692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.53</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,108,994</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">76.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,060,084</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">798,841</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.62</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,674,771</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,586,472</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">88.79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,877,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,273,915</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.41</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,344,509</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,258,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">63.23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,339,805</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,971,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,504,419</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,863,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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">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">&nbsp;</P>

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

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

<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">On August 11, 2017, the Board of Directors
of the Fund determined that the distribution percentage for the calendar year 2018 would remain at 21%, which was the same distribution
percentage used in 2017, which was then applied to the net asset value of the Fund at the end of October 2017 to determine the
distribution amounts for calendar year 2018. During 2018, the Board of Directors of the Fund will make a determination regarding
the distribution percentage for 2019 which will then be applied to the net asset value of the Fund at the end of October 2018 to
determine the distribution amounts for calendar year 2019. 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">&nbsp;</P>

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





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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DISTRIBUTION REINVESTMENT PLAN</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; text-align: justify">The Fund operates a Dividend 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 P.O. Box 922, Wall Street
Station, New York, New York 10269-0560. 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">&nbsp;</P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; 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: justify"></P>






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

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

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

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

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

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

<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">Participants may at any time sell some
or all of their shares though the Agent. Shares may be sold via the internet at www.amstock.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, P.O Box 922 Wall Street Station, New York, N.Y. 10269-0560. There is a fee of $15.00
per transaction and commission of $0.10 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">All correspondence concerning the Plan
should be directed to the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Certain transactions can be
performed online at www.amstock.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">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>






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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation as a Regulated Investment Company</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 intends to elect to be treated
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">&nbsp;</P>

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

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

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






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

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

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

<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 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">&nbsp;</P>

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

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






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

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

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

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

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

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




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<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">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, <U>www.cornerstonetotalreturnfund.com</U>.</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>Net Investment Income Tax</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; text-indent: 40pt">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: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payments to Foreign Financial Institutions</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; text-indent: 40pt">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>

<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"><B>Other Taxation</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; text-indent: 26pt">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-align: justify; text-indent: 26pt">&nbsp;</P>




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<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 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF CAPITAL STRUCTURE</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; text-align: justify">The Fund is a corporation established under
the laws of the State of New York upon the filing of its Certificate of Incorporation (&ldquo;Charter&rdquo;) on March 16, 1973.
The Fund commenced investment operations on May 15, 1973. The Fund intends to hold annual meetings of its Stockholders in compliance
with the requirements of the NYSE American. As of May 31, 2018, the Fund had 22,575,924 Shares issued and outstanding.</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>Common Stock</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 Charter, which has been filed with
the SEC, permits the Fund to issue 100,000,000 shares of stock, with a par value of $0.01. 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. No holder of capital stock of the Fund has any pre-emptive or preferential or other right of subscription
to any shares of any class of stock of the Fund.</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 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">&nbsp;</P>

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

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

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

<P STYLE="font: italic bold 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 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. Although
the Fund&rsquo;s Shares have typically traded at a premium to NAV during the past several years, 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, 2017 was 1,048,973 Shares.</P>

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




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<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">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">&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: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Fiscal
Quarter Ended&nbsp;</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>High
Close&nbsp;</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="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Low
Close&nbsp;</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="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>High
NAV&nbsp;</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="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Low
NAV&nbsp;</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; vertical-align: bottom">Premium/ (Discount) to 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; vertical-align: bottom">Premium/ (Discount) To 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: 28%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2018</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16.14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">14.84</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13.99</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12.20</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: 9%; text-align: right">14.37</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: 9%; text-align: right">23.52</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2017</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2017</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.73</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2017</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.09</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2017</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2016</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2016</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2016</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2016</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.86</TD><TD STYLE="text-align: left">&nbsp;</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>Recent Rights Offerings</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: justify">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 8,798,352 Shares
(4,399,176 Shares of which were Over-Subscription Shares) at a subscription price of $13.41 per Share, for a total offering of
$117,985,900.</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 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 5,196,240 Shares
(2,598,120 Shares of which were Over-Subscription Shares) at a subscription price of $13.69 per Share, for a total offering of
$71,136,525.</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 2015 Offering expired on August 14, 2015 and included similar
terms and conditions as this Offering. Pursuant to the 2015 Offering, which was fully subscribed, the Fund issued 3,027,098 Shares
(1,513,549 Shares of which were Over-Subscription Shares) at a subscription price of $17.06 per Share, for a total offering of
$51,642,292.</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 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 1,723,096
Shares (861,548 Shares of which were Over-Subscription Shares) at a subscription price of $21.36 per Share, for a total offering
of $36,805,331.</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 2012 Offering expired on December 21, 2012 and included
similar terms and conditions as this Offering. Pursuant to the 2012 Offering, which was fully subscribed, the Fund issued 841,130
Shares (279,448 Shares of which were Over-Subscription Shares) at a subscription price of $21.32 per Share, for a total offering
of $17,932,897.</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 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 657,003
Shares (328,501 Shares of which were Over-Subscription Shares) at a subscription price of $22.16 per Share, for a total offering
of $14,559,175.</P>

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




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<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 2010 Offering expired on December 10,
2010 and included similar terms and conditions as this Offering. Pursuant to the 2010 Offering, which was fully subscribed, the
Fund issued 251,596 Shares (11,588 Shares of which were Over-Subscription Shares) at a subscription price of $28.92 per Share,
for a total offering of $7,275,425.</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>Repurchase of Shares</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 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. The Fund had no repurchases
during the year ended December 31, 2017. 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 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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Director may be removed from office only
for 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 or by not less than a majority of Directors then in office.
The By-laws prohibit the Fund from issuing senior securities. The By-laws also include certain notice requirements regarding Stockholder
nominees for Directors and proposals that may have the effect of delaying a change of control.</P>

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

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

<P STYLE="font: bold 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">Certain legal matters in connection with
the Shares will be passed upon for the Fund by Blank Rome LLP, located at 405 Lexington Avenue, New York, New York 10174.</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"><B>REPORTS TO STOCKHOLDERS</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; text-align: justify">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">&nbsp;</P>

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

<P STYLE="font: bold 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">Tait, Weller &amp; Baker LLP is the independent
registered public accounting firm for the Fund and will audit the Fund&rsquo;s financial statements. Tait, Weller &amp; Baker LLP
is located at 1818 Market Street, Suite 2400, Philadelphia, Pennsylvania 19103.</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"><B>ADDITIONAL INFORMATION</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; text-align: justify">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. 811-02363. 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>

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




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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 0; text-align: right"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" 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: 85%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORWARD-LOOKING
    STATEMENTS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT
    RESTRICTIONS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXECUTIVE
    OFFICERS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CODE
    OF ETHICS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY
    VOTING PROCEDURES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT
    ADVISORY AND OTHER SERVICES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PORTFOLIO
    MANAGERS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALLOCATION
    OF BROKERAGE</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN
    MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL
    STATEMENTS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTHER
    INFORMATION</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-24</FONT></TD></TR>
</TABLE>

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



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>THE
FUND&rsquo;S PRIVACY POLICY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 20%; background-color: gainsboro; font-size: 11pt; border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FACTS</B></FONT></TD>
    <TD STYLE="width: 80%; font-size: 11pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>WHAT
    DOES CORNERSTONE TOTAL RETURN 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="background-color: gainsboro; font-size: 11pt; border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Why?</B></FONT></TD>
    <TD STYLE="font-size: 11pt; border-top: Black 1pt solid; border-right: Black 1pt solid"><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 &nbsp;&nbsp;do.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: gainsboro; font-size: 11pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>What?</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        Social Security number&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        account balances&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        account transactions&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        transaction history&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        wire transfer instructions&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;
        checking account information</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">When
        you are <I>no longer</I> our customer, we continue to share your information as described in this notice.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <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">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:&nbsp;</FONT></P></TD></TR>
</TABLE>


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

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











<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; border-top: 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="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; font-size: 11pt; text-align: left"><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>






<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="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">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro"><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="border-bottom: Black 1pt solid; text-align: center; background-color: Gainsboro"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Does
    Cornerstone share? </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; background-color: Gainsboro"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Can
    you limit this sharing? </B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    our everyday business purposes &ndash; </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">such
    as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit
    bureaus </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    our marketing purposes &ndash; </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No </FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
    offer our products and services to you </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    joint marketing with other financial companies </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
    don&rsquo;t share </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    our affiliates&rsquo; everyday business purposes &ndash; </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">information
    about your transactions and experiences </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    our affiliates&rsquo; everyday business purposes &ndash; </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No </FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">information
    about your creditworthiness </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    our affiliates to market to you </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
    don&rsquo;t share </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
    nonaffiliates to market to you </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
    don&rsquo;t share </FONT></TD></TR>
<TR>
    <TD STYLE="width: 20%; background-color: gainsboro; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Questions?
    </B></FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Call
    (866) 668-6558 </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>What
    we do </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Who
    is providing this notice?</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cornerstone
    Total </B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif">Return Fund, Inc. (&ldquo;Cornerstone&rdquo;
    or the &ldquo;Fund&rdquo;)</FONT></B></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%"><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-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 75%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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. </FONT></TD></TR>

</TABLE>

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







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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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%; border-top: black 1pt solid; border-left: Black 1pt solid"><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="width: 75%; border-top: black 1pt solid; border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
                                         collect your personal information, for example, when you:</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
        open an account&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
        provide account information&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
        give us your contact information&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
make a wire transfer</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
    also collect your information from others, such as credit bureaus, affiliates, or other companies. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><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-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Federal
law gives you the right to limit only</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
                                         sharing for affiliates&rsquo; everyday business purposes &ndash; information about your
                                         creditworthiness&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
        affiliates from using your information to market to you&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
sharing for nonaffiliates to market to you</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">State
    laws and individual companies may give you additional rights to limit sharing. </FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Definitions
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><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="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Companies
related by common ownership or control. They can be financial and nonfinancial companies.&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
    <I>Cornerstone Advisors, Inc. and Cornerstone Strategic Value Fund, Inc. </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Nonaffiliates
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Companies
not related by common ownership or control. They can be financial and nonfinancial companies.</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
    <I>Cornerstone does not share with nonaffiliates so they can market to you. </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Joint
    marketing </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9642;
    <I>Cornerstone does not jointly market. </I></FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Not
part of the Prospectus</I></FONT></P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Cornerstone
Total Return Fund, Inc.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 173.6pt 0pt 175.55pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>22,575,924
Rights for</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 173.6pt 0pt 175.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>7,525,308
Shares of Common Stock</B></FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>PROSPECTUS</B></FONT></P>

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>[&#9679;],
2018</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 233.65pt 0pt 233.7pt; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 233.65pt 0pt 233.7pt; text-align: center"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 233.65pt 0pt 233.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">STATEMENT
OF ADDITIONAL INFORMATION</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>[&#9679;],
2018</B></FONT></P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 185.65pt 0pt 185.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CORNERSTONE
TOTAL RETURN FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 185.65pt 0pt 185.8pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 185.65pt 0pt 185.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C/O
ULTIMUS FUND SOLUTIONS, LLC</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 194pt 0pt 218.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>225
PICTORIA DRIVE, SUITE 450 </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 194pt 0pt 218.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CINCINNATI,
OH 45246</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 194pt 0pt 218.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 TOTAL RETURN FUND, INC. (THE &ldquo;FUND&rdquo;), DATED [&#9679;], 2018 (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></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.9pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A
COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT (800) 581-4001, BY VISTING THE FUND&rsquo;S
WEBSITE AT WWW.CORNERSTONETOTALRETURNFUND.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></FONT></P>

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




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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->
<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-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TABLE
OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" 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: 85%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORWARD-LOOKING
    STATEMENTS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT
    RESTRICTIONS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXECUTIVE
    OFFICERS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CODE
    OF ETHICS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY
    VOTING PROCEDURES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT
    ADVISORY AND OTHER SERVICES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PORTFOLIO
    MANAGERS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALLOCATION
    OF BROKERAGE</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN
    MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL
    STATEMENTS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTHER
    INFORMATION</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; 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; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-24</FONT></TD></TR>
</TABLE>

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







<!-- Field: Page; Sequence: 64; Value: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->
<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 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>INVESTMENT
RESTRICTIONS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following investment restrictions of the Fund are designated as fundamental policies and as such may not be changed only without
the vote of a majority of the Fund&rsquo;s outstanding voting securities, which as used in this SAI means the lesser of (i) 67%
of the Fund&rsquo;s outstanding shares of Common Stock present at a meeting of the holders if more than 50% of the outstanding
shares of Common Stock are present in person or by proxy or (ii) more than 50% of the Fund&rsquo;s outstanding shares of Common
Stock.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund shall not:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issue
                                         any senior securities (as defined in the Investment Company Act of 1940) except insofar
                                         as any borrowing permitted by item 2 below might be considered the issuance of senior
                                         securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Borrow
                                         money except (a) to purchase securities, provided that the aggregate amount of such borrowings
                                         may not exceed 20% of its total assets, taken at market value at time of borrowing, and
                                         (b) from banks for temporary or emergency purposes in an amount not exceeding 5% of its
                                         total assets, taken at market value at time of borrowing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mortgage,
                                         pledge or hypothecate its assets in an amount exceeding 30% of its total assets, taken
                                         at market value at time of incurrence.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Knowingly
                                         invest more than 20% of its total assets, taken at market value at time of investment
                                         in securities, subject to legal or contractual restrictions on resale, including securities
                                         which may be sold publicly only if registered under the Securities Act of 1933.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Act
                                         as an underwriter, except to the extent that, in connection with the disposition of portfolio
                                         securities, the Fund may be deemed to be an underwriter under applicable securities laws.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(6)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
                                         real estate or interests in real estate, except that the Fund may invest in securities
                                         secured by real estate or interests therein, or issued by companies, including real estate
                                         investment trusts, which deal in real estate or interests therein.</FONT></TD></TR></TABLE>

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








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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(7)</FONT></TD><TD STYLE="padding-right: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Make
                                         loans, except through the purchase of debt securities and the loaning of its portfolio
                                         securities in accordance with the Fund&rsquo;s investment policies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(8)</FONT></TD><TD STYLE="padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest
                                         in companies for the purpose of exercising control or management.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(9)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
                                         securities on margin (except that it may obtain such short-term credits as may be necessary
                                         for the clearance of purchases or sales of securities) or make short sales of securities
                                         (except for sales &ldquo;against the box&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(10)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
                                         or retain securities of any issuer if, to the Fund&rsquo;s knowledge, those officers
                                         and directors of the Fund or the Adviser individually owning beneficially more than 1%
                                         of the outstanding securities of such issuer together own beneficially more than 5% of
                                         such issuer&rsquo;s outstanding securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(11)</FONT></TD><TD STYLE="padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest
                                         in commodities or commodity contracts, or write or purchase puts, calls or combinations
                                         of both.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(12)</FONT></TD><TD STYLE="padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest
                                         more than 25% of its total assets, taken at market value at time of purchase, in securities
                                         of issuers in any one industry.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(13)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
                                         securities issued by the Trust Company or any company of which 50% or more of the voting
                                         securities are owned by the Trust Company or an affiliate of the Trust Company, or any
                                         investment company (excluding the Fund) or real estate investment trust managed or advised
                                         by the Trust Company or any such company.*</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(14)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">With
                                         respect to 75% of its total assets, the Fund may not purchase a security, other than
                                         securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities
                                         and securities of other investment companies, if as a result of such purchase, more than
                                         5% of the value of the Fund&rsquo;s total assets would be invested in the securities
                                         of any one issuer, or the Fund would own more than 10% of the voting securities of any
                                         one issuer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(15)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
                                         interests in oil, gas or other mineral exploration programs; however, this limitation
                                         will not prohibit the acquisition of securities of companies engaged in the production
                                         or transmission of oil, gas or other minerals.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
a percentage restriction on investment or utilization of assets set forth in items 2, 3, 4, 10, 12, 13 or 14 above is adhered
to at the time an investment is made, a later change in percentage resulting from, for example, changing values or a change in
the rating of a portfolio security will not be considered a violation. The Fund may exchange securities, exercise any conversion
rights or exercise warrants or other rights to purchase common stock or other equity securities and may hold any such securities
so acquired without regard to the foregoing investment restrictions, but the value of the securities so acquired shall be included
in any subsequent determination of the Fund&rsquo;s compliance with the 20% limitation referred to in item 2 above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 20pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment
                                         restriction number 13 is no longer applicable to the Fund, as it was written at a time
                                         when United States Trust Company of New York was the investment adviser to the Fund.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 New York 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.</FONT></P>

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








<!-- Field: Page; Sequence: 66; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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; 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="width: 19%; 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: 0pt 9.9pt 0pt 14.35pt; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NAME
                                         AND ADDRESS* (BIRTHDATE)&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 9.35pt; text-indent: 11.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>POSITION(S)
                                         HELD WITH FUND&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TERM OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>OFFICE AND LENGTH OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>TIME SERVED</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>SINCE</B></FONT></P></TD>
    <TD STYLE="width: 27%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 21.7pt 0pt 0.45in; text-indent: -9.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PRINCIPAL</B></FONT></P>
                                                                                                       <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 21.7pt 0pt 0.45in; text-indent: -9.8pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>OCCUPATION(S)</B></FONT></P>
                                                                                                       <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 21.7pt 0pt 0.45in; text-indent: -9.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>DURING
PAST 5 YEARS&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 13%; 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 PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>OTHER
                                         DIRECTORSHIPS HELD BY DIRECTOR&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn
                                         W. Wilcox, Sr.</FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Dec.
                                         1931)</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Chairman of Audit Committee and Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2001</FONT></P>
                                               <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until&nbsp;2019)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><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.; Director of Champion Industries, Inc.; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director
    of Champion Industries, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew
                                         A. Strauss</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Nov.
                                         1953)</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: White; text-align: left"><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="border-bottom: black 1pt solid; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2001</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until
                                         &nbsp;2019)</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: White"><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, P.A., Attorneys; Director of
    Cornerstone     Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; text-align: center; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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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">
    <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">
    <TD STYLE="width: 19%; 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: 0pt 8.15pt 0pt 14.35pt; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NAME
                                         AND ADDRESS* (BIRTHDATE)</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 11.1pt; text-indent: 11.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>POSITION(S)
                                         HELD WITH FUND&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TERM OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>OFFICE AND</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>LENGTH OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>TIME SERVED SINCE</B></FONT></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 22.55pt 0pt 0.45in; text-indent: -9.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PRINCIPAL
                                         OCCUPATION(S) DURING PAST 5 YEARS&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 13%; 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 PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 8.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>OTHER
                                         DIRECTORSHIPS HELD BY DIRECTOR&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin
                                         Meese III</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Dec.
                                         1931)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
    Audit, Nominating and Corporate &nbsp;Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2001</FONT></P>
                                                                 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until&nbsp;2019)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more
    than the past five (5) years, Ronald Reagan Distinguished Fellow Emeritus, The Heritage Foundation Washington D.C.; Distinguished
    Visiting Fellow at the Hoover Institution, Stanford University; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott
                                         B. Rogers</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(July
                                         1955)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><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-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2001</FONT></P>
                                                                 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until&nbsp;2019)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more
    than the past (5) years, Director, Board of Health Partners, Inc.; Chief Executive Officer, Asheville Buncombe Community Christian
    Ministry (&ldquo;ABCCM&rdquo;); and President, ABCCM Doctor&rsquo;s Medical Clinic; Member of North Carolina Governor&rsquo;s
    Council on Homelessness (from July 2014) Director of Cornerstone Strategic Value Fund Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert
                                         E. Dean</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(April
                                         1951)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Gainsboro"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director;
                                         Audit, Nominating and</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Corporate
                                         &nbsp;Governance Committee Member</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Gainsboro"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2014</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until
                                         2019)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Gainsboro"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
    more than the past (5) years, Director of National Bank Holdings Corp.; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; background-color: Gainsboro"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; background-color: Gainsboro"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director,
                                         National Bank</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Holdings
                                         Corp.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew
                                         W. Morris</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(May
                                         1971)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><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-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2017</FONT></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(until
                                         2019)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><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&nbsp;Services Corporation (a title insurance and
    real estate services firm), Director of Cornerstone&nbsp;Strategic Value Fund, Inc.&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Stewart
                                         Information</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Services
                                         Corporation</FONT></P></TD></TR>
</TABLE>


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





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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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">
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; padding-left: 0.1pt; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>INTERESTED
    DIRECTORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 8.15pt 0pt 14.3pt; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NAME
                                         AND ADDRESS* (BIRTHDATE)</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 0; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 11.1pt; text-indent: 11.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>POSITION(S)
                                         HELD WITH FUND</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-left: 5.3pt; text-align: center; text-indent: 0.05pt; padding-right: 0; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TERM OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>OFFICE AND LENGTH OF</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>TIME SERVED SINCE</B></FONT></P></TD>
    <TD STYLE="width: 27%; border-bottom: black 1pt solid; padding-right: 0; text-align: center; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 22.2pt 0pt 0.45in; text-indent: -9.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PRINCIPAL
                                         OCCUPATION(S) DURING PAST 5 YEARS</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-left: 0.05in; text-align: center; padding-right: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NUMBER
    OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 0; text-align: center; vertical-align: bottom; border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 5.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>OTHER
                                         DIRECTORSHIPS HELD BY DIRECTOR&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2.1pt; padding-right: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph
                                         W. Bradshaw</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Dec.
                                         1950)***</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 8.25pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman
    of the Board of Directors and President</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
                                         2001</FONT></P>
                                                                 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Until&nbsp;2019)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.25pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.15pt; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President,
    Cornerstone Advisors Inc. since 2001; Financial Consultant; President and Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 0; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.9pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.9pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.35pt; text-indent: -14.5pt"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
mailing address of each Director and officer is c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Cincinnati, OH 45246.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
of December 31, 2017, the Fund Complex is comprised of the Fund and Cornerstone Strategic Value Fund, Inc. both of which are managed
by Cornerstone Advisors, Inc. Each of the above Directors oversees all of the Funds in the Fund Complex.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.35pt; text-indent: -14.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">***</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr.
Bradshaw is an &ldquo;interested person&rdquo; as defined in the Investment Company Act of 1940 because of his affiliation with
Cornerstone Advisors, Inc.</FONT></TD>
</TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ralph W. Bradshaw</I>. Mr. Bradshaw
is co-founder of Cornerstone Advisors, Inc. and has served as its President since its inception in 2001. 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 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 Adviser.
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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Edwin Meese III</I>. Mr. Meese is a
Ronald Regan Distinguished Fellow Emeritus at The Heritage Foundation. He is also a Distinguished Visiting Fellow at The Hoover
Institution, Stanford University. He is the former chairman of the governing board of George Mason University in Virginia and serves
on the board of several civic and educational organizations. Previously, Mr. Meese served as the 75th Attorney General of the United
States and immediately prior to that as Counselor to the President of the United States for Ronald Reagan. Mr. Meese provides the
Board with effective business judgment and an ability to interact effectively with the other Directors, as well as with the Adviser,
other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Meese 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">&nbsp;</P>


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

<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>Matthew W. Morris.</I> 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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Glenn W. Wilcox, Sr</I>. Mr. Wilcox
has been a business owner for over 55 years. He has previous business experience in the 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 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">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2017. 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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>NAME OF DIRECTOR</B></FONT></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>DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND</B></FONT></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>AGGREGATE
    DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY DIRECTOR IN FAMILY OF INVESTMENT
    COMPANIES</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT DIRECTORS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox Sr.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD>
    <TD STYLE="vertical-align: top; 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: White">
    <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="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,001 - $100,000</FONT></TD>
    <TD STYLE="vertical-align: top; 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"></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"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE OFFICERS</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">The Board elects the officers of the Fund annually. In addition
to Mr. Bradshaw, the current principal officers of the Fund are:&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">&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">
    <TD STYLE="text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NAME AND</B></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>ADDRESS*</B></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>(BIRTHDATE)</B></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>POSITION(S) HELD</B></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>WITH FUND</B></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TERM OF OFFICE</B></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>AND LENGTH OF</B></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>TIME SERVED</B></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PRINCIPAL OCCUPATION(S)
    DURING PAST 5 YEARS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rachel
                                         L. McNabb&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Apr.
        1980)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief
    Compliance Officer</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
    May 11, 2018</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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, Inc.; Chief Compliance Officer
    of Cornerstone Strategic Value Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gary
                                         A. Bentz&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(June
        1956)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary
    and Assistant Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
    2008, and 2009, respectively</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman
    and Chief Financial Officer of Cornerstone Advisors, Inc.; Financial Consultant, C.P.A.; Secretary, and Assistant Treasurer
    of Cornerstone Strategic Value Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa
                                         M. Bridge&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Dec.
        1969)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since
    June 1, 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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 Strategic
    Value Fund Inc.</FONT></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"></P>

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<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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COMPENSATION</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 will pay an annual fee in the
amount of $15,000 to each Director who is not an officer or employee of the Adviser (or any affiliated company of the Adviser).
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</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 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, 2017. 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">&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="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">NAME OF PERSON,
POSITION </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; text-align: center; margin-bottom: 0pt"> AGGREGATE
COMPENSATION&nbsp; FROM FUND&nbsp;</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">PENSION OR
RETIREMENT BENEFITS ACCRUED AS PART OF FUND EXPENSES&nbsp;</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">ESTIMATED
ANNUAL BENEFITS UPON RETIREMENT&nbsp;</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">TOTAL COMPENSATION FROM FUND AND FUND COMPLEX PAID TO DIRECTORS*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT DIRECTOR</FONT></TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="text-align: left"><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">$15,000</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>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><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">$15,000</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>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="text-align: left"><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">$15,000</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>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><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">$15,000</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>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="text-align: left"><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">None</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>
    <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">
    <TD STYLE="text-align: left"><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">$15,000</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>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; background-color: lightgrey">INTERESTED
    &nbsp;DIRECTOR  </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><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">$0</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>
    <TD STYLE="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-indent: 22.35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.35pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; 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 Strategic Value Fund, Inc., both of which were managed by Cornerstone Advisors, Inc. during the year ended
December 31, 2017.</TD>
</TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DIRECTOR TRANSACTIONS WITH FUND AFFILIATES</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">As of December 31, 2017, neither the Independent
Directors nor members of their immediate family owned securities beneficially or of record in Cornerstone Advisors, Inc., 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, Inc. 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, Inc. or any affiliate thereof, the Fund, an officer of the
Fund, an investment company which the Cornerstone Advisors, Inc. advises or an officer thereof was a party.</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>BOARD COMPOSITION AND LEADERSHIP STRUCTURE</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 Board consists of seven 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 Adviser, and is the President and a director of Cornerstone Strategic Value 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>

<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 believes that its leadership
structure facilitates the orderly and efficient flow of information to the Directors from the 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.
Each of the Directors attended at least seventy-five (75%) percent of the 4 meetings of the Board of Directors and the 4 meetings
of its committees (including regularly scheduled and special meetings) held during the calendar year ended December 31, 2017.</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>THE AUDIT COMMITTEE</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 has a standing Audit Committee
(the &ldquo;Audit Committee&rdquo;), which is comprised of Messrs. Wilcox, Meese III, Dean, Morris, Rogers and Strauss, 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 2017 calendar year.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee currently does not
have an Audit Committee Financial Expert, as such term is defined in Section 407 of the Sarbanes-Oxley Act of 2002. Rather, the
Audit Committee members believe that each of their individual experiences provide the Audit Committee with sufficient experience
and expertise to allow them to perform their duties as members of the Audit Committee.</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>THE NOMINATING AND CORPORATE GOVERNANCE
COMMITTEE</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 has a standing Nominating and
Corporate Governance Committee (the &ldquo;N&amp;CG Committee&rdquo;), which is comprised of Messrs. Wilcox, Sr., Strauss, Morris,
Rogers, Dean and Meese III, 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>

<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 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
2019 annual meeting of stockholders pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended, is
November 2, 2018. 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 November 2, 2018. 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 2017 calendar year.</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>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">&nbsp;</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF ETHICS</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; text-align: justify">The 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 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 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>

<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"><B>PROXY VOTING PROCEDURES</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; text-align: justify"><B>PROXY VOTING POLICIES AND PROCEDURES</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 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 Adviser, subject to the supervision of the Board of Directors. The 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>POLICIES OF THE ADVISER</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 Adviser has a contractual arrangement,
on behalf of the Fund, with Glass Lewis for proxy voting services related to Fund portfolio holdings. Glass Lewis provides the
Fund with a set of voting policies and procedures and votes all of the Fund&rsquo;s portfolio securities on behalf of the Fund
in accordance with those policies. It is the Adviser&rsquo;s policy to vote all proxies received by the Fund in a timely manner.
Upon receiving each proxy, Glass Lewis will review the issues presented and make a decision to vote for, against or abstain on
each of the issues presented in accordance with the proxy voting guidelines adopted by the Fund. Generally, the guidelines support
policies, plans and structures that give quality management teams appropriate latitude to run the business in a way that is likely
to maximize value for owners. Conversely, the guidelines generally oppose proposals that clearly have the effect of restricting
the ability of stockholders to realize the full potential value of their investment. 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.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONFLICTS OF INTEREST</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 Adviser&rsquo;s duty is to vote in
the best interests of the Fund&rsquo;s stockholders. The Adviser believes that, by delegating authority to vote all proxies to
Glass Lewis, it will avoid potential conflicts of interest between the Adviser&rsquo;s interests and the Fund&rsquo;s interests.
However, if a potential conflict of interest does arise, Glass Lewis will take one of the following steps to resolve the conflict:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">If a proposal is addressed by the guidelines, Glass Lewis will vote in accordance with those guidelines;
or</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in">2.</TD><TD>If the Adviser believes it is in the Fund&rsquo;s best interest to depart from the guidelines provided, the Adviser will disclose
the conflict to the Fund and obtain its consent to the proposed vote prior to voting the securities and instruct accordingly.</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>MORE INFORMATION</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 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 visiting the Fund&rsquo;s website at www.cornerstonetotalreturnfund.com, or by calling toll free (866) 668-6558. The
Fund&rsquo;s reports filed with the SEC and 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.</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"><B>INVESTMENT ADVISORY AND OTHER SERVICES</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; text-align: justify"><B>INVESTMENT ADVISORY SERVICES</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 management of the Fund is supervised
by the Board of Directors. Cornerstone Advisors, Inc. 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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser, located at 1075 Hendersonville
Road, Suite 250, Asheville, North Carolina, 28803, is a North Carolina corporation. It was formed in February 2001 for the purpose
of providing investment advisory and management services to investment companies. Ralph W. Bradshaw, the Fund&rsquo;s Chairman
and President, and Gary A. Bentz, the Fund&rsquo;s    Secretary and Assistant Treasurer, are the only shareholders
of the Adviser.</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">Under the general supervision of the Fund&rsquo;s
Board of Directors, the 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 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">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADMINISTRATIVE AND FUND ACCOUNTING SERVICES</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: justify">At a Board of Directors Meeting held on
May 11, 2018, the Board of Directors selected Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;) to become the Fund&rsquo;s Administrator,
effective June 1, 2018. Under the Administration and Fund Accounting Agreement, Ultimus, 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 2015, 2016 and 2017,
the Fund paid Ultimus $42,611, $41,751 and $51,124 respectively.</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">Information regarding the Fund&rsquo;s
custodian, transfer agent and independent public accounting firm is contained in the Prospectus.</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"><B>PORTFOLIO MANAGERS</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; text-align: justify">Ralph W. Bradshaw is the portfolio manager
responsible for the day-to-day management of the Fund (the &ldquo;Portfolio Manager&rdquo;). In addition, Mr. Bradshaw may consult
with Gary Bentz, an officer of the Adviser, 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 March 31, 2018.&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">ADVISORY FEE BASED ON PERFORMANCE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TYPE OF ACCOUNTS</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">NUMBER OF</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ACCOUNTS</FONT></P></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">TOTAL</FONT> <FONT STYLE="font: 11pt Times New Roman, Times, Serif">ASSETS</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">($ IN MILLIONS)</FONT></P></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">NUMBER OF</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ACCOUNTS</FONT></P></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">TOTAL</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ASSETS</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$568.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investments</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
</TABLE>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONFLICTS OF INTEREST</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">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 Strategic Value Fund, Inc.). These potential conflicts include:</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>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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>LIMITED INVESTMENT OPPORTUNITIES</I>.
The other investment fund of the Adviser may have investment objectives and policies similar to those of the Fund. The 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 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 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">&nbsp;</P>

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

<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>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">&nbsp;</P>

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ALLOCATION OF BROKERAGE</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; text-align: justify">Decisions regarding the placement of orders
to purchase and sell investments for the Fund are made by the Adviser, subject to the supervision of the 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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Adviser from obtaining high quality brokerage and
research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the 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>

<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 seeking to implement the Fund&rsquo;s
policies, the 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 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 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 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 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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities considered as investments for
the Fund may also be appropriate for other investment accounts managed by the 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 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 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 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">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal years ended December
31, 2015, 2016 and 2017, the Fund paid $7,217, $8,117 and $10,926, respectively, in brokerage commissions.</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"><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">&nbsp;</P>

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

<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-indent: 26pt; text-align: justify">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: 26pt">&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">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#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="margin-top: 0; margin-bottom: 0">&nbsp;</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">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>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-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></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">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#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-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">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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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">&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">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a dealer in securities or currencies;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a financial institution;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a regulated investment company;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a real estate investment company;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>an insurance company;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a tax-exempt organization;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>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-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></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">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a trader in securities that has elected the mark-to-market method of accounting for its securities;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a person liable for alternative minimum tax;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a partnership or other pass-through entity for U.S. federal income tax purposes; or</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>a U.S. Holder whose &ldquo;functional currency&rdquo; is not the U.S. dollar.</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">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">&nbsp;</P>

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

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

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



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Failure to Qualify as a RIC</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">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">&nbsp;</P>

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

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



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

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

<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">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">&nbsp;</P>

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

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



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

<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">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">&nbsp;</P>

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

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


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

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

<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">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">&nbsp;</P>

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payments to Foreign Financial Institutions</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; text-indent: 28.9pt">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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.9pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINANCIAL STATEMENTS</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; text-align: justify">The financial statements included in the
Fund&rsquo;s Annual Report for the year ended December 31, 2017, and its unaudited Semi-Annual Report for the period ended June
30, 2017, filed with the Securities and Exchange Commission on March 2, 2018 and August 23, 2017, respectively (File No. 811-02363),
are herein incorporated by reference.</P>

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



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER INFORMATION</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; text-align: justify">The Fund is a New York corporation. Pursuant
to the Fund&rsquo;s By-Laws, the Fund will indemnify, to the fullest extent permitted by applicable law, any person made, or threatened
to be made, a party to an action or proceeding, whether civil or criminal (including an action or proceeding by or in the right
of the Fund or any other corporation or other enterprise which any director or officer of the Fund served in any capacity at the
request of the Fund) by reason of the fact that he, his testator or his intestate was a director or officer of the Fund or served
at the request of the Fund against judgments, fines, settlement fees and reasonable expenses, including attorney&rsquo;s fees.
This indemnification right includes the right to be paid advances of any expenses incurred by such person in connection with an
action, suit or proceeding consistent with applicable law at that time. However, the Fund is not required to indemnify a person
in connection with a settlement of a pending or threatened action or proceeding or any other disposition other than a final adjudication,
unless the Fund has consented to such settlement. Furthermore, the Fund is not obligated to indemnify a person to the extent such
person is indemnified under an insurance 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">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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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; text-align: justify">Tait, Weller &amp; Baker LLP 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>

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


<!-- Field: Page; Sequence: 88; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.35pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.35pt">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 25.</B></TD><TD><B>Financial Statements and Exhibits</B></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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt">(1)</TD><TD>Financial Statements (included in Part B)</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">Portfolio Summary as of December 31, 2017*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule of Investments as of December 31, 2017*&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Statement of Assets and Liabilities as of December 31, 2017*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Statement of Operations for the year ended December 31, 2017*&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Statement of Changes in Net Assets for the years ended December
31, 2017 and 2016*</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Report of Independent Registered Public Accounting Firm*</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></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, 2017 filed on February 15, 2018 (File No. 811-02363).</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 20pt">(2)</TD><TD>Exhibits<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
                                         </FONT></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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(a)(i)</TD><TD STYLE="text-align: justify">Certificate of Incorporation (1)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(a)(ii)</TD><TD STYLE="text-align: justify">Certificate of Amendment (2)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(a)(iii)</TD><TD STYLE="text-align: justify">Certificate of Amendment (3)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(a)(iv)</TD><TD STYLE="text-align: justify">Certificate of Amendment (4)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(a)(v)</TD><TD STYLE="text-align: justify">Certificate of Amendment (14)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify"><TD STYLE="width: 40pt; text-align: left">(a)(vi)</TD><TD STYLE="text-align: justify">Certificate of Amendment (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(b)</TD><TD>Bylaws (6)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(c)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(d)</TD><TD>Form of Non-Transferable Subscription Rights Certificate (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(e)</TD><TD>Distribution Reinvestment Plan (7)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(f)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(g)</TD><TD>Investment Management Agreement between the Fund and Cornerstone Advisors, Inc. (5)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(h)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(i)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(j)</TD><TD>Custody Agreement between the Fund and U.S. Bank National Association (8)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(k)(i)</TD><TD STYLE="text-align: justify">Transfer Agent
                                         Servicing Agreement between the Fund and American Stock Transfer and Trust Company, LLC
                                         (13) </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 40pt">(k)(ii)</TD><TD STYLE="text-align: justify"> Administration and Fund Accounting Agreement (15)</TD>
</TR>
</TABLE>

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


<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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(l)</TD><TD>Opinion and Consent of Counsel (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(m)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(n)</TD><TD>Consent of Independent Auditor (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(o)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(p)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(q)</TD><TD>Not applicable</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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left">(r)(i)</TD><TD STYLE="text-align: justify">Code of Ethics of the Fund (10) </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 40pt">(r)(ii) </TD><TD STYLE="text-align: justify"> Code of Ethics
of the Adviser (9)</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(s)</TD><TD>Powers of Attorney (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(t)</TD><TD>Indemnity Agreement (12)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(u)</TD><TD>Information Agent Agreement (15)</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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt">(v)</TD><TD>Subscription Agent Agreement (15)</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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-14 8C filed on September 13, 2002, Exhibit 1
(File No. 333-99583).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-14 8C filed on September 13, 2002, Exhibit 2-A
(File No. 333-99583).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(3)</TD><TD>Incorporated by reference to the Fund&rsquo;s Definitive Materials filed Pursuant to Rule 497 on October 4, 2002, Exhibit B
(File No. 333-99583).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(4)</TD><TD>Incorporated by reference to the Fund&rsquo;s Proxy Statement on Schedule 14A filed on August 29, 2008, Exhibit A (File No.811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(5)</TD><TD>Incorporated by reference to the Fund&rsquo;s Proxy Statement on Schedule 14A filed on December 5, 2001, Exhibit D (File No.
811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(6)</TD><TD>Incorporated by reference to the Fund&rsquo;s Semi-Annual Report on Form NSAR-B filed on February 24, 2016 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(7)</TD><TD>Incorporated by reference to the Fund&rsquo;s Semi-Annual Report to Stockholders for the period ended June 30, 2015 filed on
September 1, 2015 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(8)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2 filed on June 28, 2011 (File No. 811-02363).</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="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: 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 August 19,
                                         2010 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(10)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2 filed on September 12, 2013, Exhibit (r)(i)
(File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(11)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2/A filed on November 16, 2012 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(12)</TD><TD>Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2/A filed on July 6, 2015 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(13)</TD><TD>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. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(14)</TD><TD>Incorporated by reference to the Fund's Registration Statement on Form N-2/A filed on July 7, 2017 (File No. 811-02363).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt">(15)</TD><TD>To be filed herewith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 26.</B></TD><TD><B>Marketing Arrangements</B></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">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 27.</B></TD><TD><B>Other Expenses of Issuance and Distribution</B></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="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>The approximate expenses in connection with the offering are as follows:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 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">25,000</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">25,278</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">40,000</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">50,000</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: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">158,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 28.</B></TD><TD><B>Persons Controlled by or Under Common Control With Registrant</B></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">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 29.</B></TD><TD><B>Number of Holders of Securities</B></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">Set forth below is the number of record holders as of May 31,
2018, of each class of securities of the Registrant:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; padding: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title
    of Class</B></FONT></TD>
    <TD STYLE="width: 15%; padding: 1.2pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
of</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Record
Holders</B></FONT></P></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common
    Stock, par value $0.01</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">`367</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -18.4pt">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 30.</B></TD><TD><B>Indemnification</B></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; text-indent: 28.9pt">Sections 721-726 of
the New York Business Corporation Law and Article XXXI of the Registrant&rsquo;s By-laws (incorporated by reference as Exhibits
2(b) to this Registration Statement), provide for indemnification of directors and officers. The Investment Management Agreement
(incorporated by reference as Exhibit 2(g) to this Registration Statement) provides for indemnification of Cornerstone Advisors,
Inc., 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'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: 28.9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.9pt">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: 28.9pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 31.</B></TD><TD><B>Business and Other Connections of Investment Adviser</B></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; text-indent: 28.9pt">Cornerstone Advisors,
Inc. manages one other closed-end funds. 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: 28.9pt">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 32.</B></TD><TD><B>Location of Accounts and Records</B></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; text-indent: 28.9pt">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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.9pt">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 33.</B></TD><TD><B>Management Services</B></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">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 60pt"><B>Item 34.</B></TD><TD><B>Undertakings</B></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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">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-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Not applicable.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Not applicable.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Not applicable.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Registrant undertakes that:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">(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 497(h) 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-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">(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-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">6.</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-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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; text-indent: 28.9pt">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 7th day
of June, 2018.<B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><B>CORNERSTONE TOTAL RETURN FUND, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name: Ralph W. Bradshaw&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title: President and Chairman of the Board of Directors&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(Principal Executive Officer)&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.9pt">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: 28.9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.9pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.9pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <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">/s/
    Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">/s/ Theresa
    M. Bridge</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer <BR>
(Principal
    Financial Officer and Principal Accounting Officer )</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Glenn W. Wilcox, Sr.*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Andrew A. Strauss*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Edwin Meese III*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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">Edwin Meese III</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Matthew W. Morris*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</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">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</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">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Scott B. Rogers*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Robert Dean*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">June 7, 2018</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 Dean</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.9pt">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt 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">*</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">By: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph
        W. Bradshaw</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Power
of Attorney</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 10%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Description</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">a(vi)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">Certificate of Amendment</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(2)(d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Form of Non-Transferable Subscription Rights Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)(K)(ii)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Administration and Fund Accounting Agreement</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">2(l)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Opinion and Consent of Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">2(n)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Consent of the Independent Auditor</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">2(s)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">Power of Attorney</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">2(u)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Information Agent Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">2(v)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">Subscription Agent Agreement</TD></TR>
</TABLE>

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



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<DOCUMENT>
<TYPE>EX-99.25.A.V.I
<SEQUENCE>2
<FILENAME>fp0033851_ex99252avi.htm
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under Section 805 Of The Business Corporation
Law</B></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 undersigned, being
an authorized officer of CORNERSTONE TOTAL RETURN FUND, INC. (the &quot;Corporation&quot;), does hereby certify:</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; text-indent: 0.5in">FIRST. The name of the
Corporation is Cornerstone Total Return Fund, Inc. It was formed under the name Excelsior Income Shares, Inc.</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; text-indent: 0.5in">SECOND. The Certificate
of Incorporation was filed with the Department of State of New York on March 16, 1973. Certificates of Amendment of the Certificate
of Incorporation were filed on December 31, 2001, December 22, 2008 and December 26, 2014 with the Department of State of New York.</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; text-indent: 0.5in">THIRD. Article Fourth of
the Certificate of Incorporation, which sets forth the authorized shares of capital stock of the Corporation, is amended to add
an additional 50,000,000 shares of common stock to the exiting 50,000,0000 shares of common stock to make a total of 100,000 000
shares of common stock. Article Fourth is amended to read as follows:</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 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;FOURTH:
The aggregate number of shares of capital stock which the Company shall have the authority to issue is one hundred million (100,000,000)
shares of common stock, all of one class of the par value of one cent ($.01) per share.&rdquo;</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; text-indent: 0.5in">FOURTH. The foregoing Article
Fourth of this Certificate of Amendment of the Certificate of Incorporation was authorized by a unanimous vote of the Board of
Directors, at a meeting held on February 9, 2018, followed by the vote of the holders of a majority of the outstanding shares entitled
to vote thereon at a meeting of the stockholders held on April 17, 2018.</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 Certificate of Amendment this day 6th of June, 2018.</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">CORNERSTONE TOTAL RETURN FUND, INC.</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="font-size: 11pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 60%">&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">Ralph W. Bradshaw</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.2.D
<SEQUENCE>3
<FILENAME>fp0033851_ex99252d.htm
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<DIV STYLE="position: relative; float: left; width: 96%">

<div STYLE="BORDER:solid BLACK 1pt;padding:4pt;width:100%">
<div STYLE="BORDER:solid BLACK 4pt;padding:2pt;width:100%">
<div STYLE="BORDER:solid BLACK 1pt;padding:4pt;width:100%">

<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: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>RIGHTS
    CERTIFICATE #:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: right; padding-right: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>NUMBER
    OF RIGHTS</B></FONT></TD>
    <TD ROWSPAN="16" STYLE="text-align: right; vertical-align: middle"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">THE TERMS
    AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS <BR>
    DATED JULY 17, 2017 (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF <BR>
    THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM AST FUND SOLUTIONS, LLC, THE INFORMATION AGENT.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>Cornerstone Total Return Fund, Inc.</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Incorporated
        under the laws of the State of New York</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" 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">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>NON - TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" 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">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Evidencing Non-Transferable Subscription Rights to Purchase Shares of Common Stock of Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Estimated
    Subscription Price $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>THE
                     SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME,</B></FONT></P>
        <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>ON
        JULY 20, 2018, UNLESS EXTENDED BY THE COMPANY</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>REGISTERED</B></FONT><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OWNER:</B></FONT></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-left: 20pt"><FONT STYLE="font-size: 9pt">THIS CERTIFIES THAT the registered owner whose name
    is inscribed hereon is the owner of the number of non-transferable subscription rights ("Rights") set forth above. Each whole
    Right entitles the holder thereof to subscribe for and purchase one share of Common Stock, with a par value of $0.01 per share,
    of Cornerstone Total Return Fund, Inc., a New York corporation, at an estimated subscription price (the "Estimated Subscription
    Price") of $[ ] per share (the "Basic Subscription Privilege"), pursuant to a rights offering (the "Rights Offering"), on
    the terms and subject to the conditions set forth in the Prospectus and the "Instructions as to Use of Cornerstone Total Return
    Fund, Inc. Subscription Rights Certificates" accompanying this Subscription Rights Certificate. If any shares of Common Stock
    available for purchase in the Rights Offering are not purchased by other holders of Rights</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">pursuant to the exercise of their
    Basic Subscription Privilege (the &ldquo;Excess Shares&rdquo;), any Rights holder that exercises its Basic Subscription Privilege in full may subscribe for a number of Excess Shares pursuant to the terms
and conditions of the Rights Offering, as described in the Prospectus (the "Additional Subscription Privilege"). In addition,
the Fund may issue additional shares up to 100% of the shares available in the Rights Offering to honor Additional Subscription
Privilege requests. The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and
any other appropriate forms on the reverse side hereof and by retuning the full payment of the subscription price for each
share of Common Stock. For Instructions on the use of Cornerstone Strategic Value Fund, Inc. Subscription Rights Certificates,
consult with Fund Solutions, LLC, the Information Agent, at (800) 581-4001.</FONT></TD>
    <TD ROWSPAN="6" STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt"><IMG SRC="fp0033851_05.jpg" ALT="(signature)"></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="padding-left: 20pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">This
                                         Subscription Rights Certificate is not valid unless countersigned by the subscription
                                         agent and registered by the registrar.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Witness
        the seal of Cornerstone Total Return Fund, Inc. and the signatures of its duly authorized officers.&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dated:
        <B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2018</B></FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>/S/</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Ralph
    W. Bradshaw</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>/S/</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Gary
    A. Bentz</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>President</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Secretary
    and Assistant Treasurer</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
</div>
</div>
</DIV>

</DIV>
<DIV STYLE="position: relative; float: right; width: 3%">
<p><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></p>

</DIV>



<!-- 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="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">DELIVERY
OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Delivery
other than in the manner or to the addresses listed below will not constitute valid delivery.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><U>If
                           delivering by first class mail:</U></FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">American
        Stock Transfer &amp; Trust Company, LLC</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Attn:
        Reorganization Department</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">6201
        15<SUP>th</SUP> Avenue</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Brooklyn,
        New York 11219</FONT></P></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><U>If
                           delivering by mail or overnight courier:</U></FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">American
        Stock Transfer &amp; Trust Company, LLC</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Operations
        Center</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Attn:
        Reorganization Department</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">6201
        15<SUP>th</SUP> Avenue</FONT></P>
        <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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Brooklyn,
        New York 11219</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 138.25pt 0pt 149.05pt; text-indent: 195.1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>PLEASE
PRINT ALL INFORMATION CLEARLY AND LEGIBLY.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV STYLE="position: relative; float: left; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FORM
                                         1-EXERCISE OF SUBSCRIPTION RIGHTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">To
subscribe for shares pursuant to your Basic Subscription Right, please complete lines (a) and (c) and sign under Form 3 below. To subscribe
for shares pursuant to your Additional Subscription Privilege, please also complete line (b) and sign under Form 3 below.
To the extent you subscribe for more Shares than you are entitled under either the Basic Subscription Right or the Additional
Subscription Privilege, you will be deemed to have elected to purchase the maximum number of shares for which you are entitled
to subscribe under the Basic Subscription Right or Additional Subscription Privilege, as applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(a)
EXERCISE OF BASIC SUBSCRIPTION RIGHT:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I apply for</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">shares
    </FONT><FONT STYLE="font-size: 8pt">&times;</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">= $</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(no. of new shares)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(estimated subscription
    price)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(amount enclosed)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(b)
EXERCISE OF ADDITIONAL SUBSCRIPTION PRIVILEGE</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">If
you have exercised your Basic Subscription Right in full and wish to subscribe for additional shares in an amount equal to
up to 100% of the shares of Common Stock for which you are otherwise entitled to subscribe pursuant to your Additional Subscription
Privilege:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I apply for</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">shares
    </FONT><FONT STYLE="font-size: 8pt">&times;</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">= $</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(no. of new shares)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(estimated subscription
    price)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(amount enclosed)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.95pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 20%"><FONT STYLE="font-size: 8pt">(c) Total Amount of Payment Enclosed = $&nbsp;</FONT></TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">METHOD
OF PAYMENT (CHECK ONE)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.1pt 0pt 36.95pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">[  &nbsp;]</FONT></TD><TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Check
                                         or bank draft payable to &ldquo;American Stock Transfer &amp; Trust Company, LLC as Subscription
                                         Agent.&rdquo;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">[  &nbsp;]</FONT></TD><TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Wire
                                         transfer of immediately available funds directly to the account maintained by American Stock Transfer &amp; Trust Company,
LLC, as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water
Street, New York, New York 10005, ABA #021000021, Account # 530-354616 American Stock Transfer FBO Cornerstone Total Return
Fund, Inc., with reference to the rights holder's name.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">IMPORTANT:
In the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting
excess amount paid by you towards the purchase of Shares in this Rights Offering will be applied by the Fund towards the purchase
of additional Shares under the Basic Subscription Privilege or, if you have exercised all of the Rights initially issued to
you under the Basic Subscription Privilege, towards the purchase of an additional number of Shares pursuant to the Additional
Subscription Privilege. If you desire that such excess not be treated by the Fund as a request to acquire additional Shares
in the Rights Offering, and that such excess be refunded to you, you must place an "X" in the box at the end of this sentence: [  &nbsp;]</FONT></P>

</DIV>
<DIV STYLE="position: relative; float: right; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FORM
                                         2-DELIVERY TO DIFFERENT ADDRESS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">If
you wish for the Common Stock underlying your subscription rights, a certificate representing unexercised subscription rights
or the proceeds of any sale of subscription rights to be delivered to an address different from that shown on the face of
this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature
guaranteed under Form 4.</FONT></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 STYLE="width: 100%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 29.3pt 0pt 1pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FORM
3-SIGNATURE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">TO
SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the
number of shares indicated above on the terms and conditions specified in the Prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 27.05pt 0pt 1pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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 NOWRAP STYLE="width: 10%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Signature(s):&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 27.05pt 0pt 1pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">IMPORTANT:
The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular,
without alteration or enlargement, or any other change whatsoever.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 36.3pt 0pt 1pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FORM
4-SIGNATURE GUARANTEE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">This
form must be completed if you have completed any portion of Forms 2 or 3.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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 NOWRAP STYLE="width: 10%"><FONT STYLE="font-size: 8pt">Signature Guaranteed:&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(Name of Bank or Firm)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></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 STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 8pt">By:&nbsp;</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 52pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(Signature of Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">IMPORTANT:
The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings &amp; loan association
or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission
Rule 17Ad-15.</FONT></P>


</DIV>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT><BR STYLE="clear: both"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">FOR
INSTRUCTIONS ON THE USE OF CORNERSTONE TOTAL RETURN FUND, INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT AST FUND SOLUTIONS, LLC,
THE INFORMATION AGENT, AT (800) 581-4001. </FONT></P><BR>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.2.K.II
<SEQUENCE>4
<FILENAME>fp0033851_ex99252kii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="font: 10pt 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"><B>MASTER
SERVICES AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 166.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Agreement, dated June 1, 2018 is between <B>Cornerstone Total Return Fund, Inc.</B> (the &ldquo;<B>Corporation</B>&rdquo;), a
New York corporation, and <B>Ultimus Fund Solutions, LL</B>C (&ldquo;<B>Ultimus</B>&rdquo;), a limited liability company organized
under the laws of the State of Ohio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Background</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Corporation is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
&ldquo;<B>1940 Act</B>&rdquo;), and it desires that Ultimus perform certain services for it. Ultimus is willing to perform such
services on the terms and conditions set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Terms
and Conditions</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Retention
of Ultimus</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Corporation retains Ultimus to act as the service provider for the services set forth in each Addendum selected below (collectively,
the &ldquo;<B>Services</B>&rdquo;), which are incorporated by reference into this Agreement. Ultimus accepts such employment to
perform the selected Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund
                                         Accounting Addendum</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund
                                         Administration Addendum</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ &nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transfer
                                         Agent and Shareholder Servicing Addendum</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
selected Addendum is incorporated by reference into this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Allocation
of Charges and Expenses</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>2.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
                                         to perform its obligations under this Agreement. Ultimus shall also pay all compensation
                                         of any officers of the Corporation who are affiliated persons of Ultimus, except when
                                         such person is serving as the Corporations&rsquo; chief compliance officer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>2.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Corporation assumes and shall pay or cause to be paid all other expenses of the Corporation
                                         not otherwise allocated under this Section 2, including, without limitation, taxes, expenses
                                         for legal and auditing services, the expenses of preparing (including typesetting), printing
                                         and mailing reports, Form N-2, proxy statements and related materials, all expenses incurred
                                         in connection with issuing and redeeming shares, the costs of custodial services, the
                                         cost of initial and ongoing registration or qualification of the shares under federal
                                         securities laws, fees and out-of-pocket expenses of Directors who are not affiliated
                                         persons of Ultimus or the investment adviser(s) to the Corporation, insurance premiums,
                                         interest, brokerage costs, litigation and other extraordinary or nonrecurring expenses,
                                         and all fees and charges of investment advisers to the Corporation.</FONT></TD></TR></TABLE>

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




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compensation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Corporation shall pay for the Services to be provided by Ultimus under this Agreement
                                         in accordance with, and in the manner set forth in, the fee letter attached to each addendum
                                         (each a &ldquo;<B>Fee Letter</B>&rdquo;), which may be amended from time to time. Each
                                         Fee Letter is incorporated by reference into this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         this Agreement becomes effective subsequent to the first day of a month, Ultimus&rsquo;
                                         compensation for that part of the month in which the Agreement is in effect shall be
                                         prorated in a manner consistent with the calculation of the fees as set forth in the
                                         applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus&rsquo;
                                         compensation for that part of the month in which the Agreement is in effect shall be
                                         equal to a full calendar months&rsquo; worth of fees as calculated in a manner consistent
                                         with the calculation of the fees as set forth in the applicable Fee Letter. The Corporation
                                         shall promptly pay Ultimus&rsquo; compensation for the preceding month.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
                                         the event that the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;),
                                         Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;), or any other
                                         regulator or self-regulatory authority adopts regulations and requirements relating to
                                         the payment of fees to service providers or which would result in any material increases
                                         in costs to provide the Services under this Agreement, the parties agree to negotiate
                                         in good faith amendments to this Agreement in order to comply with such requirements
                                         and provide for additional compensation for Ultimus as mutually agreed to by the parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt; text-align: justify"></TD><TD STYLE="width: 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.4.</I></B></FONT></TD><TD STYLE="padding-right: 4.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
                                         the event that any fees are disputed, the Corporation shall, on or before the due date,
                                         pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed
                                         fees which it is disputing in good faith. Payment for such disputed fees shall be due
                                         on or before the tenth (10<SUP>th</SUP>) business day after the day on which Ultimus provides
                                         to the Corporation documentation which reasonably supports the disputed charges.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reimbursement
of Expenses</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
addition to paying Ultimus the fees described in each Fee Letter, the Corporation agrees to reimburse Ultimus for its actual out-of-pocket
expenses in providing services hereunder, if applicable, including without limitation the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reasonable
                                         travel and lodging expenses incurred by officers and employees of Ultimus in connection
                                         with attendance at meetings of the Corporation&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;)
                                         or any Committee thereof and shareholders&rsquo; meetings;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
                                         freight and other delivery charges incurred by Ultimus in delivering materials on behalf
                                         of the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 79.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
                                         direct telephone, telephone transmission and telecopy or other electronic transmission
                                         expenses incurred by Ultimus in communication with the Corporation, the Corporation&rsquo;s
                                         investment adviser(s) or custodian, counsel for the Corporation or a Fund, counsel for
                                         the Corporation&rsquo;s independent Directors, the Directors independent accountants,
                                         dealers or others as required for Ultimus to perform the Services;</FONT></TD></TR></TABLE>

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




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.4.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         cost of obtaining primary and secondary security market quotes and any securities data,
                                         including but not limited to the cost of fair valuation services;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.5.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         cost of electronic or other methods of storing records and materials;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.6</I></B><I>.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
                                         fees and expenses incurred in connection with any licensing of software, subscriptions
                                         to databases, custom programming or systems modifications required to provide any special
                                         reports or services requested by the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.4pt; text-align: justify; text-indent: -36.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.7.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         expenses Ultimus shall incur at the direction of a director of the Corporation thereunto
                                         duly authorized other than an employee or other affiliated person of Ultimus who may
                                         otherwise be named as an authorized representative of the Corporation for certain purposes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.2pt; text-align: justify; text-indent: -35.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.8.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I></I>A
                                         reasonable allocation of the costs associated with the preparation of Ultimus&rsquo;
                                         Service Organization Control 1 Reports (&ldquo;<B>SOC 1 Reports</B>&rdquo;); and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 31.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>4.9.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         additional expenses reasonably incurred by Ultimus in the performance of its duties and
                                         obligations under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Maintenance
                                         of Books and Records; Record Retention</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>5.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         shall maintain and keep current the accounts, books, records and other documents relating
                                         to the Services as may be required by applicable law, rules, and regulations, including
                                         Federal Securities Laws as defined under Rule 38a-1 under the 1940 Act.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>5.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Ownership
                                         of Records</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>A.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         agrees that all such books, records, and other data (except computer programs and procedures)
                                         developed to perform the Services (collectively, &ldquo;<B>Client Records</B>&rdquo;)
                                         shall be the property of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         agrees to provide the Client Records of the Corporation upon reasonable request, and
                                         to make such books and records available for inspection by the Corporation, or its regulators
                                         at reasonable times.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         agrees to furnish to the Corporation, at the expense of the Corporation, all Client Records
                                         in the electronic or other medium in which such material is then maintained by Ultimus
                                         as soon as practicable after any termination of this Agreement. Unless otherwise required
                                         by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Corporation
                                         or, upon the written request of the Corporation, destroy the Client Records maintained
                                         by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule,
                                         or regulation to maintain any Client Records, it will provide the Corporation with copies
                                         as soon as reasonably practical after the termination.</FONT></TD></TR></TABLE>

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


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    <!-- Field: /Page -->







<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>5.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         agrees to keep confidential all Client Records, except when requested to divulge such
                                         information by duly constituted authorities or court process.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>5.4.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         Ultimus is requested or required to divulge such information by duly constituted authorities
                                         or court process, Ultimus shall, unless prohibited by law, promptly notify the Corporation
                                         of such request(s) so that the Corporation may seek an appropriate protective order.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Subcontracting</B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
may, at its expense, subcontract with any entity or person concerning the provision of the Services with prior written notice
to the Corporation; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the
appointment of such subcontractor, that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a
subcontractor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.05pt; text-align: justify; text-indent: -0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Effective
                                         Date</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>7.1.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
                                         Agreement shall become effective as of the date first written above (the <B>&ldquo;Agreement
                                         Effective Date</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>7.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
                                         Addendum shall become effective as of the date first written in the Addendum (collectively
                                         with the Agreement Effective Date, the &ldquo;<B>Addendum Effective</B> <B>Date</B>&rdquo;).</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.75pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>8.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Initial
                                         Term.</I></B> This Agreement shall continue in effect, unless earlier terminated by either
                                         party as provided under this Section 8, for a period of <B>one</B> year from the date
                                         first written above (the &ldquo;<B>Initial Term</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>8.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Renewal
                                         Terms.</I></B> Immediately following the Initial Term this Agreement shall automatically
                                         renew for successive <B>one</B>-year periods (a &ldquo;<B>Renewal Term</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>8.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Termination.
                                         </I></B>A party may terminate this Agreement under the following circumstances.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>A.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">After
                                         the Initial Term, this agreement may be terminated without penalty by either of the parties
                                         upon sixty (60) days prior written notice.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 96.2pt; text-indent: -18.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Termination
                                         for Good Cause.</I> During the Initial Term, a party (the &ldquo;<B>Terminating Party</B>&rdquo;)
                                         may only terminate the Agreement against the other party (the &ldquo;<B>Non-Terminating
                                         Party</B>&rdquo;) for good cause. For purposes of this Agreement, &ldquo;<B>good cause</B>&rdquo;
                                         shall mean:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         material breach of this Agreement by the Non-Terminating Party that has not been cured
                                         or remedied within 30 days after the Non-Terminating Party receives written notice of
                                         such breach from the Terminating Party;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 150.6pt; text-align: justify; text-indent: -35.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
                                         that the Terminating Party reasonably disagrees with, the Terminating Party provides
                                         30 days&rsquo; prior written notice of such disagreement, and the parties fail to come
                                         to agreement on the position;</FONT></TD>
</TR></TABLE>

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




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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         final and unappealable judicial, regulatory, or administrative ruling or order in which
                                         the Non-Terminating Party has been found guilty of criminal or unethical behavior in
                                         the conduct of its business;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 148.5pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         authorization or commencement of, or involvement by way of pleading, answer, consent,
                                         or acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the
                                         United States Code, as then in effect.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 148.7pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Final
                                         Payment. </I>Any unpaid compensation and reimbursement of expenses is due to Ultimus
                                         within 15 calendar days of the termination date provided in the notice of termination.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>D.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Transition.
                                         </I>Upon termination of this Agreement, Ultimus will cooperate with any reasonable request
                                         of the Corporation to effect a prompt transition to a new service provider selected by
                                         the Corporation. Ultimus shall be entitled to collect from the Corporation, in addition
                                         to the compensation described in each applicable Fee Letter, (1) the amount of all of
                                         Ultimus&rsquo; cash disbursements reasonably made for services in connection with Ultimus&rsquo;
                                         activities in effecting such termination, including without limitation, the delivery
                                         to the Corporation or its designees the Corporation&rsquo;s property, records, instruments,
                                         and documents, and (2) a reasonable de-conversion fee as mutually agreed to by the parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>E.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Liquidation.
                                         </I>Upon termination of this Agreement due to the liquidation of the Corporation or a
                                         Fund, Ultimus shall be entitled to collect from the Corporation, in addition to the compensation
                                         described in each applicable Fee Letter, (1) the amount of all of Ultimus&rsquo; cash
                                         disbursements reasonably made for services in connection with Ultimus&rsquo; activities
                                         in effecting such termination, including without limitation, the delivery to the Corporation
                                         or its designees the Corporation&rsquo;s property, records, instruments, and documents,
                                         and (2) a reasonable liquidation fee as mutually agreed to by the parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>8.4.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>No
                                         Waiver.</I></B> Failure by either party to terminate this Agreement for a particular
                                         cause shall not constitute a waiver of its right to subsequently terminate this Agreement
                                         for the same or any other cause.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Additional
Funds or Classes of Shares</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
of the effective date of the Agreement, Section 9 is not applicable, however, in the event that the Corporation establishes one
or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become a Fund
or class of shares of a Fund (if applicable), under this Agreement and shall be added to the Agreement by a signed Amendment as
mutually agreed upon by the parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




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<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Standard
of Care; Limits of Liability; Indemnification</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>10.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Standard
                                         of Care.</I></B> Each party's duties are limited to those expressly set forth in
                                         this Agreement and the parties do not assume any implied duties. Each party shall use
                                         its best efforts in the performance of its duties and act in good faith in performing
                                         the Services or its obligations under this Agreement. Each party shall be liable for
                                         any damages, losses or costs arising directly or indirectly out of such party&rsquo;s
                                         failure to perform its duties under this Agreement to the extent such damages, losses
                                         or costs arise directly or indirectly out of its willful misfeasance, bad faith, gross
                                         negligence in the performance of its duties, or reckless disregard of its obligations
                                         and duties hereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>10.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Limits
                                         of Liability</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>A.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         shall not be liable for any Losses (as defined below) arising from the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">performing
                                         Services or duties pursuant to any instruction, notice, or other instrument that Ultimus
                                         reasonably believes to be genuine and to have been signed or presented by a duly authorized
                                         representative of the Corporation (other than an employee or other affiliated persons
                                         of Ultimus who may otherwise be named as an authorized representative of the Corporation
                                         for certain purposes);</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">operating
                                         under its own initiative, in good faith and in accordance with the standard of care
                                         set forth herein, in performing its duties or the Services;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 149.6pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">using
                                         valuation information provided by the Corporation&rsquo;s approved third-party pricing
                                         service(s) or the investment adviser(s) to the Corporation for the purpose of valuing
                                         a Fund&rsquo;s portfolio holdings;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 149.4pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
                                         caused by events beyond Ultimus&rsquo; reasonable control; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 149.6pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         error, action or omission by the Corporation or other past or current service provider.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 149.6pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         may apply to the Corporation at any time for instructions and may consult with counsel
                                         for the Corporation, counsel for the Corporation&rsquo;s independent Directors, and with
                                         accountants and other experts with respect to any matter arising in connection with Ultimus&rsquo;
                                         duties or the Services. Ultimus shall not be liable or accountable for any action taken
                                         or omitted by it in good faith in accordance with such instruction or with the reasonable
                                         opinion of such counsel, accountants, or other experts qualified to render such opinion</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         copy of the Corporation&rsquo;s Articles of Incorporation is on file with the Secretary
                                         of the <B>State of New York,</B> and notice is hereby given that this instrument is executed
                                         on behalf of the Corporation and not the Directors individually and that the obligations
                                         of this instrument are not binding upon any of the Directors, officers or shareholders
                                         individually but are binding only upon the assets and property of the Corporation and
                                         Ultimus shall look only to the assets of the Corporation, for the satisfaction of such
                                         obligations.</FONT></TD></TR></TABLE>

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




<!-- Field: Page; Sequence: 6; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>D.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         shall not be held to have notice of any change of authority of any officer, agent, representative
                                         or employee of the Corporation, the Corporation&rsquo;s investment adviser or any of
                                         the Corporation&rsquo;s other service providers until receipt of written notice thereof
                                         from the Corporation. As used in this Agreement, the term &ldquo;<B>investment adviser</B>&rdquo;
                                         includes all sub-advisers or person performing similar services.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>E.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Board has and retains primary responsibility for oversight of all compliance matters
                                         relating to the Corporation including but not limited to compliance with the 1940 Act,
                                         the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Internal Revenue Code</B>&rdquo;),
                                         the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations
                                         of the Corporation to the portfolio investments as set forth in the Form N-2. Ultimus&rsquo;
                                         monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>F.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
                                         the maximum extent permitted by law, the Corporation agrees to limit Ultimus&rsquo; liability
                                         for the Corporation&rsquo;s Losses (as defined below) to an amount that shall not exceed
                                         the total compensation received by Ultimus under this Agreement during the most recent
                                         rolling 12- month period or, if the Agreement is in effect for less than a year at the
                                         time of liability, then the most recent one-month period annualized. This limitation
                                         shall apply regardless of the cause of action or legal theory asserted.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>G.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>In
                                         no event shall Ultimus be liable for trading losses, lost revenues, special, incidental,
                                         punitive, indirect, consequential or exemplary damages or lost profits, whether or not
                                         such damages were foreseeable or Ultimus was advised of the possibility thereof. The
                                         parties acknowledge that the other parts of this agreement are premised upon the limitation
                                         stated in this section.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>10.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Indemnification</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>A.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
                                         party (the &ldquo;<B>Indemnifying Party</B>&rdquo;) agrees to indemnify, defend, and
                                         protect the other party, including its directors, officers, employees, and other agents
                                         (collectively, the &ldquo;<B>Indemnitees</B>&rdquo;), and shall hold the Indemnitees
                                         harmless from and against any actions, suits, claims, losses, damages, liabilities, and
                                         reasonable costs, charges, expenses (including attorney fees and investigation expenses)
                                         (collectively, &ldquo;<B>Losses</B>&rdquo;) arising directly or indirectly out of (1)
                                         the Indemnifying Party&rsquo;s failure to exercise the standard of care set forth above
                                         unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad
                                         faith or gross negligence; (2) any violation of Applicable Law (defined below) by the
                                         Indemnifying Party or its affiliated persons or agents relating to this Agreement and
                                         the activities thereunder; and (3) any material breach by the Indemnifying Party or its
                                         affiliated persons or agents of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Notwithstanding
                                         the foregoing provisions, the Corporation shall indemnify Ultimus for Ultimus&rsquo;
                                         Losses arising from circumstances under Section 10.2.A.</FONT></TD>
</TR></TABLE>

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




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->








<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Upon
                                         the assertion of a claim for which either party may be required to indemnify the other,
                                         the party seeking indemnification shall promptly notify the other party of such assertion,
                                         and shall keep the other party advised with respect to all developments concerning such
                                         claim. The party who may be required to indemnify shall have the option to participate
                                         with the party seeking indemnification in the defense of such claim or to defend against
                                         said claim in its own name or in the name of the other party. The party seeking indemnification
                                         shall in no case confess any claim or make any compromise in any case in which the other
                                         party may be required to indemnify it except with the other party&rsquo;s prior written
                                         consent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>10.4</I></B><I>.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         provisions of this Section 10 shall survive termination of this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>11.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Force
                                         Majeure.</I></B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Neither
party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control,
including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority,
national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures
are within Ultimus&rsquo; reasonable control) failure of the mails, transportation, communication, or power supply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.9pt; text-align: justify; text-indent: -0.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Representations
                                         and Warranties</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>12.1.</I></B></FONT></TD><TD STYLE="padding-right: 5.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Joint
                                         Representations. </I></B>Each party represents and warrants, which representations and
                                         warranties shall be deemed to be continuing throughout the term of this Agreement, that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
                                         is a corporation duly organized and validly existing in good standing under the laws
                                         of the jurisdiction in which it is organized.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 114.6pt; text-align: justify; text-indent: -35.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
                                         the extent required by Applicable Law (defined below), it is duly registered with all
                                         appropriate regulatory agencies or self-regulatory organizations and such registration
                                         will remain in full force and effect for the duration of this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 114.8pt; text-align: justify; text-indent: -35.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
                                         the duties and responsibilities under this Agreement, it is currently and will continue
                                         to abide by all applicable federal and state laws, including without limitation federal
                                         and state securities laws; regulations, rules, and interpretations of the SEC and its
                                         authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory
                                         organizations governing the transactions contemplated under this Agreement (collectively,
                                         &ldquo;<B>Applicable Law</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 114.8pt; text-align: justify; text-indent: -35.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
                                         has duly authorized the execution and delivery of this Agreement and the performance
                                         of the transactions, duties, and responsibilities contemplated by the Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 115.15pt; text-align: justify; text-indent: -35.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(E)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
                                         Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
                                         reorganization, moratorium, and other laws of general application affecting the rights
                                         and remedies of creditors and secured parties.</FONT></TD>
</TR></TABLE>

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



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(F)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whenever,
                                         in the course of performing its duties under this Agreement, it determines that a violation
                                         of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
                                         Law may have occurred, or with the passage of time could occur, it shall promptly notify
                                         the other party of such violation.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 111.7pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>12.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Representations
                                         of the Corporation</I></B><I>. </I> The Corporation represents and warrants, which representations
                                         and warranties shall be deemed to be continuing throughout the term of this Agreement,
                                         that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)
                                         as of April 30, 2018, the Corporation has <U>22,516,717</U> shares authorized and outstanding,
                                         and (2) no shares of the Corporation will be offered to the public until the Corporations
                                         registration statement under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
                                         Act</B>&rdquo;), and the 1940 Act has been declared or becomes effective.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 112.05pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
                                         shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal
                                         counsel, independent accountants, and other service providers and agents, past or present,
                                         for the Corporation to cooperate with Ultimus and to provide it with such information,
                                         documents, and advice relating to the Corporation as appropriate or requested by Ultimus,
                                         in order to enable Ultimus to perform its duties and obligations under this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 112.6pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
                                         the knowledge of the Corporation, the Corporation&rsquo;s s Agreement and Articles of
                                         Incorporation (the &ldquo;<B>Articles of Incorporation</B>&rdquo;), Bylaws and registration
                                         statement and the Corporation&rsquo;s Form N-2 are true and accurate and will remain
                                         true and accurate at all times during the term of this Agreement in conformance with
                                         applicable federal and state securities laws.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 112.6pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
                                         of the employees of Ultimus that serve or has served at any time as a director of the
                                         Corporation, including the CCO, President, Treasurer, Secretary and the AML Compliance
                                         Officer, shall be covered by the Corporation&rsquo;s Directors &amp; Officers/Errors
                                         &amp; Omissions insurance policy (the &ldquo;<B>Policy</B>&rdquo;) and shall be subject
                                         to the provisions of the Corporation&rsquo;s Articles of Incorporation and Bylaws regarding
                                         indemnification of its directors. The Corporation shall provide Ultimus with proof of
                                         current coverage, including a copy of the Policy, and shall notify Ultimus immediately
                                         should the Policy be cancelled or terminated.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 112.95pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(E)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         director of the Corporation shall be considered an individual who is authorized to provide
                                         Ultimus with instructions and requests on behalf of the Corporation (an &ldquo;<B>Authorized
                                         Person</B>&rdquo;) (unless such authority is limited in a writing from the Corporation
                                         and received by Ultimus) and has the authority to appoint additional Authorized Persons,
                                         to limit or revoke the authority of any previously designated Authorized Person, and
                                         to certify to Ultimus the names of the Authorized Persons from time to time.</FONT></TD>
</TR></TABLE>

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




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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>13.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>13.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Maintenance
                                         of Insurance Coverage.</I></B> Each party agrees to maintain throughout the term of this
                                         Agreement professional liability insurance coverage of the type and amount reasonably
                                         customary in its industry. Upon request, a party shall furnish the other party with pertinent
                                         information concerning the professional liability insurance coverage that it maintains.
                                         Such information shall include the identity of the insurance carrier(s), coverage levels,
                                         and deductible amounts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>13.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Notice
                                         of Claims.</I></B> As it relates to the Services provided under this Agreement, each
                                         party shall notify the other party of any material claims against the notifying party
                                         under such insurance, whether or not the party is covered by insurance, and, if requested
                                         by the non-notifying party, the notifying party shall aggregate and disclose all outstanding
                                         claims against the notifying party.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>13.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Notice
                                         of Termination.</I></B> A party shall promptly notify the other party should any of the
                                         notifying party&rsquo;s insurance coverage be canceled or reduced. Such notification
                                         shall include the date of change and the reasons therefore.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Information
                                         Provided By The Corporation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>14.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Prior
                                         to the Agreement Effective Date.</I></B> Prior to the Agreement Effective Date, the Corporation
                                         will furnish to Ultimus the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">copies
                                         of the Articles of Incorporation and of any amendments thereto, certified by the proper
                                         official of the state in which such document has been filed;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Corporations Bylaws and any amendments thereto;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">certified
                                         copies of resolutions of the Board covering the approval of this Agreement, authorization
                                         of a specified officer of the Corporation to execute and deliver this Agreement and authorization
                                         for specified officers of the Corporation to instruct Ultimus thereunder;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         list of all of the officers of the Corporation, together with specimen signatures of
                                         those officers who are authorized to instruct Ultimus in all matters;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(E)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Corporation&rsquo;s registration statement on Form N-2 and all amendments thereto filed
                                         with the SEC pursuant to the Securities Act and the 1940 Act;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(F)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Corporation&rsquo;s notification of registration under the 1940 Act on Form N-8A as filed
                                         with the SEC;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(G)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">an
                                         accurate current list of shareholders of each existing series of the Corporation, if
                                         applicable, showing each shareholder&rsquo;s address of record, number of shares owned
                                         and whether such shares are represented by outstanding share certificates;</FONT></TD>
</TR></TABLE>

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



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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(H)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">copies
                                         of the current investment advisory agreement;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(I)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">contact
                                         information for the Corporation&rsquo;s service providers, including but not limited
                                         to, the Fund&rsquo;s administrator, custodian, transfer agent, independent accountants,
                                         legal counsel, underwriter and chief compliance officer; and</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(J)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         copy of procedures adopted by the Corporation in accordance with Rule 38a-1 under the
                                         1940 Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 113.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>14.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>After
                                         the Agreement Effective Date.</I></B> After the Agreement Effective Date, the Corporation
                                         will furnish to Ultimus any amendments to the items listed in Section 14.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance
with Law</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Corporation assumes full responsibility for the preparation, contents, and distribution of each Form N-2 and further agrees to
comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental
authorities having jurisdiction over the Corporation, including, but not limited to, the Internal Revenue Code, the USA PATRIOT
Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Privacy
and Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>16.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Definition
                                         of Confidential Information.</I></B> The term &ldquo;<B>Confidential Information</B>&rdquo;
                                         shall mean all information that either party discloses (a &ldquo;<B>Disclosing Party</B>&rdquo;)
                                         to the other party (a &ldquo;<B>Receiving Party</B>&rdquo;), whether in writing, electronically,
                                         or orally and in any form (tangible or intangible), that is confidential, proprietary,
                                         or relates to clients or shareholders (each either existing or potential). Confidential
                                         Information includes, but is not limited to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         information concerning technology, such as systems, source code, databases, hardware,
                                         software, programs, applications, engaging protocols, routines, models, displays, and
                                         manuals;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         unpublished information concerning research activities and plans, customers, clients,
                                         shareholders, strategies and plans, costs, operational techniques;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         unpublished financial information, including information concerning revenues, profits
                                         and profit margins, and costs or expenses; and</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Customer
                                         Information (as defined below).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 80pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Confidential
Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed
intentionally or unintentionally, or marked appropriately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>16.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Definition
                                         of Customer Information.</I></B> Any Customer Information will remain the sole and exclusive
                                         property of the Corporation. &ldquo;<B>Customer Information</B>&rdquo; shall mean all
                                         non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of
                                         1999, as amended, and its implementing regulations <I>(e.g.,</I> SEC Regulation S-P and
                                         Federal Reserve Board Regulation P) (collectively, the &ldquo;<B>GLB Act</B>&rdquo;).</FONT></TD></TR></TABLE>

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




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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>16.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Treatment
                                         of Confidential Information</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 38.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
                                         party agrees that at all times during and after the terms of this Agreement, it shall
                                         use, handle, collect, maintain, and safeguard Confidential Information in accordance
                                         with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the
                                         GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether
                                         in effect now or in the future.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 111.7pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
                                         party agrees that:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Receiving Party will hold all Confidential Information it obtains in strictest confidence
                                         and will use and permit use of Confidential Information solely for the purposes of this
                                         Agreement;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Without
                                         limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable
                                         care used for its own confidential and proprietary information to avoid disclosure or
                                         use of Confidential Information under this Agreement;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(3)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Receiving Party may disclose or provide access only to its responsible employees or agents
                                         who have a need to know and are under adequate confidentiality agreements or arrangements,
                                         and the Receiving Party or its employees may make copies of Confidential Information
                                         only to the extent reasonably necessary to carry out the obligations under this Agreement;
                                         and</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
                                         or use, and will cooperate with the Disclosing Party to protect all proprietary rights
                                         in any Confidential Information.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 148.6pt; text-align: justify; text-indent: -35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>16.4.</I></B></FONT></TD><TD STYLE="padding-right: 5.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Severability.
                                         </I></B>This provision and the obligations under this Section 16 shall survive termination
                                         of the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Press
Release</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Within
the first 60 days of the Agreement Effective Date, the Corporation agrees to review in good faith a press release (in any format
or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Corporation&rsquo;s prior written consent
prior to publication of such release, which consent may only be reasonably denied by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Non-Exclusivity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
services of Ultimus rendered to the Corporation are not deemed to be exclusive. Except to the extent necessary to perform
Ultimus&rsquo; obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus&rsquo; right, or
the right of any of Ultimus&rsquo; managers, officers or employees who also may be a director, officer or employee of the
Corporation, or persons who are otherwise affiliated persons of the Corporation to engage in any other business or to devote
time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to
render services of any kind to any other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Arbitration</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties,
the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedures
adopted by the American Association of Arbitration under the Commercial Arbitration Procedures then in effect. The parties further
agree that any contract, agreement or understanding between a party and its designees shall contain a provision binding the designee
to the terms of this Arbitration Provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>19.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Arbitration
                                         will be held in accordance with the rules and regulations of the Code of Arbitration
                                         Procedures adopted by the American Association of Arbitration under the Commercial Arbitration
                                         Procedures then in effect. In the event that a non-party to this Agreement brings an
                                         arbitration relating to or arising out of this Agreement, then the entire dispute shall
                                         be arbitrated in whichever arbitration forum such arbitration is brought, and the parties
                                         and their designees agree to submit to the jurisdiction of such arbitration forum. In
                                         the event that (x) a non-party initiates a judicial proceeding relating to, or arising
                                         out of, this Agreement, and (y) such claim cannot be compelled to arbitration, and (z)
                                         a party or its designee asserts a claim against another party or its designee in connection
                                         with such proceeding, then the entire dispute shall be litigated in that court, and the
                                         parties and their designees agree to submit to the jurisdiction of the court in that
                                         judicial proceeding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>19.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         the arbitration is brought by a party, the number of arbitrators will be three (3), and
                                         they will be selected in accordance with the rules and regulations of the Code of Arbitration
                                         Procedures adopted by the American Association of Arbitration under the Commercial Arbitration
                                         Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall
                                         be attorneys specializing in securities law. The arbitration shall be governed by the
                                         Federal Arbitration Act, 9 U.S.C. Sections  1-16, to the exclusion of state laws inconsistent therewith, and
                                         judgment upon the award may be entered in any court having jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>19.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         parties and their respective designees will each bear their own expenses, including legal
                                         and expert fees, if any, with respect to the arbitration. The arbitrator will designate
                                         the party and/or designee to bear the costs of the arbitration forum and arbitrator&rsquo;s
                                         fees or the respective amounts of such costs to be borne by each party and/or their designees.
                                         Any costs or fees, including attorney&rsquo;s fees, involved in enforcing the award shall
                                         be fully assessed against and paid by the party and/or designee resisting or preventing
                                         enforcement of the award.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>19.4.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Nothing
                                         in this Section 19 will prevent the parties from resorting to judicial proceedings or
                                         otherwise for injunctive relief to prevent or limit irreparable harm or injury to such
                                         a party.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Notices</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile,
electronic mail, or certified mail at the following address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>20.1.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>If
                                         to the Corporation:</I></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Mr.
Ralph Bradshaw&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Cornerstone
Advisors, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.85pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1075
Hendersonville Road, Suite 250</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Asheville,
NC 28803</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Email:
rbradshaw@cornerstoneadv.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>20.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>If
                                                                                                                                                                                to Ultimus:</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 76.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Ultimus
Fund Solutions, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Attn:
Director of Fund Administration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;225
Pictoria Drive, Suite 450</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Cincinnati,
Ohio 45246</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;Facsimile:
(513) 587-3437&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;E-mail: <U>FundAdmin@ultimusfundsolutions.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>General
Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Incorporation
                                         by Reference.</I></B> This Agreement and its addendums, schedules, exhibits, and other
                                         documents incorporated by reference express the entire understanding of the parties and
                                         supersede any other agreement between them relating to the Services.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Conflicts.
                                         </I></B>In the event of any conflict between this Agreement and any Appendices or Addendum
                                         thereto, this Agreement shall control.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Amendments.
                                         </I></B>The parties may only amend or waive all or part of this Agreement by written
                                         amendment or waiver signed by both parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.4.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Assignments</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Except
                                         as provided in this Section 21.4, this Agreement and the rights and duties hereunder
                                         shall not be assignable by either of the parties except by the specific written consent
                                         of the non-assigning party.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         terms and provisions of this Agreement shall become automatically applicable to any investment
                                         company that is the successor to the Corporation because of reorganization, recapitalization,
                                         or change of domicile.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unless
                                         the Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may,
                                         to the extent permitted by law and in its sole discretion, assign all its rights and
                                         interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of
                                         substantially all of its business, provided that Ultimus provides to the Corporation
                                         at least 90 days&rsquo; prior written notice.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR><TD STYLE="width: 76.65pt"></TD><TD STYLE="width: 36.35pt; text-align: left"></TD><TD STYLE="text-align: justify"></TD>
</TR>
<TR><TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
                                         Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
                                         respective successors and permitted assigns.</FONT></TD>
</TR></TABLE>

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


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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.5.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Governing
                                         Law.</I></B> This Agreement shall be construed in accordance with the laws of the State
                                         of Ohio and the applicable provisions of the 1940 Act. To the extent that the applicable
                                         laws of the State of Ohio, or any of the provisions herein, conflict with the applicable
                                         provisions of the 1940 Act, the latter shall control.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.6.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Headings.
                                         </I></B>Section and paragraph headings in this Agreement are included for convenience
                                         only and are not to be used to construe or interpret this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.</I>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Multiple
                                         Counterparts.</I></B> This Agreement may be executed in two or more counterparts, each
                                         of which when executed shall be deemed to be an original, but such counterparts shall
                                         together constitute but one and the same instrument.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>21.8.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Severability.
                                         </I></B>If any part, term or provision of this Agreement is held to be illegal, in conflict
                                         with any law or otherwise invalid, the remaining portion or portions shall be considered
                                         severable and not be affected by such determination, and the rights and obligations of
                                         the parties shall be construed and enforced as if the Agreement did not contain the particular
                                         part, term or provisions held to be illegal or invalid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Signatures
are located on the next page.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.25in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
parties duly executed this Agreement as of 6/1/2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.3pt"></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">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cornerstone Total Return Fund, Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
                                                                                                           <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Ultimus Fund Solutions, LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
<TD STYLE="width: 35%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><IMG SRC="fp0033851_01.jpg" ALT="(SIGNATURE OF - Ralph W. Bradshaw)"></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><IMG SRC="fp0033851_02.jpg" ALT="-s- Gary Tankman">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>                <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name:&nbsp;&nbsp;&nbsp;Ralph W. Bradshaw</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name: &nbsp;&nbsp;Gary Tenkman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Fund
Accounting Addendum</U></B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cornerstone
Total Return Fund</B></FONT></P>

<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">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Fund Accounting Addendum, dated June 1, 2018, is between&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cornerstone Total Return Fund, Inc. </B> (the <B>&ldquo;Corporation&rdquo;),</B> and <B>Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;).</B></FONT></P>

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

<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"><B><U>Fund
Accounting Services</U></B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Performance
of Daily Accounting Services</B></FONT></TD>
</TR></TABLE>

<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">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;  text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
shall perform the following accounting services daily in accordance with the registration statement:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.65pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.9pt"></TD><TD STYLE="width: 35.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">calculate
                                         the net asset value per share utilizing prices obtained from the sources described in
                                         subsection 1.2 below;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.05pt"></TD><TD STYLE="width: 34.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.2.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">obtain
                                         security prices from independent pricing services, or if such quotes are unavailable,
                                         then obtain such prices from the investment adviser or its designee, as approved by the
                                         Corporation&rsquo;s Board of Directors (hereafter referred to as <B>&ldquo;Board</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">verify
                                         and reconcile with the custodian cash and all daily activity;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.05pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.4.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">compute,
                                         as appropriate, net income and realized capital gains, dividend payables</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.05pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.25pt"></TD><TD STYLE="width: 34.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.5.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">review
                                         the periodic net asset value calculation and dividend factor (if any) prior to release
                                         to shareholders, check and confirm the net asset values and dividend factors for reasonableness
                                         and deviations, and distribute net asset values to NASDAQ and such other entities as
                                         directed by the Corporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.6.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">determine
                                         unrealized appreciation and depreciation on securities held by the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40.4pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.7.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accrue
                                         income of the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.45pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.8.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">amortize
                                         premiums and accrete discounts on securities purchased at a price other than face value,
                                         if requested by the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.95pt; text-align: justify; text-indent: -35.75pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.4pt"></TD><TD STYLE="width: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.9.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">update
                                         fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
                                         interest rate instruments;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.10.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">record
investment trades received in proper form from the Corporation or its authorized agents on the industry standard T+1 basis;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.8pt; text-align: justify; text-indent: -35.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.11.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">calculate
                                         expenses;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.45pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 41.9pt"></TD><TD STYLE="width: 35.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.12.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accrue
                                         expenses of the Corporation;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.45pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.4pt"></TD><TD STYLE="width: 35.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.13.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">determine
                                         the outstanding receivables and payables for all (1) security trades, (2) share transactions
                                         and (3) income and expense accounts;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.14.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">provide
                                         accounting reports in connection with the Corporation&rsquo;s regular annual audit and
                                         other audits and examinations by regulatory agencies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.15.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">provide
                                         such periodic reports as agreed to by the parties;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.16.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">prepare
                                         and maintain the following records upon receipt of information in proper form from the
                                         Corporation or its authorized agents: (1) cash receipts journal; (2) cash disbursements
                                         journal; (3) dividend record; (4) purchase and sales-portfolio securities journals; (5)
                                         subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general
                                         ledger; (9) daily expense accruals; (10) daily income accruals, (11) securities and monies
                                         borrowed or loaned and collateral therefore; (12) foreign currency journals; and (13)
                                         trial balances;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.17.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">provide
                                         information typically supplied in the investment company industry to companies that track
                                         or report price, performance or other information with respect to investment companies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.18.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">provide
                                         accounting information to the Corporation&rsquo;s independent registered public accounting
                                         firm in preparation of the Corporation&rsquo;s tax returns; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>1.19.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">cooperate
                                         with, and take all reasonable actions in the performance of its duties under this Agreement,
                                         to ensure that all necessary information is made available to, the Corporation&rsquo;s
                                         independent public accountants in connection with any audit or the preparation of any
                                         report requested by the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Additional
Accounting Services</B></FONT></TD>
</TR></TABLE>

<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">&nbsp;</FONT></P>

<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">Ultimus
shall also perform the following additional accounting services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>2.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Financial
                                         Statements.</I></B> Ultimus will provide monthly (or as frequently as may reasonably
                                         be requested by the Corporation&rsquo;s investment adviser) a set of Financial Statements
                                         for each Fund. For purposes of this Fund Accounting Addendum, &ldquo;<B>Financial Statements</B>&rdquo;
                                         include the following: (A) Statement of Assets and Liabilities; (B) Statement of Operations;
                                         (C) Statement of Changes in Net Assets; (D) Security Purchases and Sales Journals; and
                                         (E) Corporate Holdings Reports.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>2.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Other
                                         Information</I></B><I>.</I> Provide accounting information for the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.05pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">federal
                                         and state income tax returns and federal excise tax returns;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(B)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Corporation&rsquo;s reports with the SEC on Forms N-CEN, N-PORT, and N-CSR;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.5pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(C)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">registration
                                         statements and other filings relating to the registration of shares;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(D)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus&rsquo;
                                         monitoring of the Corporation&rsquo;s status as a regulated investment company under
                                         Subchapter M of the Internal Revenue Code, as amended (the &ldquo;<B>Internal Revenue
                                         Code</B>&rdquo;);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.5pt; "></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.5pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(E)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">annual
                                         audit by the Corporation&rsquo;s independent accountants; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78.7pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif;  margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(F)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">examinations
                                         performed by the SEC.</FONT></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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(G)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Corporation&rsquo;s quarterly and annual reports with the SEC</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>2.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Other
                                         Services</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 39.55pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(A)</I></FONT></TD><TD STYLE="padding-right: 3.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">as
                                         appropriate, compute the Corporation&rsquo;s yields, total return, expense ratios, and
                                         portfolio turnover rate, and any other financial ratios required by regulatory filings.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Special
                                         Reports and Services</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8pt; text-align: center; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.1.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         may provide additional special reports upon the request of the Corporation&rsquo;s investment
                                         adviser, which may result in an additional charge, the amount of which shall be agreed
                                         upon by the parties prior to the reports being made available.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.2.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
                                         may provide such other similar services as may be reasonably requested by the Corporation,
                                         which may result in an additional charge, the amount of which shall be agreed upon between
                                         the parties prior to such services being provided.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.75pt"></TD><TD STYLE="width: 35.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>3.3.</I></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
                                         special cases, the parties hereto may amend the procedures or services set forth in this
                                         Agreement as may be appropriate or practical under the circumstances, and Ultimus may
                                         conclusively assume that any special procedure or service which has been approved by
                                         the Corporation does not conflict with or violate any requirements of its Agreement and
                                         Articles of Incorporation or then current registration statement, or any rule, regulation
                                         or requirement of any regulatory body.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Tax
Matters</B></FONT></TD>
</TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
does not provide tax advice. Nothing in the Master Services Agreement or this Fund Accounting Addendum shall be construed or have
the effect of rendering tax advice. It is important that the Corporation or a Fund consult a professional tax advisor regarding
its individual tax situation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Forms
N-CEN and N-PORT</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
Ultimus also provides fund administration to the Corporation, Ultimus will prepare and file with the SEC the reports on Forms
N-CEN and N-PORT.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60.35pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
Ultimus does not provide fund administration to the Corporation, Ultimus will provide the fund administrator with accounting information
for Forms N-CEN and N-PORT.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60pt; text-indent: -17.75pt; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;  text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Signatures
are located on the next page.</I></B></FONT></P>




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                                         <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 4</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
parties duly executed this Fund Accounting Addendum as of 6/1/2018.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></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">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Cornerstone Total Return Fund, Inc.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD>&nbsp;</TD>
                                                                                                    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Ultimus Fund Solutions, LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
<TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
<TD STYLE="width: 35%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><IMG SRC="fp0033851_01.jpg" ALT="(SIGNATURE OF - Ralph W. Bradshaw)"></TD>
    <TD STYLE="width: 10%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;<IMG SRC="fp0033851_02.jpg" ALT="(SIGNATURE OF - Gary Tenkman)"></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>                <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name: Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name: Gary Tenkman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title: &nbsp;President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title: &nbsp;President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



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                                         <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 4</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><U>Fund
Accounting &amp; Fund Administration Fee Letter</U></B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Cornerstone Total Return Fund</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">This
Fee Letter applies to the Services provided by <B>Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;)</B> to <B>Cornerstone Total Return Fund Inc.,</B> (the <B>&ldquo;Corporation&rdquo;), </B>pursuant to the Master Services Agreement, dated June 1, 2018, the
Fund Accounting Addendum, dated June 1, 2018, and the Fund Administration Addendum dated June 1, 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Fees</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">For
the Fund Accounting &amp; Fund Administration Services provided under the Fund Accounting &amp; Fund Administration Addendums,
Ultimus shall be entitled to receive a fee from the Corporation on the first business day following the end of each month, or
at such time(s) as Ultimus shall request and the parties hereto shall agree, a fee computed as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>Base
                                         fee per year of $60,000</I></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 80pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">plus</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>An
                                         Asset based fee of:</I></B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 85%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Up
    to $250 million</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: 11pt Times New Roman, Times, Serif">0.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">$250
    million to $1 billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">0.04%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">$1
    billion to $2 billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">0.03%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">In
    excess of $2 billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">0.02%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.3.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>Multi-Manager:
                                         </I></B>For Multi-Manager funds, Ultimus charges a fee of $500 per month per manager.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.4.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Forms
                                         N-CEN and N-PORT</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 80pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><I>A.</I></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Beginning
                                         on June 1, 2018, the Corporation agrees to pay Ultimus for any out-of-pocket expenses
                                         related to the preparation and filing of Form N-CEN and to meet the requirements of Rule
                                         30a-l under the 1940 Act.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 80pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><I>B.</I></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
                                         Corporation agrees to pay Ultimus a one-time implementation fee of $3,000 per Fund and
                                         an annual fee (based on the schedule below), for preparing Form N-PORT and to meet the
                                         requirements of Rule 30b1-9 under the 1940 Act. The implementation fee shall be paid
                                         in two equal installments with the first payment due 60 days prior to the Corporation&rsquo;s
                                         first fiscal year end after the compliance date for Form N-CEN, and the second payment
                                         due 60 days prior to the Corporation&rsquo;s compliance date for Form N-PORT. In addition,
                                         the Corporation agrees to pay Ultimus an annual fee, beginning on the compliance date
                                         for Form N-PORT, of $6,000.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.5.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
                                         Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The
                                         Corporation agrees to pay all fees within 30 days of receipt of each invoice. Ultimus
                                         retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond
                                         such 30-day period. Acceptance of such late charge shall in no event constitute a waiver
                                         by Ultimus of the Corporation&rsquo;s default or prevent Ultimus from exercising any other
                                         rights and remedies available to it.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Out-Of-Pocket
                                         Expenses</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>2.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">In
                                         addition to the above fees, the Corporation will reimburse Ultimus for the costs of the
                                         daily portfolio-price-quotation services utilized by the Corporation. The Corporation
                                         will reimburse Ultimus for certain out-of-pocket expenses incurred on the Corporation&rsquo;s
                                         behalf, including but not limited to, travel expenses to attend Board meetings and any
                                         other expenses approved by the Corporation or its investment adviser. The Corporation
                                         will be responsible for its normal operating expenses, such as federal and state filing
                                         fees, EDGARizing fees, insurance premiums, typesetting and printing of the Corporation&rsquo;s
                                         public documents, and fees and expenses of the Corporation&rsquo;s other vendors and providers.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>2.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">In
                                         addition, the Corporation will also reimburse Ultimus for the actual third-party data
                                         costs and data services required to complete Forms N-PORT and N-CEN or to meet the requirements
                                         of Rules 30a-1 and 30b1-9 under the 1940 Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Term</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>3.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>Initial
                                         Term.</I></B> This Fee Letter shall continue in effect until the expiration of the Master
                                         Services, Agreement&rsquo;s Initial Term (the <B>&ldquo;Initial Term&rdquo;).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>3.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>Renewal
                                         Terms.</I></B> Immediately following the Initial Term, this Fee Letter shall automatically
                                         renew for successive <B>one</B>-year periods (each a <B>&ldquo;Renewal Term&rdquo;).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Fee
                                         Increases</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ultimus
may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in
the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the <B>&ldquo;CPI-U&rdquo;)</B><SUP>1
</SUP>plus 1.5%; provided that Ultimus gives 30-day notice of such increase to the Corporation by March 1 of the then-current
calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged
in any given year may be included in prospective CPI-U fee increases in future years.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Amendment</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
parties may only amend this Fee Letter by written amendment signed by both parties.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>Signatures
are located on the next page.</I></B></FONT></P>

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">[<I>Cornerstone</I>]
                                         Fund Accounting &amp; Fund Administration Fee Letter<BR> <FONT STYLE="font-size: 9pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->
                                         of 3</FONT></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
parties duly executed this Fund Accounting &amp; Fund Administration Fee Letter dated 6/1/, 2018.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 5%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Cornerstone Total Return Fund, Inc.</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Ultimus Fund Solutions,
    LLC</B></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><IMG SRC="fp0033851_01.jpg" ALT="-s- Ralph W. Bradshaw"></FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="fp0033851_02.jpg" ALT="-s- Gary Tenkman"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Gary Tenkman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">President</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">President </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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                                         Fund Accounting &amp; Fund Administration Fee Letter<BR> <FONT STYLE="font-size: 9pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->
                                         of 3</FONT></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><U>Fund
Administration Addendum </U></B><BR>
<B>For&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Cornerstone Total Return Fund</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">This
Addendum, dated June 1, 2018, is between <B>Cornerstone Total Return Fund Inc., (</B>the &ldquo;<B>Corporation</B>&rdquo;),
and <B>Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;).</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><U>Fund
Administration Services</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Regulatory
                                         Reporting</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ultimus
shall provide the Corporation with regulatory reporting services, including:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">assist
                                         Corporation counsel, as requested, in preparation and filing of updates to the Corporation&rsquo;s
                                         registration statement on Form N-2, provided that such updates are deemed necessary by
                                         the Corporation&rsquo;s counsel.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">prepare
                                         and file with the SEC (i) the reports for the Corporation on Forms N-CSR, N-Q or N-PORT
                                         and N-SAR or Form N-CEN, and (ii) file Form N-PX, as prepared by the Corporation; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.3.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">prepare
                                         such reports, notice filing forms and other documents (including reports regarding the
                                         sale of shares of the Corporation as may be required in order to comply with federal
                                         securities law) as may be necessary or desirable to make notice filings relating to the
                                         Corporation&rsquo;s shares with federal securities authorities, and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>1.4.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">cooperate
                                         with, and take all reasonable actions in the performance of its duties under this Agreement,
                                         to ensure that the necessary information is made available to the SEC or any other regulatory
                                         authority in connection with any regulatory audit of the Corporation.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Shareholder
                                         Communications</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ultimus
shall develop and prepare, with the assistance of the Corporation&rsquo;s investment adviser(s) and other service providers, communications
to shareholders, including the annual and semiannual reports to shareholders, notices and other reports to Corporation shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Corporate
                                         Governance</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus
shall provide the following services to the Corporation:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>3.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">provide
                                         individuals reasonably acceptable to the Corporation&rsquo;s Board of Directors (the <B>&ldquo;Board&rdquo;)
                                         </B>to serve as officers of the Corporation, who will be responsible for the management
                                         of certain of the Corporation&rsquo;s affairs as determined and under supervision by the Board;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>3.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">coordinate
                                         the acquisition of and maintain fidelity bonds and directors and officers/errors and
                                         omissions insurance policies for the Corporation in accordance with the requirements
                                         of the 1940 Act and as such bonds and policies are approved by the Board; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>3.3.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">coordinate
                                         meetings of, prepare materials for, attend and write minutes of the Board&rsquo;s quarterly
                                         meetings.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Other
                                         Services</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ultimus
shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Corporation; and
shall provide such other services as the Corporation may reasonably request that Ultimus perform consistent with its obligations
under the Master Services Agreement and this Fund Administration Addendum:</FONT></P>

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



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.1.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">administer
                                         contracts on behalf of the Corporation with, among others, the Corporation&rsquo;s investment
                                         adviser(s), distributor, custodian, transfer agent and fund accountant;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.2.</I></B></FONT></TD><TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">assist
                                         the Corporation&rsquo;s investment adviser(s) and the Corporation&rsquo;s Chief Compliance Officer
                                         in monitoring the Corporation for compliance with applicable limitations as imposed by
                                         the 1940 Act and the rules and regulations thereunder or set forth in the Corporation&rsquo;s
                                         or any Fund&rsquo;s then current registration statement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.3.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">perform
                                         all reasonable and customary administrative services and functions of the Corporation
                                         to the extent such administrative services and functions are not provided to the Corporation
                                         by other agents of the Corporation, including providing support for regulatory examinations;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.4.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">furnish
                                         advice and recommendations with respect to other aspects of the business and affairs
                                         of the Corporation, as the Corporation and Ultimus shall determine desirable;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.5.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">prepare
                                         and maintain the Corporation&rsquo;s operating budget to determine proper expense accruals
                                         to be charged to each Fund in order to calculate its periodic net asset value;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.6.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">prepare,
                                         or cause to be prepared, expense and financial reports, including budgets, expense reports,
                                         pro-forma financial statements, expense and profit/loss projections and fee waiver/expense
                                         reimbursement projections on a periodic basis;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.7.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">assist
                                         the Corporation&rsquo;s independent registered public accounting firms with the preparation
                                         and filing of the Corporation&rsquo;s tax returns;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.8.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">research
                                         and calculate the qualified dividend rate for income and short-term capital gain distributions
                                         and assist in the production of supplemental tax information letters for each Fund, if
                                         applicable;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.9.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">advise
                                         the Corporation and its Board on matters concerning the Corporation and its affairs including
                                         making recommendations regarding dividends and distributions;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.10.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">administer
                                         all disbursements; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.11.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">upon
                                         request, assist in the evaluation and selection of other service providers, such as independent
                                         public accountants, printers and EDGAR providers.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.12.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">set
                                         up an adequate telephone message system to receive shareholder calls, as mutually agreed
                                         upon by the parties</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.13.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">manage
                                         the process with respect to the annual shareholder meeting. Specifically working with
                                         the other service providers and the investment adviser on the proxy statement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><I>4.14.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Provide
                                         reporting and support to the CCO as mutually agreed upon by the parties</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">For
special cases, the parties hereto may amend the procedures or services set forth in this Agreement as may be appropriate or practical
under the circumstances, and Ultimus may conclusively assume that any special procedure or service which has been approved by
the Corporation does not conflict with or violate any requirements of its Agreement and Articles of Incorporation or then current
registration statement, or any rule, regulation or requirement of any regulatory body.&nbsp;</FONT></P>

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

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Tax
Matters</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ultimus
does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed
or have the effect of rendering tax advice. It is important that the Corporation or a Fund consult a professional tax advisor
regarding its individual tax situation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Legal
Representation</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Notwithstanding
any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not be obligated
to provide legal representation to the Corporation, including through the use of attorneys that are employees of Ultimus. The
Corporation acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and rely on outside counsel retained by
the Corporation to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Corporation&rsquo;s
behalf. The Corporation acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and
the Corporation, any information provided to Ultimus attorneys may not be privileged and may be subject to compulsory disclosure
under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house
attorneys on a best efforts basis.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
parties duly executed this Fund Administration Addendum as of 6/1/2018.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 5%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Cornerstone Total Return Fund, Inc.</B></FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Ultimus Fund Solutions,
    LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><IMG SRC="fp0033851_01.jpg" ALT="-s- Ralph W. Bradshaw"></FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="fp0033851_02.jpg" ALT="-s- Gary Tenkman"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Gary Tenkman</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">President</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">President </FONT></TD></TR>
</TABLE></P>

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


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<TYPE>EX-99.25.L
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<HEAD>
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</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<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: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5in; text-align: right">EXHIBIT 2(l)</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: center">June 7, 2018</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">Cornerstone Total Return Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c/o Ultimus Fund Solutions, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">225 Pictoria Drive, Suite 450</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cincinnati, OH 45246</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 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We have acted as
counsel to Cornerstone Total Return Fund, Inc. (the &ldquo;<B><I>Fund</I></B>&rdquo;), a New York corporation, in connection with
the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on May 11, 2018, as amended on June 7,
2018 (as amended, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). The Registration Statement covers up to an aggregate
of 15,050,616 shares of common stock (including shares subject to an additional subscription privilege) par value $0.01 per share
(the &ldquo;<B><I>Shares</I></B>&rdquo;) to be sold pursuant to the exercise of non-transferable rights (the &ldquo;<B><I>Rights</I></B>&rdquo;)
to be issued to the holders of record of outstanding shares of common stock of the Fund as of the close of business on June 18,
2018. The Rights entitle such shareholders to purchase one Share of the Fund for every three Rights held.</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; text-indent: 49.5pt">For purposes of rendering
this opinion, our examination of documents has been limited to the examination of executed or conformed counterparts, or copies
otherwise identified to our satisfaction, of the following documents:</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: 10%; font-size: 11pt; text-align: justify; padding-left: -0.25in"><FONT STYLE="font-size: 11pt">a) </FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Registration Statement;</FONT></TD></TR>
</TABLE>
<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: 10%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">b) </FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Certificate of Incorporation, as amended, of the Fund filed as an exhibit to the Registration Statement;</FONT></TD></TR>
</TABLE>
<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: 10%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">c) </FONT></TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Amended and Restated By-Laws of the Fund,
        filed as an exhibit to the Registration Statement;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">d)</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An Officer&rsquo;s Certificate dated the date
        hereof, certifying as to, among other things, the resolutions of the Board of Directors of the Fund adopted at a meeting held on
        May 11, 2018 with respect to the Registration Statement; and</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">e)</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">The form of non-transferable subscription rights certificate filed as an exhibit to the Registration Statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">For purposes of this opinion
letter, we have not reviewed any documents other than those documents listed in paragraphs (a) through (e). In particular, we have
not reviewed any document (other than the documents listed in paragraphs (a) through (e) above) that may be referred to in or incorporated
by reference into any document reviewed by us. We have assumed that there exists no provision in any document that we have not
reviewed that is inconsistent with the opinions stated herein. We have conducted no independent factual investigation of our own,
but rather have relied solely upon the foregoing documents, the statements and information set forth therein, and the additional
factual matters stated or assumed herein, all of which we have assumed to be true, complete and accurate in all respects.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">With respect to all documents
examined by us, we have assumed that: (i) all signatures on such documents are genuine; (ii) all documents submitted to us as originals
are authentic and complete; and (iii) all documents submitted to us as copies conform to the originals of those documents. We have
also assumed and have not verified that each of the statements made by the Fund in the Registration Statement are true, correct
and complete, and that any information delivered or otherwise disclosed in the Registration Statement by the Fund is true, correct
and complete.</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; text-indent: 49.5pt">Based upon the foregoing,
and subject to the assumptions, qualifications, and limitations set forth herein, we are of the opinion that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">The Rights have been duly authorized and, when issued in accordance with the prospectus forming
a part of the Registration Statement, will be valid and binding obligations of the Fund, enforceable against the Fund in accordance
with their terms.</TD></TR></TABLE>

<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: 49.5pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">The Shares, when sold, paid for and issued in accordance with the terms of the prospectus forming
part of the Registration Statement upon the exercise of the Rights, including payment of the subscription price therefor, will
be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing opinions
are based on and are limited to, the laws of the State of New York, as in effect on the date hereof, and we render no opinion with
respect to the laws of any other jurisdiction or, without limiting the generality of the foregoing, the effect of the laws of any
other jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The opinions expressed
in this letter are subject to applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, receivership,
moratorium, rearrangement, liquidation, conservatorship and similar laws affecting creditors&rsquo; rights and remedies generally;
and to general principles of equity, including, without limitation, concepts of materiality and principles of reasonableness, good
faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">We assume no obligation
to update or supplement any of the opinions set forth herein to reflect any changes of law or fact that may occur after the Registration
Statement becomes effective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt">The foregoing opinions
are strictly limited to the matters stated herein, and no other or more extensive opinions are intended or implied or to be inferred
beyond the matters expressly stated herein.</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; text-indent: 49.5pt">We hereby consent to the
use of this opinion letter as Exhibit 2(l) to the Registration Statement and to the reference to this Firm in the Fund&rsquo;s
prospectus forming a part of the Registration Statement. In giving this consent, we do not hereby concede that we come within the
categories of persons whose consent is required by the Securities Act of 1933, as amended, or the general rules and regulations
promulgated thereunder. Nothing in this paragraph shall be deemed to change the effective date of this opinion letter.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">/s/ Blank Rome LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">BLANK ROME LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.5pt"></P>

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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the references to our firm in
the Registration Statement on Form N-2/A of Cornerstone Total Return Fund, Inc. and to the use of our report dated February 15,
2018 on the financial statements and financial highlights of Cornerstone Total Return Fund, Inc. Such financial statements and
financial highlights appear in the 2017 Annual Report to Shareholders, which is incorporated by reference into the Statement of
Additional Information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&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="font-size: 11pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 50%"><B>/s/ TAIT, WELLER &amp; BAKER LLP</B></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>June 7, 2018 </B></P>

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

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



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

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<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.<BR>
<BR>
</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 11th day of May, 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&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="padding-left: 0.25in; font-size: 11pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid; width: 35%">/s/ Matthew Morris</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Matthew Morris, 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>



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

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<P STYLE="margin: 0"><IMG SRC="fp0033851_03.jpg" ALT="(AST LOGO)"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">May 25, 2018</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">Cornerstone Total Return Fund, Inc.<BR>
C/o Cornerstone Advisors, Inc.<BR>
1075 Hendersonville Road<BR>
Suite 250<BR>
Ashville, NC 28803<BR>
Attn: Mr. Ralph Bradshaw</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">RE: <B>Cornerstone Total Return Fund, Inc. &ndash; Rights Offer</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">Dear Mr. Bradshaw:</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">This will serve as the Agreement between
AST Fund Solutions, LLC (&ldquo;AST Fund Solutions&rdquo;) and Cornerstone Total Return Fund, Inc. (the &ldquo;Client&rdquo;),
pursuant to which AST Fund Solutions will serve the Client as Information Agent for a Rights Offer (the &ldquo;Offer&rdquo;) for
the Client.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B><U>Services:</U></B></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 0pt 0.5in; text-align: justify">As Information Agent, AST Fund
Solutions will handle the following services and they will be performed promptly and diligently in compliance with all applicable
laws and regulations. These services include, but are not limited to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Provide strategic counsel to the Client and its advisors on the execution of the steps to best
ensure the success of the Offer.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Develop a timeline, detailing the logistics and suggested methods for communications regarding
the Offer.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Coordinate the ordering and receipt of the Depository Trust Company participant list(s) and non-objecting
beneficial owner (NOBO) list(s).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Typeset and place any summary advertisement in publications selected by the Client.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Contact the reorganization departments at all banks and brokerage firms to determine the number
of holders and quantity of materials needed.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Coordinate the printing of sufficient documents for the eligible universe of holders (if requested).</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Complete the mailing of needed Offer materials to any registered holders.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Distribute the Offer materials to banks and brokers in sufficient quantities for all of their respective
holders, and follow up to ensure the correct processing of such by each firm.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Distribute the documents directly to the decision maker at each major institutional holder, if
any, to avoid the delay associated with the materials being filtered through the holders&rsquo; custodian bank or brokerage firm.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Establish a dedicated toll-free number to answer questions, provide assistance and fulfill requests
for Offer materials.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">If requested, conduct an outbound phone campaign to the targeted universe of holders to confirm
receipt and understanding of the Offer materials.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Maintain contact with the bank and broker reorganization departments for ongoing monitoring of
responses to the Offer.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD STYLE="text-align: justify">Provide feedback to the Client and its advisors as to responses to the Offer.</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-top: 0pt; margin-bottom: 0pt; text-align: center">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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

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<P STYLE="margin: 0"><IMG SRC="fp0033851_03.jpg" ALT="(AST LOGO)"></P>

<P STYLE="margin: 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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B><U>Fees and Expenses:</U></B></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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">AST Fund Solutions agrees to complete
                                         the work described above for a base fee of <B>$7,500</B>.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Out-of-pocket expenses incurred by AST Fund Solutions in providing the services described above
shall be reimbursed by the Client, and will include such charges as search notification, postage, messengers, warehouse charges
and overnight couriers, other expenses incurred by AST Fund Solutions in obtaining or converting depository participant listings,
transmissions from Broadridge Financial Solutions (&ldquo;Broadridge&rdquo;), shareholder and/or NOBO&rsquo;s list processing.
The estimated amount of such expenses is $750. AST Fund Solutions shall not incur more than $750 of such expenses without prior
written approval by the Client.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">If applicable, outgoing calls or received calls for record or beneficial owners of the Client,
including NOBO&rsquo;s, will be charged at a fee of $5.00 per successful contact. A charge of $0.15 per call will be charged for
each unsuccessful attempt to contact a shareholder. In addition, directory assistance will be charged at a rate of $0.60 per each
look-up. A charge of $0.07 per minute will be invoiced to cover telecommunications line charges incurred during the telephone solicitation
campaign in connection with the Offer. AST Fund Solutions may require an advance to cover call center charges prior to the commencement
of calls. AST Fund Solutions will notify the Client should such advance be required and a separate invoice will be prepared and
sent to the Client.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">A data processing fee of $600 will be incurred for receiving, converting and processing electronic
lists of registered holders and or NOBO lists. If such lists are to be used for telephone solicitation efforts, an additional $110.00
per hour will be invoiced for additional data processing time. The fee of $600 would also apply if a dedicated toll free line is
set-up to take incoming calls from shareholders. A toll free number would not be assigned without prior consent from the Client.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B><U>Billing and Payment:</U></B></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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">An invoice for the agreed base
                                         fee of <B>$7,500</B> is attached and AST Fund Solutions requires that the signed contract
                                         and this base fee be received by our office upon execution of this agreement. Out-of-pocket
                                         expenses, fees for completed phone calls, set-up and other fees relating to the toll
                                         free number, and charges for telephone look-ups will be invoiced to the Client after
                                         the completion of the project.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Banks, brokers and proxy intermediaries will be directed to send their invoices directly to the
Client for payment. AST Fund Solutions will, if requested, assist in reviewing and approving any or all of these invoices.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">AST Fund Solutions reserves the right to receive advance payment for any individual out-of-pocket
charge anticipated to exceed $500 before incurring such expense. AST Fund Solutions will advise the Client by e-mail or fax of
any such request for an out-of-pocket advance.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B><U>Records:</U></B></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 0pt 0.5in; text-align: justify">Copies of supplier invoices and
other back-up material in support of AST Fund Solutions&rsquo; out-of-pocket expenses will be promptly provided to the Client upon
request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2</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">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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

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<P STYLE="margin: 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: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Confidentiality:</U></B></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 0pt 0.5in; text-align: justify">(a) For a period of two (2) years
following the termination of this Agreement, AST Fund Solutions agrees to preserve and keep confidential all non-public information
developed by it on behalf of the Client or provided to AST Fund Solutions by the Client or its agents or representatives or at
the request of the Client or its agents or representatives or any independent parties for AST Fund Solutions&rsquo; use in rendering
all necessary services hereunder (&ldquo;<B>Confidential Information</B>&rdquo;); provided, however that AST Fund Solutions may
disclose the Confidential Information after notice to the Client (unless otherwise prohibited) to the extent necessary in order
to comply with applicable law, rule or regulation or a subpoena, court order, regulatory agency or stock exchange rule.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>(b)</B></TD><TD><B><U>Compliance With Privacy Laws and Regulations</U></B></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 0pt 0.5in; text-align: justify">AST Fund Solutions agrees to
take commercially reasonable steps to comply with the requirements of all applicable state and federal laws and regulations regarding
the security, protection and confidentiality of personal information, as amended from time to time. AST Fund Solutions further
agrees to comply with Massachusetts General Law, c. 93H and implementing regulations thereunder, including 201 CMR 17.00 <I>et</I>.
<I>seq</I>. (together with the laws and regulations referenced in the first sentence, collectively, the "Privacy Laws").
AST Fund Solutions agrees to notify the Client promptly of any failure to comply with the Privacy Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent that the Client
or Client affiliates (collectively &ldquo;the Client Affiliates&rdquo;) provide AST Fund Solutions with or AST Fund Solutions has
access to (either orally, in hard copy, electronic format or otherwise) any personal information (as defined in the Privacy Laws)
(&ldquo;PI&rdquo;), AST Fund Solutions agrees not to disclose or use any such PI for any purpose except to the extent necessary
to carry out the purposes for which Client Affiliates disclosed the PI or as permitted by law in the ordinary course of business
to carry out those purposes. Unless pre-approved in writing by the Client, AST Fund Solutions further agrees not to disclose PI
to any third parties provided, however, that AST Fund Solutions may disclose PI on a "need to know" basis to auditors
and attorneys retained by AST Fund Solutions (the "Representatives") that have agreed in writing to keep such information
confidential on terms substantially similar to those set forth herein. AST Fund Solutions agrees to cooperate with the Client&rsquo;s
reasonable requests for information concerning AST Fund Solutions&rsquo; policies and procedures for the protection and safeguarding
of PI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any and all data provided to
AST Fund Solutions is, and shall remain at all times, the exclusive property of the Client. Subject to any federal, state or regulatory
requirements concerning records retention or as otherwise directed by the Client, AST Fund Solutions shall either return or destroy
all PI (except for one copy as required by law, regulation or professional standards) once AST Fund Solutions no longer requires
the PI to provide the products and/or services hereunder and AST Fund Solutions shall promptly retrieve, deliver, and destroy all
data and copies thereof in its possession upon the earliest of the requirements of this Agreement, the Client&rsquo;s request,
or the termination of this Agreement. Notwithstanding any other provision in this Agreement, AST Fund Solutions shall not possess
or assert any lien against or to the Client data.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>c.</B></TD><TD><B><U>Establishment of a Comprehensive Written Information Security Program</U></B></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 0pt 0.5in; text-align: justify; text-indent: 0.25in">AST Fund
Solutions agrees that it has established and will maintain and comply with written policies and procedures which are reasonably
designed to comply with Privacy Laws concerning the protection and safeguarding of PI. Without limiting any requirements under
Privacy Laws, such policies and procedures shall address: (i) administrative, technical, and physical safeguards for the protection
of the Client records and data that contain PI; (ii) detection of any unauthorized access to or use of PI for unauthorized purposes;
and (iii) the proper destruction of such materials so that the information contained therein cannot be practicably read or reconstructed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3</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">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">In order
to aid the Client with its compliance with applicable Privacy Laws, AST Fund Solutions agrees to: (i) upon written request, provide
certifications of compliance with Privacy Laws, including without limitation, certification that AST Fund Solutions maintains,
monitors and complies with a written information security program which is reasonably designed to comply with applicable Privacy
Laws; (ii) allow the Client Affiliates, at their expense, the right to audit AST Fund Solutions&rsquo; compliance; and (iii) cooperate
with the Client&rsquo; reasonable requests for information concerning AST Fund Solutions&rsquo; policies and procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.25in">&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">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>d.</B></TD><TD><B><U>Notification of any Security Incident</U></B></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 0pt 0.5in; text-align: justify">AST Fund Solutions agrees that
it will notify the Client in writing in the most expedient time possible and without delay of any actual loss of, unauthorized
disclosure, access or use of any data or any facilities associated therewith, or any other incident which may compromise the security,
integrity or confidentiality of the PI. AST Fund Solutions shall reasonably cooperate with the Client&rsquo;s investigation and
response to each actual threat to the security, confidentiality or integrity of PI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>e.</B></TD><TD><B><U>Restriction on Transferability of Data Furnished by the Client to AST Fund Solutions</U></B></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 0pt 0.5in; text-align: justify; text-indent: 0.25in">In the
event the Client pre-approves AST Fund Solutions disclosing PI to third parties, AST Fund Solutions understands and agrees that
this Agreement governs AST Fund Solutions&rsquo; right to subcontract, transfer, forward, or in by any means share PI received
from the Client. AST Fund Solutions agrees to (i) ensure any person to whom AST Fund Solutions discloses PI is compliant with Privacy
Laws, (ii) conduct a reasonable investigation of any person to whom AST Fund Solutions discloses PI to verify that such person
with access to PI has the capacity to protect such PI, and (iii) contractually require any person to whom AST Fund Solutions discloses
PI to comply with Privacy Laws and provide notification to AST Fund Solutions of any failure to comply with Privacy Laws or any
incident that may threaten the confidentiality, security or integrity of PI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.25in">&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: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Indemnification:</U></B></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 0pt 0.5in; text-align: justify">(a) The Client agrees to indemnify
and hold AST Fund Solutions and all of its affiliates, agents, directors, officers and employees harmless against any loss, claim,
demand, action, suit, damage, liability or expense (including, without limitation, reasonable legal and other related fees and
expenses (collectively, <B>&ldquo;Liabilities&rdquo;</B>) arising out of the performance of this Agreement, including any Liability
arising directly from material misstatements or omissions in the applicable Client Prospectuses, Statements of Additional Information,
proxy statements, proxy solicitation materials, reports to shareholders or other materials prepared by the Client or its agents
(other than AST Fund Solutions) for distribution to the shareholders of the Client, or to the extent arising directly from any
negligent actions or inactions by the Client or any of its agents or contractors (other than AST Fund Solutions), in the performance
of its duties or obligations under this Agreement, except to the extent that such Liabilities are the result of willful misfeasance
or gross negligence of AST Fund Solutions, its officers, directors, employees or agents, in the performance of its duties or obligations
under this Agreement. At its election, the Client may assume the defense and settlement of any such action. AST Fund Solutions
hereby agrees to advise the Client of any such liability or claim promptly after receipt of the notice thereof; provided however,
that AST Fund Solutions' right to indemnification hereunder shall not be limited by its failure to promptly advise the Client of
any such liability or claim, except to the extent that the Client is prejudiced by such failure. Any settlement, unless it is solely
monetary in nature, shall be subject to AST Fund Solutions' prior consent, which consent shall not be unreasonably withheld or
delayed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4</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">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) AST Fund Solutions agrees
to indemnify and hold the Client and all of its officers, directors and employees harmless against: (i) any Liabilities arising
in connection with material misstatements or omissions in any and all proxy solicitation materials (including scripts) prepared
by AST Fund Solutions for distribution to the shareholders of the Client and utilized by AST Fund Solutions without the written
approval of the Client and any or all representations made by AST Fund Solutions to the extent such representations differ from
the proxy solicitation materials; and (ii) any Liabilities resulting from the willful misfeasance, bad faith, or gross negligence
of AST Fund Solutions, its officers, directors, employees or agents in the performance of their duties or obligations under this
Agreement or from the reckless disregard by the Client, its officers, directors, employees or agents of its duties and obligations
under this Agreement. At its election, AST Fund Solutions may assume the defense of any such action. The Client hereby agrees to
advise AST Fund Solutions of any such liability or claim promptly after receipt of the notice thereof; provided however, that the
Client&rsquo;s right to indemnification hereunder shall not be limited by its failure to promptly advise AST Fund Solutions of
any such liability or claim, except to the extent that AST Fund Solutions is prejudiced by such failure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) This indemnity shall survive
the termination of this Agreement or the resignation or removal of AST Fund Solutions hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Termination:</U></B></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 0pt 0.5in; text-align: justify">AST Fund Solutions' appointment
under this Agreement shall be effective as of the date of this letter and will continue thereafter until the termination or completion
of the assignment, or until such date as AST Fund Solutions may complete the duties requested by the Client or its counsel. To
the extent the Offer does not occur, AST Fund Solutions will return to the client the Base Fee less any reasonable out-of-pocket
expenses incurred by AST Fund Solutions hereunder through the date of the termination hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&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: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law:</U></B></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 0pt 0.5in; text-align: justify">This Agreement will be governed
and construed in accordance with the laws of the State of New York for contracts made and to be performed entirely in New York,
and shall inure to the benefit of, and the obligations created hereby shall be binding upon, the successors and assigns of the
parties hereto, except that AST Fund Solutions may neither assign its rights nor delegate its duties without the Client's prior
written consent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5</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">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">If you are in agreement with the above, kindly sign a copy of
this agreement in the space provided for that purpose below and return copy to us. Additionally, an invoice for the base fee is
attached and AST Fund Solutions requires that the base fee be received by it upon execution of this agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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%">&nbsp;</TD>
    <TD STYLE="width: 35%">Sincerely,</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>AST FUND SOLUTIONS, LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Sean Butcher</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Assistant Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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 COLSPAN="2">Agreed to and accepted as of the date set forth on this agreement:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Cornerstone Total Return Fund, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Print Authorized Name &amp; Title</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Authorized Signature</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Date</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6</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">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>

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

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<P STYLE="margin: 0"><IMG SRC="fp0033851_03.jpg" ALT="(AST LOGO)"></P>

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


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>BASE FEE INVOICE
FOR INFORMATION AGENT SERVICES<BR>
Cornerstone Total Return Fund, Inc.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 14pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right; padding-right: 5.4pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Date:</TD>
    <TD STYLE="width: 25%; padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>5-25-2018</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">Invoice Number:</TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 14pt">TO:</FONT></TD>
    <TD STYLE="width: 90%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Cornerstone Total Return Fund, Inc.<BR> C/o Cornerstone Advisors, Inc.<BR> 1075 Hendersonville Road<BR> Suite 250<BR> Ashville, NC 28803<BR> Attn: Mr. Ralph Bradshaw</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></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">Base Fee for Information Agent Services, an invoice for all
out of pocket expenses covered by the Agreement will be sent after the expiration date.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 88%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><I>AMOUNT DUE UPON EXECUTION OF THE ABOVE AGREEMENT:</I></TD>
    <TD STYLE="width: 12%; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 14pt"><B>$7,500</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">Please make all checks payable to <B>AST Fund Solutions, LLC
</B>and mail to:</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 STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%"><B>&nbsp;AST Fund Solutions, LLC<BR>
    &nbsp;55 Challenger Road, Suite 201<BR>
    &nbsp;Ridgefield Park, NJ 07660</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 100%; border-top: Black 2.5pt double; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt; padding-top: 2pt"><FONT STYLE="font-size: 14pt">If
    you choose to wire the money, our bank information is:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 14pt"><B>Sovereign
    Bank</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 14pt"><B>1130
    Berkshire Boulevard</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 14pt"><B>Wyomissing,
    PA</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 14pt"><B>Account
    Name: AST Fund Solutions, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.5pt double; border-left: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 14pt"><B>Account
    Number: 1031120750 ABA number: 231372691</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 2.5pt double; border-left: Black 2.5pt double; border-right: Black 2.5pt double; padding-right: 2pt; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 14pt"><B>SWIFT
    Code: SVRNUS33</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&diams;</TD><TD STYLE="text-align: justify"><B>AST Fund
                                         Solutions, LLC Tax ID # is 27-4792784</B></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; text-align: center">AST Funds Solutions, LLC &#9679; 48 Wall
Street, 22<SUP>nd</SUP>. Floor, New York, NY 10005 &#9679; Tel: 212.400.2612 &#9679; www.astfundsolutions.com</P>



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<TYPE>EX-99.25.2.V
<SEQUENCE>9
<FILENAME>fp0033851_ex99252v.htm
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;<IMG SRC="fp0033851_04.jpg" ALT="(AST LOGO)"></P>

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

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

<P STYLE="font: bold 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; text-indent: 40pt">This SUBSCRIPTION AGENT
AGREEMENT (this &ldquo;Agreement&rdquo;) is entered into as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2018, by and between American Stock Transfer &amp; Trust Company,
LLC (the &ldquo;Subscription Agent&rdquo;) and Cornerstone Total Return Fund, Inc. (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&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">
<TD STYLE="width: 40pt">1.</TD><TD STYLE="text-align: justify">The Company is offering (the &ldquo;Rights Offering&rdquo;) to the holders of shares of its common
stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), on June 18, 2018 (the &ldquo;Record Date&rdquo;), the right (&ldquo;Rights&rdquo;)
to subscribe for units (&ldquo;Units&rdquo;), each Unit consisting of shares of common stock. Except as set forth in Sections 9
and 10 below, Rights shall cease to be exercisable at 5:00 P.M., New York City time, on July 20, 2018 or such later date of which
the Company notifies the Subscription Agent orally and confirms in writing (the &ldquo;Expiration Date&rdquo;). Three (3) Right(s)
is/are being issued for one (1) share of Common Stock held on the Record Date. Three (3) Right(s) and payment in full of the subscription
price of $_____ (the &ldquo;Subscription Price&rdquo;) is/are required to subscribe for one Unit. Rights are evidenced by transferable
subscription certificates in registered form (&ldquo;Subscription Certificates&rdquo;). Each holder of Subscription Certificate(s)
who exercises the holder&rsquo;s right to subscribe for all Units that can be subscribed for with the Rights evidenced by such
Subscription Certificate(s) (the &ldquo;Basic Subscription Right&rdquo;) will have the right to subscribe for additional Units,
if any, available as a result of any unexercised Rights (such additional subscription right being referred to hereafter as the
&ldquo;Additional Subscription Privileged&rdquo;). The Rights Offering will be conducted in the manner and upon the terms set forth
in the Company&rsquo;s Prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2018 (the &ldquo;Prospectus&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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">2.</TD><TD STYLE="text-align: justify">The Subscription Agent is hereby appointed to affect the Rights Offering as set forth herein. The
Subscription Agent may rely on, and shall be protected in acting upon, any certificate, instrument, opinion, representation, notice
letter or other document delivered to it and believed by it to be genuine and to have been signed by the proper party or parties.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">3.</TD><TD STYLE="text-align: justify">Enclosed herewith are the following, the receipt of which the Subscription Agent acknowledges by
its execution hereof:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">a copy of the Prospectus;</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">the form of Subscription Certificate (with instructions);</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify">resolutions adopted by the board of directors of the Company in connection with the Rights Offering,
certified by the secretary of the Company; and</TD></TR></TABLE>

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



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<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 40pt">4.</TD><TD STYLE="text-align: justify">As soon as is reasonably practical, the Subscription Agent shall mail or cause to be mailed to
each holder of Common Stock at the close of business on the Record Date a Subscription Certificate evidencing the Rights to which
such holder is entitled a Prospectus and an envelope addressed to the Subscription Agent. Prior to mailing, the Company shall provide
the Subscription Agent with blank Subscription Certificates which the Subscription Agent shall prepare and issue in the names of
holders of Common Stock of record at the close of business on the Record Date and for the number of Rights to which they are entitled.
The Company shall also provide the Subscription Agent with a sufficient number of copies of each of the documents to be mailed
with the Subscription Certificates.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">5.</TD><TD STYLE="text-align: justify">Subscription Procedure.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">Upon the Subscription Agent&rsquo;s receipt prior to 5:00 P.M., New York City time, on the Expiration
Date (by mail or delivery) of (ii) any Subscription Certificate completed and endorsed for exercise, as provided on the reverse
side of the Subscription Certificate (except as provided in Section 9 hereof), and (ii) payment in full of the Subscription Price
in U.S. funds by check or bank draft payable at par (without deduction for bank service charges or otherwise) to the order of &ldquo;American
Stock Transfer &amp; Trust Company, LLC&rdquo; the Subscription Agent shall as soon as practicable after the Expiration Date, but
after performing the procedures described in subsections (b) and (c) below, mail to the subscriber&rsquo;s registered address on
the books of the Company certificates representing the securities underlying each Unit duly subscribed for (pursuant to the Basic
Subscription Right and the Additional Subscription Privilege) and furnish a list of all such information to the Company.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">As soon as practicable after the Expiration Date the Subscription Agent shall calculate the number
of Units to which each subscriber is entitled pursuant to the Additional Subscription Privilege. The Additional Subscription Privilege
may only be exercised by holders who subscribe to all the Units that can be subscribed for under the Basic Subscription Right.
The Units available for additional subscriptions will be those that have not been subscribed and paid for pursuant to the Basic
Subscription Right (the &ldquo;Remaining Units&rdquo;). Where there are sufficient Remaining Units to satisfy all additional subscriptions
by holders exercising their rights under the Additional Subscription Privilege, each holder shall be allotted the number of Additional
Units subscribed for. If the aggregate number of Units subscribed for under the Additional Subscription Privilege exceeds the number
of Remaining Units, the number of Remaining Units allotted to each participant in the Additional Subscription Privilege shall be
the product (disregarding fractions) obtained by multiplying the number of Remaining Units by a fraction of which the numerator
is the number of Units subscribed for by that participant under the Additional Subscription Privilege and the denominator is the
aggregate number of Remaining Units subscribed for by all participants under the Additional Subscription Privilege. Any fractional
Unit to which persons exercising their Additional Subscription Privilege would otherwise be entitled pursuant to such allocation
shall be rounded to the next whole Unit.</TD></TR></TABLE>

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



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<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify">Upon calculating the number of Units to which each subscriber is entitled pursuant to the Additional
Subscription Privilege and the amount overpaid, if any, by each subscriber, the Subscription Agent shall, as soon as practicable,
furnish a list of all such information to the Company.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(d)</TD><TD STYLE="text-align: justify">Upon calculating the number of Units to which each subscriber is entitled pursuant to the Additional
Subscription Privilege and assuming payment for the additional Units subscribed for has been delivered, the Subscription Agent
shall mail, as contemplated in subsection (a) above, the certificates representing the additional securities which the subscriber
has been allotted. If a lesser number of Units is allotted to a subscriber under the Additional Subscription Privilege than the
subscriber has tendered payment for, the Subscription Agent shall remit the difference to the subscriber without interest or deduction
at the same time as certificates representing the securities allotted pursuant to the Additional Subscription Privilege are mailed.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(e)</TD><TD STYLE="text-align: justify">Funds received by the Subscription Agent pursuant to the Basic Subscription Right and the Additional
Subscription Privilege shall be held by it in a segregated account. Upon mailing certificates representing the securities and refunding
subscribers for additional Units subscribed for but not allocated, if any, the Subscription Agent shall promptly remit to the Company
all funds received in payment of the Subscription Price for Units issued in the Rights Offering. The Subscription Agent will not
be obligated to calculate or pay interest to any holder or party.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">6.</TD><TD STYLE="text-align: justify">Until 5:00 P.M., New York City time, on the third Business Day (as defined below) prior to the
Expiration Date, the Subscription Agent shall facilitate subdivision or transfers of Subscription Certificates by issuing new Subscription
Certificates in accordance with the instructions set forth on the reverse side of the Subscription Certificates. As used in herein,
&ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to close.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">7.</TD><TD STYLE="text-align: justify">The Company shall have the absolute right to reject any defective exercise of Rights or to waive
any defect in exercise. Unless requested to do so by the Company, the Subscription Agent shall not be under any duty to give notification
to holders of Subscription Certificates of any defects or irregularities in subscriptions. Subscriptions will not be deemed to
have been made until any such defects or irregularities have been cured or waived within such time as the Company shall determine.
The Subscription Agent shall as soon as practicable return Subscription Certificates with the defects or irregularities which have
not been cured or waived to the holder of the Rights. If any Subscription Certificate is alleged to have been lost, stolen or destroyed,
the Subscription Agent should follow the same procedures followed for lost stock certificates representing Common Stock it uses
in its capacity as transfer agent for the Company&rsquo;s Common Stock.</TD></TR></TABLE>

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



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<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 40pt">8.</TD><TD STYLE="text-align: justify">[Intentionally Deleted]</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">9.</TD><TD STYLE="text-align: justify">If requested, the Subscription Agent shall deliver to the Company copies of the exercised Subscription
Certificates in accordance with written directions received from the Company. The Subscription Agent shall deliver to the subscribers
who have duly exercised Rights, at their registered addresses certificates representing the securities subscribed for as instructed
on the reverse side of the Subscription Certificates.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">10.</TD><TD STYLE="text-align: justify">The Subscription Agent shall notify the Company by telephone on an before the close of business
on each Business Day during the period commencing five (5) Business Days after the mailing of the Rights and ending at the Expiration
Date (and in the case of guaranteed deliveries ending three (3) Trading Days after the Expiration Date) (a &ldquo;daily notice&rdquo;),
which notice shall thereafter be confirmed in writing, of (i) the number of Rights exercised an the day covered by such daily notice,
(ii) the number of Rights subject to guaranteed exercises on the day covered by such daily notice, (iii) the number of Rights for
which defective exercises have been received on the day covered by such daily notice, and (iv) the cumulative total of the information
set forth in clauses (i) through (iii) above. At or before 5:00 P.M., New York City time, on the first Trading Day following the
Expiration Date the Subscription Agent shall certify in writing to the Company the cumulative total through the Expiration Date
of all the information set forth in clauses (i) through (iii) above. At or before 10:00 A.M., New York City time, on the fifth
Trading Day following the Expiration Date the Subscription Agent will execute and deliver to the Company a certificate setting
forth the number of Rights exercised as to which Subscription Certificates have been timely received. The Subscription Agent shall
also maintain and update a listing of holders who have fully or partially exercised their Rights, holders who have transferred
their Rights and their transferees, and holders who have not exercised their Rights. The Subscription Agent shall provide the Company
or its designees with such information compiled by the Subscription Agent pursuant to this Section 10 as any of them shall request.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">11.</TD><TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt">With respect to notices or instructions to be provided by the Company hereunder, the Subscription
Agent may rely and act on any written instruction signed by any one or more of the following authorized officers or employees of
the Company:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; width: 50%">Name</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Title</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 11pt">President</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">Theresa M. Bridge</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 40pt">12.</TD><TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt">Whether or not the Rights Offering is consummated, the Company agrees to pay the Subscription Agent
for services rendered hereunder, as set forth in the schedule attached to this Agreement.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">13.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">The Subscription Agent may employ or retain such agents (including but not limited to, vendors,
advisors and subcontractors) as it reasonably requires to perform its duties and obligations hereunder; may pay reasonable remuneration
for all services so performed by such agents; shall not be responsible for any misconduct on the part of such agents; and in the
case of counsel, may rely on the written advice or opinion of such counsel, which shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by the Subscription Agent hereunder in good faith and in accordance
with such advice or opinion. Additionally, the Subscription Agent shall identify, report and deliver any unclaimed property and/or
payments to all states and jurisdictions for the Company in accordance with applicable abandoned property law. The Subscription
Agent shall also provide information agent services to the Company on terms to be mutually agreed upon by the parties hereto.</TD></TR></TABLE>

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



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<P STYLE="margin-top: 0; margin-bottom: 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">
<TD STYLE="width: 40pt">14.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">The Company hereby covenants and agrees to indemnify, reimburse and hold the Subscription Agent
and its officers, directors, employees and agents harmless against any loss, liability or reasonable expense (including legal and
other fees and expenses) incurred by the Subscription Agent arising out of or in connection with entering into this Agreement or
the performance of its duties hereunder, except for such losses, liabilities or expenses incurred as a result of its gross negligence,
bad faith or willful misconduct. The Company shall not be liable under this indemnity with respect to any claim against the Subscription
Agent unless the Company is notified of the written assertion of a claim against it, or of any action commenced against it, promptly
after it shall have received any such written information as to the nature and basis of the claim; provided, however, that failure
by the Subscription Agent to provide such notice shall not relieve the Company of any liability hereunder if no prejudice occurs.</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 0pt 40pt; text-align: justify">In no event shall the Subscription
Agent have any liability for any incidental, special, statutory, indirect or consequential damages, or for any loss of profits,
revenue, data or cost of cover.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">All provisions regarding indemnification,
liability and limits thereon shall survive the resignation or removal of the Subscription Agent or the termination of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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">
<TD STYLE="width: 40pt">15.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">Any notice or communication by the Subscription Agent or the Company to the other is duly given
if in writing and delivered in person or via first class mail (postage prepaid), or overnight air courier to the other&rsquo;s
address.</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 0pt 80pt">If to the Company:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">Cornerstone Total Return Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">c/o Ultimus Fund Solutions, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">225 Pictoria Drive, Suite 450</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">Cincinnati, OH 45246</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">Tel: (513) 587-3400</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">If to the Subscription Agent:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">&nbsp;</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">American Stock Transfer &amp; Trust Company, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">6201 15th Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">Brooklyn, New York 11219</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt">Attn: Corporate Actions</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">Tel: (718)
921.8200</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">with copy
to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">American Stock Transfer &amp;
Trust Company, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">6201 15th Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">Brooklyn, New York 11219</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">Attn: General Counsel</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">Tel: (718) 921.8200</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Subscription Agent and the
Company may, by notice to the other, designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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">
<TD STYLE="width: 40pt">16.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any court,
this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement
between us to the full extent permitted by applicable law.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">17.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to principles of conflicts of law, and shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">18.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">Neither this Agreement, nor any rights or obligations hereunder, may be assigned by either party
without the written consent of the other party. However, the Subscription Agent may assign this Agreement or any rights granted
hereunder, in whole or in part, either to affiliates, another division, subsidiaries or in connection with its reorganization or
to successors of all or a majority of the Subscription Agent&rsquo;s assets or business without the prior written consent of the
Company.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">19.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">No provision of this Agreement may be amended, modified or waived, except in writing signed by
all of the parties hereto. This Agreement may be executed in counterparts, each of which shall be for all purposes deemed an original,
but all of which together shall constitute one and the same instrument.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt">20.</TD><TD STYLE="text-align: justify; padding: 0; margin: 0">Nothing herein contained shall amend, replace or supersede any agreement between the Company and
the Subscription Agent to act as the Company&rsquo;s transfer agent, which agreement shall remain of full force and effect.</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: center"><I>[signature page follows]</I></P>

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




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<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">This Subscription Agent
Agreement has been executed by the parties hereto as of the date first written above.</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"></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="2">Cornerstone Total Return Fund, Inc.</TD>
    <TD>&nbsp;</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">&nbsp;</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</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Agreed &amp; Accepted:</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">AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC</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"></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 STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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




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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fee Schedule</U></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">Project fee of $25,000.00.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Plus out-of-pocket and extraordinary expenses</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">DTC new cusip eligibility fee $1,000.00 (Non-Negotiable)</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">Additional fee equal to 1/3<SUP>rd</SUP>
(one-third) of the flat fee for each extension of the Rights Offering, plus reasonable out-of-pocket expenses associated with such
extension.</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"><B><U>Fees are payable prior to the Launch date</U></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">Santander Bank NA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">601 Penn Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Reading, PA 19601</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">ABA # 231372691</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">SWIFT CODE: SVRNUS33</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">For further credit to: American Stock Transfer &amp; Trust,
LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">6201 15<SUP>TH</SUP> Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Brooklyn, NY 11219</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Account # 3036002123</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Accounts Receivable</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">The party below is responsible for payment
of the fees:</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; text-indent: 40pt">Name: Cornerstone Total
Return Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Attention: Ralph Bradshaw</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Address: 1075 Hendersonville
Road</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Address: Suite 250</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Address: Asheville,
NC 28803</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Phone: (828) 255-4833</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Email: rbradshaw@cornerstoneadv.com</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">The fees quoted in this schedule apply
to services ordinarily rendered by American Stock Transfer &amp; Trust Company, LLC (&ldquo;AST&rdquo;) as paying agent and are
subject to adjustment based on final review of documents, or when AST is called upon to undertake unusual duties or responsibilities,
or as changes in law, procedures, or the cost of doing business demand. Out-of-pocket expenses include, but are not limited to,
1099&rsquo;s (calculations, production, print, mail, and IRS reporting), cost basis calculations and reporting, and regulatory
mailings. Furthermore, the fees quoted in this schedule are based upon information provided to AST and are subject to change upon
modification or supplementation of such information resulting in the provision of additional services by AST. Services in addition
to and not contemplated in this Agreement, including, but not limited to, document amendments and revisions, calculations, notices
and reports, legal fees and unanticipated transaction costs (including charges for wire transfers, checks, internal transfers and
securities transactions) will be billed as extraordinary expenses.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</P>




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