<SEC-DOCUMENT>0001398344-21-003843.txt : 20210525
<SEC-HEADER>0001398344-21-003843.hdr.sgml : 20210525

<ACCEPTANCE-DATETIME>20210219165609

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001398344-21-003843

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		4

FILED AS OF DATE:		20210219

DATE AS OF CHANGE:		20210408


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CORNERSTONE 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

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-02363

		FILM NUMBER:		21656793



	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

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-253313

		FILM NUMBER:		21656792



	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



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

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

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

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>fp0062461_n2.htm
<TEXT>
<HTML>
<HEAD>
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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; margin-bottom: 0pt"><B></B></P>

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

<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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>1933 Act File No. 333-[&bull;]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>1940 Act File No. 811-02363</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 80%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;   ]</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">PRE-EFFECTIVE AMENDMENT NO. __</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[   &nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">POST-EFFECTIVE AMENDMENT NO. __</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;and</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">AMENDMENT NO. 21</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cornerstone Total Return Fund, Inc.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant Exact Name of as Specified in Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>225 Pictoria Drive, Suite 450, Cincinnati, OH 45246</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><I>Name and Address of Agent for Service:</I></FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><I>Copies of Communications to<B>:</B></I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Benjamin V. Mollozzi, Esq.</B></FONT></TD>
    <TD STYLE="width: 46%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Thomas R. Westle, Esq.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>c/o Ultimus Fund Solutions, LLC</B></FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Blank Rome LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>225 Pictoria Drive, Suite 450</B></FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>1271 Avenue of the Americas</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cincinnati, OH 45246</B></FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>New York, NY 10020</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Approximate Date of Proposed Public Offering: </B>As soon as
practicable after the effective date of this Registration Statement.</P>
</TD>
    </TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 92%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">The only securities being registered on the form are being offered pursuant to a dividend or interest reinvestment plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">Any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, (&quot;Securities Act&quot;) other than securities offered in connection with a dividend reinvestment plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="width: 92%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">when declared effective pursuant to section 8(c) of the Securities Act</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[   &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 92%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp; ]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _______.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp; ]</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font-size: 11pt">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;)).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 11pt">[ &nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; width: 52%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 17.75pt; text-align: center; text-indent: -0.85pt"><FONT STYLE="font-size: 11pt">Title of Securities Being Registered</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; text-align: center"><FONT STYLE="font-size: 11pt">Amount Being Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 9pt; text-align: center"><FONT STYLE="font-size: 11pt">Proposed Maximum Offering Price Per Unit</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 9.05pt; text-align: center"><FONT STYLE="font-size: 11pt">Proposed Maximum Aggregate Offering Price<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.9pt; text-align: center"><FONT STYLE="font-size: 11pt">Amount of Registration Fee</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; padding-left: 29.9pt; text-indent: -19.8pt; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Common Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>89,366</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>$11.19</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>$1,000,006</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 5.4pt"><B></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">$109.10</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; padding-left: 40.95pt; text-indent: -31.5pt; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Rights to purchase common stock<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>41,043,609</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>&mdash;</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>&mdash;</P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 5.4pt"><B>&mdash;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.45pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes [&#9679;] shares subject to the additional subscription
privilege.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.45pt"></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating fee as
required by Rule 457(o) under the Securities Act of 1933 based upon the closing price reported on the New York Stock Exchange
consolidated reporting system of $12.43 on January 31, 2021.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.45pt"></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Evidencing the rights to subscribe for shares of common
stock of the Registrant being registered herewith. Pursuant to Rule 457(g) of the Securities Act of 1933, no separate registration
fee is required for the rights because the rights are being registered in the same registration statement as the common stock
of the Registrant underlying the rights.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 11pt 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">[&#9679;] <B>Rights for </B>[&#9679;]
<B>Shares of Common Stock</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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 [&#9679;], 2021 (the &ldquo;Record Date&rdquo;). Fractional Shares
will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Stockholder on the Record
Date will be rounded up to the nearest whole number of Rights evenly divisible by three. Stockholders on the Record Date may purchase
Shares not acquired by other Stockholders in this Rights offering, subject to certain limitations discussed in this Prospectus.
Additionally, if there are not enough unsubscribed Shares to honor all additional subscription requests, the Fund may, in its sole
discretion, issue additional Shares up to 100% of the Shares available in the Offering to honor additional subscription requests.
See &ldquo;The Offering&rdquo; below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 [&#9679;], 2021, the last reported net asset value (&ldquo;NAV&rdquo;)
per Share was $[&#9679;] and the last reported sales price per Share on the NYSE American was $[&#9679;], which represents a [&#9679;]%
premium to the Fund&rsquo;s NAV per Share. The subscription price per Share (the &ldquo;Subscription Price&rdquo;) will be the
greater of (i) 107% of NAV per Share as calculated at the close of trading on the date of expiration of the Offering and (ii) 90%
of the market price per Share at such time. The considerable number of Shares that may be issued as a result of the Offering may
cause the premium above NAV at which the Fund&rsquo;s Shares are currently trading to decline, especially if Stockholders exercising
the Rights attempt to sell sizeable numbers of shares immediately after such issuance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 </B>[&#9679;]<B>, 2021 (THE &ldquo;EXPIRATION DATE&rdquo;),
UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</B></P>

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

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

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

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

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

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 12%"><B>Estimated Subscription Price
(1)</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 12%"><B>Estimated Sales Load</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 12%"><B>Estimated
Proceeds to the Fund (2)(3)</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>Per Share</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$[&#9679;]</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$[&#9679;]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>Total</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$[&#9679;]</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$[&#9679;]</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Proceeds to the Fund are before deduction of expenses
incurred by the Fund in connection with the Offering, such expenses are estimated to be approximately $[&#9679;] or approximately
$[&#9679;] per Share, if fully subscribed. The calculation of the per Share amount does not take into account the Over-Subscription
Shares. Funds received prior to the final due date of this Offering will be deposited in a segregated account pending allocation
and distribution of Shares. Interest, if any, on subscription monies will be paid to the Fund regardless of whether Shares are
issued by the Fund; interest will not be used as credit toward the purchase of Shares.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Fees and expenses incurred by the Fund in connection
with the Offering are estimated to be approximately $[&#9679;] or approximately $[&#9679;] per Share, if fully subscribed. Proceeds
to the Fund, after deduction of such fees and expenses incurred by the Fund in connection with the Offering, are estimated to
be approximately $[&#9679;] or approximately $[&#9679;] per Share, if fully subscribed. The calculation of the per Share amounts
indicated above do not take into account the Over- Subscription Shares.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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;],
2021.</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; 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">&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, LLC (the &ldquo;Investment Adviser&rdquo;) acts as the Fund&rsquo;s investment adviser. See &ldquo;Management of the
Fund.&rdquo; As of December 31, 2020, the Investment Adviser managed one other closed-end fund with combined assets with the Fund
of approximately $1,164.3 million. The Investment Adviser&rsquo;s address is 1075 Hendersonville Road, Suite 250, Asheville, North
Carolina, 28803.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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;], 2021 (the &ldquo;Statement of Additional Information&rdquo;), and other materials, containing additional information
about the Fund, have been filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The Statement of Additional
Information is incorporated by reference in its entirety into this prospectus, which means it is considered to be part of this
prospectus. You may obtain a free copy of the Statement of Additional Information, the table of contents of which is on page [&#9679;]
of this prospectus, and other information filed with the SEC, by calling toll free (800) 581-4001 or by writing to the Fund c/o
Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, or by visiting the Fund&rsquo;s website at www.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>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"></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>&nbsp;</TD>
    <TD STYLE="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 STYLE="width: 90%">SUMMARY OF FUND EXPENSES</TD>
    <TD STYLE="text-align: right; width: 10%">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">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>MANAGEMENT OF THE FUND</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DETERMINATION OF NET ASSET VALUE</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>DISTRIBUTION POLICY</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DISTRIBUTION REINVESTMENT PLAN</TD>
    <TD STYLE="text-align: right">41</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">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>DESCRIPTION OF CAPITAL STRUCTURE</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>REPORTS TO STOCKHOLDERS</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>ADDITIONAL INFORMATION</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</TD>
    <TD STYLE="text-align: right">50</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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"><I>&nbsp;</I></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 CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%"><B>The Fund</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 85%"><FONT STYLE="font-size: 11pt"><B STYLE="font-style: normal; font-weight: normal">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 December 31, 2020, the Fund had 40,943,597 Shares issued and outstanding.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>The Offering</B></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><B></B>The
        Fund is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its Stockholders as of the close of business on [&#9679;], 2021
        (the &ldquo;Record Date&rdquo;) which Rights will allow Stockholders to subscribe for an aggregate of [&#9679;] Shares (the &ldquo;Offering&rdquo;).
        For every three (3) Rights a Stockholder receives, such Stockholder will be entitled to buy one (1) new Share at a subscription
        price equal to the greater of (i) 107% of NAV of the Shares as calculated on the Expiration Date and (ii) 90% of the market price
        at the close of trading on such date. Each Stockholder will receive one Right for each outstanding Share he or she owns on the
        Record Date (the &ldquo;Basic Subscription&rdquo;). Fractional Shares will not be issued upon the exercise of the Rights. Accordingly,
        the number of Rights to be issued to a Stockholder as of the Record Date will be rounded up to the nearest whole number of Rights
        evenly divisible by three. Stockholders as of the Record Date may purchase Shares not acquired by other Stockholders in this Rights
        offering, subject to certain limitations discussed in this prospectus. Additionally, if there are not enough unsubscribed Shares
        to honor all over-subscription requests, the Fund may, in its discretion, issue additional Shares up to 100% of the Shares available
        in the Offering to honor additional subscription requests.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Shares will be issued within the
        15-day period immediately following the record date of the Fund&rsquo;s monthly distribution and Stockholders exercising rights
        will not be entitled to receive such distribution with respect to the shares issued pursuant to such exercise.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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 previously conducted
        a rights offering that expired on July 20, 2018 (the &ldquo;2018 Offering&rdquo;) and included similar terms and conditions as
        this Offering. Pursuant to the 2018 Offering, the Fund issued 15,050,616 Shares (7,525,308 Shares of which were Over-Subscription
        Shares) in fulfillment of Basic Subscription requests at a subscription price of $13.09 per Share, for a total offering of $197,012,563.</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
        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.</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; text-align: justify">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.</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; text-align: justify">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.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</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">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.</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">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.</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">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.</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">Use of Proceeds from the 2018 Offering,
        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 used, and the use of proceeds from the current Offering and
        any future rights offerings may be used, to maintain the Fund&rsquo;s Distribution Policy (as defined below) by providing funding
        for future distributions, which may constitute a return of its Stockholders&rsquo; capital.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>Purpose of the Offering</B></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><B></B>At a meeting held on February 19, 2021, the Board of Directors considered, in addition to other factors, the
        success of the Prior Rights Offerings, and determined that the current Offering was in the best interests of the Fund and its Stockholders
        to increase the assets of the Fund. The primary reasons include:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; The
        Basic Subscription will provide existing Stockholders an opportunity to purchase additional Shares at a price that is potentially
        below market value without incurring any commission or transaction charges.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; 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).</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; Increasing the
Fund&rsquo;s assets will provide the Fund additional flexibility in maintaining the Fund&rsquo;s Distribution Policy. This policy
permits Stockholders to receive a predictable level of cash flow and some liquidity periodically with respect to their Shares
without having to sell Shares. Previously, the Fund&rsquo;s investments have not provided adequate income to meet the requirements
of the Fund&rsquo;s Distribution Policy, therefore, the Fund has made return of capital distributions to maintain the Fund&rsquo;s
Distribution Policy. Specifically, Stockholders should be aware that a majority of the distributions that the Funds made to its
Stockholders for 2016 and 2020 consisted of a return of its Stockholder&rsquo;s capital, and not of income or gains generated
from the Fund&rsquo;s investment portfolio, For the years 2018 and 2019 substantially all of the distributions that the Fund made
to its Stockholders consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s
investment portfolio. For 2017, a portion of the distributions that the Fund made to its Stockholders consisted of a return of
its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio.</P></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; Increasing
        Fund assets may lower the Fund&rsquo;s expenses as a proportion of net assets because the Fund&rsquo;s fixed costs would be spread
        over a larger asset base. There can be no assurance that by increasing the size of the Fund, the Fund&rsquo;s expense ratio will
        be lowered. However, increasing the Fund&rsquo;s assets results in a benefit to the Fund&rsquo;s Investment Adviser because the
        Management fee that is paid to the Investment Adviser increases as the Fund&rsquo;s net assets increase.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; 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.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&#9679; 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.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Investment Objective and Policies</B></P>



</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Fund&rsquo;s investment objective
        is capital appreciation with current income as a secondary objective.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There is no assurance that the
        Fund will achieve its investment objective. The Fund&rsquo;s investment objective and some of its investment policies are considered
        fundamental policies and may not be changed without Stockholder approval. The Statement of Additional Information contains a list
        of the fundamental and non-fundamental investment policies of the Fund under the heading &ldquo;Investment Restrictions.&rdquo;</P>
        <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">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.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>Investment Strategies</B></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><B></B>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;).</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; 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 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.</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 may invest a portion of
        its assets in U.S. dollar denominated debt securities when the Investment 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 Investment 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 Investment 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;</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">In determining which securities
        to buy for the Fund&rsquo;s portfolio, the Investment Adviser uses a balanced approach, including &ldquo;value&rdquo; and &ldquo;growth&rdquo;
        investing by seeking out companies at reasonable prices, without regard to sector or industry, which demonstrate favorable long-term
        growth characteristics. Valuation and growth characteristics may be considered for purposes of selecting potential investment securities.
        In general, valuation analysis is used to determine the inherent value of the company by analyzing financial information such as
        a company&rsquo;s price to book, price to sales, return on equity, and return on assets ratios; and growth analysis is used to
        determine a company&rsquo;s potential for long-term dividends and earnings growth due to market-oriented factors such as growing
        market share, the launch of new products or services, the strength of its management and market demand. Fluctuations in these characteristics
        may trigger trading decisions to be made by the Investment Adviser.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">To comply with provisions of the
        1940 Act, on any matter upon which the Fund is solicited to vote as a shareholder in an investment company in which it invests,
        the Investment Adviser votes such shares in the same general proportion as shares held by other shareholders of that investment
        company. The Fund does not and will not invest in any other closed-end funds managed by the Investment Adviser.</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 may, without limitation,
        hold cash or invest in assets in money market instruments, including U.S. and non-U.S. government securities, high grade commercial
        paper and certificates of deposit and bankers&rsquo; acceptances issued by U.S. and non-U.S. banks having deposits of at least
        $500 million.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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 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 Investment
        Adviser, present opportunities for substantial growth over a period of two to five years.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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">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.</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&rsquo;s annual portfolio turnover rate is expected to continue to be relatively low, ranging between 10% and 90%.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Investment Adviser and Fee</B></P>



</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><B></B>At the Fund&rsquo;s annual meeting of stockholders held on April 16, 2019, stockholders of the Fund approved
        a new investment management agreement with Cornerstone Advisors Asset Management LLC, which agreement became effective May 1, 2019.
        Cornerstone Advisors Asset Management LLC&rsquo;s name changed to Cornerstone Advisors, LLC on June 25, 2019.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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; text-indent: 0.1pt">Cornerstone
        Advisors, LLC. (the &ldquo;Investment Adviser&rdquo;), the investment adviser of the Fund, is registered with the Securities and
        Exchange Commission (&ldquo;SEC&rdquo;) as an investment adviser under the Investment Advisers Act of 1940, as amended. As of December
        31, 2020, the Investment Adviser managed one other closed-end fund with combined assets with the Fund, of approximately $1,164.3
        million.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Investment Adviser is entitled to receive a monthly
        fee at the annual rate of 1.00% of the Fund&rsquo;s average weekly net assets. See &ldquo;Management of the Fund.&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Administrator and Fund Accounting Agent</B></P>



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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3.2pt; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>Custodian and Transfer Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 85%; border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 11pt">U.S. Bank National Association serves as the Fund&rsquo;s custodian and American Stock Transfer and Trust Company, LLC serves as the Fund&rsquo;s transfer agent. See &ldquo;Management of the Fund&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 3.2pt; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>Closed-End Fund Structure</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</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">Although the Fund&rsquo;s Shares
        have frequently traded at a premium to its net asset value during the past several years, shares of closed- end funds frequently
        trade at a discount from their net asset value. In recognition of the possibility that the Shares might trade at a discount to
        net asset value and that any such discount may not be in the interest of Stockholders, the Fund&rsquo;s Board of Directors, in
        consultation with the Investment Adviser, may, from time to time, review possible actions to reduce any such discount, including
        considering open market repurchases or tender offers for the Fund&rsquo;s Shares. There can be no assurance that the Board of Directors
        will decide to undertake any of these actions or that, if undertaken, such actions would result in the Shares trading at a price
        equal to or close to net asset value per Share.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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">In addition, the Fund&rsquo;s Distribution
        Policy may continue to be an effective action to counter a trading discount. See &ldquo;Distribution Policy.&rdquo;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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 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.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 3.2pt; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>Summary of Principal Risks</B></FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Investing in the Fund involves risks,
        including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment.
        Therefore, before investing you should consider carefully the following principal risks that you assume when you invest in the
        Fund.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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><I>Stock Market Volatility. </I></B>Stock
        markets can be volatile. In other words, the prices of stocks can rise or fall rapidly in response to developments affecting a
        specific company or industry, or to changing economic, political or market conditions. The Fund is subject to the general risk
        that the value of its investments may decline if the stock markets perform poorly. There is also a risk that the Fund&rsquo;s investments
        will underperform either the securities markets generally or particular segments of the securities markets.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Market Disruption and Geopolitical
        Risk. </I></B>The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global
        economies and markets. The current novel coronavirus (&ldquo;COVID-19&rdquo;) global pandemic and the aggressive responses taken
        by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged
        quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and
        other businesses, have had and may continue to have negative impacts, and in many cases severe negative impacts, on markets worldwide.
        War, terrorism, and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term
        market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and
        environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally,
        as well as the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as
        the COVID-19 outbreak in 2020, and systemic market dislocations can be highly disruptive to economies and markets. Those events
        as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers
        or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors
        affecting the value of Fund investments.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Issuer Specific Changes. </I></B>Changes
        in the financial condition of an issuer, changes in the specific economic or political conditions that affect a particular type
        of security or issuer, and changes in general economic or political conditions can affect the credit quality or value of an issuer&rsquo;s
        securities. Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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><I>Closed-End
Fund Risk. </I></B>Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund,
as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment
company&rsquo;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&rsquo;s own
operations.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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.</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><I>Defensive Positions. </I></B>During
        periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets
        in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances and could miss favorable
        market developments.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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><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. F or 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.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Global Market Risk. </I></B>An
        investment in Fund shares is subject to investment risk, including the possible loss of the entire principal amount invested. The
        Fund is subject to the risk that geopolitical and other similar events will disrupt the economy on a national or global level.
        For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments,
        public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters
        can all negatively impact the securities markets.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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><I>Managed Distribution Risk.
        </I></B>Under the Fund&rsquo;s Distribution Policy, the Fund makes monthly distributions to Stockholders at a rate that may include
        periodic distributions of its net income and net capital gains (&ldquo;Net Earnings&rdquo;), or from return-of-capital. For any
        fiscal year where total cash distributions exceeded Net Earnings (the &ldquo;Excess&rdquo;), the Excess would decrease the Fund&rsquo;s
        total assets and, as a result, would have the likely effect of increasing the Fund&rsquo;s expense ratio. There is a risk that
        the total Net Earnings from the Fund&rsquo;s portfolio would not be great enough to offset the amount of cash distributions paid
        to Stockholders. If this were to be the case, the Fund&rsquo;s assets would be depleted, and there is no guarantee that the Fund
        would be able to replace the assets. In addition, in order to make such distributions, the Fund may have to sell a portion of its
        investment portfolio, including securities purchased with the proceeds of the Offering, at a time when independent investment judgment
        might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant
        to the Fund&rsquo;s investment objective. The Fund adopted the Distribution Policy in 2002, and during recent years the Fund&rsquo;s
        distributions have exceeded its Net Earnings. The Fund may use the proceeds of the Offering to maintain the Distribution Policy
        by providing funding for future distributions, which may constitute a return of capital to Stockholders and lower the tax basis
        in their Shares which, for the taxable Stockholders, will defer any potential gains until the Shares are sold. For the taxable
        Stockholders, the portion of distribution that constitutes ordinary income and/or capital gains is taxable to such Stockholders
        in the year the distribution is declared. A return of capital is non-taxable to the extent of the Stockholder&rsquo;s basis in
        the shares. The Stockholders would reduce their basis in the Shares by the amount of the distribution and therefore may result
        in an increase in the amount of any taxable gain on a subsequent disposition of such Shares, even if such Shares are sold at a
        loss to the Stockholder&rsquo;s original investment amount. Any return of capital will be separately identified when Stockholders
        receive their tax statements. Any return of capital that exceeds cost basis may be treated as capital gain. Stockholders are advised
        to consult with their own tax advisers with respect to the tax consequences of their investment in the Fund. Furthermore, the Fund
        may need to raise additional capital in order to maintain the Distribution Policy.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Management Risk. </I></B>The
        Fund is subject to management risk because it is an actively managed portfolio. The Fund&rsquo;s successful pursuit of its investment
        objective depends upon the Investment Manager&rsquo;s ability to find and exploit market inefficiencies with respect to undervalued
        securities. Such situations occur infrequently and sporadically and may be difficult to predict and may not result in a favorable
        pricing opportunity that allows the Investment Manager to fulfill the Fund&rsquo;s investment objective. The Investment Manager&rsquo;s
        security selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other
        funds with similar investment goals. If one or more key individuals leave the employ of the Investment Manager, the Investment
        Manager 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.</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><I>Other
Investment Company Securities Risk. </I></B>The Fund invests in the securities of other closed-end investment companies and in
ETFs. Investing in other investment companies and ETFs involves substantially the same risks as investing directly in the underlying
instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses
and fees of such other investment companies, including advisory fees. To the extent the Fund invests a portion of its assets in
investment company securities, those assets will be subject to the risks of the purchased investment company&rsquo;s portfolio
securities, and a Stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly
the expenses of the purchased investment company. There can be no assurance that the investment objective of any investment company
or ETF in which the Fund invests will be achieved.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 15%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Managed Distribution Policy</B></P>



</TD>
    <TD STYLE="width: 85%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"><B> </B>Effective June 25, 2002, the Fund initiated a fixed monthly distribution to Stockholders. On November 29,
        2006, the Distribution Policy was updated to provide for the annual resetting of the monthly distribution amount per share based
        on the Fund&rsquo;s net asset value on the last business day in October. The terms of the Distribution Policy will be reviewed
        and approved at least annually by the Fund&rsquo;s Board of Directors and can be modified at the Board&rsquo;s discretion. To the
        extent that these distributions exceed the current earnings of the Fund, the balance will be generated from sales of portfolio
        securities held by the Fund, and will be distributed as either short-term or long-term capital gains or a tax-free return-of-capital.
        To the extent these distributions are not represented by net investment income and capital gains, they will not represent yield
        or investment return on the Fund&rsquo;s investment portfolio. As shown on page [&#9679;] in the table which identifies the constituent
        components of the Fund&rsquo;s distributions under its Managed Distribution Policy for years 2016-2020, a majority of the distributions
        that the Fund made to its Stockholders for 2016 and 2020 consisted of a return of its Stockholders&rsquo; capital, and not of income
        or gains generated from the Fund&rsquo;s investment portfolio, and substantially all of the distributions that the Fund made to
        its Stockholders for the years 2018 and 2019 consisted of a return of its Stockholders&rsquo; capital, and not of income or gains
        generated from the Fund&rsquo;s investment portfolio. For 2017, a portion of the distributions that the made to its Stockholders
        consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment
        portfolio. Although return of capital distributions may not be taxable, such distributions may reduce a Stockholder&rsquo;s cost
        basis 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>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On August 7, 2020, the Board of
        Directors of the Fund determined that the distribution percentage for the calendar year 2021 would remain at 21%, which was the
        same distribution percentage used in 2020, which was then applied to the net asset value of the Fund at the end of October 2020
        to determine the distribution amounts for calendar year 2021. During 2021, the Board of Directors of the Fund will make a determination
        regarding the distribution percentage for 2022 which will then be applied to the net asset value of the Fund at the end of October
        2021 to determine the distribution amounts for calendar year 2022. The distribution percentage is not a function of, nor is it
        related to, the investment return on the Fund&rsquo;s portfolio.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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">To the extent necessary to meet
        the amounts distributed under the Fund&rsquo;s Distribution Policy, portfolio securities, including those purchased with the proceeds
        of this Offering, may be sold to the extent adequate income is not available. Sustaining the Distribution Policy could require
        the Fund to raise additional capital in the future.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR><TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Distribution Reinvestment Plan</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: left"><B></B>Unless
a Stockholder elects otherwise, the Stockholder&rsquo;s distributions will be reinvested in additional Shares under the Fund&rsquo;s
<B></B>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;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><B>Stock Purchases and Tenders</B></TD>
    <TD STYLE="margin: 0; padding: 0; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B></B>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</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following table shows Fund expenses that you as an
investor in the Fund&rsquo;s Shares will bear directly or indirectly.</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"></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 85%"><B>Stockholder Transaction Expenses</B></TD>
    <TD STYLE="text-align: center; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Sales load</FONT></TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Offering expenses <SUP>(1)</SUP></P>
</TD>
    <TD STYLE="text-align: center">0.04%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Distribution Reinvestment Plan fees</FONT></TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><B>Annual Expenses (as a percentage of net assets attributable
to the Shares)</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Management fees</FONT></TD>
    <TD STYLE="text-align: center">1.00%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Other expenses <SUP>(2)</SUP></P>
</TD>
    <TD STYLE="text-align: center"></SUP>0.19%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>&nbsp;<FONT STYLE="font-size: 11pt">Acquired Fund fees and expenses <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"></SUP>0.24%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Total Annual Expenses</B></P>
</TD>
    <TD STYLE="text-align: center">1.43%</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following example illustrates the hypothetical expenses
(including estimated expenses with respect to year 1 of this Offering of approximately $162,000) that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.43% of net assets attributable to the Shares and (ii) a 5% annual return:</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"><B></B></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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1 Year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3 Years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">5 Years</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">10 Years</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 40%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">You would pay the following expenses
on a $1,000 investment, assuming a 5% annual return</P></TD>
    <TD STYLE="text-align: center; width: 15%">$15</TD>
    <TD STYLE="text-align: center; width: 15%">$45</TD>
    <TD STYLE="text-align: center; width: 15%">$78</TD>
    <TD STYLE="text-align: center; width: 15%">$171</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B></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">(1)</TD><TD STYLE="text-align: justify">Assuming the Fund will have 54,724,812 Shares outstanding
if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $162,000 or approximately $0.003
per Share.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; are based upon gross estimated
amounts for the current fiscal year and include, among other expenses, administration and fund accounting fees. The Fund has no
current intention to borrow money for investment purposes and has adopted a fundamental policy against selling securities short.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The Fund invests in other closed-end investment companies
and ETFs (collectively, the &ldquo;Acquired Funds&rdquo;). The Fund&rsquo;s stockholders indirectly bear a pro rata portion of
the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund fees and expenses are based on estimated
amounts for the current fiscal year.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">The example assumes that the estimated &ldquo;Other Expenses&rdquo;
set forth in the Annual Expenses table remain the same each year and that all dividends and distributions are reinvested at net
asset value. Actual expenses may be greater or less than those assumed. The example further assumes that the Fund uses no leverage,
as currently intended and the Fund does not 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.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition to the Basic Subscription,
Record Date Stockholders who exercise all of their Rights are entitled to subscribe for Shares which were not otherwise subscribed
for by others in the Basic Subscription (the &ldquo;Additional Subscription Privilege&rdquo;). If sufficient Shares are not available
to honor all requests under the Additional Subscription Privilege, the Fund may, in its discretion, issue additional Shares up
to 100% of the Shares available in the Offering (or [&#9679;] Shares for a total of [&#9679;] Shares) (the &ldquo;Over-Subscription
Shares&rdquo;) to honor additional subscription requests, with such Shares subject to the same terms and conditions of 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;</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; text-align: justify">SHARES WILL BE ISSUED WITHIN THE
15-DAY PERIOD IMMEDIATELY FOLLOWING THE RECORD DATE OF THE FUND&rsquo;S MONTHLY DISTRIBUTION AND STOCKHOLDERS EXERCISING RIGHTS
WILL NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTION WITH RESPECT TO THE SHARES ISSUED PURSUANT TO SUCH EXERCISE.</P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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. The Rights will not be listed for
trading on the NYSE American, and there will not be any market for trading Rights. The Shares to be issued pursuant to the Offering
will be listed for trading on the NYSE American, subject to the NYSE American being officially notified of the issuance of those
Shares.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="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></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="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 Distribution Policy. Since the Fund
adopted the Distribution Policy, the Fund&rsquo;s investments have failed to provide adequate net income or net capital gains
to meet the requirements of the Fund&rsquo;s Distribution Policy and the Fund has made return of capital distributions to maintain
its Distribution Policy.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="text-align: justify">Increasing the Fund&rsquo;s assets will provide the Fund
additional flexibility in maintaining the Fund&rsquo;s Distribution Policy. The Distribution Policy permits Stockholders to receive
a predictable level of cash flow and some liquidity periodically with respect to their Shares without having to sell Shares. Stockholders
should be aware that a majority of the distributions that the Fund made to its Stockholders for 2016 and 2020 consisted of a return
of its Stockholder's capital, and not of income or gains generated from the Fund's investment portfolio. For the years 2018 and
2019 substantially all of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&rsquo;
capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio. For 2017, a portion of the distributions
that the Fund made to its Stockholders consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated
from the Fund&rsquo;s investment portfolio.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="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></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="text-align: justify">The Board expects the Offering to be anti-dilutive with
respect to net asset value per share, but not to voting, to all Stockholders. Those Stockholders electing not to participate will
not be diluted, notwithstanding the fact that all the costs of the Offering will be borne by the Stockholders whether or not they
exercise their Rights, because the Offering price is set at a premium to NAV and the estimated expenses incurred for the Offering
will be more than offset by the increase in the net assets of the Fund such that non-participating Stockholders will receive an
increase in their net asset value, so long as the number of Shares issued to participating Stockholders is not materially less
than a full exercise of the Basic Subscription amount. Historically, all Prior Rights Offerings have been anti-dilutive with respect
to the net asset value per share. Stockholders have exercised not only the basic subscription but also a significant percentage
of the additional subscription shares offered. The Offering is expected to be dilutive with respect to Stockholder&rsquo;s voting
percentages because Stockholders electing not to participate in the Offering will own a smaller percentage of the total number
of shares outstanding after the completion of the Offering.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><U>Board Considerations in Approving
the Offering</U></B>. At a meeting held on February 19, 2021, the Board considered the approval of the Offering. In considering
whether or not to approve the Offering, the Board relied on materials and information prepared and presented by the Fund&rsquo;s
management at such meeting and discussions at that time. Based on such materials and their deliberations at this meeting, the Board
determined that it would be in the best interests of the Fund and its Stockholders to conduct the Offering in order to increase
the assets of the Fund available for current and future investment opportunities. In making its determination, the Board considered
the various factors set forth in &ldquo;The Offering - Purpose of the Offering&rdquo;. The Board also considered a number of other
factors, including the success of the 2010 Offering, the 2011 Offering, the 2012 Offering, the 2013 Offering, the 2015 Offering,
the 2016 Offering, the 2017 Offering and the 2018 Offering (collectively, the &ldquo;Prior Rights Offerings&rdquo;) and that the
Prior Rights Offerings were anti-dilutive to Stockholders with respect to value, the ability of the Investment Adviser to invest
the proceeds of the Offering, the Fund&rsquo;s assets, including those resulting from Prior Rights Offerings, have been used to
maintain the Fund&rsquo;s Distribution Policy because a portion of the assets raised in the rights offering may be utilized to
maintain monthly distributions and the potential effect of the Offering on the Fund&rsquo;s stock price and adherence to the terms
of the Fund's exemptive relief, which restricts a public offering of its common stock. The Board considered that, during the course
of each of the Prior Rights Offerings, the Fund&rsquo;s market price declined; however the Board noted that the Fund continued
at all times during the 2018 Offering and most of the time since the 2018 Offering&rsquo;s conclusion to sell at a premium to NAV,
and the market price, after adjusting for distributions, has approached the level that it was prior to the 2018 Offering. When
considering the potential effect of the Offering on the Fund&rsquo;s stock price, the Board took into account the 2018 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.</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; text-align: justify">At a meeting
held on February 19, 2021,  the Board unanimously voted to approve the terms of the Offering. One of the
Fund&rsquo;s Directors who voted to authorize the Offering is affiliated with the Investment Adviser and, therefore, could
benefit indirectly from the Offering. The other seven directors are not &ldquo;interested persons&rdquo; of the Fund within
the meaning of the 1940 Act. The Investment Adviser may also benefit from the Offering because its fee is based on the assets
of the Fund. It is not possible to state precisely the amount of additional compensation the Investment Adviser might receive
as a result of the Offering because it is not known how many Shares will be subscribed for and the proceeds of the Offering
will be invested in additional portfolio securities, which will fluctuate in value. It is likely that affiliates of the
Investment Adviser who are also Stockholders will participate in the Offering and, accordingly, will receive the same
benefits of acquiring Shares as other Stockholders.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">If there are sufficient Excess Shares to satisfy all
additional subscriptions by Stockholders exercising their rights under the Additional Subscription Privilege, each such Stockholder
shall be allotted the number of Shares which the Stockholder requested.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">If the aggregate number of Shares subscribed for under
the Additional Subscription Privilege exceeds the number of Excess Shares, the Excess Shares will be allocated to Record Date
Stockholders who have exercised all of their Rights in accordance with their Additional Subscription Privilege request.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">If there are not enough Excess Shares to fully satisfy
all Additional Subscription Privilege requests by Record Date Stockholders pursuant to paragraph (ii) above, the Excess Shares
will be allocated among Record Date Stockholders who have exercised all of their Rights in proportion, not to the number of Shares
requested pursuant to the Additional Subscription Privilege, but to the number of Rights exercised by them under their Basic Subscription
Rights; provided, however, that no Stockholder shall be allocated a greater number of Excess Shares than such Record Date Stockholder
paid for and in no event shall the number of Shares allocated in connection with the Additional Subscription Privilege exceed
100% of the Shares available in the Offering. The formula to be used in allocating the Excess Shares under this paragraph is as
follows: (Rights Exercised by over-subscribing Record Date Stockholder divided by Total Rights Exercised by all over-subscribing
Record Date Stockholders) multiplied by Excess Shares remaining.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="4" 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="border-bottom: Black 1pt solid; width: 50%"><B>If by first class mail:</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><B>If by mail or overnight courier:</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">American Stock Transfer &amp; Trust Company, LLC</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">6201
15th Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Brooklyn, New York 11219</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Attn: Corporate Actions</P>

</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">American Stock Transfer &amp; Trust Company, LLC</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">6201
15th Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Brooklyn, New York 11219</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Attn: Corporate Actions</P>

</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<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; text-align: justify">The instructions accompanying the
Subscription Certificates should be read carefully and followed in detail. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND OR
THE INVESTMENT ADVISER.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2020 [to come]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">PER SHARE OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 35%; text-align: left; padding-bottom: 1pt">Net asset value, beginning of year</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">10.15</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.18</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.04</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">15.05</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net investment income #</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Net realized and unrealized gain/(loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.59</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.94</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.41</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.83</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.69</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.84</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.54</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.98</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dividends and distributions to stockholders: Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.10</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.10</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.12</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net realized capital gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.43</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.32</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.33</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.08</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.85</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.34</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.30</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.12</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.38</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.75</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.35</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Common stock transactions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Anti-dilutive effect due to shares issued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.35</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.36</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reinvestment of dividends and distributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Common stock repurchases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.57</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.35</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.36</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.46</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.15</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.18</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.04</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Market value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.99</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11.11</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.29</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&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">15.07</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total investment return <SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23.68</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8.89</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25.13</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.88</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">RATIOS/SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net assets, end of year (000 omitted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">415,560</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">389,231</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">293,792</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">170,337</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.17</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.18</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.22</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.17</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.18</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.22</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net investment income to average net assets <SUP>(c)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.96</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.86</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.99</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.12</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="margin: 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: 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">(a)</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">(b)</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 investment 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">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recognition
of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies
in<BR> which the Fund invests.</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">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Includes
the reimbursement of proxy solicitation costs by the investment manager. If these costs had not been reimbursed by the investment
manager, the ratio of expenses to average net assets would have been 1.19% for the year ended December 31, 2019.</FONT></TD>
</TR></TABLE>



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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2014*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2013*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">PER SHARE OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 35%; text-align: left; padding-bottom: 1pt">Net asset value, beginning of year</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">18.69</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">20.56</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">20.36</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">21.88</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">26.60</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net investment income #</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.14</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.24</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Net realized and unrealized gain/(loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.25</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.15</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.76</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.48</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.20</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.11</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.31</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.00</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.68</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.28</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dividends and distributions to stockholders: Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: right"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.14</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.16</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.92</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.24</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net realized capital gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.30</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.82</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.80</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.54</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.20</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.64</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.44</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.28</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.98</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.18</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.36</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.68</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.36</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Common stock transactions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Anti-dilutive effect due to shares issued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.45</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.56</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.48</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.24</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reinvestment of dividends and distributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.12</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Common stock repurchases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.45</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.56</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.48</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.36</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&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">15.05</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18.69</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20.56</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20.36</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21.88</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Market value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16.89</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19.41</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24.20</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21.40</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&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">23.88</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total investment return <SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.28</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.68</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40.08</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11.16</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10.08</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">RATIOS/SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net assets, end of year (000 omitted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">115,331</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">83,678</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">89,147</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">51,575</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,004</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.44</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.73</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.88</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.44</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.73</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.88</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net investment income to average <BR>
net assets <SUP>(c)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.86</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.84</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.85</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="margin: 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: 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">(a)</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">(b)</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 investment 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">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recognition
of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies
in<BR> which the Fund invests.</FONT></TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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 Investment 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 Investment 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 Investment Adviser to be
rated below &ldquo;BBB&rdquo; by S&amp;P or Moody&rsquo;s, commonly referred to as &ldquo;junk bonds.&rdquo;</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; text-align: justify">The Investment 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 Investment
Adviser with respect to the Fund&rsquo;s portfolio.</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; text-align: justify">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.</P>

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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 Investment
Adviser, present opportunities for substantial growth over a period of two to five years.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may invest in restricted
securities that are eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended, (the &ldquo;1933 Act&rdquo;).
Generally, Rule 144A establishes a safe harbor from the registration requirements of the 1933 Act for resale by large institutional
investors of securities that are not publicly traded. The Investment Adviser determines the liquidity of the Rule 144A securities
according to guidelines adopted by the Board of Directors. The Board of Directors monitors the application of those guidelines
and procedures. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the
Fund&rsquo;s 20% limit on investments in illiquid securities.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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: left; width: 20%; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Years</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">NAV</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Per Share</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Average <BR>
Annual Return*</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Average <BR>
Annual<BR>
 Return**</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Managed<BR>
 Distribution<BR>
 Per
Share</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Return-of-<BR>
 Capital<BR>
 Distribution</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Capital Gains<BR>
 Distribution</P></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 11pt">Net <BR>
Investment<BR>
 Income<BR>
 Distribution</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%; vertical-align: bottom">
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Gross <BR>
Expense <BR>
Ratios</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$13.04 </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">10.59%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">8.91%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$3.35</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$2.12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$1.08</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$0.15</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.33%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">13.18</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">24.66</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">22.14</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2.75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.30</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.33</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">10.15</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">(3.43)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">(2.04)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2.76</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2.34</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.32</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.10</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2019</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">10.46</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">28.85</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">26.52</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2.38</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.85</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.43</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.10</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">9.56</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">15.16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">12.00</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">2.15</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.54</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.57</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0.04</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">1.19</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Includes the reinvestments of distributions in accordance
with the operations of Fund&rsquo;s distribution reinvestment plan.</TD>
</TR></TABLE>

<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">Includes distributions received but not reinvested.</TD>
</TR></TABLE>

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

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

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

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

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

<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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<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: center"><B>LISTING OF SHARES</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 5, 2021 of the continuance of the Investment Management Agreement between the Fund and the Investment Adviser will
be available in the Fund&rsquo;s semi-annual report to Stockholders for the six month period ended June 30, 2021.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Fiscal Year Ended December 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2019<SUP>(1)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"></SUP>2018<SUP>(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 55%; text-align: left">Management Fees Earned</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,761,166</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,125,584</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,550,045</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Management Fee Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,761,166</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,125,584</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,550,045</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes $1,364,903 fees paid to the Former Investment
Adviser for the period ending April 30, 2019.</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">(2)</TD><TD STYLE="text-align: justify">Paid to the Former Investment Adviser.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Investment Adviser is obligated
to pay expenses associated with providing the services contemplated by the Investment Management Agreement, including compensation
of and office space for its officers and employees connected with investment and economic research, trading and investment management
and administration of the Fund. The Fund is not obligated to pay the fees of any Director of the Fund who is affiliated with the
Investment Adviser.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund&rsquo;s annual operating
expenses for the fiscal year ended December 31, 2020 were approximately $4,472,000. 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Offering expenses relating to the
Fund&rsquo;s Shares, estimated at approximately $162,000 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser to be over-the-counter, are valued at the mean of the current bid and asked prices as reported
by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board of Directors deem appropriate
to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter, the securities
will generally be valued using the quotations the Board of Directors believes reflect most closely the value of such securities.</P>

<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">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser seeks to achieve net investment returns that exceed the amount of the Fund&rsquo;s
managed distributions, although there is no guarantee that the Investment Adviser will be successful in this regard.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 [&#9679;] in the table which identifies the constituent components of the Fund&rsquo;s
distributions under its Managed Distribution Policy for years 2016-2020, a majority of the distributions that the Fund made to
its Stockholders for 2016 and 2020 consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated
from the Fund&rsquo;s investment portfolio, and substantially all of the distributions that the Fund made to its Stockholders for
the years 2018 and 2019 consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the
Fund&rsquo;s investment portfolio. For 2017, a portion of the distributions that the made to its Stockholders consisted of a return
of its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio. A return-of-capital
distribution reduces the tax basis of an investor&rsquo;s shares in the Fund. The Fund plans to maintain the Distribution Policy
even if a return-of- capital distribution would exceed an investor&rsquo;s tax basis and therefore be a taxable distribution. The
Board currently plans to maintain this Distribution Policy even if regulatory requirements would make part of a return-of-capital,
necessary to maintain the distribution, taxable to Stockholders and to disclose that portion of the distribution that is classified
as ordinary income. Although it has no current intention to do so, the Board may terminate the Distribution Policy at any time
and such termination may have an adverse effect on the market price for the Fund&rsquo;s Shares.</P>

<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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cornerstone Strategic Value Fund, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Dividend and Distributions Paid from 2016 through 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Earnings</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Return-of-Capital</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid">
        <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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Years</B></P></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dividends and Distributions</B></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">
        <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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid">
        <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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Percent</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid">
        <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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Percent</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$28,877,108</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10,618,424</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">36.77%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$18,258,684</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">63.23%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">44,339,805</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">23,475,897</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">52.95</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">20,863,908</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">47.05</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2018</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">79,915,825</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12,273,762</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">15.36</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">67,642,063</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">84.64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">92,906,003</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">20,636,861</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">22.21</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">72,269,142</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">77.79</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">86,683,427</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">24,708,045</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">28.50</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">61,975,382</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">71.50</TD></TR>
</TABLE>
<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">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 6201 15th Avenue, Brooklyn, NY 11219. Under the Plan, the Fund&rsquo;s Distributions to stockholders are
reinvested in full and fractional shares as described below.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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.astfinancial.com or by calling the toll
free number (866) 668-6558. Participants can also use the tear off portion attached to the bottom of their statement and mail the
request to American Stock Transfer and Trust Company LLC, 6201 15th Avenue, Brooklyn, NY 11219. There is a commission of $0.05
per share.</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; text-align: justify">All correspondence concerning the
Plan should be directed to the Agent at 6201 15th Avenue, Brooklyn, NY 11219. Certain transactions can be performed online at www.astfinancial.com
or by calling the toll-free number (866) 668-6558.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Internal Revenue
Service (&ldquo;IRS&rdquo;), and other applicable authority, as of the date of this prospectus. These authorities are subject to
change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of
some of the important tax considerations generally applicable to investments in the Fund and the discussion set forth herein does
not constitute tax advice. For more detailed information regarding tax considerations, see the Statement of Additional Information.
There may be other tax considerations applicable to particular investors. In addition, income earned through an investment in the
Fund may be subject to state, local and foreign taxes.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 December 31, 2020, the Fund had 40,943,597 Shares issued and outstanding.</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; text-align: justify"><B>Common Stock</B></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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, 2020 was 2,103,804 Shares.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: Black 1pt solid; text-align: center"><B>Fiscal Quarter Ended</B></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: Black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>High Close</B></P></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: Black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Low Close</B></P></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: Black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>High NAV</B></P></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: Black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Low NAV</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>Premium/ (Discount) to High NAV</B></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>Premium/ (Discount) to Low NAV</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">12/31/2020</TD>
    <TD STYLE="text-align: center">$11.47</TD>
    <TD STYLE="text-align: center">$10.44</TD>
    <TD STYLE="text-align: center">$9.58</TD>
    <TD STYLE="text-align: center">$8.78</TD>
    <TD STYLE="text-align: center">16.91%</TD>
    <TD STYLE="text-align: center">24.72%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">9/30/2020</TD>
    <TD STYLE="text-align: center">11.30</TD>
    <TD STYLE="text-align: center">10.07</TD>
    <TD STYLE="text-align: center">9.91</TD>
    <TD STYLE="text-align: center">9.03</TD>
    <TD STYLE="text-align: center">14.03</TD>
    <TD STYLE="text-align: center">12.51</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">6/30/2020</TD>
    <TD STYLE="text-align: center">10.59</TD>
    <TD STYLE="text-align: center">7.49</TD>
    <TD STYLE="text-align: center">9.38</TD>
    <TD STYLE="text-align: center">7.80</TD>
    <TD STYLE="text-align: center">12.90</TD>
    <TD STYLE="text-align: center">8.08</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/31/2020</TD>
    <TD STYLE="text-align: center">11.46</TD>
    <TD STYLE="text-align: center">5.96</TD>
    <TD STYLE="text-align: center">10.62</TD>
    <TD STYLE="text-align: center">7.24</TD>
    <TD STYLE="text-align: center">7.91</TD>
    <TD STYLE="text-align: center">(15.33)</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">12/31/2019</TD>
    <TD STYLE="text-align: center">11.09</TD>
    <TD STYLE="text-align: center">10.62</TD>
    <TD STYLE="text-align: center">10.49</TD>
    <TD STYLE="text-align: center">10.13</TD>
    <TD STYLE="text-align: center">4.67</TD>
    <TD STYLE="text-align: center">6.91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">9/30/2019</TD>
    <TD STYLE="text-align: center">11.73</TD>
    <TD STYLE="text-align: center">10.79</TD>
    <TD STYLE="text-align: center">10.91</TD>
    <TD STYLE="text-align: center">10.11</TD>
    <TD STYLE="text-align: center">7.52</TD>
    <TD STYLE="text-align: center">9.59</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">6/30/2019</TD>
    <TD STYLE="text-align: center">12.18</TD>
    <TD STYLE="text-align: center">10.86</TD>
    <TD STYLE="text-align: center">11.10</TD>
    <TD STYLE="text-align: center">10.29</TD>
    <TD STYLE="text-align: center">9.01</TD>
    <TD STYLE="text-align: center">11.18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3/31/2019</TD>
    <TD STYLE="text-align: center">12.23</TD>
    <TD STYLE="text-align: center">11.01</TD>
    <TD STYLE="text-align: center">10.96</TD>
    <TD STYLE="text-align: center">10.15</TD>
    <TD STYLE="text-align: center">11.50</TD>
    <TD STYLE="text-align: center">11.03</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The 2018 Offering expired on July 20, 2018 and included
similar terms and conditions as this Offering. Pursuant to the 2018 Offering, which was fully subscribed, the Fund issued 15,050,616
Shares (7,525,308 Shares of which were Over-Subscription Shares) at a subscription price of $13.09 per Share, for a total offering
of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">$197,012,563.</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">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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">$117,985,900.</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">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">$36,805,331.</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">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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. During the year ended
December 31, 2020, the Fund repurchased 251,900 shares at an average price of $6.69 per share. No limit has been placed on the
number of Shares to be repurchased by the Fund other than those imposed by federal securities laws. All purchases will be made
in accordance with federal securities laws, with Shares repurchased held in treasury for future use by the Fund. In determining
to repurchase Shares, the Board of Directors, in consultation with the Investment Adviser, will consider such factors as the market
price of the Shares, the net asset value of the Shares, the liquidity of the assets of the Fund, effect on the Fund&rsquo;s expenses,
whether such transactions would impair the Fund&rsquo;s status as a regulated investment company or result in a failure to comply
with applicable asset coverage requirements, general economic conditions and such other events or conditions, which may have a
material effect on the Fund&rsquo;s ability to consummate such transactions.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="4" 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 STYLE="text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 11pt">FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right; width: 10%">B-1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>INVESTMENT RESTRICTIONS</TD>
    <TD STYLE="text-align: right">B-1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>MANAGEMENT</TD>
    <TD STYLE="text-align: right">B-2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>EXECUTIVE OFFICERS</TD>
    <TD STYLE="text-align: right">B-8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">CODE OF ETHICS</FONT></TD>
    <TD STYLE="text-align: right">B-12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>PROXY VOTING PROCEDURES</TD>
    <TD STYLE="text-align: right">B-12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">INVESTMENT ADVISORY AND OTHER SERVICES</FONT></TD>
    <TD STYLE="text-align: right">B-13</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>PORTFOLIO MANAGER</TD>
    <TD STYLE="text-align: right">B-14</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">ALLOCATION OF BROKERAGE</FONT></TD>
    <TD STYLE="text-align: right">B-16</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</TD>
    <TD STYLE="text-align: right">B-17</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right">B-23</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>OTHER INFORMATION</TD>
    <TD STYLE="text-align: right">B-24</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="text-align: right">B-24</TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: Gainsboro; width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>FACTS</B></FONT></TD>
    <TD STYLE="width: 80%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.2pt; text-indent: -0.05pt"><FONT STYLE="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; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Why?</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.2pt"><FONT STYLE="font-size: 11pt">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; background-color: Gainsboro; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>What?</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; Social Security number</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; account balances</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; account transactions</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; transaction history</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; wire transfer instructions</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&#9679; checking account information</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">When you are <I>no longer </I>our customer, we continue
        to share your information as described in this notice.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The types of personal information we, and our service
        providers, on our behalf, collect and share depends on the product or service you have with us. This information can include:</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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="border-left: Black 1pt solid; background-color: Gainsboro; border-top: black 1pt solid; border-bottom: Black 1pt solid">
        <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"><B>How?</B></P></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.2pt"><FONT STYLE="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>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Reasons we can share your personal information</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: black 1pt solid; background-color: Gainsboro; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Does Cornerstone share?</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; background-color: Gainsboro; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Can you limit this sharing?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>For our everyday business purposes &ndash;</B>&nbsp;</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">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</P>

</TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Yes</P></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">No</P>
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>For our marketing purposes &ndash;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>to offer our products and services to you</B></P>

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

</TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">No</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We don&rsquo;t share</P>
        <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>For joint marketing with other financial companies</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">We don&rsquo;t share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>For our affiliates&rsquo; everyday business purposes &ndash;</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>information about your transactions and experiences</B></FONT></P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="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; padding-left: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>For our affiliates&rsquo; everyday business purposes &ndash;</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B> information about your creditworthiness</B></FONT></P></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">We don&rsquo;t share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>For our affiliates to market to you</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">We don&rsquo;t share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>For nonaffiliates to market to you</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt">We don&rsquo;t share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; background-color: Gainsboro; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Questions?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Call (866) 668-6558</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; background-color: Gainsboro; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>What we do</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; background-color: Gainsboro; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Who is providing this notice?Cornerstone Total Return Fund, Inc. (&ldquo;Cornerstone&rdquo; or the &ldquo;Fund&rdquo;)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>How does the Fund, and the
        Fund&rsquo;s service providers, on the Fund&rsquo;s behalf, protect my personal information?</B></P></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">To
                                         protect your personal information from unauthorized access and use, we and our service
                                         providers use security measures that comply with federal law. These measures include
                                         computer safeguards and secured files and buildings. <B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>How does the Fund, and the
        Fund&rsquo;s service providers, on the Fund&rsquo;s behalf, collect my personal information?</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We collect
        your personal information, for example, when you:</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"><B></B>&squarf; open an account</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&squarf; provide account information</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf; give us your contact information</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf; make a wire transfer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We also collect your information from others, such
        as credit bureaus, affiliates, or other companies.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Why can&rsquo;t I limit all
        sharing?</B>&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Federal law gives you the right to limit only</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: 0; padding: 0">&squarf; sharing for affiliates&rsquo;
        everyday business purposes &ndash; information about your creditworthiness</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf; affiliates from using
        your information to market to you</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf; sharing for nonaffiliates
        to market to you</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">State laws and individual companies may give you additional
        rights to limit sharing.</P></TD></TR>
<TR STYLE="background-color: Gainsboro; vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Definitions</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Affiliates</B></FONT></TD>
    <TD STYLE="width: 80%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Companies related by common ownership or control. They
        can be financial and nonfinancial companies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf;<I>
        Cornerstone Advisors, LLC and Cornerstone Strategic Value Fund, Inc.</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Nonaffiliates</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Companies not related by common ownership or control.
        They can be financial and nonfinancial companies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf;<I>
        Cornerstone does not share with nonaffiliates so they can market to you.</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><B>Joint marketing</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A formal agreement between nonaffiliated financial companies
        that together market financial products or services to you.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">&squarf;<I>
        Cornerstone does not jointly market.</I></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Not part of the Prospectus</I></P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt 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"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 30.3pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROSPECTUS [&#9679;], 2021</B></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; text-align: center">STATEMENT OF ADDITIONAL INFORMATION</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; text-align: center"><B>[&#9679;], 2021</B></P>

<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: 11pt 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>&nbsp;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CINCINNATI, OH 45246</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><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;], 2021 (THE &ldquo;PROSPECTUS&rdquo;), AS IT MAY BE SUPPLEMENTED FROM TIME
TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.</B></P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="4" 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 STYLE="text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 11pt">FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right; width: 10%">B-1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>INVESTMENT RESTRICTIONS</TD>
    <TD STYLE="text-align: right">B-1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>MANAGEMENT</TD>
    <TD STYLE="text-align: right">B-2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>EXECUTIVE OFFICERS</TD>
    <TD STYLE="text-align: right">B-8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">CODE OF ETHICS</FONT></TD>
    <TD STYLE="text-align: right">B-12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>PROXY VOTING PROCEDURES</TD>
    <TD STYLE="text-align: right">B-12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">INVESTMENT ADVISORY AND OTHER SERVICES</FONT></TD>
    <TD STYLE="text-align: right">B-13</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>PORTFOLIO MANAGER</TD>
    <TD STYLE="text-align: right">B-14</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">ALLOCATION OF BROKERAGE</FONT></TD>
    <TD STYLE="text-align: right">B-16</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</TD>
    <TD STYLE="text-align: right">B-17</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right">B-23</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>OTHER INFORMATION</TD>
    <TD STYLE="text-align: right">B-24</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="text-align: right">B-24</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Mortgage, pledge or hypothecate its assets in an amount
exceeding 30% of its total assets, taken at market value at time of incurrence.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 0.5in; text-align: left">(7)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify">Invest in companies for the purpose of exercising control
or management.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(9)</TD><TD STYLE="text-align: justify">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;).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(10)</TD><TD STYLE="text-align: justify">Purchase or retain securities of any issuer if, to the
Fund&rsquo;s knowledge, those officers and directors of the Fund or the Investment 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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(11)</TD><TD STYLE="text-align: justify">Invest in commodities or commodity contracts, or write
or purchase puts, calls or combinations of both.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(12)</TD><TD STYLE="text-align: justify">Invest more than 25% of its total assets, taken at market
value at time of purchase, in securities of issuers in any one industry.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(13)</TD><TD STYLE="text-align: justify">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.*</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(14)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(15)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INDEPENDENT DIRECTORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NAME AND ADDRESS* (BIRTHDATE)</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POSITION(S) HELD WITH</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FUND</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TERM OF OFFICE AND LENGTH OF TIME
SERVED SINCE</B></P></TD>
    <TD STYLE="width: 19%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRINCIPAL OCCUPATION(S) DURING PAST
5 YEARS</B></P></TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OTHER DIRECTORSHIPS HELD BY DIRECTOR</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Glenn W. Wilcox, Sr.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Dec. 1931)</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director; Audit Committee and Nominating and Corporate Governance
        Committee Member</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since 2001</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Until 2021)</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">For more than the past five (5) years, Chairman of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Chairman of the Board of Blue Ridge Printing Co., Inc. (since January 2019); Director of Champion Industries, Inc.; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Director of Champion</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Industries, Inc.</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">&nbsp;</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">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Andrew A. Strauss</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Nov. 1953)</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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since 2001</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Until 2021)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For more than the past five (5) years, Attorney and senior
member of Strauss &amp; Associates PLLC; Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 64; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INDEPENDENT DIRECTORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 15%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.05pt"><B>NAME AND ADDRESS* (BIRTHDATE)</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.3pt"><B>POSITION(S) HELD WITH</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>FUND</B></P></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>TERM OF OFFICE AND LENGTH OF TIME SERVED SINCE</B></P></TD>
    <TD STYLE="text-align: center; width: 25%; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>PRINCIPAL OCCUPATION(S) DURING</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>PAST 5 YEARS</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 19%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.05pt"><B>OTHER DIRECTORSHIPS
        HELD BY DIRECTOR</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Scott B. Rogers</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(July 1955)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director; Audit, Nominating and Corporate Governance Committee
        Member</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since 2001</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Until 2021)</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For more than the past (5) years, ; Chief Executive Officer,
        Asheville Buncombe Community Christian Ministry (&ldquo;ABCCM&rdquo;); and President, ABCCM Doctor&rsquo;s Medical Clinic;
        Director of Faith Partners Incorporated; Member of North Carolina Governor&rsquo;s Council on Homelessness (from July 2014)
        Director of Cornerstone Strategic Value Fund Inc.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Robert E. Dean</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(April 1951)</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director; Audit, Nominating and Corporate Governance Committee
        Member</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since 2014</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Until 2021)</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For more than the past (5) years, Director of National
Bank Holdings Corp.; Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Director, National Bank</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Holdings Corp.</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Matthew W. Morris</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(May 1971)</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director; Audit, Nominating and Corporate Governance Committee
        Member</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Since 2017</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(until 2021)</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">&nbsp;</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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For more than the past five (5) years, Chief Executive
Officer, Stewart Information Services Corporation (a title insurance and real estate services firm), Director of Cornerstone Strategic
Value Fund, Inc.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Stewart Information</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Services Corporation</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">&nbsp;</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">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Marcia E. Malzahn</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Apr. 1966)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: 0">Since 2019</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(until 2021)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">President
    and Founder of Malzahn Strategic; President of National Speakers Association, Minnesota Chapter; Director of Village Bank,
    Blaine, Minnesota; Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Frank J. Maresca</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Oct. 1958)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: 0">Since 2020</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(until 2021)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President of Mutual Funds, Broadridge Financial Solutions, Inc. (since February 2018); Executive Vice President, AST Fund Solutions, LLC (February 2012 &ndash; February 2018); Treasurer, The Asia Pacific Fund, Inc. (July 2016 &ndash; February 2018); Treasurer, the Fund and Cornerstone Strategic Value Fund, Inc. (April 2013 &ndash; February 2018); Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; margin: 0; padding: 0; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>INTERESTED DIRECTOR</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 15%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NAME AND ADDRESS* (BIRTHDATE)</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 3.3pt"><B>POSITION(S) HELD WITH</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>FUND</B></P></TD>
    <TD STYLE="text-align: center; width: 10%; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TERM OF OFFICE AND LENGTH
OF TIME SERVED SINCE</B></P></TD>
    <TD STYLE="text-align: center; width: 25%; border-bottom: black 1pt solid; vertical-align: bottom">
        <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">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -13.3pt"><B>PRINCIPAL OCCUPATION(S) DURING
        PAST 5 YEARS</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: black 1pt solid; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY DIRECTOR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 19%; border-bottom: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>OTHER DIRECTORSHIPS HELD BY
DIRECTOR</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 1.55pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-ize: 11pt">Ralph W. Bradshaw</FONT></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(Dec. 1950)***</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 13.8pt"><FONT STYLE="font-size: 11pt">Chairman of the Board of Directors and President</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Since 2001</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Until 2021)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 5.2pt"><FONT STYLE="font-size: 11pt">President, Cornerstone Advisors, LLC since 2019; President, Cornerstone Advisors, Inc. (2001-2019); Financial Consultant; President and Director of Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 4.85pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; 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 Director and officer is c/o
Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Cincinnati, OH 45246.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">As of December 31, 2020, the Fund Complex is comprised of the Fund and Cornerstone Strategic
                                                                               Value Fund, Inc. both of which are managed by Cornerstone Advisors, LLC. Each of the above Directors oversees all of the
                                                                               Funds in the Fund Complex.</TD>
</TR></TABLE>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment
Adviser, other service providers, counsel and the independent registered accounting firm (&ldquo;independent auditors&rdquo;);
and willingness and ability to commit the time necessary to perform the duties of a Director. Each Director&rsquo;s ability to
perform his duties effectively is evidenced by his experience or achievements in the following areas: management or board experience
in the investment management industry or companies or organizations in other fields, educational background and professional training;
and experience as a Director of the Fund. In addition, the Board values the diverse skill sets and experiences that each Director
contributes. The Board considers that its diversity as a whole is as a result of a combination of Directors who are working in
the private, as opposed to public, sector, those that are retired from professional work and the various perspectives that each
Director provides as a result of his present experiences and his background. Information discussing the specific experience, skills,
attributes and qualifications of each Director which led to the Board&rsquo;s determination that the Director should serve in this
capacity is provided below.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Ralph W.
Bradshaw</I>. Mr. Bradshaw has served as the President of Cornerstone Advisors, LLC (the &ldquo;Investment Adviser&rdquo;) since 2019. From 2001 to 2019, Mr. Bradshaw was the co-founder and President of Cornerstone
Advisors, Inc., the Fund&rsquo;s former investment adviser (the &ldquo;Former Investment Adviser&rdquo;). He brings over 20
years of extensive investment management experience and also formerly served as a director of several other closed-end funds.
Prior to founding the Former Investment Adviser, he served in consulting and management capacities for registered investment
advisory firms specializing in closed-end fund investments. His experiences include developing and implementing successful
trading strategies with a variety of underlying portfolios containing domestic and international equity and fixed-income
investments. In addition, he has been a financial consultant and has held managerial positions or operated small businesses
in several industries. Mr. Bradshaw holds a B.S. in Chemical Engineering and an M.B.A. Mr. Bradshaw provides the Board with
effective business judgment and an ability to interact effectively with the other Directors, as well as with the other
service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Bradshaw commits a significant amount of time to the
Fund as a Director and Officer, in addition to serving as President of the Investment Adviser. The Board values his strong
moral character and integrity.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Marcia E.
Malzahn</I>. Ms. Malzahn is the president and founder of Malzahn Strategic, a community financial institution consultancy
focused on strategic planning, enterprise risk management, treasury management, and talent management. Ms. Malzahn has over
20 years of banking experience and has served on the Board of Village Bank in Blaine, Minnesota as the Audit &amp; Risk
Committee Chair since 2019. Ms. Malzahn is the recipient of several professional awards, is a published author, and an
international bilingual professional speaker. She holds a B.A. in business management from Bethel University, is a certified
life coach, Certified Community Bank Director, and is a graduate and faculty member of the Graduate School of Banking in
Madison, Wisconsin. The Board values her strong moral character and integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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>Frank J. Maresca</I>. Mr. Maresca
is a vice president of mutual funds at Broadridge Financial Solutions, Inc. (NYSE:BR), a provider of investor communications and
technology-driven solutions to banks, broker-dealers and corporate issuers. Mr. Maresca is a financial services and investment
management professional with over 40 years&rsquo; experience in U.S. registered investment companies, asset management and asset
servicing industries. Previously, was an executive vice president at AST Fund Solutions, LLC where he created and headed the fund
administration group, as well as overseeing business development of all services provided to closed-end funds and business development
companies. Mr. Maresca received his BBA in public accounting from Hofstra University and is a CPA (inactive). Mr. Maresca has demonstrated
his willingness to commit the time necessary to serve as an effective Director. The Board values his strong moral character and
integrity.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-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>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 Investment Adviser, other service providers,
counsel and the Fund&rsquo;s independent auditor. Mr. Rogers has demonstrated a willingness to commit the time necessary to serve
as an effective Director. The Board values his strong moral character and integrity.</P>

<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; 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
Investment Adviser, other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Strauss has demonstrated a willingness
to commit the time necessary to serve as an effective Director. The Board values his strong moral character and integrity.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser, other service providers, counsel
and the Fund&rsquo;s independent auditor. Mr. Wilcox has demonstrated a willingness to commit the time necessary to serve as an
effective Director. The Board values his strong moral character and integrity.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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, 2020. The information as to beneficial ownership is based on statements furnished to the Fund
by each Director.</P>

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 33%; vertical-align: bottom"><B>NAME OF DIRECTOR</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 34%"><B>DOLLAR RANGE OF EQUITY SECURITIES
IN THE FUND</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 33%"><B>AGGREGATE
DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY DIRECTOR IN FAMILY OF INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>INDEPENDENT DIRECTORS</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Marcia E. Malzahn</P>
</TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Frank J. Maresca</P>
</TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Matthew W. Morris</P>
</TD>
    <TD STYLE="text-align: center">Over $100,000</TD>
    <TD STYLE="text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>Edwin Meese III *</TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><P STYLE="margin-top: 0pt; margin-bottom: 0pt">Andrew A. Strauss</P>
</TD>
    <TD STYLE="text-align: center">None</TD>
    <TD STYLE="text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>Glenn W. Wilcox Sr.&nbsp;</TD>
    <TD STYLE="text-align: center"> $10,001 - $50,000</TD>
    <TD STYLE="text-align: center">$50,001 - $100,000 </TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>INTERESTED DIRECTOR</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD>Ralph W. Bradshaw</TD>
    <TD STYLE="text-align: center">Over $100,000</TD>
    <TD STYLE="text-align: center">Over $100,000 </TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Mr. Meese retired as a Director of the Fund on January
10, 2020. The information provided above regarding Mr. Meese&rsquo;s ownership is as of January 10, 2020.</TD>
</TR></TABLE>

<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; text-align: center"><B>EXECUTIVE OFFICERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Board elects the officers of the
Fund annually. In addition to Mr. Bradshaw, the current principal officers of the Fund are:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-right: Black 1pt solid; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 25%; vertical-align: bottom"><B>NAME AND
ADDRESS* (BIRTHDATE)</B></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 25%; vertical-align: bottom"><B>POSITION(S) HELD WITH FUND</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 25%; vertical-align: bottom"><B>TERM OF OFFICE AND LENGTH OF TIME
SERVED</B></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 25%; vertical-align: bottom"><B>PRINCIPAL OCCUPATION(S) DURING
PAST 5 YEARS</B></TD></TR>

<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; padding-left: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="fontsize: 11pt">Rachel L. McNabb</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(Apr. 1980)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 31%; padding-left: 37.2pt"><FONT STYLE="font-size: 11pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; margin: 0; padding: 0; text-align: center; width: 25%"><FONT STYLE="font-size: 11pt">Since 2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 26%"><FONT STYLE="font-size: 11pt">Internal Audit Managing Senior of Camden Property Trust; Chief Compliance Officer of Cornerstone Advisors, LLC; 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; padding-left: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="fot-size: 11pt">Hoyt M. Peters</FONT></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(Sep. 1963)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 37.2pt"><FONT STYLE="font-size: 11pt">Secretary and Assistant Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">Since 2019 and 2013, respectively</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Vice President of AST Fund Solutions, LLC (2013&ndash;2018);
        Secretary of The Asia Pacific Fund, Inc. (2016&ndash;2018); Associate of Cornerstone Advisors, Inc. (June 2018 &ndash; December
        2018); Vice President of Cornerstone Advisors, LLC (since January 2019); Secretary (since February 2019) and Assistant Treasurer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">of Cornerstone Strategic Value Fund, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2.15pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-ize: 11pt">Theresa M. Bridge</FONT></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">(Dec. 1969)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 37.2pt"><FONT STYLE="font-size: 11pt">Treasurer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">Since 2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="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-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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="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">&nbsp;</P>

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; font: 9pt Times New Roman, Times, Serif; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund pays an annual fee in the
amount of $15,000 to each Director who is not an officer or employee of the Investment Adviser (or any affiliated company of the
Investment Adviser) or of Ultimus Fund Solutions, LLC. All Directors are reimbursed by the Fund for all reasonable out-of-pocket
expenses incurred relating to attendance at meetings of the Board of Directors or committee meetings</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; 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, 2020. This information does not reflect any additional monies received for a named individual serving in any
other capacity to the Fund. Please note that the Fund has no bonus, profit sharing, pension or retirement plans, none of the officers
of the Fund receive compensation from the Fund, nor does any person affiliated with the Fund receive compensation in excess of
$60,000 from the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 14.25pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"></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; margin: 0; padding: 0; text-align: center; width: 40%; vertical-align: bottom"><FONT STYLE="font-size: 11pt">NAME OF PERSON, POSITION</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; margin: 0; padding: 0; vertical-align: bottom; width: 15%; text-align: center">AGGREGATE
    COMPENSATION <FONT STYLE="font-size: 11pt">FROM FUND</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; margin: 0; padding: 0; vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 11pt">PENSION OR
RETIREMENT BENEFITS ACCRUED AS PART OF FUND EXPENSES</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; margin: 0; padding: 0; vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 11pt">ESTIMATED
    ANNUAL BENEFITS UPON RETIREMENT</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; margin: 0; padding: 0; vertical-align: bottom; width: 15%; text-align: center">TOTAL COMPENSATION
FROM FUND AND FUND COMPLEX PAID TO <FONT STYLE="font-size: 11pt">DIRECTORS*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">INDEPENDENT DIRECTORS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$25,000</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Marcia E. Malzahn</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">19,633</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$47,119</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Frank J. Maresca</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">3,736</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$8,967</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Edwin Meese III **</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$6,937</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$16,649</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 1.05pt"><FONT STYLE="font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.35pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$25,000</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$25,000</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$25,000</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="5" STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">INTERESTED DIRECTOR</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="padding-left: 3.3pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="margin: 0; padding: 0; text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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">For compensation purposes, the Fund Complex refers to
the Fund and Cornerstone Strategic Value Fund, Inc., both of which were managed by Cornerstone Advisors, LLC during the year ended
December 31, 2020.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 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: 0.25in; text-align: left"><FONT STYLE="font-size: 11pt">**</FONT></TD><TD STYLE="text-align: justify">Mr. Meese retired as a Director of the Fund on January
10, 2020.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>DIRECTOR TRANSACTIONS WITH FUND
AFFILIATES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2020, neither
the Independent Directors nor members of their immediate family owned securities beneficially or of record in Cornerstone Advisors,
LLC, or any affiliate thereof. Furthermore, over the past five years, neither the Independent Directors nor members of their immediate
family have any direct or indirect interest, the value of which exceeds $120,000, in Cornerstone Advisors, LLC or any affiliate
thereof. In addition, since the beginning of the last two fiscal years, neither the Independent Directors nor members of their
immediate family have conducted any transactions (or series of transactions) or maintained any direct or indirect relationship
in which the amount involved exceeds $120,000 and to which Cornerstone Advisors, LLC or any affiliate thereof, the Fund, an officer
of the Fund, an investment company which the Cornerstone Advisors, LLC advises or an officer thereof was a party.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>BOARD COMPOSITION AND LEADERSHIP
STRUCTURE</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Board consists of eight individuals,
one of whom is an Interested Director. The Chairman of the Board, Mr. Bradshaw, is the Interested Director and is the President
of the Fund, the President of the Investment Adviser, and is the President and a director of Cornerstone 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Board believes that its leadership
structure facilitates the orderly and efficient flow of information to the Directors from the Investment Adviser and other service
providers with respect to services provided to the Fund, potential conflicts of interest that could arise from these relationships
and other risks that the Fund may face. The Board further believes that its structure allows all of the Directors to participate
in the full range of the Board&rsquo;s oversight responsibilities. The Board believes that the orderly and efficient flow of information
and the ability to bring each Director&rsquo;s talents to bear in overseeing the Fund&rsquo;s operations is important, in light
of the size and complexity of the Fund and the risks that the Fund faces. The Board and its committees review their structure regularly,
to help ensure that it remains appropriate as the business and operations of the Fund and the environment in which the Fund operates
changes.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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. The Board and each committee convened four (4) times during the 2020 calendar year (including regularly scheduled and special
meetings). Each of the Directors attended at least seventy-five (75%) percent of the meetings held during the period for which
he or she was a member.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund has a standing Audit Committee
(the &ldquo;Audit Committee&rdquo;), which is comprised of Messrs. Dean, Maresca, Morris, Rogers, Strauss and Wilcox, Sr. and Ms.
Malzahn, all of whom are Directors who are not interested persons of the Fund, as such term is defined in Section 2(a)(19) of the
Investment Company Act. The Audit Committee has a written charter. The principal functions of the Audit Committee include but are
not limited to, (i) the oversight of the accounting and financial reporting processes of the Fund and its internal control over
financial reporting; (ii) the oversight of the quality and integrity of the Fund&rsquo;s financial statements and the independent
audit thereof; and (iii) the approval, prior to the engagement of, the Fund&rsquo;s independent registered public accounting firm
and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Fund&rsquo;s independent
registered public accounting firm. The Audit Committee convened four (4) times during the 2020 calendar year.</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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Board has determined that Mr.
Maresca is an Audit Committee Financial Expert, as such term is defined in Section 407 of the Sarbanes-Oxley Act of 2002.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>THE NOMINATING AND CORPORATE GOVERNANCE
COMMITTEE</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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. Dean, Maresca, Morris,
Rogers, Strauss and Wilcox, Sr. and Ms. Malzahn, all of whom are Independent Directors. The N&amp;CG Committee has a written charter.
In addition to its responsibility to oversee the corporate governance of the Fund, the N&amp;CG Committee&rsquo;s principal function
is to identify and select qualified candidates for the Board who have exhibited strong decision making ability, substantial business
experience, relevant knowledge of the investment company industry (including closed-end funds), skills or technological expertise
and exemplary personal integrity and reputation. In addition, the N&amp;CG Committee seeks candidates that have experience and
knowledge involving all of the service providers of a registered investment company.</P>

<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; 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
2022 annual meeting of stockholders pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended, is
October 29, 2021. Stockholders wishing to submit proposals or director nominations that are to be included in such proxy statement
and proxy must have delivered notice to the Secretary at the principal executive offices of the Fund not later than the close of
business on October 29, 2021. Stockholders are also advised to review the Fund&rsquo;s By-laws, which contain additional requirements
with respect to advance notice of stockholder proposals and director nominations. The N&amp;CG Committee convened four (4) times
during the 2020 calendar year.</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; 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-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser, the Fund&rsquo;s
independent auditors, legal counsel and personnel from the Fund&rsquo;s other service providers. At its regular quarterly meetings,
the Board receives a report regarding risks applicable to the Fund presented by the Investment Adviser and the Chief Compliance
Officer. The Board has adopted, on behalf of the Fund, and periodically reviews with the assistance of the Fund&rsquo;s Chief Compliance
Officer, policies and procedures designed to address certain risks associated with the Fund&rsquo;s activities. In addition, the
Investment Adviser and the Fund&rsquo;s other service providers also have adopted policies, processes and procedures designed to
identify, assess and manage certain risks associated with the Fund&rsquo;s activities, and the Board receives reports from service
providers with respect to the operation of these policies, processes and procedures as required and/or as the Board deems appropriate.
The Board does not believe that a separate Risk Oversight Committee is necessary for effective risk oversight at this time, but
intends to continuously evaluate how it assesses risk and will consider again in the future whether any changes to their current
structure are prudent.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Investment Adviser and the Fund
have each adopted a Code of Ethics, pursuant to Section 204A and Rule 204A-1 under the Investment Advisers Act of 1940 and Rule
17j-1 under the 1940 Act, respectively. Each Code of Ethics applies to the personal investing activities of the Directors, officers
and certain employees of the Fund or the Investment Adviser (&ldquo;Access Persons&rdquo;), as applicable. Rule 17j-1 and each
Code of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons.
Each Code of Ethics permits Access Persons to trade securities for their own accounts, including securities that may be purchased
or held by the Fund, and generally requires them to report their personal securities transactions and holdings. The Fund&rsquo;s
Code of Ethics is included as an exhibit to the Fund&rsquo;s registration statement, which will be on file with the SEC, and available
as described on the cover page of this SAI. The Investment Adviser&rsquo;s and the Fund&rsquo;s Codes of Ethics may also be reviewed
and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference
Room may be obtained by calling the SEC at (800) SEC-0330. The Codes of Ethics are also available on the EDGAR Database on the
SEC&rsquo;s website at www.sec.gov, and copies of the Codes of Ethics may be obtained, after paying a duplicating fee, by electronic
request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC&rsquo;s Public Reference Section, Washington,
D.C. 20549-0102.</P>

<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; text-align: center"><B>PROXY VOTING PROCEDURES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser, subject to the supervision of the Board of Directors.
The Investment Adviser has entered into an arrangement with Glass, Lewis &amp; Co., LLC. (&ldquo;Glass Lewis&rdquo;) whereby Glass
Lewis votes all of the Fund&rsquo;s portfolio companies&rsquo; proxy statements and records all of the proxy votes for compilation
in the Form N-PX. The Fund believes that by engaging Glass Lewis, the Fund is in a better position to monitor corporate actions,
analyze proxy proposals, make voting decisions and ensure that proxies are submitted promptly. The fundamental purpose of Glass
Lewis&rsquo; Voting Policy Guidelines is to ensure that each vote will be in a manner that reflects the best interest of the Fund
and its stockholders, and that maximizes the value of the Fund&rsquo;s investment.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>POLICIES OF THE INVESTMENT ADVISER</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Investment Adviser has a contractual
arrangement, on behalf of the Fund, with Glass Lewis for proxy voting services related to Fund portfolio holdings. It is the Investment
Adviser&rsquo;s policy to vote all proxies received by the Fund in a timely manner. Upon receiving each proxy, Glass Lewis will
vote for, against or abstain on each of the issues presented in accordance with the proxy voting guidelines adopted by the Fund.
With respect to shares of other investment companies, Glass Lewis will vote such shares in the same general proportion as shares
held by other stockholders of that investment company. The Investment Adviser will work with Glass Lewis to ensure that all other
shares can be voted in the same general proportion as shares held by other stockholders of the applicable company.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Investment Adviser&rsquo;s duty
is to vote in the best interests of the Fund&rsquo;s stockholders. The Investment Adviser believes that, by instructing Glass Lewis
to vote shares in the same general proportion as shares held by other stockholders of the applicable company or investment company,
it will avoid potential conflicts of interest between the Investment Adviser&rsquo;s interests and the Fund&rsquo;s interests.
However, if a potential conflict of interest does arise, if the Investment Adviser believes it is in the Fund&rsquo;s best interest
to depart from the guidelines provided, the Investment Adviser will vote the securities and instruct accordingly and disclose the
conflict to the Fund&rsquo;s Board of Directors.</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>MORE INFORMATION</B></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The management of the Fund is supervised
by the Board of Directors. Cornerstone Advisors, LLC provides investment advisory services to the Fund pursuant to an investment
management agreement entered into with the Fund (an &ldquo;Investment Management Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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 Investment Adviser, located at
1075 Hendersonville Road, Suite 250, Asheville, North Carolina, 28803, is a North Carolina limited liability company. It was formed
on January 29, 2019 for the purpose of providing investment advisory and management services to investment companies. The Investment
Adviser is owned by the Cornerstone Trust, a trust established on January 29, 2019. The trustees of the Cornerstone Trust include,
but are not limited to, Messrs. Ralph W. Bradshaw, Joshua G. Bradshaw and Daniel W. Bradshaw.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-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">Under the general supervision of
the Fund&rsquo;s Board of Directors, the Investment Adviser carries out the investment and reinvestment of the net assets of the
Fund, continuously furnishes an investment program with respect to the Fund, determines which securities should be purchased, sold
or exchanged, and implements such determinations. The Investment Adviser furnishes to the Fund investment advice and office facilities,
equipment and personnel for servicing the investments of the Fund.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser. The Investment Management Agreement provides that
it will automatically terminate in the event of its assignment. The Investment Management Agreement provides in substance that
the Investment Adviser shall not be liable for any action or failure to act in accordance with its duties thereunder in the absence
of willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser or of reckless disregard of its obligations
thereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>ADMINISTRATIVE AND FUND ACCOUNTING
SERVICES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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 2018, 2019 and 2020, the Fund paid Ultimus $264,770, $250,023 and $249,244
respectively.</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; 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Joshua G. Bradshaw and Daniel W. Bradshaw, co-portfolio managers of the Fund, regarding investment decisions.
The following table shows the number of other accounts managed by Mr. Bradshaw and the total assets in the accounts managed within
various categories as of December 31, 2020.</P>

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">ADVISORY FEE BASED ON PERFORMANCE</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 50%; vertical-align: bottom">TYPE OF ACCOUNTS</TD>
    <TD STYLE="text-align: center; width: 15%; vertical-align: bottom">NUMBER OF ACCOUNTS</TD>
    <TD STYLE="text-align: center; width: 15%; vertical-align: bottom">TOTAL ASSETS ($ IN MILLIONS)</TD>
    <TD STYLE="text-align: center; width: 15%; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">NUMBER OF</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ACCOUNTS</P>
</TD>
    <TD STYLE="text-align: center; width: 15%; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0">TOTAL ASSETS</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: center">$771.5&nbsp;</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>Other Pooled Investments</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0</TD></TR>
</TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>LIMITED INVESTMENT OPPORTUNITIES</I>.
The other investment fund of the Investment Adviser may have investment objectives and policies similar to those of the Fund. The
Investment Adviser may, from time to time, make recommendations which result in the purchase or sale of a particular security by
its other investment fund simultaneously with the Fund. If transactions on behalf of more than one investment fund during the same
period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect
on price or quantity. It is the policy of the Investment Adviser to allocate advisory recommendations and the placing of orders
in a manner that it believes is equitable to the accounts involved, including the Fund. When more than one investment fund of the
Investment Adviser is purchasing or selling the same security on a given day from the same broker-dealer, such transactions may
be averaged as to price. See &ldquo;Allocation of Brokerage&rdquo;.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>SECURITIES OWNED IN THE FUND BY
PORTFOLIO MANAGERS</B></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Decisions regarding the placement
of orders to purchase and sell investments for the Fund are made by the Investment Adviser, subject to the supervision of the Board
of Directors. A substantial portion of the transactions in equity securities for the Fund will occur on domestic stock exchanges.
Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United
States and some foreign exchanges, these commissions are negotiated. However, on many foreign stock exchanges these commissions
are fixed. In the case of securities traded in the foreign and domestic over-the-counter markets, there is generally no stated
commission, but the price usually includes an undisclosed commission or markup. Over-the-counter transactions will generally be
placed directly with a principal market maker, although the Fund may place an over-the-counter order with a broker-dealer if a
better price (including commission) and execution are available.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser from
obtaining high quality brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid
in any transaction, the Investment Adviser may rely on its experience and knowledge regarding commissions generally charged by
various brokers and on its judgment in evaluating the brokerage and research services received from the broker effecting the transaction.
Such determinations are necessarily subjective and imprecise, as in most cases an exact dollar value for those services is not
ascertainable.</P>

<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; text-align: justify">In seeking to implement the Fund&rsquo;s
policies, the Investment Adviser will place transactions with those brokers and dealers who it believes provide the most favorable
prices and which are capable of providing efficient executions. If the Investment Adviser believes such price and execution are
obtainable from more than one broker or dealer, it may give consideration to placing transactions with those brokers and dealers
who also furnish research or research related services to the Fund or the Investment Adviser. Such services may include, but are
not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical
or factual information or opinions pertaining to investments; and appraisals or evaluations of securities. The information and
services received by the Investment Adviser from brokers and dealers may be of benefit in the management of accounts of other clients
and may not in all cases benefit the Fund directly. While such services are useful and important in supplementing its own research
and facilities, the Investment Adviser believes the value of such services is not determinable and does not significantly reduce
its expenses.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 Investment Adviser. The Fund may from time to time engage in such transactions in accordance with these procedures.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Securities considered as investments
for the Fund may also be appropriate for other investment accounts managed by the Investment Adviser or its affiliates. Whenever
decisions are made to buy or sell securities by the Fund and one or more of such other accounts simultaneously, the Investment
Adviser will allocate the security transactions (including &ldquo;hot&rdquo; issues) in a manner which it believes to be equitable
under the circumstances. As a result of such allocations, there may be instances where the Fund will not participate in a transaction
that is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made
on a pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to an account
with specialized investment policies that coincide with the particulars of a specific investment; (ii) pro rata allocation would
result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iii) where the Investment Adviser reasonably
determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a
detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Directors
of the Fund that the benefits from the Investment Adviser&rsquo;s organization outweigh any disadvantage that may arise from exposure
to simultaneous transactions.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the fiscal years ended December
31, 2018, 2019 and 2020, the Fund paid $14,422, $12,522 and $53,301, respectively, in brokerage commissions.</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; text-align: center"><B>CERTAIN MATERIAL UNITED STATES
FEDERAL INCOME TAX CONSEQUENCES</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18.75pt">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-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">An individual who is a citizen or resident of the United
States or someone treated as a U.S. citizen for U.S. federal income tax purposes;</TD>
</TR></TABLE>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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">&#9679;</TD><TD STYLE="text-align: justify">A corporation (or other entity taxable as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the
District of Columbia;</TD>
</TR></TABLE>

<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">&#9679;</TD><TD STYLE="text-align: justify">An estate, the income of which is subject to U.S. federal
income taxation regardless of its source; or</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a dealer in securities or currencies;</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">&#9679;</TD><TD STYLE="text-align: justify">a financial institution;</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">&#9679;</TD><TD STYLE="text-align: justify">a regulated investment company;</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">&#9679;</TD><TD STYLE="text-align: justify">a real estate investment company;</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">&#9679;</TD><TD STYLE="text-align: justify">an insurance company;</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">&#9679;</TD><TD STYLE="text-align: justify">a tax-exempt organization;</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">&#9679;</TD><TD STYLE="text-align: justify">a person holding shares as part of a hedging, integrated
or conversion transaction, a constructive sale or a straddle;</TD>
</TR></TABLE>

<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">&#9679;</TD><TD STYLE="text-align: justify">a trader in securities that has elected the mark-to-market
method of accounting for its securities;</TD>
</TR></TABLE>

<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">&#9679;</TD><TD STYLE="text-align: justify">a person liable for alternative minimum tax;</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">&#9679;</TD><TD STYLE="text-align: justify">a partnership or other pass-through entity for U.S. federal
income tax purposes; or</TD>
</TR></TABLE>

<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">&#9679;</TD><TD STYLE="text-align: justify">a U.S. Holder whose &ldquo;functional currency&rdquo;
is not the U.S. dollar.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Taxation of Distributions to U.S.
Holders</B></P>

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

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20.85pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The financial statements included
in the Fund&rsquo;s Annual Report for the year ended December 31, 2020, and its unaudited Semi-Annual Report for the period ended
June 30, 2020, filed with the Securities and Exchange Commission on [&#9679;], 2021 and August 24, 2020, respectively (File No.
811-02363), are herein incorporated by reference.</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">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">[&#9679;] is
the independent registered public accounting firm for the Fund and provides audit services, tax return preparation and
assistance with respect to the preparation of filings with the SEC.</P>

<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">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 30.35pt"><B>&nbsp;</B></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: 0.75in; text-align: left"><B>Item 25.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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">(1)</TD><TD STYLE="text-align: justify">Financial Statements (included in Part B)</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Portfolio Summary as of December 31, 2020* Schedule of
Investments as of December 31, 2020*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Statement of Assets and Liabilities as of December 31,
2020* Statement of Operations for the year ended December 31, 2020*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Statement of Changes in Net Assets for the years ended
December 31, 2019 and 2020* Financial Highlights*</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Annual
Report on Form N-CSR for the year ended December 31, 2020 filed on [&#9679;], 2021 (File No. 811-02363).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000090901202000698/ex-1.txt">Certificate of Incorporation (1)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(ii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000090901202000698/ex-2.txt">Certificate of Amendment (2)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(iii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000090901202000741/t24785.txt">Certificate of Amendment (3)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(iv)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000090901208000928/t304533.txt">Certificate of Amendment (4)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(v)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834417008417/fp0026628_ex99252av.htm">Certificate of Amendment (11)</A></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: 0.5in; text-align: left">(a)(vi)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834418008727/fp0033851_ex99252avi.htm">Certificate of Amendment (12)</A></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: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Bylaws (17)</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: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Form of Non-Transferable Subscription Rights Certificate
(17)</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: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Distribution Reinvestment Plan (6)</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: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834419003226/fp0039893_def14a.htm">Investment Management Agreement between the Fund and Cornerstone Advisors, LLC. (5)</A></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: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834411001365/fp0003061_ex2j.htm">Custody Agreement between the Fund and U.S. Bank National Association (7) </A></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: 0.5in; text-align: left">(k)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834416016194/fp0020642_ex99252ki.htm">Transfer Agent Servicing Agreement between the Fund and American Stock Transfer and Trust Company, LLC (10)&nbsp;</A></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></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: 0.5in; text-align: left">(k)(ii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834418008727/fp0033851_ex99252kii.htm">Administration and Fund Accounting Agreement (13)</A></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: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">Opinion and Consent of Counsel (17)</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: 0.5in; text-align: left">(m)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(n)</TD><TD STYLE="text-align: justify">Consent of Independent Auditor (17)</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: 0.5in; text-align: left">(o)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(p)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(q)</TD><TD STYLE="text-align: justify">Not applicable</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: 0.5in; text-align: left">(r)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834413004405/fp0008230_ex99ri.htm">Code of Ethics of the Fund (8)</A> </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: 0.5in; text-align: left">(r)(ii)</TD><TD STYLE="text-align: justify">Code of Ethics of the Investment Adviser (17)</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: 0.5in; text-align: left">(s)</TD><TD STYLE="text-align: justify; width: 0.5in">(i)<A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834412003648/fp0005855_ex2s.htm"></A></TD>
    <TD> <A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834412003648/fp0005855_ex2s.htm">Powers of Attorney for Scott B. Rogers, Andrew A. Strauss and Glenn W. Wilcox, Sr. (14)</A> </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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834418008727/fp0033851_ex99252s.htm">Power of Attorney for Matthew W. Morris (15)</A></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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify"><A HREF="fp0062461_ex9925siii.htm">Powers of Attorney for Robert E. Dean, Marcia E. Malzahn and Frank J. Maresca (16)</A></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: 0.5in; text-align: left">(t)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/33934/000139834415004487/fp0015096_ex992t.htm">Indemnity Agreement (9)</A></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: 0.5in; text-align: left">(u)</TD><TD STYLE="text-align: justify">Information Agent Agreement (17)</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: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">Subscription Agent Agreement (17)</TD>
</TR></TABLE>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-14 8C filed on September 13, 2002, Exhibit 2-A (File No. 333-99583).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Proxy Statement
on Schedule 14A filed on February 22, 2019, Exhibit A (File No. 811-02363).</TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 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: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Annual
Report to Stockholders for the period ended December 31, 2020 filed on [&#9679;], 2021 (File No. 811-02363).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2 filed on June 28, 2011, Exhibit 2(j) (File No. 811-02363).</TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 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: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 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: 0.5in; text-align: left">(9)</TD><TD STYLE="text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(10)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2 filed on August 5, 2016, Exhibit 2(k)(i) (File No. 811-02363).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(11)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund's Registration
Statement on Form N-2/A filed on July 7, 2017, Exhibit 2(a)(v) (File No. 811-02363).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(12)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2/A filed on June 7, 2018, Exhibit 2(a)(v)(i) (File No. 811-02363)..</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -28.95pt">&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: 0.5in; text-align: left">(13)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2/A filed on June 7, 2018, Exhibit 2(k)(ii) (File No. 811-02363).</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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(14)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2/A filed on November 16, 2012, Exhibit 2(s) (File No. 811-02363).</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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(15)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-2/A filed on June 7, 2018, Exhibit 2(s) (File No. 811-02363).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -28.95pt">&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: 0.5in; text-align: left">(16)</TD><TD STYLE="text-align: justify">To be filed herewith.</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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(17)</TD><TD STYLE="text-align: justify">To be filed by amendment.</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: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 26.</B></TD><TD STYLE="text-align: justify"><B>Marketing Arrangements</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Not applicable.</P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 27.</B></TD><TD STYLE="text-align: justify"><B>Other Expenses of Issuance and Distribution</B></TD>
</TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The approximate expenses in connection with the offering are as follows: &nbsp;</P>



<P STYLE="margin: 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; 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">10,000</TD><TD STYLE="white-space: nowrap; 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">24,000</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; 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">33,405</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="white-space: nowrap; 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">57,000</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&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">162,005</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 28.</B></TD><TD STYLE="text-align: justify"><B>Persons Controlled by or Under Common Control With
Registrant</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 29.</B></TD><TD STYLE="text-align: justify"><B>Number of Holders of Securities</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Set forth below is the number of record holders as of
January 31, 2021, of each class of securities of the Registrant:</P>

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

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 85%; vertical-align: bottom"><B>Title of Class</B></TD>
    <TD STYLE="text-align: center; width: 15%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Number of</B></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>Record Holders</B></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Common Stock, par value $0.01</FONT></TD>
    <TD STYLE="text-align: center">298</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 30.</B></TD><TD STYLE="text-align: justify"><B>Indemnification</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20.85pt">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,
LLC, the Fund&rsquo;s investment adviser. The Registrant has entered into an indemnification agreement with each of the independent
directors in connection with their agreement to serve on the Registrant'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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20.85pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 0.75in; text-align: left"><B>Item 31.</B></TD><TD STYLE="text-align: justify"><B>Business and Other Connections of Investment Adviser</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20.85pt">Cornerstone
Advisors, LLC manages one other closed-end fund. A description of any other business, profession, vocation, or employment of a
substantial nature in which the investment adviser, and each director, executive officer or partner of the investment adviser is
or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee,
partner or trustee, is set forth in the Statement of Additional Information contained in this Registration Statement in the section
entitled &ldquo;Management.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 32.</B></TD><TD STYLE="text-align: justify"><B>Location of Accounts and Records</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20.85pt">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-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 33.</B></TD><TD STYLE="text-align: justify"><B>Management Services</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 34.</B></TD><TD STYLE="text-align: justify"><B>Undertakings</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></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: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">The Registrant undertakes to suspend the offering of
its Rights until the prospectus is amended if (1) subsequent to the effective date of this registration statement, the net asset
value declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the
net asset value increases to an amount greater than its net proceeds as stated in the prospectus.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">The Registrant undertakes that:</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">for the purpose of determining any liability under the
Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) under the 1933
Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">for the purpose of determining any liability under the
Securities Act of 1933, as amended, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify">Not applicable.</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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">Not applicable.</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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify">The Registrant undertakes to send by first class mail
or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, its
Statement of Additional Information.</TD>
</TR></TABLE>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 20.85pt">Pursuant to the requirements of
the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, and the State of New York, on the
19th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; 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>&nbsp;</TD>
    <TD COLSPAN="3"><B>CORNERSTONE TOTAL RETURN FUND, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Ralph W. Bradshaw</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: 5%">Name: </TD>
    <TD STYLE="width: 30%">Ralph W. Bradshaw</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD>
    <TD>President and Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 20.85pt">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-top: 0pt; 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="text-align: center; width: 40%">Signature</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 30%">Title</TD>
    <TD STYLE="text-align: center; width: 20%">Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Ralph W. Bradshaw</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chairman of the Board of </TD>
    <TD STYLE="text-align: center">February
19, 2021 </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Ralph W. Bradshaw</TD>
    <TD>&nbsp;</TD>
    <TD>Directors (Principal Executive Officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Theresa M. Bridge</TD>
    <TD>&nbsp;</TD>
    <TD>Treasurer (Principal Financial Officer) and </TD>
    <TD STYLE="text-align: center">February 19, 2021</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Theresa M. Bridge</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Accounting Officer</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Robert E. Dean*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Robert E. Dean</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Marcia E. Malzahn*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Marcia E. Malzahn</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ </U>Frank J. Maresca<U STYLE="text-decoration: none">*</U></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Frank J. Maresca</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Matthew W. Morris*</U></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021 </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Matthew W. Morris</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Scott B. Rogers*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021 </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Scott B. Rogers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Andrew A. Strauss*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February
19, 2021</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0"><U></U></P>

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

</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Glenn W. Wilcox, Sr.*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: center">February 19, 2021 </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">Glenn W. Wilcox, Sr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; 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: 5%">*By:<U></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Ralph W. Bradshaw </TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Ralph W. Bradshaw</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Power of Attorney</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2.15pt; width: 8%">Exhibit No.</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2.15pt; width: 92%">Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><A HREF="fp0062461_ex9925siii.htm">2(s)(iii)</A></FONT></TD>
    <TD STYLE="padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><A HREF="fp0062461_ex9925siii.htm">Powers of Attorney for Robert E. Dean, Marcia E. Malzahn and Frank J. Maresca</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
































































































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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.S.III
<SEQUENCE>2
<FILENAME>fp0062461_ex9925siii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, his true and lawful attorney
to execute in his name, place and stead and on his behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

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

<TABLE 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%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Robert Dean</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Robert Dean, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"><U></U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, her true and lawful attorney
to execute in her name, place and stead and on her behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Marcia E. Malzahn</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Marcia E. Malzahn, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<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-indent: 3.5in"><U></U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"></P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, his true and lawful attorney
to execute in his name, place and stead and on his behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Frank J. Maresca</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Frank J. Maresca, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<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-indent: 3.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"></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">&nbsp;</P>

</BODY>
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<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>5
<FILENAME>filename5.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P>

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

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

<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-indent: 0.5in">February 19, 2021</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><U>VIA EDGAR</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
Division of Investment Management<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Cornerstone Total Return Fund, Inc. (File Number: 811-02363)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Registration Statement on Form N-2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><U>Request for Selective Review</U></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The above-referenced filing
(the &ldquo;Registration Statement&rdquo;) of our client, Cornerstone Total Return Fund, Inc. (the &ldquo;Fund&rdquo;), being filed
on February 19, 2021, is based on and is substantially similar to the Fund&rsquo;s registration statement on Form N-2 (File Nos.:
811-02363 and 333-224875) which was reviewed and declared effective by the Staff on June 8, 2018. We want to bring to your attention
that since the prior filing the Fund&rsquo;s investment adviser was restructured and, as noted in the Registration Statement, the
Fund&rsquo;s shareholders approved the investment management agreement with its current investment adviser at the Fund&rsquo;s
2019 annual meeting, which agreement was renewed by the board of directors of the Fund at its meeting on February 5, 2021.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please accept this letter
as a request under the selective review procedures discussed below with respect to the Staff&rsquo;s review of the Registration
Statement. In this regard, the Staff follows certain selective review procedures for registration statements, set forth in Securities
Act Release No. 6510 (Feb. 15, 1984), which are applicable to all management investment company registration statements. The Staff
may determine not to review a registration statement (or portions of a registration statement) based on similarity to prior filings
that have been reviewed by the Staff. Based on these procedures, a registrant may identify portions of prior filings similar or
identical to, and intended to serve as precedent for, a current filing.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registration Statement
represents a &ldquo;rights offering&rdquo; of the Fund&rsquo;s shares, the terms and conditions of which are substantially similar
to those contained in the prior registration statement of the Fund referenced above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please contact me at (212)
885-5205 or Thomas R. Westle at (212) 885-5239 with any questions you may have or for any further information you may desire.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">February 19, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

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

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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Margaret M. Murphy</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">Margaret M. Murphy</TD></TR>
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