<SEC-DOCUMENT>0001398344-25-007378.txt : 20250421
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<ACCEPTANCE-DATETIME>20250421160550
ACCESSION NUMBER:		0001398344-25-007378
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20250421
DATE AS OF CHANGE:		20250421

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285143
		FILM NUMBER:		25853172

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

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

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>118,427,033 Rights for 39,475,678 Shares of Common
Stock</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;)
is issuing non-transferable rights (&#8220;Rights&#8221;) to its holders of record of shares of common stock (&#8220;Common Stock&#8221;)
(such holders hereinafter referred to as &#8220;Stockholders&#8221; and the shares of Common Stock, the &#8220;Shares&#8221;) which Rights
will allow Stockholders to subscribe for new Shares (the &#8220;Offering&#8221;). 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 April
21, 2025 (the &#8220;Record Date&#8221;). 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 &#8220;The Offering&#8221; below.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights are non-transferable, and may not be
purchased or sold. Rights will expire without residual value at the Expiration Date (defined below). The Rights will not be listed
for trading on the NYSE American LLC (&#8220;NYSE American&#8221;), 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 April 17, 2025, the last reported net asset value (&#8220;NAV&#8221;) per Share was $5.62
and the last reported sales price per Share on the NYSE American was $6.72, which represents a 19.57% premium to the Fund&#8217;s
NAV per Share. The subscription price per Share (the &#8220;Subscription Price&#8221;) will be the greater of (i) 112% of NAV per
Share as calculated at the close of trading on the date of expiration of the Offering and (ii) 80% 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>STOCKHOLDERS WHO CHOOSE TO EXERCISE THEIR RIGHTS
WILL NOT KNOW THE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS BECAUSE THE OFFERING WILL EXPIRE (I.E., CLOSE) PRIOR
TO THE AVAILABILITY OF THE FUND&#8217;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 WITHDRAW HIS, HER OR ITS SUBSCRIPTION OR CHANGE HIS, HER
OR ITS DECISION. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MAY 16, 2025 (THE &#8220;EXPIRATION DATE&#8221;), UNLESS
EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The offering may substantially dilute the voting power
of Stockholders who do not fully exercise their Rights since they will own a smaller proportionate interest in the Fund upon completion
of the offering.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end management investment
company. The Fund&#8217;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. There can be no assurance that the Fund&#8217;s
objective will be achieved.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information, please call EQ Fund Solutions
(the &#8220;Information Agent&#8221;) toll free at (866) 406-2285.</p>


<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">&#160;</td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</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"><b>Investing in the Fund involves risks. See &#8220;Risk Factors&#8221;
on page 32 of this prospectus.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 55%">&#160;</td>
    <td style="vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Estimated</b><br/>
<b>Subscription</b><br/>
<b>Price (1)</b></span></td>
    <td style="vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Estimated</b><br/>
<b>Sales Load</b></span></td>
    <td style="vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Estimated</b><br/>
<b>Proceeds to</b><br/>
<b>the Fund (2)(3)</b></span></td></tr>
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    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Per Share</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$6.29</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$248,302,013</span></td></tr>
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    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$6.29</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$248,302,013</span></td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Because the Subscription
    Price will not be determined until after printing and distribution of this prospectus, the &#8220;Estimated Subscription
    Price&#8221; above is an estimate of the subscription price based on the Fund&#8217;s per-Share NAV and market price at the close of
    trading on April 17, 2025. See &#8220;The Offering - Subscription Price&#8221; and &#8220;The Offering - Payment for
    Shares.&#8221;</span></td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 $366,000 or approximately $0.002 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.</span></td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fees and expenses incurred by the Fund in connection with the Offering are estimated to be approximately $366,000 or approximately $0.002 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 $247,936,433 or approximately $1.57 per Share, if fully subscribed. The calculation of the per Share amounts indicated above do not take into account the Over- Subscription Shares.</span></td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is April 21, 2025.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s Shares are listed on the NYSE American
under the ticker symbol &#8220;CRF.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Investment Adviser.</i> Cornerstone Advisors, LLC
(the &#8220;Investment Adviser&#8221;) acts as the Fund&#8217;s investment adviser. See &#8220;Management of the Fund.&#8221; As of December
31, 2024, the Investment Adviser managed one other closed-end fund with combined assets with the Fund of approximately $2.5 billion. The
Investment Adviser&#8217;s address is 1075 Hendersonville Road, Suite 250, Asheville, North Carolina, 28803.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus sets forth concisely the information
about the Fund that you should know before deciding whether to invest in the Fund. A Statement of Additional Information, dated April 21, 2025 (the &#8220;Statement of Additional Information&#8221;), and other materials, containing additional information about the Fund, have
been filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;). 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 57 of this prospectus, and other information
filed with the SEC, by calling toll free (866) 406-2285 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&#8217;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&#8217;s
Statement of Additional Information or any information regarding the Fund filed with the SEC from the SEC&#8217;s website at <span style="text-decoration: underline">www.sec.gov</span>.</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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">The Fund&#8217;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: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 90%">&#160;</td>
    <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Page</b></span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">SUMMARY</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">SUMMARY OF FUND EXPENSES</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE FUND</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">12</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE OFFERING</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL HIGHLIGHTS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">22</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">USE OF PROCEEDS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT OBJECTIVE AND POLICIES</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">RISK FACTORS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">32</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">LISTING OF SHARES</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT OF THE FUND</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">DETERMINATION OF NET ASSET VALUE</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">43</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">DISTRIBUTION POLICY</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">DIVIDEND REINVESTMENT PLAN</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">47</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">49</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">DESCRIPTION OF CAPITAL STRUCTURE</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">53</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">LEGAL MATTERS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">56</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">REPORTS TO STOCKHOLDERS</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">56</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">56</span></td></tr>
  <tr style="background-color: Gainsboro">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ADDITIONAL INFORMATION</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">56</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">57</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>


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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>This summary does not contain all of the information
that you should consider before investing in the Fund. You should review the more detailed information contained or incorporated by reference
in this prospectus and in the Statement of Additional Information, particularly the information set forth under the heading &#8220;Risk
Factors.&#8221;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A 1-for-4 reverse stock split (the &#8220;Reverse
Stock Split&#8221;) 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: 0; text-align: justify">&#160;</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-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>The Fund</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">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&#8217;s Shares are traded on the NYSE American under the ticker symbol &#8220;CRF.&#8221; As of March 21, 2025, the Fund had &#160;118,427,033 Shares issued and outstanding.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>The Offering</b></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is issuing non-transferable rights (&#8220;Rights&#8221;)
    to its Stockholders as of the close of business on April 21, 2025 (the &#8220;Record Date&#8221;) which Rights will allow Stockholders
    to subscribe for an aggregate of 39,475,678 Shares (the &#8220;Offering&#8221;). 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) 112% of NAV of the Shares as
    calculated on the Expiration Date (or Extended Expiration Date, as the case may be) and (ii) 80% 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 &#8220;Basic Subscription&#8221;).
    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; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares will be issued within the 15-day period immediately
    following the record date of the Fund&#8217;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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund previously conducted a rights offering that
    expired on June 10, 2022 (the &#8220;2022 Offering&#8221;) and included similar terms and conditions as this Offering. Pursuant to the
    2022 Offering, the Fund issued 32,028,301 Shares (10,676,100 Shares of which were Over-Subscription Shares) at a subscription price of
    $7.95 per Share, for a total offering of 254,624,993.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2022 Offering, the Fund conducted a rights
    offering that expired on May 14, 2021 (the &#8220;2021 Offering&#8221;) and included similar terms and conditions as this Offering. Pursuant
    to the 2021 Offering, the Fund issued 20,584,726 Shares (6,833,697 Shares of which were Over-Subscription Shares) at a subscription price
    of $10.23 per Share, for a total offering of $210,581,747.</p></td></tr>
  </table>
<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"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-top: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Prior to the 2021 Offering, the Fund conducted a rights offering that expired on July 20, 2018 (the &#8220;2018 Offering&#8221;) 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) at a subscription price of $13.09 per Share, for a total offering of $197,012,563.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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; width: 20%">&#160;</td>
    <td style="border-right: black 1pt solid; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Prior to the 2018 Offering, the Fund conducted a rights offering that expired on August 25, 2017 (the &#8220;2017 Offering&#8221;) 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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2017 Offering, the Fund conducted a rights
    offering that expired on October 21, 2016 (the &#8220;2016 Offering&#8221;) 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2016 Offering, the Fund conducted a rights
    offering that expired on August 14, 2015 (the &#8220;2015 Offering&#8221;) 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2015 Offering, the Fund conducted a rights
    offering that expired on November 29, 2013 (the &#8220;2013 Offering&#8221;) 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2013 Offering, the Fund conducted a rights
    offering that expired on December 21, 2012 (the &#8220;2012 Offering&#8221;) 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2012 Offering, the Fund conducted a rights
    offering that expired on December 16, 2011 (the &#8220;2011 Offering&#8221;) 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the 2011 Offering, the Fund conducted a rights
    offering that expired on December 10, 2010 (the &#8220;2010 Offering&#8221;) 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></td></tr>
  </table>
<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"></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-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use of Proceeds from the 2022 Offering, 2021 Offering,
    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 &#8220;Prior Rights Offerings&#8221;) have been used, and the use of proceeds from the current Offering and
    any future rights offerings may be used, to maintain the Fund&#8217;s Distribution Policy (as defined below) by providing funding for
    future distributions, which may constitute a return of its Stockholders&#8217; capital.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A &#8220;return of capital&#8221; is treated as a
    non-dividend distribution for tax purposes and is not subject to current tax. A return of capital reduces a Stockholder&#8217;s tax cost
    basis (but not below zero) in Fund shares.</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How to Exercise Rights </b></span></td>
    <td style="border-right: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Stockholders may exercise Rights by filling in and signing the reverse side of the Subscription Certificate and delivering the completed and signed Subscription Certificate and payment for the Shares to the Subscription Agent, Equiniti Trust Company, LLC. If you have any questions regarding the Rights, please contact the Information Agent (EQ Fund Solutions) at (866) 406-2285 or your broker or nominee. See &#8220;The Offering&#8221;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Purpose of the Offering</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At a meeting held on February 21, 2025, 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; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 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; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9679; Raising more cash will better position the
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    a portion of the increase in the Fund&#8217;s assets will also be used to maintain the Fund&#8217;s managed distribution policy (the &#8220;Distribution
    Policy&#8221;)(see discussion below).</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9679; Increasing the Fund&#8217;s assets will provide
    the Fund additional flexibility in maintaining the Fund&#8217;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&#8217;s
    investments have not provided adequate income to meet the requirements of the Fund&#8217;s Distribution Policy, therefore, the Fund has
    made return of capital distributions to maintain the Fund&#8217;s Distribution Policy. Specifically, Stockholders should be aware that:
    (i) for 2020, 2023, and 2024, a majority of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&#8217;
    capital, and not of income or gains generated from the Fund&#8217;s investment portfolio, (ii) for 2022, substantially all of the distributions
    that the Fund made to its Stockholders consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated
    from the Fund&#8217;s investment portfolio, and (iii) for 2021, a portion of the distributions that the Fund made to its Stockholders
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  <tr style="vertical-align: top">
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    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9679; Increasing Fund assets may lower the Fund&#8217;s
    expenses as a proportion of net assets because the Fund&#8217;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&#8217;s expense ratio will be lowered. However, increasing the Fund&#8217;s
    assets results in a benefit to the Fund&#8217;s Investment Adviser because the Management fee that is paid to the Investment Adviser increases
    as the Fund&#8217;s net assets increase.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9679; Because the Offering will increase the Fund&#8217;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>
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9679; The Offering is expected to be anti-dilutive
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    Offering is expected to be &#8220;anti-dilutive&#8221; with respect to net asset value per share because it is expected that the net asset
    value per share will increase as a result of the Offering. This expectation is based on the fact that all the costs of the Offering will
    be borne by the Stockholders whether or not they exercise their Rights, because the Offering price is set at a premium to NAV and the
    estimated expenses incurred for the Offering will be more than offset by the increase in the net assets of the Fund such that non- participating
    Stockholders will receive an increase in their net asset value, so long as the number of Shares issued to participating Stockholders is
    not materially less than a full exercise of the Basic Subscription amount. Historically, all Prior Rights Offerings have been anti-dilutive
    with respect to net asset value per share. Stockholders have exercised not only the basic subscription but also a significant percentage
    of the additional subscription shares offered. The Offering is expected to be dilutive with respect to Stockholder&#8217;s voting percentages
    because Stockholders electing not to participate in the Offering will own a smaller percentage of the total number of shares outstanding
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<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&#8217;s investment objective is to seek capital appreciation with
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no assurance that the Fund will achieve its
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    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 &#8220;Investment Restrictions.&#8221;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of adverse market or economic conditions,
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  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Investment Strategies</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund&#8217;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 (&#8220;ADRs&#8221;) and International Depositary Receipts (&#8220;IDRs&#8221;).</span></td></tr>
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest without limitation in other closed-end
    investment companies and exchange-traded funds (&#8220;ETFs&#8221;), 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&#8217;s expenses
    and would remain subject to payment of the Fund&#8217;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&#8217;s assets and any such investment will count towards
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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 &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Rating
    Services, a division of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;) or Moody&#8217;s Investor Services, Inc. (&#8220;Moody&#8217;s&#8221;),
    commonly referred to as &#8220;junk bonds.&#8221;</p></td></tr>
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<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; width: 20%">&#160;</td>
    <td style="border-right: black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining which securities to buy for the Fund&#8217;s
    portfolio, the Investment Adviser uses a balanced approach, including &#8220;value&#8221; and &#8220;growth&#8221; 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&#8217;s price to
    book, price to sales, return on equity, and return on assets ratios; and growth analysis is used to determine a company&#8217;s potential
    for long-term dividends and earnings growth due to market-oriented factors such as growing market share, the launch of new products or
    services, the strength of its management and market demand. Fluctuations in these characteristics may trigger trading decisions to be
    made by the Investment Adviser.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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></td></tr>
  <tr style="vertical-align: top">
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    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may, without limitation, hold cash or invest
    in assets in money market instruments, including U.S. and non-U.S. government securities, high grade commercial paper and certificates
    of deposit and bankers&#8217; 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in illiquid
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    for substantial growth over a period of two to five years.</p></td></tr>
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  <tr style="vertical-align: top">
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    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s annual portfolio turnover rate is
    expected to continue to be relatively low, normally ranging between 10% and 90%.</p></td></tr>
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    <td style="border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Investment Adviser and Fee</b></span></td>
    <td style="border-right: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1pt">Cornerstone Advisors, LLC (the
    &#8220;Investment Adviser&#8221;), the investment adviser of the Fund, is registered with the Securities and Exchange Commission (&#8220;SEC&#8221;)
    as an investment adviser under the Investment Advisers Act of 1940, as amended. As of December 31, 2024, the Investment Adviser managed
    one other closed-end fund with combined assets with the Fund, of approximately $2.5 billion.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1pt">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Adviser is entitled to receive a monthly
    fee at the annual rate of 1.00% of the Fund&#8217;s average weekly net assets. See &#8220;Management of the Fund.&#8221;</p></td></tr>
  </table>
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<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-top: Black 1pt solid; border-left: black 1pt solid; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Administrator and Fund Accounting Agent</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH (&#8220;Ultimus&#8221;) serves as the Fund&#8217;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.</span></td></tr>
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<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Custodian and Transfer Agent</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">U.S. Bank National Association serves as the Fund&#8217;s custodian and Equiniti Trust Company, LLC serves as the Fund&#8217;s transfer agent. See &#8220;Management of the Fund&#8221;.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Closed-End Fund Structure</b></span></td>
    <td style="border-right: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the stockholder and generally list their shares for trading on a securities exchange. By comparison, mutual funds issue securities that are redeemable daily at net asset value at the option of the stockholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with the closed-end fund&#8217;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.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Although the Fund&#8217;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&#8217;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&#8217;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.</span></td></tr>
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<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-top: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Fund&#8217;s Distribution Policy
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors may also consider the conversion
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    the Fund&#8217;s investment objective and policies. Investors should assume, therefore, that it is highly unlikely that the Board of Directors
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  </table>
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<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
    volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#8217;s investments
    will underperform either the securities markets generally or particular segments of the securities markets.</p></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%; font-size: 11pt">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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. Governments may respond aggressively to such events, including by 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, which could 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 novel coronavirus (&#8220;COVID-19&#8221;) global pandemic 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.</span></td></tr>
  </table>
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    <td style="border-top: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These
    expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
    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&#8217;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></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Defensive Positions. </i></b>During periods
    of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its 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: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities Risk. </i></b>Investments
    in securities of non-U.S. issuers involve special risks not presented by investments in securities of U.S. issuers, including the following:
    less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices; the
    impact of political, social or diplomatic events, including war; possible seizure, expropriation or nationalization of the company or
    its assets; possible imposition of currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced
    to the extent that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater
    in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required
    in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. With
    respect to risks associated with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging
    transactions. See &#8220;Foreign Currency Risk.&#8221;</p></td></tr>
  </table>
<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"></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-top: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Global Market Risk. </i></b>An investment in
    Fund shares is subject to investment risk, including the possible loss of the entire principal amount invested. The Fund is subject to
    the risk that geopolitical and other similar events will disrupt the economy on a national or global level. For instance, war, terrorism,
    market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies
    (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the
    securities markets.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Managed Distribution Policy Risk. </i></b>Under
    the Fund&#8217;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 (&#8220;Net Earnings&#8221;), or from return-of-capital. For any fiscal year where total cash
    distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result,
    would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;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&#8217;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&#8217;s investment objective. The Fund adopted the Distribution Policy in 2002,
    and during recent years the Fund&#8217;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&#8217;s basis in the shares.
    The Stockholders would reduce their basis (but not below zero) 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&#8217;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></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><i>Management Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The Fund&#8217;s successful pursuit of its investment objective depends upon the Investment Adviser&#8217;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&#8217;s investment objective. The Investment Adviser&#8217;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.</span></td></tr>
  </table>
<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"></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-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><i>Other Investment Company Securities Risk. </i></b>The Fund may invest in the securities of other closed-end investment companies and in ETFs. Investing in other investment companies and ETFs involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company&#8217;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.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-left: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Managed Distribution Policy</b></span></td>
    <td style="border-right: black 1pt solid; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">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&#8217;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&#8217;s Board of Directors and can be modified at the Board&#8217;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&#8217;s
    investment portfolio. As shown on page 35  in the table which identifies the constituent components of the Fund&#8217;s
    distributions under its Managed Distribution Policy for years 2020-2024, (i) a majority of the distributions that the Fund made to
    its Stockholders for 2020, 2023, and 2024 consisted of a return of its Stockholders&#8217; capital, and not of income or gains
    generated from the Fund&#8217;s investment portfolio, (ii) substantially all of the distributions that the Fund made to its
    Stockholders for 2022 consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the
    Fund&#8217;s investment portfolio, and (iii) a portion of the distributions that the Fund made to its Stockholders for 2021
    consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the Fund&#8217;s investment
    portfolio. Although return of capital distributions may not be taxable, such distributions may reduce a Stockholder&#8217;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&#8217;s original investment amount. The Fund plans to
    maintain the Distribution Policy even if a return-of-capital distribution would exceed an investor&#8217;s tax basis and therefore
    be a taxable distribution.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 11pt">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">On August 2, 2024, the Board of Directors of the Fund determined that the distribution percentage for the calendar year 2025 would remain at 21%, which was the same distribution percentage used in 2024, which was then applied to the net asset value of the Fund at the end of October 2024 to determine the distribution amounts for calendar year 2025. During 2025, the Board of Directors of the Fund will make a determination regarding the distribution percentage for 2026 which will then be applied to the net asset value of the Fund at the end of October 2025 to determine the distribution amounts for calendar year 2026. The distribution percentage is not a function of, nor is it related to, the investment return on the Fund&#8217;s portfolio.</span></td></tr>
  </table>
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<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-top: black 1pt solid; border-left: black 1pt solid; width: 20%">&#160;</td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; width: 80%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent necessary to meet the amounts distributed
    under the Fund&#8217;s Distribution Policy, portfolio securities, including those purchased with the proceeds of this Offering, may be
    sold to the extent adequate income is not available. Sustaining the Distribution Policy could require the Fund to raise additional capital
    in the future.</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although it has no current intention to do so, the
    Board may terminate this Distribution Policy at any time, and such termination may have an adverse effect on the market price for the
    Fund&#8217;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&#8217;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&#8217;s
    taxable income, the amount of that excess may constitute a return-of-capital for tax purposes. Dividends and distributions to Stockholders
    are recorded by the Fund on the ex-dividend date.</p></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Dividend Reinvestment Plan</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 80%; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unless a Stockholder elects otherwise, the Stockholder&#8217;s distributions will be reinvested in additional Shares under the Fund&#8217;s dividend reinvestment plan. Stockholders who elect not to participate in the Fund&#8217;s dividend 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 &#8220;Dividend Reinvestment Plan.&#8221;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Stock Purchases and Tenders</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Board of Directors may consider repurchasing the Fund&#8217;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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_90F_ecef--PurposeOfFeeTableNoteTextBlock_c20250408__20250408_zs6cU9Nq5A"><ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000012" name="cef:PurposeOfFeeTableNoteTextBlock">The following table shows Fund expenses that you as an investor in the
Fund&#8217;s Shares will bear directly or indirectly.</ix:nonNumeric></span></p>

<ix:nonNumeric contextRef="AsOf2025-04-08" continuedAt="ConU000014-01" escape="true" id="Fact000014" name="cef:ShareholderTransactionExpensesTableTextBlock"><p id="xdx_A8A_ecef--ShareholderTransactionExpensesTableTextBlock_gRBSTETTB-BC_ztfXHIi3cyo" style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 85%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Stockholder Transaction Expenses</b></span></td>
    <td style="width: 15%; text-align: center; font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sales load</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--SalesLoadPercent_dpn_c20250408__20250408_zoOJN6pMLUT1"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="AsOf2025-04-08" id="Fact000015" format="ixt-sec:numwordsen" decimals="INF" scale="-2" unitRef="Ratio">None</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Offering expenses <sup>(1)</sup></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--OtherTransactionExpensesPercent_dpn_c20250408__20250408_fKDEp_zIB3w47P5upk"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="AsOf2025-04-08" id="Fact000016" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.05</ix:nonFraction>%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividend Reinvestment Plan fees</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--DividendReinvestmentAndCashPurchaseFees_dpn_c20250408__20250408_zBhN0Hq1pKN1"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="AsOf2025-04-08" id="Fact000017" format="ixt-sec:numwordsen" decimals="0" scale="-2" unitRef="USD">None</ix:nonFraction></span></span></td></tr>
</table>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2025-04-08" continuedAt="ConU000019-01" escape="true" id="Fact000019" name="cef:AnnualExpensesTableTextBlock"><p id="xdx_A8E_ecef--AnnualExpensesTableTextBlock_gRBAETTB-KXTUZY_zShwbc2YabHg" style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Annual Expenses (as a percentage of net assets attributable to the Shares)</b></span></td>
    <td style="text-align: center; font-size: 11pt; width: 15%">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management fees</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--ManagementFeesPercent_c20250408__20250408_zfA7DUOKRlX6"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="AsOf2025-04-08" id="Fact000020" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.00</ix:nonFraction>%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other expenses <sup>(2)</sup></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--OtherAnnualExpensesPercent_c20250408__20250408_fKDIp_zPtPcKw4thea"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="AsOf2025-04-08" id="Fact000021" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.14</ix:nonFraction>%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired Fund fees and expenses <sup>(3)</sup></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--AcquiredFundFeesAndExpensesPercent_c20250408__20250408_fKDMp_zdc3TtEOJ7Zj"><ix:nonFraction name="cef:AcquiredFundFeesAndExpensesPercent" contextRef="AsOf2025-04-08" id="Fact000022" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.22</ix:nonFraction>%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Total Annual Expenses</b></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--TotalAnnualExpensesPercent_c20250408__20250408_zvPwOupttU0e"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="AsOf2025-04-08" id="Fact000023" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.36</ix:nonFraction>%</span></span></td></tr>
  </table>
<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"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2025-04-08" continuedAt="ConU000025-01" escape="true" id="Fact000025" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_A81_ecef--ExpenseExampleTableTextBlock_gRBEETTB-PLRM_zdRtv8Ytxd52" style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example <sup>(4)</sup></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example illustrates the hypothetical
expenses that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.36% of net assets attributable to the Shares and (ii) a 5% annual return:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; width: 40%; font-size: 11pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1 Year</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3 Years</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">5 Years</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">10 Years</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90F_ecef--ExpenseExampleYear01_c20250408__20250408_fKDQp_zd9xVbM17VY9"><ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="AsOf2025-04-08" id="Fact000026" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14</ix:nonFraction></span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90C_ecef--ExpenseExampleYears1to3_c20250408__20250408_fKDQp_zR6dOcNUXba"><ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="AsOf2025-04-08" id="Fact000027" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43</ix:nonFraction></span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90B_ecef--ExpenseExampleYears1to5_c20250408__20250408_fKDQp_zTunSq6pw9Lh"><ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="AsOf2025-04-08" id="Fact000028" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74</ix:nonFraction></span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_908_ecef--ExpenseExampleYears1to10_c20250408__20250408_fKDQp_z3rHUzcKP7pj"><ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="AsOf2025-04-08" id="Fact000029" format="ixt:numdotdecimal" decimals="0" unitRef="USD">164</ix:nonFraction></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_A94_zarLB40GVzq2" style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<div id="xdx_C01_gRBSTETTB-BC_zY2uJCl1IYT1"><ix:continuation id="ConU000014-01"><div>
<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: 27px; font-size: 11pt"><span id="xdx_F03_zw5qIm3A1J3c" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F1A_zigfy7Tyn9Z6" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><ix:footnote id="Footnote000030" xml:lang="en-US">Assuming the Fund will have 157,902,711 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $366,000 or approximately $0.002 per Share. If the Offering is not fully subscribed, the Offering expenses percentage (and per Share amount) may increase.</ix:footnote></span></td></tr>
  </table></div></ix:continuation></div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<div id="xdx_C00_gRBAETTB-KXTUZY_zeaVw6Hvzm2h"><ix:continuation id="ConU000019-01"><div>
<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: 27px; font-size: 11pt"><span id="xdx_F03_zf77vG6wKU8d" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F13_zLzEeAJSRWI9" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><ix:footnote id="Footnote000031" xml:lang="en-US"><span id="xdx_900_ecef--OtherExpensesNoteTextBlock_c20250408__20250408_zPwJ5eITUlGd"><ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000032" name="cef:OtherExpensesNoteTextBlock">&#8220;Other Expenses&#8221; 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.</ix:nonNumeric></span></ix:footnote></span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 27px; font-size: 11pt"><span id="xdx_F09_zBDdh9Po6Qie" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F13_zOi2jacqXsnk" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><ix:footnote id="Footnote000033" xml:lang="en-US">The Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Fund&#8217;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.</ix:footnote></span></td></tr>
  </table></div></ix:continuation></div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<div id="xdx_C09_gRBEETTB-PLRM_zDIY0Bzcj2mf"><ix:continuation id="ConU000025-01"><div>
<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: 27px; font-size: 11pt"><span id="xdx_F0A_zwc8PjbhL2U3" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F19_zrrySwCvTRKc" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><ix:footnote id="Footnote000034" xml:lang="en-US">The example assumes that the estimated &#8220;Other Expenses&#8221; 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&#8217;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.</ix:footnote></span></td></tr>
  </table></div></ix:continuation></div>
<p id="xdx_A91_z03BpLMABjG8" style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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>


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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Terms of the Offering</span></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 April 30, 2025 and ends at 5:00 p.m., New York City time, on May 16, 2025, unless extended by the Fund.
See &#8220;Expiration of the Offering.&#8221; 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 &#8220;Basic Subscription.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;Additional Subscription Privilege&#8221;). 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 39,475,678 Shares for a total of 78,951,355 Shares) (the &#8220;Over-Subscription Shares&#8221;) to honor additional
subscription requests, with such Shares subject to the same terms and conditions of the Offering. See &#8220;Additional Subscription Privilege&#8221;
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 &#8220;Nominee&#8221; shall mean, collectively, CEDE &amp; Company (&#8220;Cede&#8221;), as nominee for the Depository Trust
Company (&#8220;DTC&#8221;), 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 &#8220;Additional Subscription Privilege.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SHARES WILL BE ISSUED WITHIN THE 15-DAY PERIOD IMMEDIATELY
FOLLOWING THE RECORD DATE OF THE FUND&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Rights will be Evidenced by Subscription Certificates</span></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 &#8220;Method of Exercising Rights&#8221;
and &#8220;Payment for Shares.&#8221; A RIGHTS HOLDER WILL HAVE NO RIGHT TO RESCIND A PURCHASE AFTER THE SUBSCRIPTION AGENT HAS RECEIVED
PAYMENT. See &#8220;Payment for Shares&#8221; below.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights are non-transferable and may not be purchased
or sold. Rights will expire without residual value at the Expiration Date (or Extended Expiration Date, as the case may be). 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Purpose of the Offering</span></b>. At a meeting
held on February 21, 2025, 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: 0; text-align: justify">&#160;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Basic Subscription will provide existing Stockholders an opportunity to purchase additional Shares at a price that is potentially below market value without incurring any commission or transaction charges.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Raising more cash will better position the Fund to take advantage of investment opportunities that exist or may arise, however as has been the case with Prior Rights Offerings, a portion of the increase in the Fund&#8217;s assets will also be used to maintain the Fund&#8217;s Distribution Policy. Since the Fund adopted the Distribution Policy, the Fund&#8217;s investments have failed to provide adequate net income or net capital gains to meet the requirements of the Fund&#8217;s Distribution Policy and the Fund has made return of capital distributions to maintain its Distribution Policy.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Increasing the Fund&#8217;s assets will provide the Fund additional flexibility in maintaining the Fund&#8217;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: (i) for 2020, 2023, and 2024, a majority of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the Fund&#8217;s investment portfolio, (ii) for 2022, substantially all of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the Fund&#8217;s investment portfolio, and (iii) for 2021, a portion of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the Fund&#8217;s investment portfolio.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Increasing Fund assets may lower the Fund&#8217;s expenses as a proportion of net assets because the Fund&#8217;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&#8217;s expense ratio will be lowered. However, increasing the Fund&#8217;s assets results in a benefit to the Fund&#8217;s Investment Adviser because the Management fee that is paid to the Investment Adviser increases as the Fund&#8217;s net assets increase.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Because the Offering will increase the Fund&#8217;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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Board expects the Offering to be anti-dilutive with respect to net asset value per share, but not to voting, to all Stockholders. Those Stockholders electing not to participate will not be diluted, notwithstanding the fact that all the costs of the Offering will be borne by the Stockholders whether or not they exercise their Rights, because the Offering price is set at a premium to NAV and the estimated expenses incurred for the Offering will be more than offset by the increase in the net assets of the Fund such that non-participating Stockholders will receive an increase in their net asset value, so long as the number of Shares issued to participating Stockholders is not materially less than a full exercise of the Basic Subscription amount. Historically, all Prior Rights Offerings have been anti-dilutive with respect to the net asset value per share. Stockholders have exercised not only the basic subscription but also a significant percentage of the additional subscription shares offered. The Offering is expected to be dilutive with respect to Stockholder&#8217;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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Board Considerations in Approving the Offering</span></b>.
At a meeting held on February 21, 2025, 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&#8217;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 &#8220;The Offering - Purpose
of the Offering&#8221;. 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, the 2018 Offering, the 2021 Offering, and
the 2022 Offering (collectively, the &#8220;Prior Rights Offerings&#8221;) 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&#8217;s assets, including
those resulting from Prior Rights Offerings, have been used to maintain the Fund&#8217;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&#8217;s stock price and adherence to the terms of the Fund&#8217;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&#8217;s market price declined, however
the Board noted that the Fund continued at all times during the 2022 Offering and all of the time since the 2022 Offering&#8217;s conclusion
to sell at a premium to NAV, and the current market price, after adjusting for distributions, exceeded the level that it was prior to
the 2022 Offering. When considering the potential effect of the Offering on the Fund&#8217;s stock price, the Board took into account
the 2022 Offering, including the positive impact it had on the Fund&#8217;s net asset value per share and the short-term price effect.
The Board concluded that the impact on the Fund&#8217;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: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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">At a meeting held on February 21, 2025, the Board
voted to approve the terms of the Offering. Three of the Fund&#8217;s Directors who voted to authorize the Offering are affiliated with
the Investment Adviser and, therefore, could benefit indirectly from the Offering. The remaining directors are not &#8220;interested persons&#8221;
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 the Offering. Any such future
rights offerings will be made in accordance with the then applicable requirements of the 1940 Act and the Securities Act.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Notice of NAV Decline</span></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&#8217;s registration form, will suspend the Offering until it amends this prospectus if, subsequent to the date of this prospectus,
the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">The
Subscription Price</span></b>. The Subscription Price for the Shares to be issued under the Offering will be equal to the greater of
(i) 112% of NAV per Share as calculated at the close of trading on the Expiration Date (or Extended Expiration Date, as the case may
be) or (ii) 80% of the market price per Share at such time. For example, if the Offering were held using the &#8220;Estimated
Subscription Price&#8221; (i.e., an estimate of the Subscription Price based on the Fund&#8217;s per-share NAV and market price at
the end of business on April 17, 2025 ($5.62 and $6.72, respectively), the Subscription Price would be $6.29 per share (112% of $5.62).</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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"><b><span style="text-decoration: underline">Additional Subscription Privilege</span></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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;Over-Subscription Shares&#8221;), 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 &#8220;Excess Shares&#8221;) 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: 0; text-align: justify">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">If there are sufficient Excess Shares to satisfy all additional subscriptions by Stockholders exercising their rights under the Additional Subscription Privilege, each such Stockholder shall be allotted the number of Shares which the Stockholder requested.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">If the aggregate number of Shares subscribed for under the Additional Subscription Privilege exceeds the number of Excess Shares, the Excess Shares will be allocated to Record Date Stockholders who have exercised all of their Rights in accordance with their Additional Subscription Privilege request.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</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: 34px; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">If there are not enough Excess Shares to fully satisfy all Additional Subscription Privilege requests by Record Date Stockholders pursuant to paragraph (ii) above, the Excess Shares will be allocated among Record Date Stockholders who have exercised all of their Rights in proportion, not to the number of Shares requested pursuant to the Additional Subscription Privilege, but to the number of Rights exercised by them under their Basic Subscription Rights; provided, however, that no Stockholder shall be allocated a greater number of Excess Shares than such Record Date Stockholder paid for and in no event shall the number of Shares allocated in connection with the Additional Subscription Privilege exceed 100% of the Shares available in the Offering. The formula to be used in allocating the Excess Shares under this paragraph is as follows: (Rights Exercised by over-subscribing Record Date Stockholder divided by Total Rights Exercised by all over-subscribing Record Date Stockholders) multiplied by Excess Shares remaining.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s ownership percentage and voting rights.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Expiration of the Offering</span></b>. The Offering
will expire at 5:00 p.m., New York City time, on the Expiration Date (May 16, 2025), unless extended by the Fund (the &#8220;Extended
Expiration Date&#8221;). 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Method of Exercising Rights</span></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 &#8220;Payment for Shares.&#8221; Rights may also be exercised through a Rights holder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the Estimated Subscription Price
is more than the Subscription Price on the Expiration Date (or Extended Expiration Date, as the case may be), 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</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: 50%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>If delivering by hand:</b></span></td>
    <td style="width: 50%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>If by mail or overnight courier:</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Equiniti Trust Company, LLC</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">55 Challenger Road, Suite 200</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Ridgefield Park, New Jersey 07660</p></td>
    <td>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Equiniti Trust Company, LLC</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Operations Center</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">55 Challenger Road, Suite 200</p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attn: Reorganization Department</span></td>
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ridgefield Park, New Jersey 07660</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attn: Reorganization Department</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Subscription Agent</span></b>. The Subscription
Agent is Equiniti Trust Company, LLC, with an address at 48 Wall Street, 23rd Floor, New York, New York 10005. The Subscription Agent
will receive from the Fund an amount estimated to be $76,500, 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, EQ FUND SOLUTIONS, AT
(866) 406-2285; HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Payment for Shares</span></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 $6.29 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 $943.50 ($629.00 plus $314.50).</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 $6.29 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: 0; text-align: justify">&#160;</p>


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<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">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 &#8220;Additional
Subscription Privilege&#8221; above.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;Confirmation Date.&#8221; 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 Extended Expiration Date, as the case
may be)) 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 (or Extended Expiration Date, as the case may be) 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 &#8220;Equiniti Trust Company,
LLC as Subscription Agent&#8221;.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>


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<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">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&#8217; 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&#8217;s instructions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The instructions accompanying the Subscription Certificates
should be read carefully and followed in detail.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND
OR THE INVESTMENT ADVISER.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 (or Extended Expiration Date, as the case may be). 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&#8217;s check or money order.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Delivery of the Shares</span></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
(or Extended Expiration Date, as the case may be) and after all allocations have been conducted.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Federal Income Tax Consequences Associated with
the Offering</span></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
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), 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 U.S. federal income tax considerations affecting it and the Fund set forth under &#8220;Certain Additional Material
United States Federal Income Tax Considerations.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">For purposes of the following discussion, the term
&#8220;Old Share&#8221; shall mean a currently outstanding Share with respect to which a Right is issued and the term &#8220;New Share&#8221;
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>For all Record Date Stockholders:</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;Section 307(b)(2)
Election&#8221;).</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the fair market value of the Rights distributed
to all of the Record Date Stockholders is 15% or more of the total fair market value of all of the Fund&#8217;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&#8217;s federal income tax basis in any Right received pursuant to the Offering for purposes
of determining gain or loss on a later sale or exercise of such Rights will be equal to a portion of the Record Date Stockholder&#8217;s
existing federal income tax basis in the related Old Share determined in the manner described below. If made, a Section 307(b)(2) Election
is irrevocable and 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&#8217;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). A Record Date Stockholder must retain a copy of the Section 307(b)(2) Election
and the tax return with which the Section 307(b)(2) Election was filed in order to substantiate the use of an allocated basis upon subsequent
disposition of the New Shares. 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: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>For Record Date Stockholders When the Fair Market
Value of Rights Distributed Equals or Exceeds 15% of the Total Fair Market Value of the Fund&#8217;s Shares or When Making a 307(b)(2)
Election:</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Lapse of Rights. </i>If the fair market value of
rights distributed equals or 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 (i.e., upon the lapse of any Right received pursuant to this Offering, any portion of the Record Date Stockholder&#8217;s
U.S. federal income tax basis in such Record Date Stockholder&#8217;s Old Share that would have been allocated to such Right if such Right
had been sold or exercised rather than allowed to lapse shall continue to be included in the Record Date Stockholder&#8217;s U.S. federal
income tax basis in such Record Date Stockholder&#8217;s Old Share).</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Exercise of Rights. </i>If a Record Date Stockholder
exercises a Right, the Record Date Stockholder&#8217;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&#8217;s basis in their Old Share). Upon such exercise of the Record Date Stockholder&#8217;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&#8217;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>

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<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"><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&#8217;s
Outstanding Shares:</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Employee Plan Considerations</span></b>. Record
Date Stockholders that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;),
including corporate savings and 401(k) plans, Keogh Plans of self-employed individuals and Individual Retirement Accounts (&#8220;IRA&#8221;)
(each a &#8220;Benefit Plan&#8221; and collectively, &#8220;Benefit Plans&#8221;), 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 (&#8220;UBTI&#8221;) 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Benefit to the Investment Adviser</span></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, based on the Estimated Subscription
Price of $6.29: (i) if all Rights are exercised in the Basic Subscription, the annual compensation to be received by the Investment Adviser
would be increased by approximately $2,483,020 and (ii) if all Rights are exercised in the Basic Subscription and the Fund issues all
of the Over-Subscription Shares, the annual compensation to be received by the Investment Adviser would be increased by approximately
$4,966,040. Three of the Fund&#8217;s Directors who voted to approve the Offering are &#8220;interested persons&#8221; of the Investment
Adviser within the meaning of the 1940 Act. These Directors, Messrs. Daniel Bradshaw, Joshua Bradshaw, and Ralph Bradshaw, could benefit
indirectly from the Offering because of their beneficial interests in the Investment Adviser. The other Directors were aware of the potential
benefit to the Investment Adviser (and indirectly to Messrs. Daniel Bradshaw, Joshua Bradshaw, and Ralph Bradshaw), but nevertheless concluded
that the Offering was in the best interest of the Fund&#8217;s Stockholders.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s
board of directors that such offering would result in a net benefit to the Fund&#8217;s existing stockholders.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Use of Proceeds from Prior Rights Offerings</span></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&#8217;s Distribution Policy by providing funding for future distributions, which may constitute a return
of its Stockholders&#8217; capital.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set forth below is, for each year indicated, per share
operating performance data for one share of the Fund&#8217;s common stock (&#8220;Share&#8221;), 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&#8217;s Shares. The financial highlights for the fiscal years ended December 31, 2022, 2023 and 2024 have been audited by Cohen &amp;
Company, Ltd., the Fund&#8217;s independent registered public accounting firm. For each of the other fiscal years presented, the financial
data in the table has been audited by the Fund&#8217;s former independent registered public accounting firm, whose reports for such years
are included in the related annual reports. The financial statements and notes thereto for the fiscal year ended December 31, 2024, together
with the report thereon of Cohen &amp; Company, Ltd., are incorporated by reference in the SAI and are available without charge by visiting
the Fund&#8217;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: 0; text-align: justify">&#160;</p>


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<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">For the Years Ended December
    31,</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2024</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2023</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2022</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2021</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2020</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-size: 11pt">PER SHARE OPERATING PERFORMANCE</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Net investment income #</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.03</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.03</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.02</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.01</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.04</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Net realized and unrealized gain/(loss) on investments</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.42</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.64</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.00</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.82</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.21</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Net increase/(decrease) in net assets resulting from
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.45</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.67</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.98</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.83</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">1.25</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Dividends and distributions to stockholders:</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-size: 11pt">Net investment income</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.03</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.03</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.03</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.01</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.04</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Net realized capital gains</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.51</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.51</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.22</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(1.12</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.58</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="padding-bottom: 1pt"><span style="font-size: 11pt">Return-of-capital</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.71</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.88</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.83</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.71</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.54</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Total dividends and distributions to stockholders</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.25</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.42</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.08</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.84</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.16</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Anti-dilutive effect due to shares issued:</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-size: 11pt">Rights offering</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.42</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.33</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Reinvestment of dividends and distributions</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
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    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Net assets, end of period (000 omitted)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">$</span></td><td style="text-align: right"><span style="font-size: 11pt">778,845</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">$</span></td><td style="text-align: right"><span style="font-size: 11pt">712,751</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">$</span></td><td style="text-align: right"><span style="font-size: 11pt">638,911</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">$</span></td><td style="text-align: right"><span style="font-size: 11pt">625,215</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">$</span></td><td style="text-align: right"><span style="font-size: 11pt">391,374</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average
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    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">1.14</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">1.15</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">1.15</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">1.15</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">1.19</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net investment income
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    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.37</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.43</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.31</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.17</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.43</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-size: 11pt">Portfolio turnover rate</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">37</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">59</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">49</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">77</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">104</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">%</span></td></tr>
  </table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">#</td><td>Based on average shares outstanding.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"/><td style="width: 0.25in; text-align: left">+</td><td style="text-align: justify">Amount rounds to less than $0.01 per share.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(a)</td><td>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&#8217;s dividend reinvestment plan. Total investment return
does not reflect brokerage commissions.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(b)</td><td>Expenses do not include expenses of investment companies in which the Fund invests.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(c)</td><td>Recognition of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment
companies in<br/>
which the Fund invests.</td></tr></table>

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


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<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 11pt">For
    the Years Ended December 31,</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2019</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2018</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2017</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2016</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 11pt">2015</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-size: 11pt">PER SHARE OPERATING PERFORMANCE</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 40%; text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Net asset value, beginning of year</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span style="font-size: 11pt">10.15</span></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span style="font-size: 11pt">13.18</span></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span style="font-size: 11pt">13.04</span></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span style="font-size: 11pt">15.05</span></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right"><span style="font-size: 11pt">18.69</span></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Net investment income #</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.10</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.10</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.13</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.15</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.14</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Net realized and unrealized gain/(loss) on investments</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">2.59</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.94</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">2.41</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.83</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.25</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Net increase/(decrease) in net assets resulting from
    operations</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">2.69</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.84</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">2.54</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.98</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(0.11</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Dividends and distributions to stockholders:</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-size: 11pt">Net investment income</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.10</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.10</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.12</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.15</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.14</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Net realized capital gains</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.43</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.32</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(1.33</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(1.08</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">(0.30</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="padding-bottom: 1pt"><span style="font-size: 11pt">Return-of-capital</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.85</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.34</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(1.30</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.12</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(3.54</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.76</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(2.75</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(3.35</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">(3.98</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Anti-dilutive effect due to shares issued:</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; font-size: 11pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left"><span style="font-size: 11pt">Rights offering</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.57</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.35</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.36</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">0.45</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 11pt">Reinvestment of dividends and distributions</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; text-align: left">+<span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Common stock repurchases</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">+<span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">&#8212;</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 11pt">Total common stock transactions</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.00+</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.57</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.35</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.36</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 11pt">0.45</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 11pt">Net asset value, end of year</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">10.46</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">10.15</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">13.18</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">13.04</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">15.05</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">Market value, end of year</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">10.99</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">11.11</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">15.29</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">15.07</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">16.89</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    investment return <sup>(a)</sup></span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">23.68</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">(8.89</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">)%</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">25.13</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">13.88</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 11pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 11pt">10.28</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 11pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 11pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 11pt">&#160;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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  </table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">#</td><td>Based on average shares outstanding.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"/><td style="width: 0.25in; text-align: left">+</td><td style="text-align: justify">Amount rounds to less than $0.01 per share.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(a)</td><td>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&#8217;s dividend reinvestment plan. Total investment return
does not reflect brokerage commissions.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(b)</td><td>Expenses do not include expenses of investment companies in which the Fund invests.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(c)</td><td>Includes the reimbursement of proxy solicitation costs by the Investment Adviser. If these costs had not been reimbursed by the Investment
Adviser, the ratio of expenses to average net assets would have been 1.19% for the year ended December 31, 2019.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(d)</td><td>Recognition of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment
companies in<br/>
which the Fund invests.</td></tr></table>

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


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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If fully-subscribed, the net proceeds of the
Offering will be approximately $247,936,433 or approximately $1.57 per Share. The net proceeds of the Offering will be invested in
accordance with the Fund&#8217;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&#8217;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&#8217;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&#8217;s Distribution
Policy.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;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&#8217;s objectives are fundamental and may not be changed without stockholder approval.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;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&#8217;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 &#8220;BBB&#8221; by S&amp;P or Moody&#8217;s, commonly referred to as &#8220;junk
bonds.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Adviser utilizes a balanced approach,
including &#8220;value&#8221; and &#8220;growth&#8221; 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&#8217;s price to book, price to sales, return on equity, and return on assets ratios;
and growth analysis is used to determine a company&#8217;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&#8217;s portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest without limitation in other closed-end
investment companies and ETFs, provided that the Fund limits its investment in securities issued by other investment companies so that
not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. As a stockholder in any investment
company, the Fund will bear its ratable share of the investment company&#8217;s expenses and would remain subject to payment of the Fund&#8217;s
advisory and administrative fees with respect to the assets so invested.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s investment policies emphasize long-term
investment in securities. Therefore, the Fund&#8217;s annual portfolio turnover rate is expected to continue to be relatively low, normally
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s foregoing investment policies may
be changed by the Fund&#8217;s Board of Directors without Stockholder vote.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s net asset value.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may, from time to time, take temporary defensive
positions that are inconsistent with the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Adviser may invest the Fund&#8217;s
cash balances in any investments it deems appropriate. Such investments may include, without limitation and as permitted under the 1940
Act, money market funds, U.S. Treasury and U.S. agency securities, municipal bonds, repurchase agreements and bank accounts. Many of the
considerations entering into the Investment Adviser&#8217;s recommendations and the portfolio managers' decisions are subjective.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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., &#8220;uncovered&#8221; 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: 0; text-align: justify">&#160;</p>


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<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"><b>Portfolio Investments</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Common Stocks</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other Closed-End Investment Companies</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#8217;s own operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Funds</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in ETFs, which are investment
companies that aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively managed and their
shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#8220;creation units.&#8221; 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&#8217;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&#8217;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#8217;s own operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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), exchange-traded funds (&#8220;ETFs&#8221;) 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&#8217;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: 0; text-align: justify">&#160;</p>


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<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">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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may purchase ADRs, IDRs and global depository
receipts (&#8220;GDRs&#8221;) 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s distributions attributable to foreign securities will be designated as qualified dividend income. See
&#8220;Certain Additional Material United States Federal Income Tax Considerations.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Emerging Market Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;s income from such securities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Preferred Stocks</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Distributions on preferred stock must be declared
by a 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217; 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: 0; text-align: justify">&#160;</p>


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<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">Because the claim on an issuer&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although it has no current intention do so to any
material extent, the Investment Adviser may determine to invest the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Corporate Bonds, Government Debt Securities
and Other Debt Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;perpetual&#8221; in that they have no maturity date.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will not invest directly in debt securities
rated below investment grade (i.e., securities rated lower than &#8220;Baa&#8221; by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
or lower than &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Rating Services, a division of The McGraw-Hill Companies, Inc. (&#8220;S&amp;P&#8221;),
or their equivalent as determined by the Investment Adviser. These securities are commonly referred to as &#8220;junk bonds.&#8221; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Convertible Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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 &#8220;usable&#8221;
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: 0; text-align: justify">&#160;</p>


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<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">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&#8217;s
profits, and the issuer&#8217;s management capability and practices.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Illiquid Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rule 144A Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;1933 Act&#8221;). 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&#8217;s 20% limit on investments in illiquid
securities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<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"><b><i>Repurchase Agreements</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has agreed to purchase securities from financial
institutions subject to the seller&#8217;s agreement to repurchase them at an agreed-upon time and price (&#8220;repurchase agreements&#8221;).
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>

</ix:nonNumeric><p id="xdx_A98_zURL1YIxdH99" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000036" name="cef:RiskFactorsTableTextBlock"><p id="xdx_A8F_ecef--RiskFactorsTableTextBlock_zXH8PLPtVvC6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>RISK FACTORS</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>An investment in the Fund&#8217;s Shares is subject
to risks. The value of the Fund&#8217;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&#8217;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. The Fund bears these risks directly and indirectly through its investments in
other investment companies.</i>&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Risks Related to the Offering</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DeclineinTradingPriceMember_zqetnWN2Gspk"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_DeclineinTradingPriceMember" escape="true" id="Fact000037" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Decline in Trading Price</i>.</b> If the Fund&#8217;s
trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_z5T4iwECUnb8"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ValueVersusSubscriptionPriceMember" escape="true" id="Fact000038" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Value versus Subscription Price</i>.</b> The
Subscription Price was not determined based on established criteria for valuation, such as expected future performance, cash flows or
financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guarantee of the
value of the Fund.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--TerminationOfOfferingMember_zyuUw9ZcAEx3"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_TerminationOfOfferingMember" escape="true" id="Fact000039" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Termination of Offering</i>.</b> The Fund&#8217;s
Board of Directors may terminate the offering at any time. If the decision is made to terminate the offering, the Fund has no obligation
to you except to return, without interest, your subscription payments.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_zzwBxzqPGNC4"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_RejectionOfExerciseOfSubscriptionRightsMember" escape="true" id="Fact000040" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rejection of Exercise of Subscription Rights</i>.</b>
Rights holders who desire to purchase shares in the offering must act promptly to ensure that all required forms and payments are actually
received by the Subscription Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares
of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required
forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before
the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail
to follow the subscription procedures that apply to your exercise in the offering, the Subscription Agent may, depending on the circumstances,
reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes
to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such
forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></div>


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

<div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DilutionOfOwnershipAndVotingInterestMember_zUusWu6AKsg4"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_DilutionOfOwnershipAndVotingInterestMember" escape="true" id="Fact000041" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Dilution of Ownership and Voting Interest</i>.</b>
As a result of the terms of this offer, Stockholders who do not fully exercise their Rights will, upon completion of this offer, (i) own
a smaller proportional interest in the Fund than they owned prior to the offer and (ii) have a smaller proportional voting interest in
the Fund than they had prior to the offer.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Principal Risks</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--StockMarketVolatilityMember_zATf7hUT7Ab8"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_StockMarketVolatilityMember" escape="true" id="Fact000042" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#8217;s investments
will underperform either the securities markets generally or particular segments of the securities markets.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDisruptionandGeopoliticalRiskMember_z9077Pf3yKR9"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_MarketDisruptionandGeopoliticalRiskMember" escape="true" id="Fact000043" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.
Governments may respond aggressively to such events, including by 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, which could 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19 outbreak in 2020 resulted in 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 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&#8217;s investment in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i></i></b></p>

<div id="xdx_987_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--IssuerSpecificChangesMember_znAKMr0hSZrc"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_IssuerSpecificChangesMember" escape="true" id="Fact000044" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s securities.
Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98B_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ClosedEndFundRiskMember_z0kWARJLUhzh"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ClosedEndFundRiskMember" escape="true" id="Fact000045" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CommonStockRiskMember_z7V3nxV7Hx0d"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_CommonStockRiskMember" escape="true" id="Fact000046" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DefensivePositionsMember_zHLzcCwIl4o8"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_DefensivePositionsMember" escape="true" id="Fact000047" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Defensive Positions. </i></b>During periods
of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its 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.&#160;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjSKw31VLEKd"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ForeignSecuritiesRiskMember" escape="true" id="Fact000048" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities Risk. </i></b>Investments
in securities of non-U.S. issuers involve special risks not presented by investments in securities of U.S. issuers, including the following:
less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices; the
impact of political, social or diplomatic events, including war; possible seizure, expropriation or nationalization of the company or
its assets; possible imposition of currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced
to the extent that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater
in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. With
respect to risks associated with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging
transactions. See &#8220;Foreign Currency Risk.&#8221;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--GlobalMarketRiskMember_zDepjrS0wNN2"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_GlobalMarketRiskMember" escape="true" id="Fact000049" name="cef:RiskTextBlock">

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></div>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i></i></b></p>

<div id="xdx_980_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagedDistributionPolicyRiskMember_zBPZbK7be9w6"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ManagedDistributionPolicyRiskMember" escape="true" id="Fact000050" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Managed Distribution Policy Risk.</i></b> Under
the Fund&#8217;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 (&#8220;Net Earnings&#8221;), or from return-of-capital. For any fiscal year where total cash
distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result,
would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;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&#8217;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&#8217;s investment objective. The Fund adopted the Distribution Policy in 2002,
and during recent years the Fund&#8217;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&#8217;s basis in the shares.
The Stockholders would reduce their basis (but not below zero) 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;s investment performance from the amount of its managed distributions or from the terms of the
Distribution Policy. The Fund&#8217;s managed distribution rates do not correlate to the Fund&#8217;s total return based on NAV because
the Fund&#8217;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders, and such distributions are not
tied to the Fund&#8217;s investment income or capital gains and do not represent yield or investment return on the Fund&#8217;s portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cornerstone Total Return Fund, Inc.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Managed Distributions Paid and NAV Returns from 2020
through 2024</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NAV Per Share</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average Annual Return*</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Average Annual Return**</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Managed Distribution Per Share</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Return-of-Capital Distribution</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Capital Gains Distribution</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net Investment Income Distribution</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gross Expense Ratios</span></td>
    <td style="border-bottom: black 1pt solid">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2020</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></div>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagementRiskMember_zFS9JlC5HLy"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ManagementRiskMember" escape="true" id="Fact000051" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk.</i></b> The Fund is subject
to management risk because it is an actively managed portfolio. The Fund&#8217;s successful pursuit of its investment objective depends
upon the Investment Adviser&#8217;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&#8217;s investment objective. The Investment Adviser&#8217;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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.&#160;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Non-Principal Risks</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--AntiTakeoverProvisionsMember_zA97P99aVtDf"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_AntiTakeoverProvisionsMember" escape="true" id="Fact000053" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Anti-Takeover Provisions. </i></b>The Fund&#8217;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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zJQAqNoWo0ag"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ConvertibleSecuritiesRiskMember" escape="true" id="Fact000054" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;investment value&#8221; (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
&#8220;conversion value&#8221; (the security&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>


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<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">A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;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&#8217;s ability to
achieve its investment objective.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CreditRisksMember_zWL2ikjrO337"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_CreditRisksMember" escape="true" id="Fact000055" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk.</i></b> Fixed income securities
rated B or below by S&amp;Ps or Moody&#8217;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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DebtSecurityRiskMember_zotG73SXqzVh"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_DebtSecurityRiskMember" escape="true" id="Fact000056" name="cef:RiskTextBlock">

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

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ExtensionRiskMember_zLjcKtvKqR5b"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_ExtensionRiskMember" escape="true" id="Fact000057" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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>i.e.</i>, interest
rate sensitivity) and potentially reduce the value of these securities.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s investment securities and net asset value. For example, even if the securities prices are unchanged on their
primary foreign stock exchange, the Fund&#8217;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.&#160;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></div>


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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; 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&#8217;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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investment in Small and Mid-Sized Capitalization
Companies.</i></b> The Fund may invest in companies with small or mid-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>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98F_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--LeverageRiskMember_zHnqrYc6DF63"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_LeverageRiskMember" escape="true" id="Fact000062" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;s portfolio, the Fund&#8217;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&#8217;s leverage strategy will be successful.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_985_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDiscountfromNetAssetValueMember_z5ipTQ0b4kp"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_MarketDiscountfromNetAssetValueMember" escape="true" id="Fact000063" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;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&#8217;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.&#160;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk. </i></b>The Investment
Adviser cannot predict the Fund&#8217;s securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio
turnover rate will normally 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: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></div>


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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; 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 &#8220;noncumulative preferreds&#8221;) or defer (in the case of &#8220;cumulative preferreds&#8221;),
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&#8217;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 &#8220;Certain
Additional Material United States Federal Income Tax Considerations.&#8221;</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zmiI7eQdrh07"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_RealEstateInvestmentTrustREITRiskMember" escape="true" id="Fact000066" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Real Estate Investment Trust (&#8220;REIT&#8221;)
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s yield on that investment.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, provided, however, the Fund may designate
certain dividends from a REIT as &#8220;Section 199A dividends,&#8221; which may be taxed to individual Stockholders and other non-corporate
Stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied. Investors should
see the discussion under the heading &#8220;Certain Additional Material United States Federal Income Tax Consequences&#8221; for more
information relating to Section 199A dividends.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">The Fund&#8217;s investment in REITs may include an
additional risk to Stockholders. Some or all of a REIT&#8217;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#8217;s basis in the REIT investment, but not below zero. To the
extent the distributions from a particular REIT exceed the Fund&#8217;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&#8217;s basis in the Fund shares, such Stockholder will generally recognize
capital gain.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RepurchaseAgreementRiskMember_zDyGqnKn8DQg"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_RepurchaseAgreementRiskMember" escape="true" id="Fact000067" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Repurchase Agreement Risk. </i></b>The Fund
does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase
agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is
a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in
the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund&#8217;s ability to dispose of
the underlying securities.</p>

</ix:nonNumeric></div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98C_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--SecuritiesLendingRiskMember_zs6Sb1sX5sLl"><ix:nonNumeric contextRef="From2025-04-082025-04-08_custom_SecuritiesLendingRiskMember" escape="true" id="Fact000068" name="cef:RiskTextBlock">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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.&#160;</p>

</ix:nonNumeric></div>

</ix:nonNumeric><p id="xdx_A99_zqxyu4SIYdjc" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s Shares trade on the NYSE American
under the ticker symbol &#8220;CRF,&#8221; and are required to meet the NYSE American&#8217;s continued listing requirements.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Directors and Officers</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors is responsible for the overall
management of the Fund, including supervision of the duties performed by the Investment Adviser. There are ten Directors of the Fund,
three of whom are &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Fund. The Directors are responsible for the Fund&#8217;s
overall management, including adopting the investment and other policies of the Fund, electing and replacing officers and selecting and
supervising the Fund&#8217;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 &#8220;Management&#8221; in the Statement of Additional Information.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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"><b>Investment Adviser</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cornerstone Advisors, LLC (the &#8220;Investment Adviser&#8221;),
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&#8217;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 $2.5 billion, as of December 31, 2024.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the general supervision of the Fund&#8217;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&#8217;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 &#8220;Summary
of Fund Expenses.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors annually considers the continuance
of the Investment Management Agreement. A discussion regarding the basis for the Board of Directors&#8217; approval on February 7, 2025
of the continuance of the Investment Management Agreement between the Fund and the Investment Adviser will be available in the Fund&#8217;s
semi-annual report to Stockholders for the six-month period ended June 30, 2025.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the last three fiscal years, the Fund paid
the Investment Adviser the following amounts as compensation:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 67%; text-align: left">Management Fees Earned</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,595,750</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,814,640</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,250,899</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Management Fees Paid</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,595,750</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,814,640</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,250,899</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Messrs. Daniel W. Bradshaw, Joshua G, Bradshaw, and
Ralph W. Bradshaw are the Fund&#8217;s portfolio managers (the &#8220;Portfolio Managers&#8221;). Mr. Ralph W. Bradshaw, President of
Cornerstone Advisors, LLC, is the President and Chairman of the Board of Directors of the Fund. Mr. Joshua G. Bradshaw has been a Director
of the Fund since 2022 and Chief Executive Officer of Cornerstone Advisors, LLC since 2025, and prior to that he was Chief Operating Officer
of Cornerstone Advisors, LLC from 2023 to 2024, a Vice President of Cornerstone Advisors, LLC from 2019 to 2023 and a Vice President of
Cornerstone Advisors, Inc., the Fund&#8217;s former investment adviser, from 2016 to 2019. Mr. Daniel W. Bradshaw has been a Director
of the Fund since 2021 and Chief Investment Officer of Cornerstone Advisors, LLC since 2023, and prior to that he was a Vice President
of Cornerstone Advisors, LLC from 2019 to 2023 and a Vice President (from 2018 to 2019) and an Associate (from 2016 to 2017) at Cornerstone
Advisors, Inc., the Fund&#8217;s former investment adviser.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Portfolio Managers have the primary responsibility
for carrying out the management of the Fund&#8217;s portfolio of securities. The Investment Adviser may assign additional portfolio managers.
The Statement of Additional Information provides additional information about the Portfolio Managers: (i) compensation, (ii) other accounts
managed, and (iii) ownership of securities in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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"><b>Administrator and Fund Accounting Agent</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus Fund Solutions, LLC, located at 225 Pictoria
Drive, Suite 450, Cincinnati, OH (&#8220;Ultimus&#8221;) 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Custodian and Transfer Agent</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Bank N.A., located at 1555 Rivercenter Drive,
Milwaukee, WI 53212, 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equiniti Trust Company, LLC, with an address at 48
Wall Street, 23rd Floor, New York, New York 10005, serves as the transfer agent and dividend paying agent of the Fund.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus is obligated to pay expenses associated with
providing the services contemplated by the fund accounting and administration agreement, including compensation of and office space for
Ultimus&#8217; officers and employees and administration of the Fund. The Fund is not obligated to pay the fees of any Director or officer
of the Fund who is affiliated with Ultimus.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays all other expenses incurred in the operation
of the Fund including, among other things, (i) expenses for legal and independent accountants&#8217; services, (ii) printing costs, including
the costs of printing proxy statements and reports to stockholders, (iii) charges of the custodian and transfer agent in connection with
the Fund&#8217;s Dividend Reinvestment Plan, (iv) fees and expenses of independent Directors, (v) membership fees in trade associations,
(vi) fidelity bond coverage for the Fund&#8217;s officers and Directors, (vii) errors and omissions insurance for the Fund&#8217;s officers
and Directors, (viii) brokerage costs and listing fees and expenses charged by NYSE American, (ix) taxes and (x) 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s annual operating expenses for the
fiscal year ended December 31, 2024 were approximately $8,636,000. No assurance can be given, in light of the Fund&#8217;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: 0; text-align: justify">&#160;</p>


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<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">Offering expenses relating to the Fund&#8217;s Shares,
estimated at approximately $382,000 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s procedures adopted in accordance with Rule 17e-1 under the 1940 Act.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>DETERMINATION OF NET ASSET VALUE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The net asset value of shares of the Fund is determined
weekly and on the last business day of each month, as of the close of regular trading on the NYSE American (normally, 4:00 p.m., Eastern
time). In computing net asset value, portfolio securities of the Fund are valued at their current market values determined on the basis
of market quotations. If market quotations are not readily available, securities are valued at fair value as determined by the Investment
Adviser, as the Valuation Designee. The Fund&#8217;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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trading may take place in foreign issuers held by
the Fund at times when the Fund is not open for business. As a result, the Fund&#8217;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&#8217;s portfolio. The Fund&#8217;s net asset value per Share is calculated by dividing the value of the
Fund&#8217;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&#8217;s other liabilities by the total number of Shares outstanding.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Readily marketable portfolio securities listed on
the NYSE American are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the
NYSE American on the business day as of which such value is being determined. If there has been no sale on such day, the securities are
valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices
may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Investment
Adviser, as the Valuation Designee, 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. (&#8220;NASDAQ&#8221;) 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 Investment Adviser, as the Valuation Designee, deems 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 Investment Adviser, as the Valuation Designee, believes reflect most closely the value of such securities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During recent years, the Fund&#8217;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&#8217;s objective and strategy are complementary to the Fund&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>What are the features of the Distribution Policy?</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Distribution Policy provides a regular
monthly distribution to Stockholders that is adjusted through an annual resetting of the monthly distribution amount per share based
on the Fund&#8217;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&#8217;s Board and can be modified at the Board&#8217;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&#8217;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&#8217;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&#8217;s investment portfolio. As shown on page 35 in the table which identifies the constituent
components of the Fund&#8217;s distributions under its Managed Distribution Policy for years 2020-2024, (i) a majority of the
distributions that the Fund made to its Stockholders for 2020, 2023, and 2024 consisted of a return of its Stockholders&#8217;
capital, and not of income or gains generated from the Fund&#8217;s investment portfolio, (ii) substantially all of the
distributions that the Fund made to its Stockholders for 2022 consisted of a return of its Stockholders&#8217; capital, and not of
income or gains generated from the Fund&#8217;s investment portfolio and (iii) a portion of the distributions that the Fund made to
its Stockholders for 2021 consisted of a return of its Stockholders&#8217; capital, and not of income or gains generated from the
Fund&#8217;s investment portfolio. A return-of-capital distribution reduces the tax basis (but not below zero) of an
investor&#8217;s shares in the Fund. The Fund plans to maintain the Distribution Policy even if a return-of-capital distribution
would exceed an investor&#8217;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&#8217;s Shares.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>What are the benefits of the Distribution Policy?</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Distribution Policy historically has maintained
a stable, high rate of distribution. The Board remains convinced that the Fund&#8217;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&#8217;s dividend reinvestment
plan or receiving them in cash. For more information regarding the Fund&#8217;s dividend reinvestment plan, Stockholders should carefully
read the description of the dividend reinvestment plan contained in the Fund&#8217;s Reports to Stockholders.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</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"><b><i>What are the risks of the Distribution Policy?</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund makes level distributions on a monthly basis
and these distributions are not tied to the Fund&#8217;s net investment income and capital gains and may not represent yield or investment
return on the Fund&#8217;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&#8217;s dividend 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&#8217;s total assets and, as a result, will have the likely effect of increasing the Fund&#8217;s expense ratio.
There is a risk that the total Net Earnings and unrealized gain or loss for years from the Fund&#8217;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&#8217;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&#8217;s investment objective.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Funds maintain varying degrees of cash levels pursuant
to market conditions and the judgment of the portfolio managers. 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&#8217;s investment objective. In addition to these general cash requirements, a
fund&#8217;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&#8217;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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A return-of-capital distribution reduces the tax basis
of an investor&#8217;s Shares, which may make record-keeping by certain Stockholders more difficult.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund discloses the characterization of its distributions
in notices to Stockholders and press releases to the public. Notwithstanding these communications, it is possible that the Distribution
Policy may create potential confusion in the marketplace as to whether the Fund&#8217;s distributions are comprised of income or return
of capital and how such characterization may influence the market price of the Fund&#8217;s Shares.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <!-- 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">For the years 2020-2024, the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Cornerstone Strategic Value Fund, Inc.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dividends and Distributions Paid from 2020 through
2024</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
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    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Earnings</b></span></td>
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    <td style="border-bottom: black 1pt solid">&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Years</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Total Dividends and Distributions</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Amount</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Percent</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Amount</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Percent</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2020</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</span></td>
    <td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">86,683,427</span></td>
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    <td style="width: 1%">&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">140,325,618</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">79,639,701</span></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless the registered owner of Shares elects to receive
cash, all distributions declared on the Fund&#8217;s Shares will be automatically reinvested in additional Shares. See &#8220;Dividend
Reinvestment Plan&#8221;.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to maintain the Distribution Policy, the
Fund applied for and received an exemption from the requirements of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder permitting
the Fund to make periodic distributions of long-term capital gains, provided that the Distribution Policy calls for periodic (e.g., quarterly/monthly)
distributions in an amount equal to a fixed percentage of the Fund&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Distribution Policy results in the payment of
approximately the same amount per share to the Fund&#8217;s Stockholders each month. These distributions are not to be tied to the Fund&#8217;s
investment income and capital gains and do not represent yield or investment return on the Fund&#8217;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&#8217;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 &#8220;Rule 19a-1
Notice Accompanying Distribution Payment&#8221;. In addition, the Fund will refer to the return of capital distributions as &#8220;Paid-in-capital&#8221;
which will be presented under the &#8220;Source of Payment&#8221; heading in such notice.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 2, 2024, the Board of Directors of the Fund
determined that the distribution percentage for the calendar year 2025 would remain at 21%, which was the same distribution percentage
used in 2024, which was then applied to the net asset value of the Fund at the end of October 2024 to determine the distribution amounts
for calendar year 2025. During 2025, the Board of Directors of the Fund will make a determination regarding the distribution percentage
for 2026 which will then be applied to the net asset value of the Fund at the end of October 2025 to determine the distribution amounts
for calendar year 2026. The distribution percentage is not a function of, nor is it related to, the investment return on the Fund&#8217;s
portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund operates a dividend reinvestment plan (the
&#8220;Plan&#8221;), administered by Equiniti Trust Company, LLC (the &#8220;Agent&#8221;), pursuant to which the Fund&#8217;s income
dividends or capital gains or other distributions (each, a &#8220;Distribution&#8221; and collectively, &#8220;Distributions&#8221;),
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders automatically participate in the Fund&#8217;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 48 Wall Street, 23rd Floor, New York, NY 10005.
Under the Plan, the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Fund declares a Distribution, the Agent,
on the Stockholder&#8217;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 (&#8220;Newly Issued Shares&#8221;) or (ii) purchase outstanding shares on the open
market, on the NYSE American or elsewhere, with cash allocated to it by the Fund (&#8220;Open Market Purchases&#8221;).</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The method for determining the number of Newly Issued
Shares received when Distributions are reinvested will be determined by dividing the amount of the Distribution either by the Fund&#8217;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&#8217;s shares is
higher than the average closing price of the Fund over the five trading days preceding the payment date of the Distribution (i.e., the
Fund is selling at a discount), shares may be acquired by the Agent in Open Market Purchases and allocated to the reinvesting Stockholders
based on the average cost of such Open Market Purchases. Upon notice from the Fund, the Agent will receive the Distribution in cash and
will purchase shares of common stock in the open market, on the NYSE American or elsewhere, for the participants&#8217; 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In a case where the Agent has terminated open market
purchases and caused the issuance of remaining shares by the Fund, the number of shares received by the participant in respect of the
cash dividend or 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 dividend or 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 dividend or Distribution had been paid in shares issued by the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whenever the Fund declares a Distribution and the
last reported net asset value of the Fund&#8217;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&#8217;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&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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">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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Participants in the Plan may withdraw from the Plan
by providing written notice to the Agent at least 30 days prior to the applicable Distribution payment date. The Agent will maintain all
Stockholder accounts in the Plan and furnish written confirmations of all transactions in the accounts, including information needed by
Stockholders for personal and tax records. The Agent will hold shares in the account of the Plan participant in non-certificated form
in the name of the participant, and each Stockholder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of Stockholders, such as banks, brokers
or nominees, that hold shares for others who are beneficial owners participating in the Plan, the Agent will administer the Plan on the
basis of the number of shares certified from time to time by the record Stockholder as representing the total amount of shares registered
in the Stockholder&#8217;s name and held for the account of beneficial owners participating in the Plan.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither the Agent nor the Fund shall have any responsibility
or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties,
responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in
good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant&#8217;s account prior
to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participants
account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Participants may at any time sell some or all of their
shares though the Agent. Shares may be sold via the internet at www.equiniti.com or through the Agent&#8217;s 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 Equiniti Trust
Company, LLC, 48 Wall Street, 23rd Floor, New York, NY 10005. There is a commission of $0.05 per share.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All correspondence concerning the Plan should be directed
to Equiniti Trust Company, LLC, 48 Wall Street, 23rd Floor, New York, NY 10005. Certain transactions can be performed online at www.equiniti.com
or by calling the toll-free number (866) 668-6558.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <!-- 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: center"><b>CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL
INCOME TAX CONSIDERATIONS</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary discussion of certain U.S.
federal income tax consequences that may be relevant to a Stockholder that acquires, holds and/or disposes of the Fund&#8217;s Shares,
and reflects provisions of the Code, existing Treasury regulations, rulings published by the Internal Revenue Service (the &#8220;IRS&#8221;),
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. Except as expressly provided
below, this discussion addresses only the U.S. federal income tax consequences of an investment by U.S. Holders (as defined in the Statement
of Additional Information) and assumes that such Stockholders will hold Shares as capital assets, which generally means as property held
for investment. For more detailed information regarding tax considerations, see the Statement of Additional Information under the heading
&#8220;Certain Material United States Federal Income Tax Consequences.&#8221; 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: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund intends to elect to be treated and to qualify
each year for taxation as a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Code. In order for the Fund to
qualify as a RIC, it must, among other requirements, 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.&#160;&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund intends to make monthly distributions of
investment company taxable income after payment of the Fund&#8217;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&#8217;s dividend reinvestment
plan (the &#8220;Plan&#8221;). 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&#8217;s investment company taxable
income (including short-term capital gains) will generally be treated as ordinary income to the extent of the Fund&#8217;s current and
accumulated earnings and profits. Distributions of the Fund&#8217;s net capital gains (&#8220;capital gain dividends&#8221;), 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&#8217;s earnings and profits will first reduce the adjusted tax basis of a holder&#8217;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&#8217;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 &#8220;Distribution Policy&#8221; 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: 0; text-align: justify">&#160;</p>


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<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">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&#8217;s
pro rata share of such gain, with the result that each Stockholder will (i) be required to report such Stockholder&#8217;s pro rata share
of such gain on such Stockholder&#8217;s tax return as long-term capital gain, (ii) receive a refundable tax credit for such Stockholder&#8217;s
pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for such Stockholder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under current law, certain income distributions paid
by the Fund to individual taxpayers may be taxed at rates equal to those applicable to net long-term capital gains (generally, 20%). This
tax treatment applies only if certain holding period and other requirements are satisfied by the Stockholder with respect to its Shares,
and the dividends are attributable to qualified dividends received by the Fund itself. For this purpose, &#8220;qualified dividends&#8221;
means dividends received by the Fund from certain United States corporations (excluding REITs) 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. The Fund&#8217;s dividends, other than
qualified dividends and 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&#8217;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 Fund&#8217;s Statement of Additional Information under the
heading &#8220;Certain Material United States Federal Income Tax Consequences&#8221; for more information relating to qualified dividends.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dividends received by the Fund from REITs generally
are not expected to qualify for treatment as qualified dividend income. However, to the extent the Fund invests in REITs, the Fund may
designate dividends it pays to its Stockholders as &#8220;Section 199A dividends&#8221; so that individual and non-corporate Stockholders
may be eligible for a 20% deduction with respect to such dividends, provided such Stockholders have satisfied the holding period requirement
for the Fund&#8217;s Shares and certain other conditions. The amount of Section 199A dividends that the Fund may pay and report to its
Stockholders is limited to the excess of the ordinary REIT dividends, other than capital gain dividends and portions of REIT dividends
designated as qualified dividend income that the Fund receives from REITs for a taxable year over the Fund&#8217;s expenses allocable
to such dividends.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dividends and interest received, and gains realized,
by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions
(collectively &#8220;foreign taxes&#8221;) 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&#8217;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 IRS 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&#8217;s own income
from those sources, and, if certain conditions are met, (3) could either deduct such Stockholder&#8217;s proportionate share of the foreign
taxes deemed paid in computing taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit against
such Stockholder&#8217;s federal income tax liability. 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: 0; text-align: justify">&#160;</p>


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<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">The Fund will inform its Stockholders of the source
and tax status of all distributions after the close of each calendar year.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in other RICs. In general, the
Code taxes a RIC which satisfies certain requirements as a pass-through entity by permitting a qualifying RIC to deduct dividends paid
to its stockholders in computing the RIC&#8217;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&#8217;s income to its stockholders,
including the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling Stockholders will generally recognize gain
or loss in an amount equal to the difference between the Stockholder&#8217;s adjusted tax basis in the Shares sold and the amount received
in exchange therefor. 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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investor should be aware that, if Shares are purchased
shortly before the record date for any taxable dividend (including a capital gain dividend), the purchase price likely will reflect the
value of the dividend and the investor then would receive a taxable distribution likely to reduce the trading value of such Shares, in
effect resulting in a taxable return of some of the purchase price. Taxable distributions to individuals and certain other non-corporate
Stockholders, including those who have not provided their correct taxpayer identification number and other required certifications, may
be subject to &#8220;backup&#8221; federal income tax withholding currently equal to 24%.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Fund utilizes leverage through borrowing, it
may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on
the Fund&#8217;s payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore,
jeopardize the Fund&#8217;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: 0; text-align: justify">&#160;</p>


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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 6045B of the Code generally imposes certain
reporting requirements on the Fund with respect to any organizational action that affects the tax basis of the Shares for U.S. federal
income tax purposes. The Fund has historically made return of capital distributions (&#8220;ROC Distributions&#8221;) 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 (&#8220;Form 8937&#8221;), 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&#8217;s website) for 10 years.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As the Fund will generally not be able to determine
whether a distribution during the year will be out of its earnings and profits (and, therefore, whether such distribution should be treated
as a dividend or a ROC Distribution for these purposes) until the close of the tax year, the Fund does not intend to file Form 8937 until
after the end of the current calendar year. Based on the limited interpretive guidance currently available, the Fund believes that its
treatment of ROC Distributions and its current intended action regarding Form 8937 continue to be consistent with the requirements of
Form 8937, Section 6045B and the Treasury Regulations thereunder. The Fund intends to utilize its best efforts to determine the tax characterization
of the Fund&#8217;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&#8217;s most recently filed Form 8937 is available on
the Fund&#8217;s website, <span style="text-decoration: underline">www.cornerstonetotalreturnfund.com</span>.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net Investment Income Tax</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A U.S. Holder (as defined in the Fund&#8217;s Statement
of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax Consequences&#8221;) 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&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2) the excess of the
U.S. Holder&#8217;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&#8217;s circumstances). A U.S. Holder&#8217;s &#8220;net investment income&#8221;
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 Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Payments to Foreign Financial Institutions</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sections 1471 through 1474 of the Code (provisions
commonly referred to as &#8220;FATCA&#8221;), and Treasury regulations promulgated thereunder, generally provide that a 30% withholding
tax may be imposed on payments of U.S. source income, including U.S. source interest and dividends, 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. While withholding
under FATCA would have also applied to payments of gross proceeds from the sale or other disposition of Shares on or after January 1,
2019, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed
regulations indicates that taxpayers may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their
own tax advisors regarding the possible implications and obligations of FATCA.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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"><b>Other Taxation</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s Stockholders may be subject to state,
local and foreign taxes on its distributions. Stockholders are advised to consult their own tax advisors with respect to the particular
tax consequences to them of an investment in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing briefly summarizes some of the important
federal income tax consequences to Stockholders of investing in the Shares, reflects the federal tax law as of the date of this prospectus,
and except as expressly provided herein, 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000069" name="cef:CapitalStockTableTextBlock"><p id="xdx_A89_ecef--CapitalStockTableTextBlock_zDQpthkYNKu8" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>DESCRIPTION OF CAPITAL STRUCTURE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a corporation established under the laws
of the State of New York upon the filing of its Certificate of Incorporation on March 16, 1973 (as subsequently amended, the &#8220;Charter&#8221;).
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 March  31, 2025, the Fund had 118,427,033 Shares issued and outstanding.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_90C_ecef--SecurityTitleTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxz4cdCgYco9"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000070" name="cef:SecurityTitleTextBlock">Common Stock</ix:nonNumeric></span></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Charter, which has been filed with the SEC, permits
the Fund to issue 1,000,000,000 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. <span id="xdx_906_ecef--SecurityDividendsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUwbPTjDPnla"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000071" name="cef:SecurityDividendsTextBlock">Holders of Shares will be entitled to the payment of
dividends when declared by the Board of Directors. See &#8220;Distribution Policy.&#8221;</ix:nonNumeric></span> <span id="xdx_909_ecef--SecurityVotingRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTtbbizzIzDb"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000072" name="cef:SecurityVotingRightsTextBlock">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.</ix:nonNumeric></span> <span id="xdx_908_ecef--SecurityLiquidationRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxAjGOmsnCLb"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000073" name="cef:SecurityLiquidationRightsTextBlock">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.</ix:nonNumeric></span> <span id="xdx_908_ecef--SecurityLiabilitiesTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zf0PiebadmVe"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000074" name="cef:SecurityLiabilitiesTextBlock">Shares are not liable to further calls or to assessment by the Fund.</ix:nonNumeric></span> <span id="xdx_907_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zj7cS5fNV32k"><ix:nonNumeric contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember" escape="true" id="Fact000075" name="cef:SecurityPreemptiveAndOtherRightsTextBlock">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.</ix:nonNumeric></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has no present intention of offering additional
Shares, except as described herein in connection with the exercise of the Rights. Other offerings of its Shares, if made, will require
approval of the Board of Directors. Any additional offering will not be sold at a price per share below the then current net asset value
(exclusive of underwriting discounts and commissions) except in connection with an offering to existing Stockholders or with the consent
of a majority of the Fund&#8217;s outstanding Shares.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<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">The Fund will not issue share certificates. The Fund&#8217;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>

</ix:nonNumeric><p id="xdx_A9A_zbWAsvWz8yEf" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000076" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_A84_ecef--OutstandingSecuritiesTableTextBlock_ze8ta3Oi0gw9" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Outstanding Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth certain information
regarding our authorized shares and shares outstanding as of March 31, 2025.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(1)</b></span></td>
    <td style="width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(2)</b></span></td>
    <td style="width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(3)</b></span></td>
    <td style="width: 29%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(4)</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Title of Class</b></span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Amount Authorized</b></span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Held By</b><br/>
    <b>Registrant</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>or for its Account</b></p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Outstanding<br/>
    Exclusive of</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Shown Under (3)</b></p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zlOkUC1O7Bwb"><ix:nonNumeric contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" escape="true" id="Fact000077" name="cef:OutstandingSecurityTitleTextBlock">Common Stock</ix:nonNumeric></span>, par value $0.01 per share</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--OutstandingSecurityAuthorizedShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt2CAg9FyZE9"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000078" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000,000</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAoW182WtABa"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000079" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;<span id="xdx_907_ecef--OutstandingSecurityNotHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbP66gTJ9FAe"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000080" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">118,427,033</ix:nonFraction></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_A95_zKyo1cEZZ6d" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="AsOf2025-04-08" escape="true" id="Fact000081" name="cef:SharePriceTableTextBlock"><p id="xdx_A87_ecef--SharePriceTableTextBlock_zaoP6deFmig6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Trading and Net Asset Value Information</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the past, the Shares have traded at both a premium
and at a discount in relation to NAV. Although the Shares recently have been trading at a premium above NAV, there can be no assurance
that this premium will continue after the Offering or that the Shares will not again trade at a discount. Shares of closed-end investment
companies such as the Fund frequently trade at a discount from NAV. See &#8220;Risk Factors.&#8221; 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, 2024
was 3,657,789 Shares.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fiscal Quarter Ended</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High Close</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Low Close</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Low NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/ (Discount) to High NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/ (Discount) to Low NAV</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_907_ecef--HighestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcNa71OqJGp9"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000082" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.13</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_906_ecef--LowestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqZymphojAtd"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000083" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.91</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90F_ecef--HighestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCZ2T1z42lN5"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000084" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.71</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90E_ecef--LowestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZ0KCWJD6Awc"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000085" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.18</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziEkYaThZQg7"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000086" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">20.57</ix:nonFraction></span>%</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zevvvYgM2eF3"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000087" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">19.74</ix:nonFraction></span>%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--HighestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcgNFLsdA3Na"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000088" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.00</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--LowestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z37c1v9DBbme"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000089" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.21</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--HighestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zv1Neo77Rpk"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000090" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.77</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zioqU7srec2"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000091" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.32</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zrcRfLLH8yPe"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000092" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">18.17</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzLjBkI2zHj4"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-04-012023-06-30_us-gaap_CommonStockMember" id="Fact000093" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">17.88</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_ecef--HighestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSEoWhEzTpsa"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000094" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.50</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCYZ1hAb0oOf"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000095" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.70</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--HighestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxUUF4N5e5gf"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000096" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.86</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--LowestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zb8HiFup0SS9"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000097" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.19</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOT7sM9IfzB8"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000098" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">23.91</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znBYNrCPAkP1"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-07-012023-09-30_us-gaap_CommonStockMember" id="Fact000099" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">29.08</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--HighestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqNtQiyWweCh"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000100" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.93</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zBBgLhzBohv7"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000101" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.09</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--HighestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU72XJZ1NKCd"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000102" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.49</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_ecef--LowestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zWZ3BYv9XOv9"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000103" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.81</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4B18feqfptg"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000104" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">8.78</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUhntYqRVdra"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember" id="Fact000105" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">8.26</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--HighestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zfLPyagQIcv3"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000106" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.51</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--LowestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zPY6qUl2okia"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000107" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.96</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU4nUlUTukhk"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000108" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.79</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoN38JdMZ6P5"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000109" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.40</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zVEvLgtB7xxj"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000110" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">10.60</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zh4A673py73d"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember" id="Fact000111" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">11.88</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--HighestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQIzFoVyQxs7"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000112" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.85</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOpXSTQrlmD6"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000113" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.12</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--HighestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zvoy9Ch9pojf"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000114" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.79</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zaovfbkx8Nu"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000115" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.35</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziE1x2VAZYV6"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000116" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">15.61</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTzfWB0P2std"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember" id="Fact000117" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">16.69</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--HighestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zKFHGAUmhAC5"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000118" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.09</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--LowestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUj4Khl0Chn6"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000119" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.11</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_ecef--HighestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7A3Fe7TXBEj"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000120" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.97</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--LowestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zEbE6L4Awhz8"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000121" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.55</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zyaJYsvsc4Ah"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000122" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">12.20</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOXvgZCxCNpd"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-07-012024-09-30_us-gaap_CommonStockMember" id="Fact000123" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">21.68</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZzynAGcwjej"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000124" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.66</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zM4OOiPqGKOk"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000125" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.02</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--HighestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAVgM9c4MWm9"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000126" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.01</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt1ACY15lWA8"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000127" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.68</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7h8Roe7Wz6e"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000128" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">37.66</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFP1TrUxLwI6"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2024-10-012024-12-31_us-gaap_CommonStockMember" id="Fact000129" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">26.05</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2025</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zG3AtXhTZNuf"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000130" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.10</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--LowestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSMfdtZszkr2"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000131" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.17</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--HighestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zF6mZT1SJMf6"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000132" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.82</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--LowestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2diT7e0w1q9"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000133" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.04</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoDShgxL8yh8"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000134" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">29.47</ix:nonFraction></span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zHdKWJ2poJZb"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember" id="Fact000135" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">18.71</ix:nonFraction></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_A92_zMhR83ERc2Db" style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Recent Rights Offerings</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2022 Offering expired on June 10, 2022 and included
similar terms and conditions as this Offering. Pursuant to the 2022 Offering, which was fully subscribed, the Fund issued 32,028,301 Shares
(10,676,100 Shares of which were Over-Subscription Shares) at a subscription price of $7.95 per Share, for a total offering of $254,624,993.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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">The 2021 Offering expired on May 14, 2021 and included
similar terms and conditions as this Offering. Pursuant to the 2021 Offering, which was fully subscribed, the Fund issued 20,584,726 Shares
(6,833,697 Shares of which were Over-Subscription Shares) at a subscription price of $10.23 per Share, for a total offering of $210,581,747.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $197,012,563.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2017 Offering expired on August 25, 2017 and included
similar terms and conditions as this Offering. Pursuant to the 2017 Offering, which was fully subscribed, the Fund issued 8,798,352 Shares
(4,399,176 Shares of which were Over-Subscription Shares) at a subscription price of $13.41 per Share, for a total offering of $117,985,900.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2016 Offering expired on October 21, 2016 and
included similar terms and conditions as this Offering. Pursuant to the 2016 Offering, which was fully subscribed, the Fund issued 5,196,240
Shares (2,598,120 Shares of which were Over-Subscription Shares) at a subscription price of $13.69 per Share, for a total offering of
$71,136,525.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2015 Offering expired on August 14, 2015 and included
similar terms and conditions as this Offering. Pursuant to the 2015 Offering, which was fully subscribed, the Fund issued 3,027,098 Shares
(1,513,549 Shares of which were Over-Subscription Shares) at a subscription price of $17.06 per Share, for a total offering of $51,642,292.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2013 Offering expired on November 29, 2013 and
included similar terms and conditions as this Offering. Pursuant to the 2013 Offering, which was fully subscribed, the Fund issued 1,723,096
Shares (861,548 Shares of which were Over-Subscription Shares) at a subscription price of $21.36 per Share, for a total offering of $36,805,331.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2012 Offering expired on December 21, 2012 and
included similar terms and conditions as this Offering. Pursuant to the 2012 Offering, which was fully subscribed, the Fund issued 841,130
Shares (279,448 Shares of which were Over-Subscription Shares) at a subscription price of $21.32 per Share, for a total offering of $17,932,897.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2011 Offering expired on December 16, 2011 and
included similar terms and conditions as this Offering. Pursuant to the 2011 Offering, which was fully subscribed, the Fund issued 657,003
Shares (328,501 Shares of which were Over-Subscription Shares) at a subscription price of $22.16 per Share, for a total offering of $14,559,175.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2010 Offering expired on December 10, 2010 and
included similar terms and conditions as this Offering. Pursuant to the 2010 Offering, which was fully subscribed, the Fund issued 251,596
Shares (11,588 Shares of which were Over-Subscription Shares) at a subscription price of $28.92 per Share, for a total offering of $7,275,425.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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"><b>Repurchase of Shares</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may, pursuant to Section 23 of the Investment
Company Act, purchase Shares on the open market from time to time, at such times, and in such amounts as may be deemed advantageous to
the Fund. Nothing herein shall be considered a commitment to purchase such Shares. The Fund had no repurchases during the year ended December
31, 2024. 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&#8217;s
expenses, whether such transactions would impair the Fund&#8217;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&#8217;s ability to consummate such transactions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Additional Provisions of the Charter and By-laws</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A Director may be removed from office only for cause,
at any time by a written instrument signed or adopted by a vote of the holders of at least a majority of the shares of the Fund that are
entitled to vote in the election of such Director or by not less than a majority of Directors then in office. The By-laws prohibit the
Fund from issuing senior securities. The By-laws also include certain notice requirements regarding Stockholder nominees for Directors
and proposals that may have the effect of delaying a change of control.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cohen&#160;&amp;&#160;Company, Ltd. is the independent
registered public accounting firm for the Fund and will audit the Fund&#8217;s financial statements. Cohen &amp; Company, Ltd. is located
at 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The prospectus and the Statement of Additional Information
do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC file No. 811-02363.
The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this Prospectus for information
about how to obtain a paper copy of the Registration Statement or Statement of Additional Information without charge.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL
INFORMATION</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 90%">&#160;</td>
    <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORWARD-LOOKING STATEMENTS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT RESTRICTIONS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-3</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXECUTIVE OFFICERS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-11</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CODE OF ETHICS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-14</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY VOTING PROCEDURES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-15</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT ADVISORY AND OTHER SERVICES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PORTFOLIO MANAGERS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-16</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALLOCATION OF BROKERAGE</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-19</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL STATEMENTS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTHER INFORMATION</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>


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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>THE FUND&#8217;S PRIVACY POLICY</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</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-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>FACTS</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>WHAT DOES CORNERSTONE TOTAL RETURN FUND, INC. (&#8220;CORNERSTONE&#8221; OR THE &#8220;FUND&#8221;), AND SERVICE PROVIDERS TO THE FUND, ON THE FUND&#8217;S BEHALF, DO WITH YOUR PERSONAL INFORMATION?</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Why?</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>What?</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The types of personal information we, and our service providers, on our
    behalf, collect and share depends on the product or service you have with us. This information can include:</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; Social Security number&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; account balances&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; account transactions&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; transaction history&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; wire transfer instructions&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9679; checking account information</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">When you are <i>no longer </i>our customer, we continue to share your information
    as described in this notice.&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>How?</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">All financial companies need to share customers&#8217; personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers&#8217; personal information; the reasons the Fund, and our service providers, on our behalf, choose to share; and whether you can limit this sharing.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reasons we can share your personal information</b></span></td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Does Cornerstone share?</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Can you limit this sharing?</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>For our everyday business purposes &#8211;</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">such as to process your transactions, maintain your account(s), respond
    to court orders and legal investigations, or report to credit bureaus&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>For our marketing purposes &#8211;&#160;</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>to offer our products and services to you</b>&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&#8217;t share</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>For joint marketing with other financial companies</b></span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&#8217;t share</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>For our affiliates&#8217; everyday business purposes &#8211;&#160;</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>information about your transactions and experiences</b>&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No </span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>For our affiliates&#8217; everyday business purposes &#8211;&#160;</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>information about your creditworthiness</b>&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&#8217;t share</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>For our affiliates to market to you</b></span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&#8217;t share</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>For nonaffiliates to market to you</b></span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&#8217;t share</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Questions?</b></span></td>
    <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Call (866) 668-6558</b></span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></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-bottom: Black 1pt solid; border-left: black 1pt solid; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>What we do</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 60%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Who is providing this notice? Cornerstone Total Return Fund, Inc. (&#8220;Cornerstone&#8221; or the &#8220;Fund&#8221;)</b></span></td></tr>
  </table>
<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"></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-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How does the Fund, and the Fund&#8217;s service providers, on the Fund&#8217;s behalf, protect my personal information?</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">To protect your personal information from unauthorized access and use, we and our service providers use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How does the Fund, and the Fund&#8217;s service providers, on the Fund&#8217;s behalf, collect my personal information?</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We collect your personal information, for example, when you:</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; open an account&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; provide account information&#160;&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; give us your contact information&#160;&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; make a wire transfer</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We also collect your information from others, such as credit bureaus, affiliates,
    or other companies.&#160;&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Why can&#8217;t I limit all sharing?</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Federal law gives you the right to limit only</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; sharing for affiliates&#8217; everyday business purposes &#8211;
    information about your creditworthiness&#160;&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; affiliates from using your information to market to you&#160;&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; sharing for nonaffiliates to market to you</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">State laws and individual companies may give you additional rights to limit
    sharing.&#160;&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Definitions</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Affiliates</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; <i>Cornerstone Advisors, LLC and Cornerstone Strategic Investment
    Fund, Inc.&#160;</i></p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Nonaffiliates</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; <i>Cornerstone does not share with nonaffiliates so they can market
    to you.</i>&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Joint marketing</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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: 0">&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9632; <i>Cornerstone does not jointly market.</i>&#160;</p></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>Not part of the Prospectus</i>&#160;</p>


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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>118,427,033 Rights for</b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>39,475,678 Shares of Common Stock</b></p>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>April 21, 2025</b></p>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>April 21, 2025</b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CORNERSTONE TOTAL RETURN FUND, INC.</b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>C/O ULTIMUS FUND SOLUTIONS, LLC</b>&#160;&#160;&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>225 PICTORIA DRIVE, SUITE 450</b>&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CINCINNATI, OH 45246</b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THIS STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;)
IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF CORNERSTONE TOTAL RETURN FUND, INC. (THE &#8220;FUND&#8221;),
DATED APRIL 21, 2025 (THE &#8220;PROSPECTUS&#8221;), 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>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT
CHARGE BY CALLING THE FUND TOLL FREE AT (866) 406-2285 OR BY VISITING THE FUND&#8217;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 &#8220;SEC&#8221;) 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&#8217;S FILINGS WITH THE SEC ARE ALSO AVAILABLE TO THE PUBLIC ON
THE SEC&#8217;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&#8217;S PUBLIC REFERENCE SECTION, 100 F ST. NE, WASHINGTON,
D.C. 20549-0102.</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL
INFORMATION</b></p>

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<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="width: 93%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORWARD-LOOKING STATEMENTS</span></td>
    <td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT RESTRICTIONS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-3</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXECUTIVE OFFICERS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-11</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CODE OF ETHICS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-14</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY VOTING PROCEDURES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-15</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT ADVISORY AND OTHER SERVICES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PORTFOLIO MANAGERS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-16</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALLOCATION OF BROKERAGE</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-19</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL STATEMENTS</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTHER INFORMATION</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-27</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This SAI contains or incorporates by reference
&#8220;forward-looking statements&#8221; (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 &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221;
&#8220;objectives,&#8221; &#8220;goals,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;may,&#8221;
&#8220;could,&#8221; &#8220;should,&#8221; and similar expressions are used in an effort to identify forward-looking statements, although
some forward-looking statements may be expressed differently.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;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 &#8220;Risk Factors&#8221; in the Fund&#8217;s prospectus and elsewhere in the prospectus and this SAI. You should
consider carefully the discussions of risks and uncertainties in the &#8220;Risk Factors&#8221; 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>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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&#8217;s outstanding
voting securities, which as used in this SAI means the lesser of (i) 67% of the Fund&#8217;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&#8217;s outstanding shares of Common Stock.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund shall not:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issue any senior securities (as defined in the Investment Company Act of 1940) except insofar as any borrowing permitted by item 2 below might be considered the issuance of senior securities.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Borrow money except (a) to purchase securities, provided that the aggregate amount of such borrowings may not exceed 20% of its total assets, taken at market value at time of borrowing, and (b) from banks for temporary or emergency purposes in an amount not exceeding 5% of its total assets, taken at market value at time of borrowing.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mortgage, pledge or hypothecate its assets in an amount exceeding 30% of its total assets, taken at market value at time of incurrence.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Knowingly invest more than 20% of its total assets, taken at market value at time of investment in securities, subject to legal or contractual restrictions on resale, including securities which may be sold publicly only if registered under the Securities Act of 1933.</span></td></tr>
  </table>
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<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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Act as an underwriter, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed to be an underwriter under applicable securities laws.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase real estate or interests in real estate, except that the Fund may invest in securities secured by real estate or interests therein, or issued by companies, including real estate investment trusts, which deal in real estate or interests therein.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(7)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Make loans, except through the purchase of debt securities and the loaning of its portfolio securities in accordance with the Fund&#8217;s investment policies.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(8)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest in companies for the purpose of exercising control or management.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(9)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase securities on margin (except that it may obtain such short-term credits as may be necessary for the clearance of purchases or sales of securities) or make short sales of securities (except for sales &#8220;against the box&#8221;).</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(10)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase or retain securities of any issuer if, to the Fund&#8217;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&#8217;s outstanding securities.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(11)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest in commodities or commodity contracts, or write or purchase puts, calls or combinations of both.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(12)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Invest more than 25% of its total assets, taken at market value at time of purchase, in securities of issuers in any one industry.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(13)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase securities issued by the Trust Company or any company of which 50% or more of the voting securities are owned by the Trust Company or an affiliate of the Trust Company, or any investment company (excluding the Fund) or real estate investment trust managed or advised by the Trust Company or any such company.*</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(14)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">With respect to 75% of its total assets, the Fund may not purchase a security, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and securities of other investment companies, if as a result of such purchase, more than 5% of the value of the Fund&#8217;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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(15)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase interests in oil, gas or other mineral exploration programs; however, this limitation will not prohibit the acquisition of securities of companies engaged in the production or transmission of oil, gas or other minerals.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a percentage restriction on investment or utilization
of assets set forth in items 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&#8217;s compliance with the 20% limitation referred
to in item 2 above.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td>
    <td style="width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment restriction number 13 is no longer applicable to the Fund, as it was written at a time when United States Trust Company of New York was the investment adviser to the Fund.</span></td>
    <td style="width: 1%; text-align: justify">&#160;</td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of the Fund (the &#8220;Board&#8221;)
has the responsibility for the overall management of the Fund, including general supervision and review of the Fund&#8217;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&#8217;s day-to-day operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Directors, including the Directors who are
not interested persons of the Fund, as that term is defined in the 1940 Act (&#8220;Independent Directors&#8221;), 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: 0pt 0; text-align: justify">&#160;</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 colspan="6" style="border: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NAME AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDRESS*</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(BIRTHDATE)</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POSITION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD WITH</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FUND</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TERM OF</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OFFICE AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LENGTH&#160;OF&#160;TIME</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SERVED&#160;SINCE</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 40%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRINCIPAL</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OCCUPATION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DURING PAST 5 YEARS</b></p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUMBER OF</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PORTFOLIOS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>IN FUND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>COMPLEX**</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OVERSEEN</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>BY&#160;DIRECTOR</b></p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTORSHIPS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD BY</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTOR</b>&#160;</p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Andrew A. Strauss&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Nov. 1953)&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2001&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Attorney and senior member of Strauss &amp; Associates PLLC (a law firm); Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Scott B. Rogers&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(July 1955)&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2001&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Chief Executive Officer, Asheville Buncombe Community Christian Ministry (&#8220;ABCCM&#8221;); President, ABCCM Doctor&#8217;s Medical Clinic; Director of Faith Partners Incorporated; Member of North Carolina Governor&#8217;s Council on Homelessness (from July 2014) Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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 colspan="6" style="border: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NAME AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDRESS*</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(BIRTHDATE)</b></p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POSITION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD WITH</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FUND</b></p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TERM OF</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OFFICE AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LENGTH&#160;OF&#160;TIME</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SERVED&#160;SINCE</b></p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRINCIPAL</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OCCUPATION(S)</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DURING PAST 5 YEARS</b>&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center">
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUMBER OF</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PORTFOLIOS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>IN FUND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>COMPLEX**</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OVERSEEN</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>BY&#160;DIRECTOR</b></p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTORSHIPS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD BY</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTOR</b></p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Robert E. Dean&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(April 1951)&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid; width: 15%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2014&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)&#160;</p></td>
    <td style="border-bottom: black 1pt solid; width: 40%; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Director of National Bank Holdings Corp.; Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; width: 10%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Director, National Bank&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Holdings Corp.</p></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Peter K. Greer</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Nov. 1953)&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2025</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">President and CEO of Hope International (a global Christ-centered microenterprise development organization); Cofounder and Executive Director of Hope Global Investments (since 2021); Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew W. Morris&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(May 1971)&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2017&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Founder and CEO of Lutroco LLC (a private firm targeting purpose driven strategic investment opportunities )(Jan. 2020 - Present); President and CEO, Stewart Information Services Corporation (a title insurance and real estate services firm) (Nov. 2011- Jan. 2020); Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center">
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stabilis Solutions, Inc.; Stewart Information&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Services Corporation</p></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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 colspan="6" style="border: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NAME AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDRESS*</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(BIRTHDATE)</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POSITION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD WITH</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FUND</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TERM OF</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OFFICE AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LENGTH&#160;OF&#160;TIME</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SERVED&#160;SINCE</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 40%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRINCIPAL</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OCCUPATION(S)</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DURING PAST 5 YEARS</b>&#160;</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUMBER OF</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PORTFOLIOS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>IN FUND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>COMPLEX**</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OVERSEEN</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>BY&#160;DIRECTOR</b></p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OTHER</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DIRECTORSHIPS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>HELD BY</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DIRECTOR</b></p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Marcia E. Malzahn</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Apr. 1966)</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2019</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">President and CEO of Malzahn Strategic, LLC (a management consulting firm for community banks and credit unions)(since Jan. 2024); for more than the past five (5) years, President and Founder of Malzahn Companies, LLC (a public speaking business and publishing company); Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Frank J. Maresca</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Oct. 1958)</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Chairman of Audit Committee and Nominating and Corporate Governance Committee Member</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2020</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Advisor and Consultant, Broadridge Financial Solutions, Inc. (since May 2022); Vice President of Mutual Funds, Broadridge Financial Solutions, Inc. (Feb. 2018 - Apr. 2022); Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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 colspan="6" style="border: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INTERESTED DIRECTORS***</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NAME AND</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDRESS*</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(BIRTHDATE)</b>&#160;</p></td>
    <td style="border-bottom: black 1pt solid; width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POSITION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD WITH</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FUND</b>&#160;</p></td>
    <td style="border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TERM OF</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OFFICE AND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LENGTH&#160;OF&#160;TIME</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SERVED&#160;SINCE</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 40%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRINCIPAL</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OCCUPATION(S)</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DURING PAST 5 YEARS</b></p></td>
    <td style="border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NUMBER OF</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PORTFOLIOS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>IN FUND</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>COMPLEX**</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OVERSEEN</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BY&#160;DIRECTOR</b></p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTORSHIPS</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>HELD BY</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTOR</b>&#160;</p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel W. Bradshaw</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(May 1990)****</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Assistant Secretary</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2021</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)</p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Investment Officer of Cornerstone Advisors, LLC (since
    2023); Vice President of Cornerstone Advisors, LLC (May 2019 &#8211; Apr. 2023); Director and Assistant Secretary of Cornerstone
    Strategic Investment Fund, Inc.</p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Joshua G. Bradshaw&#160;&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(June 1988)****</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Assistant Secretary</span></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2022 <br/>
(Until 2025)</span></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive Officer of Cornerstone Advisors, LLC since January 2025; Chief Operating Officer of Cornerstone Advisors, LLC (May 2023 &#8211; Dec. 2024); Vice President of Cornerstone Advisors, LLC (May 2019 &#8211; Apr. 2023); &#8211;Director and Assistant Secretary of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ralph W. Bradshaw&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Dec. 1950)****&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the Board of Directors and President</span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2001</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Until 2025)&#160;</p></td>
    <td style="border-bottom: black 1pt solid; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">President, Cornerstone Advisors, LLC (since 2019); Financial Consultant; President and Director of Cornerstone Strategic Investment Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
mailing address of each Director and officer is c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Cincinnati, OH 45246.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
of the date of this Statement of Additional Information, the Fund Complex is comprised of the Fund and Cornerstone Strategic Investment
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.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">***</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Messrs.
Daniel Bradshaw, Joshua Bradshaw and Ralph Bradshaw are &#8220;interested persons&#8221; as defined in the Investment Company Act of
1940 because of their affiliation with Cornerstone Advisors, LLC.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">****</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr.
Ralph Bradshaw is the father of Messrs. Daniel Bradshaw and Joshua Bradshaw.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that the significance of each
Director&#8217;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&#8217;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 (&#8220;independent auditors&#8221;); and willingness and ability to commit the time necessary to perform the
duties of a Director. Each Director&#8217;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/her present experiences and his/her background. Information discussing the
specific experience, skills, attributes and qualifications of each Director which led to the Board&#8217;s determination that the Director
should serve in this capacity is provided below.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Daniel W. Bradshaw</i>. Mr. Bradshaw has served
as Chief Investment Officer of the Investment Adviser since May 2023. He oversees Research at the Investment Adviser and serves as a Portfolio
Manager and Assistant Secretary of the Fund. His experience includes developing and implementing successful trading strategies with a
variety of underlying portfolios. From May 2019 through April 2023, Mr. Bradshaw served as a Vice President of the Investment Adviser.
Prior to that, Mr. Bradshaw was a Vice President of Cornerstone Advisors, Inc., the Fund&#8217;s former investment adviser (the &#8220;Former
Investment Adviser&#8221;) from February 2018 through April 2019 and an Associate of the Former Investment Adviser from 2016 through January
2018. Prior to joining the Former Investment Adviser, he was employed in the wealth management industry. Mr. Bradshaw holds a B.S. in
Finance and Banking from Appalachian State University and holds an M.B.A. with a concentration in Investment Management from Rice University.
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&#8217;s independent auditor. Mr. Bradshaw commits a significant amount of time
to the Fund as a Director and Officer, in addition to serving as a Vice 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: 0pt 0; text-align: justify"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Joshua G. Bradshaw</i>. Mr. Bradshaw has served
as Chief Executive Officer of the Investment Adviser since January 2025. Prior to that, Mr. Bradshaw served as Chief Operating Officer
of the Investment Adviser from May 2023 through December 2024. He oversees Operations at the Investment Adviser and serves as a Portfolio
Manager and Assistant Secretary of the Fund. His experience includes developing and implementing successful trading strategies with a
variety of underlying portfolios. From May 2019 through April 2023, Mr. Bradshaw served as a Vice President of the Investment Adviser.
Prior to that, Mr. Bradshaw was a Vice President of the Former Investment Adviser from 2016 through April 2019. Mr. Bradshaw holds a B.Arch.
in Architecture from the University of Tennessee and an M.B.A. in International Business from Liberty University. He earned a Certificate
in Business Excellence from Columbia University School of Business. 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&#8217;s
independent auditor. Mr. Bradshaw commits a significant amount of time to the Fund as a Director and Officer, in addition to serving as
a Vice President of the Investment Adviser. The Board values his strong moral character and integrity.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ralph W. Bradshaw</i>. Mr. Bradshaw has served
as the President of the Investment Adviser since 2019. From 2001 to 2019, Mr. Bradshaw was the co-founder and President of the Former
Investment Adviser. 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&#8217;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: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Robert E. Dean</i>. Mr. Dean is a private investor.
From October 2000 to December 2003, Mr. Dean was with Ernst &amp; Young Corporate Finance LLC, a wholly owned broker-dealer subsidiary
of Ernst &amp; Young LLP, serving as a Senior Managing Director and member of the Board of Managers from December 2001 to December 2003.
From June 1976 to September 2000, Mr. Dean practiced corporate, banking and securities law with Gibson, Dunn &amp; Crutcher LLP. Mr. Dean
was Partner-in-Charge of the Orange County, California office from 1993 to 1996 and was a member of the law firm&#8217;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&#8217;s substantial experience in the public capital markets and merger and acquisition transactions, regulatory
matters and public company corporate governance matters qualifies him to serve on the Board of Directors of the Fund. The Board values
his strong moral character and integrity.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Peter K. Greer</i>. Mr. Greer is the President
and CEO of HOPE International (a global Christ-centered microenterprise development organization operating in Africa, Asia, Latin America,
and Eastern Europe). He is also the Cofounder and an Executive Director of Hope Global Investments (an investment vehicle that allows
accredited investors to provide debt financing to microfinance institutions (MFIs) around the world). Before joining HOPE International,
Mr. Greer served as a microfinance adviser in Cambodia and Zimbabwe and as Managing Director of Urwego Bank in Rwanda. Mr. Greer holds
a master&#8217;s degree in public policy from Harvard Kennedy School and a B.S in international business from Messiah University. Mr.
Greer also serves as Entrepreneur-in-Residence at Messiah University and is a Venture Partner of Praxis (an accelerator program for social
entrepreneurs). Mr. Greer has coauthored more than fifteen books. Mr. Greer&#8217;s substantial experience in business and corporate governance
matters qualifies him to serve on the Board of Directors of the Fund. Mr. Greer has demonstrated his willingness to commit the time necessary
to serve as an effective Director. The Board values his strong moral character and integrity.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Marcia E. Malzahn</i>. Ms. Malzahn has 30 years
of banking experience including cofounding a community bank in Minnesota in 2005 and the last nine years as the president and founder
of Malzahn Strategic, a community financial institution consultancy focused on strategic planning, enterprise risk management, treasury
management, and talent management. She also served on the Board of Village Bank in Blaine, Minnesota as the Audit &amp; Risk Committee
Chair 2019-2022. Ms. Malzahn is the recipient of several professional awards, is a published author of five books, 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. Ms. Malzahn has demonstrated
her willingness to commit the time necessary to serve as an effective Director. The Board values her strong moral character and integrity.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Frank J. Maresca</i>. Mr. Maresca is a senior
advisor and consultant at Broadridge Financial Solutions, Inc. (NYSE:BR) (&#8220;Broadridge&#8221;), a provider of investor communications
and technology-driven solutions to banks, broker-dealers and corporate issuers. Previously, Mr. Maresca was a vice president of mutual
funds at Broadridge. Mr. Maresca is a financial services and investment management professional with over 40 years&#8217; 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Matthew W. Morris</i>. Mr. Morris is the Founder
and CEO of Lutroco LLC, a private firm targeting purpose driven strategic investment opportunities. Mr. Morris is a current Board Member
and the former President and CEO of Stewart Information Services Company (NYSE:STC), a title insurance and real estate services firm.
He also serves on the Board of Directors (the "Board") of Stabilis Solutions, Inc (NSDQ:SLNG) and is on the Board's Audit and
Compensation Committees.&#160; 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.&#160; Mr. Morris has demonstrated his willingness to commit
the time necessary to serve as an effective Director.&#160; The Board values his strong moral character and integrity.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Scott B. Rogers</i>. Reverend Rogers has been
the Executive Director of a regional community ministry organization for over 30 years. In addition to the leadership and management skills
obtained through this work, he contributes a non-profit perspective and community insight to the Board&#8217;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&#8217;s independent auditor.
Mr. Rogers has demonstrated a willingness to commit the time necessary to serve as an effective Director. The Board values his strong
moral character and integrity.</p>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Andrew A. Strauss</i>. Mr. Strauss is an experienced
attorney with a securities law background. He currently serves as a senior attorney in a law firm concentrating 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&#8217;s independent auditor. Mr. Strauss has demonstrated a willingness to commit the time
necessary to serve as an effective Director. The Board values his strong moral character and integrity.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specific details regarding each Director&#8217;s
principal occupations during the past five years are included in the table above. The summaries set forth above as to the experience,
qualifications, attributes and/or skills of the Directors do not constitute holding out the Board or any Director as having any special
expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than
would otherwise be the case.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth, for each Director,
the aggregate dollar range of equity securities owned of the Fund and of all Funds overseen by each Director in the Fund Complex as of
December 31, 2024. The information as to beneficial ownership is based on statements furnished to the Fund by each Director.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>NAME OF DIRECTOR</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>DOLLAR RANGE OF</b><br/>
<b>EQUITY SECURITIES IN</b><br/>
<b>THE FUND</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>AGGREGATE DOLLAR</b><br/>
<b>RANGE OF EQUITY</b><br/>
<b>SECURITIES IN ALL</b><br/>
<b>REGISTERED</b><br/>
<b>INVESTMENT</b><br/>
<b>COMPANIES OVERSEEN</b><br/>
<b>BY DIRECTOR IN</b><br/>
<b>FAMILY OF</b><br/>
<b>INVESTMENT</b><br/>
<b>COMPANIES</b></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT DIRECTORS</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Peter K. Greer*</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">--</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">--</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marcia E. Malzahn</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frank J. Maresca</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INTERESTED DIRECTORS</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel W. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,001-$100,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joshua G. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0-$10,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001-$50,000</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000 </span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr.
Greer was elected at the February 7, 2025 meeting of the Board of Directors.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Board elects the officers of the Fund annually. In addition to
Mr. Ralph W. Bradshaw, the current principal officers of the Fund are:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>NAME AND</b><br/>
<b>ADDRESS*</b><br/>
<b>(BIRTHDATE)</b></span></td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>POSITION(S)</b><br/>
<b>HELD WITH</b><br/>
<b>FUND</b></span></td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>TERM OF</b><br/>
<b>OFFICE</b><br/>
<b>AND </b><br/>
<b>LENGTH OF</b><br/>
<b>TIME</b><br/>
<b>SERVED</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 55%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>PRINCIPAL OCCUPATION(S)</b><br/>
<b>DURING PAST 5 YEARS</b></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin V. Mollozzi</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Oct. 1984)</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2024</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Counsel and Chief Compliance Officer of Cornerstone Advisors, LLC (Since Mar. 2024); Counsel of Western &amp; Southern Financial Group (Jan. 2022 &#8211; Feb. 2024); Attorney of U.S. Bank, N.A. (May 2021 &#8211; Jan. 2022); Attorney of Ultimus Fund Solutions, LLC (Aug. 2015 - May 2021); Chief Compliance Officer of Cornerstone Strategic Investment Fund, Inc. (since May 2024)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hoyt M. Peters&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Sep. 1963)&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary and Assistant Treasurer</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2019 and 2013, respectively</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice President of Cornerstone Advisors, LLC; Secretary and Assistant Treasurer of Cornerstone Strategic Investment Fund, Inc.&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Brian J. Lutes&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(June 1975)&#160;&#160;</p></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer </span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2022</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Vice President, Fund Accounting of Ultimus Fund Solutions, LLC; Treasurer of Cornerstone Strategic Investment Fund, Inc.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
mailing address of each officer is c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</span></td>
</tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>COMPENSATION</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays an annual fee in the amount of $35,000
to each Director who is not an officer or employee of the Investment Adviser (or any affiliated company of the Investment Adviser) or
of Ultimus Fund Solutions, LLC. The Fund pays the chairperson of the audit committee an additional annual fee of $5,000 and the Fund pays
the chairperson of the nominating and corporate governance committee an additional annual fee of $2,500. All Directors are reimbursed
by the Fund for all reasonable out-of-pocket expenses incurred relating to attendance at meetings of the Board of Directors or committee
meetings.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table set forth below includes information
regarding compensation from the Fund and other funds in the Fund Complex for each of the Directors during the year ended December 31,
2024. This information does not reflect any additional monies received for a named individual serving in any other capacity to the Fund.
Please note that the Fund has no bonus, profit sharing, pension or retirement plans, none of the officers of the Fund receive compensation
from the Fund, nor does any person affiliated with the Fund receive compensation in excess of $60,000 from the Fund.</p>

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

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

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NAME OF PERSON, POSITION</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">AGGREGATE<br/>
COMPENSATION<br/>
FROM FUND</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PENSION OR<br/>
RETIREMENT<br/>
BENEFITS<br/>
ACCRUED AS<br/>
PART OF<br/>
FUND<br/>
EXPENSES</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ESTIMATED<br/>
ANNUAL<br/>
BENEFITS<br/>
UPON<br/>
RETIREMENT</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL<br/>
COMPENSATION<br/>
FROM FUND<br/>
AND FUND<br/>
COMPLEX PAID<br/>
TO DIRECTORS*</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT DIRECTORS</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$35,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$80,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Peter K. Greer**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$ -</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$ -</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marcia E. Malzahn</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$35,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$80,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frank J. Maresca</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$40,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$90,000</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$35,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$80,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$35,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$80,000</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$37,500</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$85,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td colspan="5"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INTERESTED DIRECTORS</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel W. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joshua G. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For compensation purposes, the Fund Complex refers to the Fund and Cornerstone Strategic Investment Fund, Inc., both of which were managed by Cornerstone Advisors, LLC during the year ended December 31, 2024.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Greer was elected at the February 7, 2025 meeting of the Board of Directors.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>DIRECTOR TRANSACTIONS WITH FUND AFFILIATES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2024, neither the Independent
Directors nor members of their immediate family owned securities beneficially or of record in Cornerstone Advisors, LLC, or any affiliate
thereof. Furthermore, over the past five years, neither the Independent Directors nor members of their immediate family have any direct
or indirect interest, the value of which exceeds $120,000, in Cornerstone Advisors, LLC or any affiliate thereof. In addition, since the
beginning of the last two fiscal years, neither the Independent Directors nor members of their immediate family have conducted any transactions
(or series of transactions) or maintained any direct or indirect relationship in which the amount involved exceeds $120,000 and to which
Cornerstone Advisors, LLC or any affiliate thereof, the Fund, an officer of the Fund, an investment company which the Cornerstone Advisors,
LLC advises or an officer thereof was a party.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BOARD COMPOSITION AND LEADERSHIP STRUCTURE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board consists of ten individuals, three of
whom are Interested Directors. The Chairman of the Board, Mr. Ralph Bradshaw, one of the Interested Directors, is the President of the
Fund, the President of the Investment Adviser, and is the President and a director of Cornerstone Strategic Investment Fund, Inc. Mr.
Daniel Bradshaw, the second Interested Director, is Chief Investment Officer of the Investment Adviser. Mr. Joshua Bradshaw, the third
Interested Director, is Chief Executive Officer of the Investment Adviser. 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. Ralph Bradshaw as the Chairman of the Board.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that its leadership structure
facilitates the orderly and efficient flow of information to the Directors from the 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&#8217;s
oversight responsibilities. The Board believes that the orderly and efficient flow of information and the ability to bring each Director&#8217;s
talents to bear in overseeing the Fund&#8217;s operations is important, in light of the size and complexity of the Fund and the risks
that the Fund faces. The Board and its committees review their structure regularly, to help ensure that it remains appropriate as the
business and operations of the Fund and the environment in which the Fund operates changes.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
convened four (4) times during the 2024 calendar year (including regularly scheduled and special meetings). Each of the Directors attended
at least seventy-five (75%) percent of the meetings held during the period for which he or she was a member.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THE AUDIT COMMITTEE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has a standing Audit Committee (the &#8220;Audit
Committee&#8221;), which is currently comprised of Messrs. Dean, Greer, Maresca, Morris, Rogers and Strauss 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&#8217;s financial statements and the independent audit thereof; and (iii) the approval, prior
to the engagement of, the Fund&#8217;s independent registered public accounting firm and, in connection therewith, to review and evaluate
the qualifications, independence and performance of the Fund&#8217;s independent registered public accounting firm. The Audit Committee
convened four (4) times during the 2024 calendar year.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has a standing Nominating and Corporate
Governance Committee (the &#8220;N&amp;CG Committee&#8221;), which is currently comprised of Messrs. Dean, Greer, Maresca, Morris, Rogers
and Strauss 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&#8217;s principal function is to identify and select qualified
candidates for the Board who have exhibited strong decision-making ability, substantial business experience, relevant knowledge of the
investment company industry (including closed-end funds), skills or technological expertise and exemplary personal integrity and reputation.
In addition, the N&amp;CG Committee seeks candidates that have experience and knowledge involving all of the service providers of a registered
investment company.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The N&amp;CG Committee will consider all nominees
recommended by stockholders of the Fund, so long as stockholders send their recommendations in writing to the Secretary of the Fund in
a manner consistent with the Fund&#8217;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&#8217;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&#8217;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&#8217;s proxy statement and proxy for the Fund&#8217;s 2026 annual meeting of stockholders pursuant to Rule 14a-8 promulgated
under the Securities Exchange Act of 1934, as amended, is October 28, 2025. 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 28, 2025. Stockholders are also advised to review the Fund&#8217;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 2024 calendar year.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BOARD&#8217;S ROLE IN RISK OVERSIGHT OF THE
FUND</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board oversees risk management for the Fund
directly and, as to certain matters, through its Audit and N&amp;CG Committees. The Board exercises its oversight in this regard primarily
through requesting and receiving reports from and otherwise working with the Fund&#8217;s senior officers (including the Fund&#8217;s
Chief Compliance Officer), portfolio management personnel of the Investment Adviser, the Fund&#8217;s independent auditors, legal counsel
and personnel from the Fund&#8217;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&#8217;s Chief Compliance Officer, policies and procedures designed
to address certain risks associated with the Fund&#8217;s activities. In addition, the Investment Adviser and the Fund&#8217;s other service
providers also have adopted policies, processes and procedures designed to identify, assess and manage certain risks associated with the
Fund&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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 (&#8220;Access Persons&#8221;), 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&#8217;s Code of Ethics is included as an exhibit to the Fund&#8217;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&#8217;s
and the Fund&#8217;s Codes of Ethics may also be reviewed and copied at the SEC&#8217;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&#8217;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&#8217;s Public
Reference Section, Washington, D.C. 20549-0102.</p>

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

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PROXY VOTING POLICIES AND PROCEDURES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund provides a voice on behalf of stockholders
of the Fund. The Fund views the proxy voting process as an integral part of the relationship with the Fund. The Fund has delegated its
authority to vote proxies to the 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. (&#8220;Glass Lewis&#8221;) whereby Glass Lewis votes all of the Fund&#8217;s
portfolio companies&#8217; 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&#8217; 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&#8217;s
investment.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>POLICIES OF THE INVESTMENT ADVISER</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CONFLICTS OF INTEREST</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Adviser&#8217;s duty is to vote
in the best interests of the Fund&#8217;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&#8217;s interests and the Fund&#8217;s interests. However, if a potential conflict
of interest does arise, if the Investment Adviser believes it is in the Fund&#8217;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&#8217;s Board of Directors.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The actual voting records relating to the Fund&#8217;s
portfolio securities during the most recent 12-month period ended June 30th are available without charge, upon request, by calling toll
free (866) 668-6558 or by visiting the Fund&#8217;s website at www.cornerstonetotalreturnfund.com. The Fund&#8217;s reports filed with
the SEC are also available on the SEC&#8217;s website at www.sec.gov. In addition, a copy of the Fund&#8217;s proxy voting policies and
procedures is available by calling toll free (866) 668-6558 and will be sent within three business days of receipt of such request.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT ADVISORY AND OTHER SERVICES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>INVESTMENT ADVISORY SERVICES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management of the Fund is supervised by the
Board of Directors. Cornerstone Advisors, LLC provides investment advisory services to the Fund pursuant to an investment management agreement
entered into with the Fund (an &#8220;Investment Management Agreement&#8221;).</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Adviser, located at 1075 Hendersonville
Road, Suite 250, Asheville, North Carolina, 28803, is a North Carolina limited liability company. It was formed on January 29, 2019 for
the purpose of providing investment advisory and management services to investment companies. The Investment Adviser is owned by the Cornerstone
Trust, a trust established on January 29, 2019. The trustees of the Cornerstone Trust include, but are not limited to, Messrs. Ralph W.
Bradshaw, Joshua G. Bradshaw and Daniel W. Bradshaw.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the general supervision of the Fund&#8217;s
Board of Directors, the Investment Adviser carries out the investment and reinvestment of the net assets of the Fund, continuously furnishes
an investment program with respect to the Fund, determines which securities should be purchased, sold or exchanged, and implements such
determinations. The Investment Adviser furnishes to the Fund investment advice and office facilities, equipment and personnel for servicing
the investments of the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual percentage rate and method used in
computing the investment advisory fee of the Fund is described in the Prospectus.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Management Agreement is terminable,
without penalty, on sixty days&#8217; written notice, by a vote of the holders of a majority of the Fund&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ADMINISTRATIVE AND FUND ACCOUNTING SERVICES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Administration and Fund Accounting Agreement,
Ultimus Fund Solution, LLC (&#8220;Ultimus&#8221;), located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, supplies executive,
administrative and regulatory services for the Fund. Brian J. Lutes, the Fund&#8217;s Treasurer, is a Senior Vice President, Fund Accounting
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 2022, 2023 and 2024, the Fund paid Ultimus $346,052, $371,586 and $401,527, respectively.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding the Fund&#8217;s custodian,
transfer agent and independent public accounting firm is contained in the Prospectus.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>PORTFOLIO MANAGERS</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Daniel W. Bradshaw, Joshua G. Bradshaw and Ralph
W. Bradshaw are the portfolio managers responsible for the day-to-day management of the Fund (the &#8220;Portfolio Managers&#8221;). The
following table shows the number of other accounts managed by each Portfolio Manager and the total assets in the accounts managed within
various categories as of December 31, 2024.</p>

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

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

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ADVISORY FEE BASED ON PERFORMANCE</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TYPE OF ACCOUNTS</span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NUMBER OF<br/>
ACCOUNTS</span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL<br/>
ASSETS <br/>
($ IN MILLIONS)</span></td>
    <td style="width: 15%">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUMBER OF&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;ACCOUNTS&#160;</p></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL ASSETS</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1,748.1 </span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investments</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CONFLICTS OF INTEREST</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conflicts of interest may arise because the Fund&#8217;s
Portfolio Managers have day-to-day management responsibilities with respect to the Fund and one other account (i.e., Cornerstone Strategic
Investment Fund, Inc.). These potential conflicts include:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>LIMITED RESOURCES</i>. The Portfolio Managers
cannot devote their full time and attention to the management of each of the accounts that they manage. Accordingly, the Portfolio Managers
may be limited in their ability to identify investment opportunities for each of the accounts that are as attractive as might be the case
if the Portfolio Managers were 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>LIMITED INVESTMENT OPPORTUNITIES</i>. The other
investment fund of the 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 &#8220;Allocation of Brokerage&#8221;.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>DIFFERENT INVESTMENT STRATEGIES</i>. The accounts
managed by the Portfolio Managers have differing investment strategies. If the Portfolio Managers determine that an investment opportunity
may be appropriate for only some of the accounts or decide that certain of the accounts should take different positions with respect to
a particular security, the Portfolio Managers may effect transactions for one or more accounts which may affect the market price of the
security or the execution of the transaction, or both, to the detriment or benefit of one or more other accounts.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>SELECTION OF BROKERS. </i>The Portfolio Managers
select the brokers that execute securities transactions for the accounts that he supervises, including the Fund. See &#8220;Allocation
of Brokerage.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where conflicts of interest arise between the
Fund and other accounts managed by the Portfolio Managers, they will use good faith efforts so that the Fund will not be treated materially
less favorably than other accounts.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Portfolio Manager&#8217;s compensation will
be made up of a fixed salary amount which is not based on the value of the assets in the Fund&#8217;s portfolio.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>SECURITIES OWNED IN THE FUND BY PORTFOLIO MANAGERS</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the amount of shares
of the Fund owned by the Portfolio Managers as of March 31, 2025.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 50%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>NAME</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 50%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Number of Shares</b></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</span></td>
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">68,065</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joshua G. Bradshaw</span></td>
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">484</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel W. Bradshaw</span></td>
    <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">10,847</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Decisions regarding the placement of orders to
purchase and sell investments for the Fund are made by the 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is anticipated that most purchase and sale
transactions involving fixed income securities will be with the issuer or an underwriter or with major dealers in such securities acting
as principals. Such transactions are normally effected on a net basis and generally do not involve payment of brokerage commissions. However,
the cost of securities purchased from an underwriter usually includes a commission paid by the issuer to the underwriter. Purchases or
sales from dealers will normally reflect the spread between the bid and ask price.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of the Fund regarding transactions
for purchases and sales of securities is that primary consideration will be given to obtaining the most favorable prices and efficient
executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund&#8217;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: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In seeking to implement the Fund&#8217;s policies,
the Investment Adviser will place transactions with those brokers and dealers who it believes provide the most favorable prices and which
are capable of providing efficient executions. If the Investment Adviser believes such price and execution are obtainable from more than
one broker or dealer, it may give consideration to placing transactions with those brokers and dealers who also furnish research or research
related services to the Fund or the Investment Adviser. Such services may include, but are not limited to, any one or more of the following:
information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments;
and appraisals or evaluations of securities. The information and services received by the Investment Adviser from brokers and dealers
may be of benefit in the management of accounts of other clients and may not in all cases benefit the Fund directly. While such services
are useful and important in supplementing its own research and facilities, the Investment Adviser believes the value of such services
is not determinable and does not significantly reduce its expenses.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has adopted procedures under Rule 17a-7
of the 1940 Act to permit purchase and sales transactions to be effected between the Fund and other accounts that are managed by the Investment
Adviser. The Fund may from time to time engage in such transactions in accordance with these procedures.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities considered as investments for the Fund
may also be appropriate for other investment accounts managed by the 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 &#8220;hot&#8221; 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&#8217;s
organization outweigh any disadvantage that may arise from exposure to simultaneous transactions.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal years ended December 31, 2022,
2023 and 2024, the Fund paid $50,485, $32,6363 and $62,573, respectively, in brokerage commissions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN MATERIAL UNITED STATES FEDERAL INCOME
TAX CONSEQUENCES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THE FOLLOWING IS A SUMMARY DISCUSSION OF THE
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO A STOCKHOLDER OF ACQUIRING, HOLDING AND DISPOSING OF SHARES OF THE
FUND. THIS DISCUSSION DOES NOT ADDRESS THE SPECIAL TAX RULES APPLICABLE TO CERTAIN CLASSES OF INVESTORS, SUCH AS TAX-EXEMPT ENTITIES,
FOREIGN INVESTORS (EXCEPT AS EXPRESSLY PROVIDED BELOW), 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 &#8220;CODE&#8221;), THE REGULATIONS PROMULGATED THEREUNDER, AND JUDICIAL AND ADMINISTRATIVE RULING AUTHORITIES, ALL OF
WHICH ARE SUBJECT TO CHANGE OR DIFFERING INTERPRETATIONS (POSSIBLY WITH RETROACTIVE EFFECT). NO ATTEMPT IS MADE TO PRESENT A DETAILED
EXPLANATION OF ALL U.S. FEDERAL INCOME TAX CONCERNS AFFECTING THE FUND AND ITS STOCKHOLDERS, AND THE DISCUSSION SET FORTH HEREIN DOES
NOT CONSTITUTE TAX ADVICE. INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF
INVESTING IN THE FUND, INCLUDING THE APPLICABLE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES TO THEM AND THE EFFECT OF POSSIBLE
CHANGES IN TAX LAWS, INCLUDING COMPREHENSIVE UNITED STATES FEDERAL INCOME TAX REFORM CURRENTLY BEING DISCUSSED BY THE UNITED STATES CONGRESS.</b></p>

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

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    <!-- Field: /Page -->

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 &#8220;U.S. Holder&#8221; means a beneficial owner of the Fund&#8217;s shares that is any of the following
for U.S. federal income tax purposes:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18.75pt">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">A trust if: (a) a U.S. court can exercise primary supervision over the trust&#8217;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.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this summary, the term &#8220;Non-U.S.
Holder&#8221; means a beneficial owner of the Fund&#8217;s shares that is not a U.S. Holder.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the possible application of U.S.
federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all
aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances
or to a U.S. Holder that is subject to special tax rules, including if the Stockholder is:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a dealer in securities or currencies;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a financial institution;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a regulated investment company;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a real estate investment trust;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">an insurance company;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a tax-exempt organization;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a trader in securities that has elected the mark-to-market method of accounting for its securities;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a person liable for alternative minimum tax;</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a partnership or other pass-through entity for U.S. federal income tax purposes; or</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">a U.S. Holder whose &#8220;functional currency&#8221; is not the U.S. dollar.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity treated as a partnership for U.S.
federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend
upon the status of the partner and the activities of the partnership. A Stockholder that is a partnership and partners in such partnership
should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective U.S. Holders are urged to consult
their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application
of U.S. federal, state and local tax laws.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to elect to be treated and to
qualify each year as a regulated investment company (a &#8220;RIC&#8221;) 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 &#8220;qualified publicly traded partnerships&#8221; (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&#8217;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&#8217;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&#8217;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 &#8220;qualified publicly traded
partnerships&#8221; (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&#8217;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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to avoid incurring a U.S. federal excise
tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an
amount at least equal to the sum of (i) 98% of its ordinary income for such year and (ii) 98.2% of its capital gain net income (which
is the excess of its realized capital gain over its realized capital loss), generally computed on the basis of the one-year period ending
on October 31 of such year, after reduction by any available capital loss carryforwards, plus (iii) 100% of any ordinary income and capital
gain net income from previous years (as previously computed) that were not paid out during such years and on which the Fund paid no U.S.
federal income tax.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Failure to Qualify as a RIC</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund does not qualify as a RIC for any
taxable year, the Fund&#8217;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 U.S. Holder as ordinary income. Such distributions generally
will be eligible (i) for the dividends received deduction in the case of corporate U.S. Holders and (ii) for treatment as &#8220;qualified
dividends&#8221; as discussed below, in the case of individual U.S. Holders provided certain holding period and other requirements are
met, as described below. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains,
pay substantial taxes and interest, and make certain distributions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Taxation of Distributions to U.S. Holders</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions from the Fund, except in the case
of distributions of qualified dividend income or capital gain dividends, as described below, generally will be taxable to U.S. Holders
as ordinary dividend income to the extent of the Fund&#8217;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 (&#8220;Capital Gain Dividends&#8221;) will be taxable
to U.S. Holders as long-term capital gain, regardless of how long a U.S. Holder has held the shares in the Fund.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder&#8217;s distributions are automatically
reinvested pursuant to the Plan and the Plan Administrator invests the distribution in shares acquired on behalf of the U.S. Holder in
open-market purchases, for U.S. federal income tax purposes, the U.S. Holder will generally be treated as having received a taxable distribution
in the amount of the cash dividend that the U.S. Holder would have received if the U.S. Holder had elected to receive cash. If a U.S.
Holder&#8217;s distributions are automatically reinvested pursuant to the Plan and the Plan Administrator invests the distribution in
newly issued shares of the Fund, the U.S. Holder will generally be treated as receiving a taxable distribution equal to the fair market
value of the stock the U.S. Holder receives.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under current law, certain income distributions
paid by the Fund to individual taxpayers are taxed at rates equal to those applicable to net long-term capital gains (generally, 20%).
This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the U.S. Holder and the
dividends are attributable to qualified dividend income received by the Fund itself. For this purpose, &#8220;qualified dividend income&#8221;
means dividends received by the Fund from certain United States corporations (excluding REITs) 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 &#8220;qualified foreign corporation&#8221; 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 &#8220;qualified foreign corporation&#8221; 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 &#8220;passive foreign investment company&#8221; (as defined in the Code). In the case of securities lending transactions, payments
in lieu of dividends are not qualified dividends. The Fund&#8217;s dividends, other than qualified dividends and capital gains dividends,
will be fully taxable at ordinary income tax rates unless further legislative action is taken.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A dividend will not be treated as qualified dividend
income (whether received by the Fund or paid by the Fund to a stockholder) if (1) the dividend is received with respect to any share held
for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-
dividend with respect to such dividend, (or fewer than 91 days during the associated 181-day period in the case of certain preferred stocks),
(2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with
respect to positions in substantially similar or related property, or (3) if the recipient elects to have the dividend treated as investment
income for purposes of the limitation on deductibility of investment interest. Distributions of income by the Fund, other than qualified
dividend income and capital gains dividends, are taxed as ordinary income, at rates currently up to 37% for taxpayers other than corporations.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you as to what percentage of
the dividends paid on the shares will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower
rates for individuals than are ordinary income and short-term capital gains.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends received by the Fund from REITs generally
are not expected to qualify for treatment as qualified dividend income. However, to the extent the Fund invests in REITs, the Fund may
designate dividends it pays to its Stockholders as &#8220;Section 199A dividends&#8221; so that individual and non-corporate Stockholders
may be eligible for a 20% deduction with respect to such dividends, provided such Stockholders have satisfied the holding period requirement
for the Fund&#8217;s Shares and certain other conditions. The amount of Section 199A dividends that the Fund may pay and report to its
Stockholders is limited to the excess of the ordinary REIT dividends, other than capital gain dividends and portions of REIT dividends
designated as qualified dividend income that the Fund receives from REITs for a taxable year over the Fund&#8217;s expenses allocable
to such dividends.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and interest received, and gains realized,
by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions
(collectively &#8220;foreign taxes&#8221;) 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&#8217;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 &#8220;IRS&#8221;) that will enable its U.S. Holders, 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 U.S. Holders and
each U.S. Holder (1) would be required to include in gross income, and treat as paid by such U.S. Holder, 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 U.S. Holder&#8217;s own income from those sources, and, if certain conditions are met, (3) could either
deduct such U.S. Holder&#8217;s proportionate share of the foreign taxes deemed paid in computing taxable income or, alternatively use
the foregoing information in calculating the foreign tax credit against such U.S. Holder&#8217;s federal income tax liability (but IRA
accounts may not be able to use the foreign tax credit). The Fund will report to its stockholders shortly after each taxable year their
respective shares of foreign taxes paid and the income from sources within, and taxes paid to, foreign countries and U.S. possessions
if it makes this election. The rules relating to the foreign tax credit are complex. Each stockholder should consult his own tax adviser
regarding the potential application of foreign tax credits.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund acquires any equity interest in certain
foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain
rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income (&#8220;passive
foreign investment companies&#8221;), the Fund could be subject to U.S. federal income tax and additional interest charges on &#8220;excess
distributions&#8221; received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually
received by the Fund is timely distributed to its stockholders. The Fund would not be able to pass through to its stockholders any credit
or deduction for such a tax. An election may generally be available that would ameliorate these adverse tax consequences, but any such
election could require the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent
receipt of cash and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments
could also result in the treatment of associated capital gains as ordinary income. The Fund may limit and/or manage its holdings in passive
foreign investment companies to limit its tax liability or maximize its return from these investments. Dividends paid by passive foreign
investment companies will not qualify as qualified dividend income eligible for taxation at reduced tax rates.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore,
jeopardize the Fund&#8217;s qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor
to avoid restrictions on its ability to make dividend payments.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale, exchange or redemption of Fund shares
may give rise to a gain or loss. Such gain or loss would generally be treated as capital gain or loss if the Fund shares are held as a
capital asset. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or
loss if the shares have been held for more than one year. 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 &#8220;wash sale&#8221;
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&#8217;s tax basis in some or all of the other shares acquired.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and distributions on the Fund&#8217;s
shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized income
and gains, even though such dividends and distributions may economically represent a return of a particular stockholder&#8217;s investment.
Such distributions are likely to occur in respect of shares purchased at a time when the Fund&#8217;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&#8217;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 &#8220;spilled back&#8221; and treated as paid by the Fund (except
for purposes of the 4% excise tax) during such taxable year. In such case, stockholders will nevertheless be treated as having received
such dividends in the taxable year in which the distributions were actually made.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, information reporting requirements
will apply to distributions on our common shares or proceeds on the disposition of our common shares or warrants paid within the U.S.
(and, in certain cases, outside the U.S.) to U.S. Holders. Such payments will generally be subject to backup withholding tax at the rate
of 24% if: (a) a U.S. Holder fails to furnish such U.S. Holder&#8217;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&#8217;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. A Non-U.S.
Holder will not be subject to backup withholding on dividends paid to such Non-U.S. Holder as long as such Non-U.S. Holder certifies under
penalty of perjury (generally on the applicable IRS Form W-8) that it is a Non-U.S. Holder (and the applicable withholding agent does
not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person as defined under the Code), or such Non-U.S.
Holder otherwise establishes an exemption. Depending on the circumstances, information reporting and backup withholding may apply to the
proceeds received from a sale or other disposition of shares unless the beneficial owner certifies under penalty of perjury that it is
a Non-U.S. Holder (and the applicable withholding agent does not have actual knowledge or reason to know that the beneficial owner is
a United States person as defined under the Code), or such owner otherwise establishes an exemption.</p>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Treasury regulations, if a U.S. Holder recognizes
a loss on disposition of the Fund&#8217;s shares of $2 million or more for an individual stockholder or $10 million or more for a corporate
stockholder (excluding S corporations), the U.S. Holder 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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing discussion does not address the
special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance companies and
financial institutions. Stockholders should consult their own tax advisers with respect to special tax rules that may apply in their particular
situations, as well as the state, local, and, where applicable, foreign tax consequences of investing in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will inform stockholders of the source
and tax status of all distributions after the close of each calendar year. The IRS currently requires that a RIC that has two or more
classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income, capital gains,
dividends qualifying for the dividends received deduction and qualified dividend income) based upon the percentage of total dividends
paid out of earnings or profits to each class for the tax year. Accordingly, if the Fund issues preferred shares in the future, the Fund
intends each year to allocate capital gain dividends, dividends qualifying for the dividends received deduction and dividends derived
from qualified dividend income, if any, between its common shares and preferred shares in proportion to the total dividends paid out of
earnings or profits to each class with respect to such tax year.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Taxation of Non-U.S. Shareholders</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid to a Non-U.S. Holder generally
will be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. If a Non-U.S. Holder
is eligible for a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Holder will be required to provide an applicable
IRS Form W-8 certifying its entitlement to benefits under the treaty in order to obtain a reduced rate of withholding tax. However, if
the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (or, if an income tax treaty applies,
attributable to a permanent establishment in the United States of the Non-U.S. Holder), then the distributions will be subject to U.S.
federal income tax at the rates applicable to U.S. persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch
profits tax at a 30% rate (or lower rate provided in an applicable treaty). If the Non-U.S. Holder is subject to such U.S. income tax
on a distribution, then the Fund is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification
and disclosure requirements.</p>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special certification requirements apply to a
Non-U.S. Holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 871(k) of the Code provides certain &#8220;look-through&#8221;
treatment to Non-U.S. Holders, permitting interest-related dividends and short-term capital gains not to be subject to U.S. withholding
tax.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special U.S. federal income tax rules will apply
to Non-U.S. Holders that hold shares in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-U.S. Holders should consult their own tax
advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Net Investment Income Tax</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that is an individual or estate,
or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser
of (1) the U.S. Holder&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2) the excess of the U.S. Holder&#8217;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&#8217;s circumstances). A U.S. Holder&#8217;s &#8220;net investment income&#8221; 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 Fund.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Payments to Foreign Financial Institutions</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sections 1471 through 1474 of the Code (provisions
commonly referred to as &#8220;FATCA&#8221;), and Treasury regulations promulgated thereunder, generally provide that a 30% withholding
tax may be imposed on payments of U.S. source income, including U.S. source interest and dividends, 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. While withholding
under FATCA would have also applied to payments of gross proceeds from the sale or other disposition of Shares on or after January 1,
2019, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed
regulations indicates that taxpayers may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their
own tax advisors regarding the possible implications and obligations of FATCA.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>STATE AND LOCAL TAXES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders should consult their own tax advisers
as to the state or local tax consequences of investing in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE FOREGOING SUMMARY OF U.S. FEDERAL INCOME TAX
CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. IT DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION
THAT MAY BE RELEVANT TO A STOCKHOLDER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX SITUATION. PROSPECTIVE STOCKHOLDERS SHOULD
CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES THAT WOULD RESULT FROM THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE
SHARES, INCLUDING THE APPLICATION AND EFFECT OF FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES)
AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.</p>

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
financial statements included in the Fund&#8217;s unaudited </span><a href="https://www.sec.gov/Archives/edgar/data/33934/000139834424016897/fp0089182-3_ncsrs.htm"><span style="font-family: Times New Roman, Times, Serif">Semi-Annual
Report</span></a><span style="font-family: Times New Roman, Times, Serif">&#160;for the six months ended June 30, 2024 and its <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/33934/000139834425004653/fp0091906-3_ncsrixbrl.htm">Annual&#160; Report</a> </span>&#160;<span style="font-family: Times New Roman, Times, Serif">for the year ended December 31, 2024, filed with the Securities
and Exchange Commission on August 29, 2024 and March 4, 2025, respectively (File No. 811-02363), are herein incorporated by reference.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a New York corporation. Pursuant to
the Fund&#8217;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&#8217;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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s Prospectus and this SAI do not
contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration
Statement may be obtained as described on the cover page of this SAI.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cohen &amp; Company, Ltd. is the independent
registered public accounting firm for the Fund and provides audit services and tax return preparation.</p>


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    <import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/cef/2023" schemaLocation="https://xbrl.sec.gov/cef/2023/cef-2023.xsd" />
    <import namespace="http://xbrl.sec.gov/cef-pre/2023" schemaLocation="https://xbrl.sec.gov/cef/2023/cef-2023_pre.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2023" schemaLocation="https://xbrl.sec.gov/country/2023/country-2023.xsd" />
    <import namespace="http://fasb.org/srt/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd" />
    <import namespace="http://fasb.org/srt-types/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>3
<FILENAME>crf-20250408_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>crf-20250408_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.0b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_DeclineinTradingPriceMember" xlink:label="crf_DeclineinTradingPriceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_DeclineinTradingPriceMember" xlink:to="crf_DeclineinTradingPriceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_DeclineinTradingPriceMember_lbl" xml:lang="en-US">Decline in Trading Price [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ValueVersusSubscriptionPriceMember" xlink:label="crf_ValueVersusSubscriptionPriceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ValueVersusSubscriptionPriceMember" xlink:to="crf_ValueVersusSubscriptionPriceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ValueVersusSubscriptionPriceMember_lbl" xml:lang="en-US">Value versus Subscription Price [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_TerminationOfOfferingMember" xlink:label="crf_TerminationOfOfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_TerminationOfOfferingMember" xlink:to="crf_TerminationOfOfferingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_TerminationOfOfferingMember_lbl" xml:lang="en-US">Termination of Offering [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_RejectionOfExerciseOfSubscriptionRightsMember" xlink:label="crf_RejectionOfExerciseOfSubscriptionRightsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_RejectionOfExerciseOfSubscriptionRightsMember" xlink:to="crf_RejectionOfExerciseOfSubscriptionRightsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_RejectionOfExerciseOfSubscriptionRightsMember_lbl" xml:lang="en-US">Rejection of Exercise of Subscription Rights [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_DilutionOfOwnershipAndVotingInterestMember" xlink:label="crf_DilutionOfOwnershipAndVotingInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_DilutionOfOwnershipAndVotingInterestMember" xlink:to="crf_DilutionOfOwnershipAndVotingInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_DilutionOfOwnershipAndVotingInterestMember_lbl" xml:lang="en-US">Dilution of Ownership and Voting Interest [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_StockMarketVolatilityMember" xlink:label="crf_StockMarketVolatilityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_StockMarketVolatilityMember" xlink:to="crf_StockMarketVolatilityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_StockMarketVolatilityMember_lbl" xml:lang="en-US">Stock Market Volatility [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_MarketDisruptionandGeopoliticalRiskMember" xlink:label="crf_MarketDisruptionandGeopoliticalRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_MarketDisruptionandGeopoliticalRiskMember" xlink:to="crf_MarketDisruptionandGeopoliticalRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_MarketDisruptionandGeopoliticalRiskMember_lbl" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_IssuerSpecificChangesMember" xlink:label="crf_IssuerSpecificChangesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_IssuerSpecificChangesMember" xlink:to="crf_IssuerSpecificChangesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_IssuerSpecificChangesMember_lbl" xml:lang="en-US">Issuer Specific Changes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ClosedEndFundRiskMember" xlink:label="crf_ClosedEndFundRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ClosedEndFundRiskMember" xlink:to="crf_ClosedEndFundRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ClosedEndFundRiskMember_lbl" xml:lang="en-US">Closed-End Fund Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_CommonStockRiskMember" xlink:label="crf_CommonStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_CommonStockRiskMember" xlink:to="crf_CommonStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_CommonStockRiskMember_lbl" xml:lang="en-US">Common Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_DefensivePositionsMember" xlink:label="crf_DefensivePositionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_DefensivePositionsMember" xlink:to="crf_DefensivePositionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_DefensivePositionsMember_lbl" xml:lang="en-US">Defensive Positions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ForeignSecuritiesRiskMember" xlink:label="crf_ForeignSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ForeignSecuritiesRiskMember" xlink:to="crf_ForeignSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_GlobalMarketRiskMember" xlink:label="crf_GlobalMarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_GlobalMarketRiskMember" xlink:to="crf_GlobalMarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_GlobalMarketRiskMember_lbl" xml:lang="en-US">Global Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ManagedDistributionPolicyRiskMember" xlink:label="crf_ManagedDistributionPolicyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ManagedDistributionPolicyRiskMember" xlink:to="crf_ManagedDistributionPolicyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ManagedDistributionPolicyRiskMember_lbl" xml:lang="en-US">Managed Distribution Policy Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ManagementRiskMember" xlink:label="crf_ManagementRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ManagementRiskMember" xlink:to="crf_ManagementRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ManagementRiskMember_lbl" xml:lang="en-US">Management Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_OtherInvestmentCompanySecuritiesRiskMember" xlink:label="crf_OtherInvestmentCompanySecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_OtherInvestmentCompanySecuritiesRiskMember" xlink:to="crf_OtherInvestmentCompanySecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_OtherInvestmentCompanySecuritiesRiskMember_lbl" xml:lang="en-US">Other Investment Company Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_AntiTakeoverProvisionsMember" xlink:label="crf_AntiTakeoverProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_AntiTakeoverProvisionsMember" xlink:to="crf_AntiTakeoverProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_AntiTakeoverProvisionsMember_lbl" xml:lang="en-US">Anti-Takeover Provisions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ConvertibleSecuritiesRiskMember" xlink:label="crf_ConvertibleSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ConvertibleSecuritiesRiskMember" xlink:to="crf_ConvertibleSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_CreditRisksMember" xlink:label="crf_CreditRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_CreditRisksMember" xlink:to="crf_CreditRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_CreditRisksMember_lbl" xml:lang="en-US">Credit Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_DebtSecurityRiskMember" xlink:label="crf_DebtSecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_DebtSecurityRiskMember" xlink:to="crf_DebtSecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_DebtSecurityRiskMember_lbl" xml:lang="en-US">Debt Security Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ExtensionRiskMember" xlink:label="crf_ExtensionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ExtensionRiskMember" xlink:to="crf_ExtensionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ExtensionRiskMember_lbl" xml:lang="en-US">Extension Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_ForeignCurrencyRiskMember" xlink:label="crf_ForeignCurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_ForeignCurrencyRiskMember" xlink:to="crf_ForeignCurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_ForeignCurrencyRiskMember_lbl" xml:lang="en-US">Foreign Currency Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_IlliquidSecuritiesMember" xlink:label="crf_IlliquidSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_IlliquidSecuritiesMember" xlink:to="crf_IlliquidSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_IlliquidSecuritiesMember_lbl" xml:lang="en-US">Illiquid Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_InterestRateRisksMember" xlink:label="crf_InterestRateRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_InterestRateRisksMember" xlink:to="crf_InterestRateRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_InterestRateRisksMember_lbl" xml:lang="en-US">Interest Rate Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_InvestmentinSmallandMidCapitalizationCompaniesMember" xlink:label="crf_InvestmentinSmallandMidCapitalizationCompaniesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_InvestmentinSmallandMidCapitalizationCompaniesMember" xlink:to="crf_InvestmentinSmallandMidCapitalizationCompaniesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_InvestmentinSmallandMidCapitalizationCompaniesMember_lbl" xml:lang="en-US">Investment in Small and Mid-Sized Capitalization Companies [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_LeverageRiskMember" xlink:label="crf_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_LeverageRiskMember" xlink:to="crf_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_MarketDiscountfromNetAssetValueMember" xlink:label="crf_MarketDiscountfromNetAssetValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_MarketDiscountfromNetAssetValueMember" xlink:to="crf_MarketDiscountfromNetAssetValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_MarketDiscountfromNetAssetValueMember_lbl" xml:lang="en-US">Market Discount from Net Asset Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_PortfolioTurnoverRiskMember" xlink:label="crf_PortfolioTurnoverRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_PortfolioTurnoverRiskMember" xlink:to="crf_PortfolioTurnoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_PreferredSecuritiesRiskMember" xlink:label="crf_PreferredSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_PreferredSecuritiesRiskMember" xlink:to="crf_PreferredSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_PreferredSecuritiesRiskMember_lbl" xml:lang="en-US">Preferred Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_RealEstateInvestmentTrustREITRiskMember" xlink:label="crf_RealEstateInvestmentTrustREITRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_RealEstateInvestmentTrustREITRiskMember" xlink:to="crf_RealEstateInvestmentTrustREITRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_RealEstateInvestmentTrustREITRiskMember_lbl" xml:lang="en-US">Real Estate Investment Trust (&#147;REIT&#148;) Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_RepurchaseAgreementRiskMember" xlink:label="crf_RepurchaseAgreementRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_RepurchaseAgreementRiskMember" xlink:to="crf_RepurchaseAgreementRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_RepurchaseAgreementRiskMember_lbl" xml:lang="en-US">Repurchase Agreement Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="crf-20250408.xsd#crf_SecuritiesLendingRiskMember" xlink:label="crf_SecuritiesLendingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="crf_SecuritiesLendingRiskMember" xlink:to="crf_SecuritiesLendingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="crf_SecuritiesLendingRiskMember_lbl" xml:lang="en-US">Securities Lending Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>crf-20250408_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.0b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/N2Cover" xlink:href="https://xbrl.sec.gov/cef/2023/cef-2023.xsd#N2Cover" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/N2" xlink:href="https://xbrl.sec.gov/cef/2023/cef-2023.xsd#N2" xlink:type="simple" />
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="th" colspan="9">3 Months Ended</th>
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  <tr style="vertical-align: top">
    <td style="width: 27px; font-size: 11pt"><span id="xdx_F03_zw5qIm3A1J3c" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F1A_zigfy7Tyn9Z6" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assuming the Fund will have 157,902,711 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $366,000 or approximately $0.002 per Share. If the Offering is not fully subscribed, the Offering expenses percentage (and per Share amount) may increase.</span></td></tr>
  </table></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.05%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_A8E_ecef--AnnualExpensesTableTextBlock_gRBAETTB-KXTUZY_zShwbc2YabHg" style="margin: 0">&#160;</p>

<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Annual Expenses (as a percentage of net assets attributable to the Shares)</b></span></td>
    <td style="text-align: center; font-size: 11pt; width: 15%">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management fees</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--ManagementFeesPercent_c20250408__20250408_zfA7DUOKRlX6">1.00%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other expenses <sup>(2)</sup></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--OtherAnnualExpensesPercent_c20250408__20250408_fKDIp_zPtPcKw4thea">0.14%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired Fund fees and expenses <sup>(3)</sup></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--AcquiredFundFeesAndExpensesPercent_c20250408__20250408_fKDMp_zdc3TtEOJ7Zj">0.22%</span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Total Annual Expenses</b></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--TotalAnnualExpensesPercent_c20250408__20250408_zvPwOupttU0e">1.36%</span></span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>




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

<div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27px; font-size: 11pt"><span id="xdx_F03_zf77vG6wKU8d" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F13_zLzEeAJSRWI9" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--OtherExpensesNoteTextBlock_c20250408__20250408_zPwJ5eITUlGd">&#8220;Other Expenses&#8221; 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.</span></span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27px; font-size: 11pt"><span id="xdx_F09_zBDdh9Po6Qie" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F13_zOi2jacqXsnk" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Fund&#8217;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.</span></td></tr>
  </table></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AcquiredFundFeesAndExpensesPercent', window );">Acquired Fund Fees and Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0.22%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0.14%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.36%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_A81_ecef--ExpenseExampleTableTextBlock_gRBEETTB-PLRM_zdRtv8Ytxd52" style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example <sup>(4)</sup></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example illustrates the hypothetical
expenses that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.36% of net assets attributable to the Shares and (ii) a 5% annual return:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; width: 40%; font-size: 11pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1 Year</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3 Years</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">5 Years</span></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">10 Years</span></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90F_ecef--ExpenseExampleYear01_c20250408__20250408_fKDQp_zd9xVbM17VY9">14</span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90C_ecef--ExpenseExampleYears1to3_c20250408__20250408_fKDQp_zR6dOcNUXba">43</span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90B_ecef--ExpenseExampleYears1to5_c20250408__20250408_fKDQp_zTunSq6pw9Lh">74</span></span></td>
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_908_ecef--ExpenseExampleYears1to10_c20250408__20250408_fKDQp_z3rHUzcKP7pj">164</span></span></td></tr>
  </table>
<div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27px; font-size: 11pt"><span id="xdx_F0A_zwc8PjbhL2U3" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</span></td>
    <td style="text-align: justify; font-size: 11pt"><span id="xdx_F19_zrrySwCvTRKc" style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each year and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. The example further assumes that the Fund uses no leverage, as currently intended and the Fund does not intend to utilize any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.</span></td></tr>
  </table></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">$ 14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">$ 164<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The following table shows Fund expenses that you as an investor in the
Fund&#8217;s Shares will bear directly or indirectly.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="text">&#8220;Other Expenses&#8221; 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.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
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<td class="text"><p id="xdx_A85_ecef--InvestmentObjectivesAndPracticesTextBlock_zv0gkhNcFzx6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>INVESTMENT OBJECTIVE AND POLICIES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;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&#8217;s objectives are fundamental and may not be changed without stockholder approval.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;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&#8217;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 &#8220;BBB&#8221; by S&amp;P or Moody&#8217;s, commonly referred to as &#8220;junk
bonds.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Adviser utilizes a balanced approach,
including &#8220;value&#8221; and &#8220;growth&#8221; 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&#8217;s price to book, price to sales, return on equity, and return on assets ratios;
and growth analysis is used to determine a company&#8217;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&#8217;s portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest without limitation in other closed-end
investment companies and ETFs, provided that the Fund limits its investment in securities issued by other investment companies so that
not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. As a stockholder in any investment
company, the Fund will bear its ratable share of the investment company&#8217;s expenses and would remain subject to payment of the Fund&#8217;s
advisory and administrative fees with respect to the assets so invested.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s investment policies emphasize long-term
investment in securities. Therefore, the Fund&#8217;s annual portfolio turnover rate is expected to continue to be relatively low, normally
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s foregoing investment policies may
be changed by the Fund&#8217;s Board of Directors without Stockholder vote.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s net asset value.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may, from time to time, take temporary defensive
positions that are inconsistent with the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Adviser may invest the Fund&#8217;s
cash balances in any investments it deems appropriate. Such investments may include, without limitation and as permitted under the 1940
Act, money market funds, U.S. Treasury and U.S. agency securities, municipal bonds, repurchase agreements and bank accounts. Many of the
considerations entering into the Investment Adviser&#8217;s recommendations and the portfolio managers' decisions are subjective.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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., &#8220;uncovered&#8221; 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: 0; text-align: justify">&#160;</p>




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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Common Stocks</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other Closed-End Investment Companies</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#8217;s own operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Funds</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in ETFs, which are investment
companies that aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively managed and their
shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#8220;creation units.&#8221; 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&#8217;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&#8217;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#8217;s own operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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), exchange-traded funds (&#8220;ETFs&#8221;) 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&#8217;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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may purchase ADRs, IDRs and global depository
receipts (&#8220;GDRs&#8221;) 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s distributions attributable to foreign securities will be designated as qualified dividend income. See
&#8220;Certain Additional Material United States Federal Income Tax Considerations.&#8221;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Emerging Market Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;s income from such securities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Preferred Stocks</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Distributions on preferred stock must be declared
by a 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217; 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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because the claim on an issuer&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although it has no current intention do so to any
material extent, the Investment Adviser may determine to invest the Fund&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Corporate Bonds, Government Debt Securities
and Other Debt Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;perpetual&#8221; in that they have no maturity date.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will not invest directly in debt securities
rated below investment grade (i.e., securities rated lower than &#8220;Baa&#8221; by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
or lower than &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Rating Services, a division of The McGraw-Hill Companies, Inc. (&#8220;S&amp;P&#8221;),
or their equivalent as determined by the Investment Adviser. These securities are commonly referred to as &#8220;junk bonds.&#8221; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Convertible Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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 &#8220;usable&#8221;
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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: 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&#8217;s
profits, and the issuer&#8217;s management capability and practices.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Illiquid Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rule 144A Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;1933 Act&#8221;). 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&#8217;s 20% limit on investments in illiquid
securities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Repurchase Agreements</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has agreed to purchase securities from financial
institutions subject to the seller&#8217;s agreement to repurchase them at an agreed-upon time and price (&#8220;repurchase agreements&#8221;).
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>

<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_A8F_ecef--RiskFactorsTableTextBlock_zXH8PLPtVvC6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>RISK FACTORS</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>An investment in the Fund&#8217;s Shares is subject
to risks. The value of the Fund&#8217;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&#8217;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. The Fund bears these risks directly and indirectly through its investments in
other investment companies.</i>&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Risks Related to the Offering</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DeclineinTradingPriceMember_zqetnWN2Gspk">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Decline in Trading Price</i>.</b> If the Fund&#8217;s
trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_z5T4iwECUnb8">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Value versus Subscription Price</i>.</b> The
Subscription Price was not determined based on established criteria for valuation, such as expected future performance, cash flows or
financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guarantee of the
value of the Fund.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--TerminationOfOfferingMember_zyuUw9ZcAEx3">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Termination of Offering</i>.</b> The Fund&#8217;s
Board of Directors may terminate the offering at any time. If the decision is made to terminate the offering, the Fund has no obligation
to you except to return, without interest, your subscription payments.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_zzwBxzqPGNC4">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rejection of Exercise of Subscription Rights</i>.</b>
Rights holders who desire to purchase shares in the offering must act promptly to ensure that all required forms and payments are actually
received by the Subscription Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares
of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required
forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before
the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail
to follow the subscription procedures that apply to your exercise in the offering, the Subscription Agent may, depending on the circumstances,
reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes
to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such
forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</div>




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

<div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DilutionOfOwnershipAndVotingInterestMember_zUusWu6AKsg4">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Dilution of Ownership and Voting Interest</i>.</b>
As a result of the terms of this offer, Stockholders who do not fully exercise their Rights will, upon completion of this offer, (i) own
a smaller proportional interest in the Fund than they owned prior to the offer and (ii) have a smaller proportional voting interest in
the Fund than they had prior to the offer.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Principal Risks</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--StockMarketVolatilityMember_zATf7hUT7Ab8">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#8217;s investments
will underperform either the securities markets generally or particular segments of the securities markets.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDisruptionandGeopoliticalRiskMember_z9077Pf3yKR9">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.
Governments may respond aggressively to such events, including by 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, which could 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19 outbreak in 2020 resulted in 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 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&#8217;s investment in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</div>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i></i></b></p>

<div id="xdx_987_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--IssuerSpecificChangesMember_znAKMr0hSZrc">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s securities.
Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98B_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ClosedEndFundRiskMember_z0kWARJLUhzh">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CommonStockRiskMember_z7V3nxV7Hx0d">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DefensivePositionsMember_zHLzcCwIl4o8">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Defensive Positions. </i></b>During periods
of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its 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.&#160;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjSKw31VLEKd">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities Risk. </i></b>Investments
in securities of non-U.S. issuers involve special risks not presented by investments in securities of U.S. issuers, including the following:
less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices; the
impact of political, social or diplomatic events, including war; possible seizure, expropriation or nationalization of the company or
its assets; possible imposition of currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced
to the extent that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater
in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. With
respect to risks associated with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging
transactions. See &#8220;Foreign Currency Risk.&#8221;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--GlobalMarketRiskMember_zDepjrS0wNN2">

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</div>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i></i></b></p>

<div id="xdx_980_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagedDistributionPolicyRiskMember_zBPZbK7be9w6">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Managed Distribution Policy Risk.</i></b> Under
the Fund&#8217;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 (&#8220;Net Earnings&#8221;), or from return-of-capital. For any fiscal year where total cash
distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result,
would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;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&#8217;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&#8217;s investment objective. The Fund adopted the Distribution Policy in 2002,
and during recent years the Fund&#8217;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&#8217;s basis in the shares.
The Stockholders would reduce their basis (but not below zero) 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;s investment performance from the amount of its managed distributions or from the terms of the
Distribution Policy. The Fund&#8217;s managed distribution rates do not correlate to the Fund&#8217;s total return based on NAV because
the Fund&#8217;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders, and such distributions are not
tied to the Fund&#8217;s investment income or capital gains and do not represent yield or investment return on the Fund&#8217;s portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cornerstone Total Return Fund, Inc.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Managed Distributions Paid and NAV Returns from 2020
through 2024</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Includes the reinvestments of distributions in accordance with the operations of Fund&#8217;s dividend reinvestment plan.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p></div>
<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"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagementRiskMember_zFS9JlC5HLy">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk.</i></b> The Fund is subject
to management risk because it is an actively managed portfolio. The Fund&#8217;s successful pursuit of its investment objective depends
upon the Investment Adviser&#8217;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&#8217;s investment objective. The Investment Adviser&#8217;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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--OtherInvestmentCompanySecuritiesRiskMember_zWGWQG0TBw5f">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.&#160;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Non-Principal Risks</span></i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--AntiTakeoverProvisionsMember_zA97P99aVtDf">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Anti-Takeover Provisions. </i></b>The Fund&#8217;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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zJQAqNoWo0ag">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;investment value&#8221; (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
&#8220;conversion value&#8221; (the security&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;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&#8217;s ability to
achieve its investment objective.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CreditRisksMember_zWL2ikjrO337">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk.</i></b> Fixed income securities
rated B or below by S&amp;Ps or Moody&#8217;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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DebtSecurityRiskMember_zotG73SXqzVh">

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

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ExtensionRiskMember_zLjcKtvKqR5b">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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>i.e.</i>, interest
rate sensitivity) and potentially reduce the value of these securities.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ForeignCurrencyRiskMember_zFcJPnPWG7G3">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s investment securities and net asset value. For example, even if the securities prices are unchanged on their
primary foreign stock exchange, the Fund&#8217;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.&#160;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--IlliquidSecuritiesMember_zAawwAY13lH3">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

</div>




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

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--InterestRateRisksMember_zg1aI8My4Nq9">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--InvestmentinSmallandMidCapitalizationCompaniesMember_zFwTCCzJ4Rtl">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investment in Small and Mid-Sized Capitalization
Companies.</i></b> The Fund may invest in companies with small or mid-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>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98F_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--LeverageRiskMember_zHnqrYc6DF63">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;s portfolio, the Fund&#8217;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&#8217;s leverage strategy will be successful.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_985_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDiscountfromNetAssetValueMember_z5ipTQ0b4kp">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;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&#8217;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.&#160;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98B_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--PortfolioTurnoverRiskMember_zouWJjyKx3La">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk. </i></b>The Investment
Adviser cannot predict the Fund&#8217;s securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio
turnover rate will normally 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: 0; text-align: justify">&#160;</p>

</div>




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

<div id="xdx_983_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--PreferredSecuritiesRiskMember_zWSKQVVca75f">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;noncumulative preferreds&#8221;) or defer (in the case of &#8220;cumulative preferreds&#8221;),
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&#8217;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 &#8220;Certain
Additional Material United States Federal Income Tax Considerations.&#8221;</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zmiI7eQdrh07">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Real Estate Investment Trust (&#8220;REIT&#8221;)
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s yield on that investment.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, provided, however, the Fund may designate
certain dividends from a REIT as &#8220;Section 199A dividends,&#8221; which may be taxed to individual Stockholders and other non-corporate
Stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied. Investors should
see the discussion under the heading &#8220;Certain Additional Material United States Federal Income Tax Consequences&#8221; for more
information relating to Section 199A dividends.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s investment in REITs may include an
additional risk to Stockholders. Some or all of a REIT&#8217;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#8217;s basis in the REIT investment, but not below zero. To the
extent the distributions from a particular REIT exceed the Fund&#8217;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&#8217;s basis in the Fund shares, such Stockholder will generally recognize
capital gain.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RepurchaseAgreementRiskMember_zDyGqnKn8DQg">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Repurchase Agreement Risk. </i></b>The Fund
does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase
agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is
a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in
the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund&#8217;s ability to dispose of
the underlying securities.</p>

</div>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<div id="xdx_98C_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--SecuritiesLendingRiskMember_zs6Sb1sX5sLl">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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.&#160;</p>

</div>

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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_A87_ecef--SharePriceTableTextBlock_zaoP6deFmig6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Trading and Net Asset Value Information</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the past, the Shares have traded at both a premium
and at a discount in relation to NAV. Although the Shares recently have been trading at a premium above NAV, there can be no assurance
that this premium will continue after the Offering or that the Shares will not again trade at a discount. Shares of closed-end investment
companies such as the Fund frequently trade at a discount from NAV. See &#8220;Risk Factors.&#8221; 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, 2024
was 3,657,789 Shares.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fiscal Quarter Ended</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High Close</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Low Close</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Low NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/ (Discount) to High NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/ (Discount) to Low NAV</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_907_ecef--HighestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcNa71OqJGp9">8.13</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_906_ecef--LowestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqZymphojAtd">6.91</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90F_ecef--HighestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCZ2T1z42lN5">6.71</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$<span id="xdx_90E_ecef--LowestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZ0KCWJD6Awc">6.18</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziEkYaThZQg7">20.57</span>%</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zevvvYgM2eF3">19.74</span>%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--HighestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcgNFLsdA3Na">8.00</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--LowestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z37c1v9DBbme">7.21</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--HighestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zv1Neo77Rpk">6.77</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zioqU7srec2">6.32</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zrcRfLLH8yPe">18.17</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzLjBkI2zHj4">17.88</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_ecef--HighestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSEoWhEzTpsa">8.50</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCYZ1hAb0oOf">7.70</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--HighestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxUUF4N5e5gf">6.86</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--LowestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zb8HiFup0SS9">6.19</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOT7sM9IfzB8">23.91</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znBYNrCPAkP1">29.08</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2023</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--HighestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqNtQiyWweCh">7.93</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zBBgLhzBohv7">6.09</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--HighestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU72XJZ1NKCd">6.49</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_ecef--LowestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zWZ3BYv9XOv9">5.81</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4B18feqfptg">8.78</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUhntYqRVdra">8.26</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--HighestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zfLPyagQIcv3">7.51</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--LowestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zPY6qUl2okia">6.96</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU4nUlUTukhk">6.79</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_ecef--LowestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoN38JdMZ6P5">6.40</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zVEvLgtB7xxj">10.60</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zh4A673py73d">11.88</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">6/30/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--HighestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQIzFoVyQxs7">7.85</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOpXSTQrlmD6">7.12</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--HighestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zvoy9Ch9pojf">6.79</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zaovfbkx8Nu">6.35</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziE1x2VAZYV6">15.61</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTzfWB0P2std">16.69</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">9/30/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--HighestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zKFHGAUmhAC5">8.09</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_ecef--LowestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUj4Khl0Chn6">7.11</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_ecef--HighestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7A3Fe7TXBEj">6.97</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--LowestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zEbE6L4Awhz8">6.55</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zyaJYsvsc4Ah">12.20</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOXvgZCxCNpd">21.68</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">12/31/2024</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZzynAGcwjej">9.66</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zM4OOiPqGKOk">8.02</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_ecef--HighestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAVgM9c4MWm9">7.01</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt1ACY15lWA8">6.68</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7h8Roe7Wz6e">37.66</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFP1TrUxLwI6">26.05</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">3/31/2025</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zG3AtXhTZNuf">9.10</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_ecef--LowestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSMfdtZszkr2">7.17</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--HighestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zF6mZT1SJMf6">6.82</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_ecef--LowestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2diT7e0w1q9">6.04</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoDShgxL8yh8">29.47</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zHdKWJ2poJZb">18.71</span></span></td></tr>
  </table>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_A89_ecef--CapitalStockTableTextBlock_zDQpthkYNKu8" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>DESCRIPTION OF CAPITAL STRUCTURE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a corporation established under the laws
of the State of New York upon the filing of its Certificate of Incorporation on March 16, 1973 (as subsequently amended, the &#8220;Charter&#8221;).
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 March  31, 2025, the Fund had 118,427,033 Shares issued and outstanding.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_90C_ecef--SecurityTitleTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxz4cdCgYco9">Common Stock</span></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Charter, which has been filed with the SEC, permits
the Fund to issue 1,000,000,000 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. <span id="xdx_906_ecef--SecurityDividendsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUwbPTjDPnla">Holders of Shares will be entitled to the payment of
dividends when declared by the Board of Directors. See &#8220;Distribution Policy.&#8221;</span> <span id="xdx_909_ecef--SecurityVotingRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTtbbizzIzDb">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.</span> <span id="xdx_908_ecef--SecurityLiquidationRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxAjGOmsnCLb">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.</span> <span id="xdx_908_ecef--SecurityLiabilitiesTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zf0PiebadmVe">Shares are not liable to further calls or to assessment by the Fund.</span> <span id="xdx_907_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zj7cS5fNV32k">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has no present intention of offering additional
Shares, except as described herein in connection with the exercise of the Rights. Other offerings of its Shares, if made, will require
approval of the Board of Directors. Any additional offering will not be sold at a price per share below the then current net asset value
(exclusive of underwriting discounts and commissions) except in connection with an offering to existing Stockholders or with the consent
of a majority of the Fund&#8217;s outstanding Shares.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will not issue share certificates. The Fund&#8217;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>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
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<td class="text"><p id="xdx_A84_ecef--OutstandingSecuritiesTableTextBlock_ze8ta3Oi0gw9" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Outstanding Securities</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth certain information
regarding our authorized shares and shares outstanding as of March 31, 2025.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(1)</b></span></td>
    <td style="width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(2)</b></span></td>
    <td style="width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(3)</b></span></td>
    <td style="width: 29%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>(4)</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Title of Class</b></span></td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Amount Authorized</b></span></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Held By</b><br/>
    <b>Registrant</b>&#160;</p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>or for its Account</b></p></td>
    <td style="border-bottom: black 1pt solid">
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Outstanding<br/>
    Exclusive of</b></p>
    <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount Shown Under (3)</b></p></td></tr>
  <tr style="vertical-align: top; background-color: Gainsboro">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zlOkUC1O7Bwb">Common Stock</span>, par value $0.01 per share</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_ecef--OutstandingSecurityAuthorizedShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt2CAg9FyZE9">1,000,000,000</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAoW182WtABa">0</span></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;<span id="xdx_907_ecef--OutstandingSecurityNotHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbP66gTJ9FAe">118,427,033</span></span></td></tr>
  </table>
<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_DeclineinTradingPriceMember', window );">Decline in Trading Price [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Decline in Trading Price</i>.</b> If the Fund&#8217;s
trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.</p>

<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_ValueVersusSubscriptionPriceMember', window );">Value versus Subscription Price [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Value versus Subscription Price</i>.</b> The
Subscription Price was not determined based on established criteria for valuation, such as expected future performance, cash flows or
financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guarantee of the
value of the Fund.</p>

<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_TerminationOfOfferingMember', window );">Termination of Offering [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Termination of Offering</i>.</b> The Fund&#8217;s
Board of Directors may terminate the offering at any time. If the decision is made to terminate the offering, the Fund has no obligation
to you except to return, without interest, your subscription payments.</p>

<span></span>
</td>
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</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_RejectionOfExerciseOfSubscriptionRightsMember', window );">Rejection of Exercise of Subscription Rights [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rejection of Exercise of Subscription Rights</i>.</b>
Rights holders who desire to purchase shares in the offering must act promptly to ensure that all required forms and payments are actually
received by the Subscription Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares
of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required
forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before
the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail
to follow the subscription procedures that apply to your exercise in the offering, the Subscription Agent may, depending on the circumstances,
reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes
to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such
forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_DilutionOfOwnershipAndVotingInterestMember', window );">Dilution of Ownership and Voting Interest [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Dilution of Ownership and Voting Interest</i>.</b>
As a result of the terms of this offer, Stockholders who do not fully exercise their Rights will, upon completion of this offer, (i) own
a smaller proportional interest in the Fund than they owned prior to the offer and (ii) have a smaller proportional voting interest in
the Fund than they had prior to the offer.</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
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</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_StockMarketVolatilityMember', window );">Stock Market Volatility [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#8217;s investments
will underperform either the securities markets generally or particular segments of the securities markets.</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
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</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_MarketDisruptionandGeopoliticalRiskMember', window );">Market Disruption and Geopolitical Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
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</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.
Governments may respond aggressively to such events, including by 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, which could 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.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19 outbreak in 2020 resulted in 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 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&#8217;s investment in the Fund.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s securities.
Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;s capital structure in terms of priority to
corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such
issuers.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Defensive Positions. </i></b>During periods
of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its 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.&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Securities Risk. </i></b>Investments
in securities of non-U.S. issuers involve special risks not presented by investments in securities of U.S. issuers, including the following:
less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices; the
impact of political, social or diplomatic events, including war; possible seizure, expropriation or nationalization of the company or
its assets; possible imposition of currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced
to the extent that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater
in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. With
respect to risks associated with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging
transactions. See &#8220;Foreign Currency Risk.&#8221;</p>

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

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Managed Distribution Policy Risk.</i></b> Under
the Fund&#8217;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 (&#8220;Net Earnings&#8221;), or from return-of-capital. For any fiscal year where total cash
distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result,
would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;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&#8217;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&#8217;s investment objective. The Fund adopted the Distribution Policy in 2002,
and during recent years the Fund&#8217;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&#8217;s basis in the shares.
The Stockholders would reduce their basis (but not below zero) 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;
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&#8217;s investment performance from the amount of its managed distributions or from the terms of the
Distribution Policy. The Fund&#8217;s managed distribution rates do not correlate to the Fund&#8217;s total return based on NAV because
the Fund&#8217;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders, and such distributions are not
tied to the Fund&#8217;s investment income or capital gains and do not represent yield or investment return on the Fund&#8217;s portfolio.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cornerstone Total Return Fund, Inc.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Managed Distributions Paid and NAV Returns from 2020
through 2024</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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    <td style="width: 1%">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">29.31</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">26.56</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.51</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.03</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.15</span></td>
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  <tr style="vertical-align: bottom; background-color: Gainsboro">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2024</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">22.26</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27px"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Includes the reinvestments of distributions in accordance with the operations of Fund&#8217;s dividend reinvestment plan.</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27px"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Includes distributions received but not reinvested.</span></td>

</tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_ManagementRiskMember', window );">Management Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk.</i></b> The Fund is subject
to management risk because it is an actively managed portfolio. The Fund&#8217;s successful pursuit of its investment objective depends
upon the Investment Adviser&#8217;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&#8217;s investment objective. The Investment Adviser&#8217;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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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.&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Anti-Takeover Provisions. </i></b>The Fund&#8217;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>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;investment value&#8221; (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
&#8220;conversion value&#8221; (the security&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;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&#8217;s ability to
achieve its investment objective.</p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_CreditRisksMember', window );">Credit Risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit Risk.</i></b> Fixed income securities
rated B or below by S&amp;Ps or Moody&#8217;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>

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

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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>i.e.</i>, interest
rate sensitivity) and potentially reduce the value of these securities.</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s investment securities and net asset value. For example, even if the securities prices are unchanged on their
primary foreign stock exchange, the Fund&#8217;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.&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investment in Small and Mid-Sized Capitalization
Companies.</i></b> The Fund may invest in companies with small or mid-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>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;s portfolio, the Fund&#8217;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&#8217;s leverage strategy will be successful.</p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_MarketDiscountfromNetAssetValueMember', window );">Market Discount from Net Asset Value [Member]</a></td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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&#8217;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&#8217;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.&#160;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk. </i></b>The Investment
Adviser cannot predict the Fund&#8217;s securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio
turnover rate will normally 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>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 &#8220;noncumulative preferreds&#8221;) or defer (in the case of &#8220;cumulative preferreds&#8221;),
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&#8217;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 &#8220;Certain
Additional Material United States Federal Income Tax Considerations.&#8221;</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_RealEstateInvestmentTrustREITRiskMember', window );">Real Estate Investment Trust (&#147;REIT&#148;) Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Real Estate Investment Trust (&#8220;REIT&#8221;)
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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;s yield on that investment.&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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, provided, however, the Fund may designate
certain dividends from a REIT as &#8220;Section 199A dividends,&#8221; which may be taxed to individual Stockholders and other non-corporate
Stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied. Investors should
see the discussion under the heading &#8220;Certain Additional Material United States Federal Income Tax Consequences&#8221; for more
information relating to Section 199A dividends.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#8217;s investment in REITs may include an
additional risk to Stockholders. Some or all of a REIT&#8217;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#8217;s basis in the REIT investment, but not below zero. To the
extent the distributions from a particular REIT exceed the Fund&#8217;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&#8217;s basis in the Fund shares, such Stockholder will generally recognize
capital gain.</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_RepurchaseAgreementRiskMember', window );">Repurchase Agreement Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Repurchase Agreement Risk. </i></b>The Fund
does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase
agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is
a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in
the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund&#8217;s ability to dispose of
the underlying securities.</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=crf_SecuritiesLendingRiskMember', window );">Securities Lending Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; 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&#8217;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.&#160;</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.17<span></span>
</td>
<td class="nump">$ 8.02<span></span>
</td>
<td class="nump">$ 7.11<span></span>
</td>
<td class="nump">$ 7.12<span></span>
</td>
<td class="nump">$ 6.96<span></span>
</td>
<td class="nump">$ 6.09<span></span>
</td>
<td class="nump">$ 7.70<span></span>
</td>
<td class="nump">$ 7.21<span></span>
</td>
<td class="nump">$ 6.91<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.10<span></span>
</td>
<td class="nump">9.66<span></span>
</td>
<td class="nump">8.09<span></span>
</td>
<td class="nump">7.85<span></span>
</td>
<td class="nump">7.51<span></span>
</td>
<td class="nump">7.93<span></span>
</td>
<td class="nump">8.50<span></span>
</td>
<td class="nump">8.00<span></span>
</td>
<td class="nump">8.13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.04<span></span>
</td>
<td class="nump">6.68<span></span>
</td>
<td class="nump">6.55<span></span>
</td>
<td class="nump">6.35<span></span>
</td>
<td class="nump">6.40<span></span>
</td>
<td class="nump">5.81<span></span>
</td>
<td class="nump">6.19<span></span>
</td>
<td class="nump">6.32<span></span>
</td>
<td class="nump">6.18<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.82<span></span>
</td>
<td class="nump">$ 7.01<span></span>
</td>
<td class="nump">$ 6.97<span></span>
</td>
<td class="nump">$ 6.79<span></span>
</td>
<td class="nump">$ 6.79<span></span>
</td>
<td class="nump">$ 6.49<span></span>
</td>
<td class="nump">$ 6.86<span></span>
</td>
<td class="nump">$ 6.77<span></span>
</td>
<td class="nump">$ 6.71<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29.47%<span></span>
</td>
<td class="nump">37.66%<span></span>
</td>
<td class="nump">12.20%<span></span>
</td>
<td class="nump">15.61%<span></span>
</td>
<td class="nump">10.60%<span></span>
</td>
<td class="nump">8.78%<span></span>
</td>
<td class="nump">23.91%<span></span>
</td>
<td class="nump">18.17%<span></span>
</td>
<td class="nump">20.57%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.71%<span></span>
</td>
<td class="nump">26.05%<span></span>
</td>
<td class="nump">21.68%<span></span>
</td>
<td class="nump">16.69%<span></span>
</td>
<td class="nump">11.88%<span></span>
</td>
<td class="nump">8.26%<span></span>
</td>
<td class="nump">29.08%<span></span>
</td>
<td class="nump">17.88%<span></span>
</td>
<td class="nump">19.74%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Common Stock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityDividendsTextBlock', window );">Security Dividends [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Holders of Shares will be entitled to the payment of
dividends when declared by the Board of Directors. See &#8220;Distribution Policy.&#8221;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">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.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">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.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityLiabilitiesTextBlock', window );">Security Liabilities [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Shares are not liable to further calls or to assessment by the Fund.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityPreemptiveAndOtherRightsTextBlock', window );">Security Preemptive and Other Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">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.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Common Stock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">118,427,033<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="11"></td></tr>
<tr><td colspan="11"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Assuming the Fund will have 157,902,711 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $366,000 or approximately $0.002 per Share. If the Offering is not fully subscribed, the Offering expenses percentage (and per Share amount) may increase.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Fund&#8217;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>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_900_ecef--OtherExpensesNoteTextBlock_c20250408__20250408_zPwJ5eITUlGd">&#8220;Other Expenses&#8221; 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.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The example assumes that the estimated &#8220;Other Expenses&#8221; 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&#8217;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AcquiredFundFeesAndExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph a, g, h<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AcquiredFundFeesAndExpensesPercent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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</tr>
<tr>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualExpensesTableTextBlock</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DividendReinvestmentAndCashPurchaseFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityAuthorizedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityAuthorizedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityDividendsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityDividendsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityLiabilitiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityLiabilitiesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityLiquidationRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityLiquidationRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityPreemptiveAndOtherRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityPreemptiveAndOtherRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityVotingRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityVotingRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=crf_StockMarketVolatilityMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=crf_MarketDisruptionandGeopoliticalRiskMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=crf_IssuerSpecificChangesMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=crf_ClosedEndFundRiskMember</td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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            </segment>
        </entity>
        <period>
            <startDate>2024-07-01</startDate>
            <endDate>2024-09-30</endDate>
        </period>
    </context>
    <context id="From2024-10-012024-12-31_us-gaap_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000033934</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-10-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <unit id="Ratio">
        <measure>pure</measure>
    </unit>
    <dei:AmendmentFlag contextRef="AsOf2025-04-08" id="Fact000003">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="AsOf2025-04-08" id="Fact000004">424B3</dei:DocumentType>
    <dei:EntityRegistrantName contextRef="AsOf2025-04-08" id="Fact000005">Cornerstone Total Return Fund, Inc.</dei:EntityRegistrantName>
    <dei:EntityCentralIndexKey contextRef="AsOf2025-04-08" id="Fact000006">0000033934</dei:EntityCentralIndexKey>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="AsOf2025-04-08" id="Fact000012">The following table shows Fund expenses that you as an investor in the
Fund&#x2019;s Shares will bear directly or indirectly.</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock contextRef="AsOf2025-04-08" id="Fact000014">&lt;p id="xdx_A8A_ecef--ShareholderTransactionExpensesTableTextBlock_gRBSTETTB-BC_ztfXHIi3cyo" style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 85%; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Stockholder Transaction Expenses&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 15%; text-align: center; font-size: 11pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Sales load&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90A_ecef--SalesLoadPercent_dpn_c20250408__20250408_zoOJN6pMLUT1"&gt;None&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Offering expenses &lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--OtherTransactionExpensesPercent_dpn_c20250408__20250408_fKDEp_zIB3w47P5upk"&gt;0.05%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Dividend Reinvestment Plan fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_903_ecef--DividendReinvestmentAndCashPurchaseFees_dpn_c20250408__20250408_zBhN0Hq1pKN1"&gt;None&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px; font-size: 11pt"&gt;&lt;span id="xdx_F03_zw5qIm3A1J3c" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font-size: 11pt"&gt;&lt;span id="xdx_F1A_zigfy7Tyn9Z6" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Assuming the Fund will have 157,902,711 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $366,000 or approximately $0.002 per Share. If the Offering is not fully subscribed, the Offering expenses percentage (and per Share amount) may increase.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;/div&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000015"
      unitRef="Ratio">0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000016"
      unitRef="Ratio">0.0005</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="AsOf2025-04-08"
      decimals="0"
      id="Fact000017"
      unitRef="USD">0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="AsOf2025-04-08" id="Fact000019">&lt;p id="xdx_A8E_ecef--AnnualExpensesTableTextBlock_gRBAETTB-KXTUZY_zShwbc2YabHg" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="font-size: 11pt; width: 85%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Annual Expenses (as a percentage of net assets attributable to the Shares)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt; width: 15%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Management fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--ManagementFeesPercent_c20250408__20250408_zfA7DUOKRlX6"&gt;1.00%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Other expenses &lt;sup&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_908_ecef--OtherAnnualExpensesPercent_c20250408__20250408_fKDIp_zPtPcKw4thea"&gt;0.14%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Acquired Fund fees and expenses &lt;sup&gt;(3)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_906_ecef--AcquiredFundFeesAndExpensesPercent_c20250408__20250408_fKDMp_zdc3TtEOJ7Zj"&gt;0.22%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Total Annual Expenses&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--TotalAnnualExpensesPercent_c20250408__20250408_zvPwOupttU0e"&gt;1.36%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px; font-size: 11pt"&gt;&lt;span id="xdx_F03_zf77vG6wKU8d" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font-size: 11pt"&gt;&lt;span id="xdx_F13_zLzEeAJSRWI9" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--OtherExpensesNoteTextBlock_c20250408__20250408_zPwJ5eITUlGd"&gt;&#x201c;Other Expenses&#x201d; 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.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px; font-size: 11pt"&gt;&lt;span id="xdx_F09_zBDdh9Po6Qie" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font-size: 11pt"&gt;&lt;span id="xdx_F13_zOi2jacqXsnk" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;The Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Fund&#x2019;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.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;/div&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000020"
      unitRef="Ratio">0.0100</cef:ManagementFeesPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000021"
      unitRef="Ratio">0.0014</cef:OtherAnnualExpensesPercent>
    <cef:AcquiredFundFeesAndExpensesPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000022"
      unitRef="Ratio">0.0022</cef:AcquiredFundFeesAndExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="AsOf2025-04-08"
      decimals="INF"
      id="Fact000023"
      unitRef="Ratio">0.0136</cef:TotalAnnualExpensesPercent>
    <cef:ExpenseExampleTableTextBlock contextRef="AsOf2025-04-08" id="Fact000025">&lt;p id="xdx_A81_ecef--ExpenseExampleTableTextBlock_gRBEETTB-PLRM_zdRtv8Ytxd52" style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Example &lt;sup&gt;(4)&lt;/sup&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following example illustrates the hypothetical
expenses that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.36% of net assets attributable to the Shares and (ii) a 5% annual return:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 40%; font-size: 11pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1 Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;3 Years&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;5 Years&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 15%; text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;10 Years&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;You would pay the following expenses on a $1,000 investment, assuming a 5% annual return&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_90F_ecef--ExpenseExampleYear01_c20250408__20250408_fKDQp_zd9xVbM17VY9"&gt;14&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_90C_ecef--ExpenseExampleYears1to3_c20250408__20250408_fKDQp_zR6dOcNUXba"&gt;43&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_90B_ecef--ExpenseExampleYears1to5_c20250408__20250408_fKDQp_zTunSq6pw9Lh"&gt;74&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-size: 11pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_908_ecef--ExpenseExampleYears1to10_c20250408__20250408_fKDQp_z3rHUzcKP7pj"&gt;164&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px; font-size: 11pt"&gt;&lt;span id="xdx_F0A_zwc8PjbhL2U3" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; font-size: 11pt"&gt;&lt;span id="xdx_F19_zrrySwCvTRKc" style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;The example assumes that the estimated &#x201c;Other Expenses&#x201d; 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&#x2019;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;&lt;/div&gt;</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="AsOf2025-04-08"
      decimals="0"
      id="Fact000026"
      unitRef="USD">14</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="AsOf2025-04-08"
      decimals="0"
      id="Fact000027"
      unitRef="USD">43</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="AsOf2025-04-08"
      decimals="0"
      id="Fact000028"
      unitRef="USD">74</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="AsOf2025-04-08"
      decimals="0"
      id="Fact000029"
      unitRef="USD">164</cef:ExpenseExampleYears1to10>
    <cef:OtherExpensesNoteTextBlock contextRef="AsOf2025-04-08" id="Fact000032">&#x201c;Other Expenses&#x201d; 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.</cef:OtherExpensesNoteTextBlock>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="AsOf2025-04-08" id="Fact000035">&lt;p id="xdx_A85_ecef--InvestmentObjectivesAndPracticesTextBlock_zv0gkhNcFzx6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;INVESTMENT OBJECTIVE AND POLICIES&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Investment Objective&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;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&#x2019;s objectives are fundamental and may not be changed without stockholder approval.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Investment Strategies&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;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&#x2019;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 &#x201c;BBB&#x201d; by S&amp;amp;P or Moody&#x2019;s, commonly referred to as &#x201c;junk
bonds.&#x201d;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Investment Adviser utilizes a balanced approach,
including &#x201c;value&#x201d; and &#x201c;growth&#x201d; 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&#x2019;s price to book, price to sales, return on equity, and return on assets ratios;
and growth analysis is used to determine a company&#x2019;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&#x2019;s portfolio.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund may invest without limitation in other closed-end
investment companies and ETFs, provided that the Fund limits its investment in securities issued by other investment companies so that
not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. As a stockholder in any investment
company, the Fund will bear its ratable share of the investment company&#x2019;s expenses and would remain subject to payment of the Fund&#x2019;s
advisory and administrative fees with respect to the assets so invested.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;s investment policies emphasize long-term
investment in securities. Therefore, the Fund&#x2019;s annual portfolio turnover rate is expected to continue to be relatively low, normally
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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;s foregoing investment policies may
be changed by the Fund&#x2019;s Board of Directors without Stockholder vote.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s net asset value.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund may, from time to time, take temporary defensive
positions that are inconsistent with the Fund&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Investment Adviser may invest the Fund&#x2019;s
cash balances in any investments it deems appropriate. Such investments may include, without limitation and as permitted under the 1940
Act, money market funds, U.S. Treasury and U.S. agency securities, municipal bonds, repurchase agreements and bank accounts. Many of the
considerations entering into the Investment Adviser&#x2019;s recommendations and the portfolio managers' decisions are subjective.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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., &#x201c;uncovered&#x201d; 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Portfolio Investments&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Common Stocks&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019; 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Other Closed-End Investment Companies&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#x2019;s own operations.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Exchange Traded Funds&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund may invest in ETFs, which are investment
companies that aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively managed and their
shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#x201c;creation units.&#x201d; 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&#x2019;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&#x2019;s expenses, including advisory fees. These expenses are in addition to the
direct expenses of the Fund&#x2019;s own operations.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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), exchange-traded funds (&#x201c;ETFs&#x201d;) 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&#x2019;s misjudging the value of certain securities or in a significant loss in the value of those securities.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund may purchase ADRs, IDRs and global depository
receipts (&#x201c;GDRs&#x201d;) 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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s distributions attributable to foreign securities will be designated as qualified dividend income. See
&#x201c;Certain Additional Material United States Federal Income Tax Considerations.&#x201d;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Emerging Market Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;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&#x2019;s income from such securities.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Preferred Stocks&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Distributions on preferred stock must be declared
by a 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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019; 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Because the claim on an issuer&#x2019;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Other Securities&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Although it has no current intention do so to any
material extent, the Investment Adviser may determine to invest the Fund&#x2019;s assets in some or all of the following securities from
time to time.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Corporate Bonds, Government Debt Securities
and Other Debt Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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 &#x201c;perpetual&#x201d; in that they have no maturity date.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund will not invest directly in debt securities
rated below investment grade (i.e., securities rated lower than &#x201c;Baa&#x201d; by Moody&#x2019;s Investors Service, Inc. (&#x201c;Moody&#x2019;s&#x201d;)
or lower than &#x201c;BBB&#x201d; by Standard &amp;amp; Poor&#x2019;s Rating Services, a division of The McGraw-Hill Companies, Inc. (&#x201c;S&amp;amp;P&#x201d;),
or their equivalent as determined by the Investment Adviser. These securities are commonly referred to as &#x201c;junk bonds.&#x201d; 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Convertible Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;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 &#x201c;usable&#x201d;
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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s
profits, and the issuer&#x2019;s management capability and practices.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Illiquid Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Rule 144A Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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 &#x201c;1933 Act&#x201d;). 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&#x2019;s 20% limit on investments in illiquid
securities.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Warrants&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Repurchase Agreements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund has agreed to purchase securities from financial
institutions subject to the seller&#x2019;s agreement to repurchase them at an agreed-upon time and price (&#x201c;repurchase agreements&#x201d;).
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.&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="AsOf2025-04-08" id="Fact000036">&lt;p id="xdx_A8F_ecef--RiskFactorsTableTextBlock_zXH8PLPtVvC6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;RISK FACTORS&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;An investment in the Fund&#x2019;s Shares is subject
to risks. The value of the Fund&#x2019;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&#x2019;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. The Fund bears these risks directly and indirectly through its investments in
other investment companies.&lt;/i&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Risks Related to the Offering&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DeclineinTradingPriceMember_zqetnWN2Gspk"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Decline in Trading Price&lt;/i&gt;.&lt;/b&gt; If the Fund&#x2019;s
trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_z5T4iwECUnb8"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Value versus Subscription Price&lt;/i&gt;.&lt;/b&gt; The
Subscription Price was not determined based on established criteria for valuation, such as expected future performance, cash flows or
financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guarantee of the
value of the Fund.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--TerminationOfOfferingMember_zyuUw9ZcAEx3"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Termination of Offering&lt;/i&gt;.&lt;/b&gt; The Fund&#x2019;s
Board of Directors may terminate the offering at any time. If the decision is made to terminate the offering, the Fund has no obligation
to you except to return, without interest, your subscription payments.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_zzwBxzqPGNC4"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Rejection of Exercise of Subscription Rights&lt;/i&gt;.&lt;/b&gt;
Rights holders who desire to purchase shares in the offering must act promptly to ensure that all required forms and payments are actually
received by the Subscription Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares
of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required
forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before
the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail
to follow the subscription procedures that apply to your exercise in the offering, the Subscription Agent may, depending on the circumstances,
reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes
to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such
forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;/div&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DilutionOfOwnershipAndVotingInterestMember_zUusWu6AKsg4"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Dilution of Ownership and Voting Interest&lt;/i&gt;.&lt;/b&gt;
As a result of the terms of this offer, Stockholders who do not fully exercise their Rights will, upon completion of this offer, (i) own
a smaller proportional interest in the Fund than they owned prior to the offer and (ii) have a smaller proportional voting interest in
the Fund than they had prior to the offer.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Principal Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--StockMarketVolatilityMember_zATf7hUT7Ab8"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Stock Market Volatility. &lt;/i&gt;&lt;/b&gt;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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#x2019;s investments
will underperform either the securities markets generally or particular segments of the securities markets.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDisruptionandGeopoliticalRiskMember_z9077Pf3yKR9"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Market Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;The
Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Governments may respond aggressively to such events, including by 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, which could 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.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The COVID-19 outbreak in 2020 resulted in 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 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&#x2019;s investment in the Fund.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;/div&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_987_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--IssuerSpecificChangesMember_znAKMr0hSZrc"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Issuer Specific Changes. &lt;/i&gt;&lt;/b&gt;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&#x2019;s securities.
Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98B_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ClosedEndFundRiskMember_z0kWARJLUhzh"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Closed-End Fund Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CommonStockRiskMember_z7V3nxV7Hx0d"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Common Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;
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&#x2019;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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DefensivePositionsMember_zHLzcCwIl4o8"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Defensive Positions. &lt;/i&gt;&lt;/b&gt;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.&#160;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjSKw31VLEKd"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Securities Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;Foreign Currency Risk.&#x201d;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--GlobalMarketRiskMember_zDepjrS0wNN2"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Global Market Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;/div&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_980_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagedDistributionPolicyRiskMember_zBPZbK7be9w6"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Managed Distribution Policy Risk.&lt;/i&gt;&lt;/b&gt; Under
the Fund&#x2019;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 (&#x201c;Net Earnings&#x201d;), or from return-of-capital. For any fiscal year where total cash
distributions exceeded Net Earnings (the &#x201c;Excess&#x201d;), the Excess would decrease the Fund&#x2019;s total assets and, as a result,
would have the likely effect of increasing the Fund&#x2019;s expense ratio. There is a risk that the total Net Earnings from the Fund&#x2019;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&#x2019;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&#x2019;s investment objective. The Fund adopted the Distribution Policy in 2002,
and during recent years the Fund&#x2019;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&#x2019;s basis in the shares.
The Stockholders would reduce their basis (but not below zero) 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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;
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&#x2019;s investment performance from the amount of its managed distributions or from the terms of the
Distribution Policy. The Fund&#x2019;s managed distribution rates do not correlate to the Fund&#x2019;s total return based on NAV because
the Fund&#x2019;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders, and such distributions are not
tied to the Fund&#x2019;s investment income or capital gains and do not represent yield or investment return on the Fund&#x2019;s portfolio.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Cornerstone Total Return Fund, Inc.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Managed Distributions Paid and NAV Returns from 2020
through 2024&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Years&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;NAV Per Share&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Average Annual Return*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Average Annual Return**&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Managed Distribution Per Share&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Return-of-Capital Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Capital Gains Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Net Investment Income Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Gross Expense Ratios&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2020&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9.56&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;15.16&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;12.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2.16&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.54&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.58&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.04&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.19&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9.88&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;24.67&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;22.64&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.84&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.71&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.12&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.01&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2022&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.24&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(16.96&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(15.78&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2.08&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.83&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.49&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;29.31&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;26.56&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.42&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.88&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.51&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.69&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;23.86&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;22.26&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.25&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.71&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.51&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.14&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Includes the reinvestments of distributions in accordance with the operations of Fund&#x2019;s dividend reinvestment plan.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;**&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Includes distributions received but not reinvested.&lt;/span&gt;&lt;/td&gt;

&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;&lt;/div&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;div id="xdx_986_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ManagementRiskMember_zFS9JlC5HLy"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Management Risk.&lt;/i&gt;&lt;/b&gt; The Fund is subject
to management risk because it is an actively managed portfolio. The Fund&#x2019;s successful pursuit of its investment objective depends
upon the Investment Adviser&#x2019;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&#x2019;s investment objective. The Investment Adviser&#x2019;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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--OtherInvestmentCompanySecuritiesRiskMember_zWGWQG0TBw5f"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Other Investment Company Securities Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&#160;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Non-Principal Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition to the principal risks set forth above,
the following additional risks may apply to an investment in the Fund.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_989_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--AntiTakeoverProvisionsMember_zA97P99aVtDf"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover Provisions. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98D_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zJQAqNoWo0ag"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Convertible Securities Risk. &lt;/i&gt;&lt;/b&gt;The value
of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (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
&#x201c;conversion value&#x201d; (the security&#x2019;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#x2019;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&#x2019;s ability to
achieve its investment objective.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98E_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--CreditRisksMember_zWL2ikjrO337"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Credit Risk.&lt;/i&gt;&lt;/b&gt; Fixed income securities
rated B or below by S&amp;amp;Ps or Moody&#x2019;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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_981_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--DebtSecurityRiskMember_zotG73SXqzVh"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Debt Security Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ExtensionRiskMember_zLjcKtvKqR5b"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Extension Risk. &lt;/i&gt;&lt;/b&gt;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 (&lt;i&gt;i.e.&lt;/i&gt;, interest
rate sensitivity) and potentially reduce the value of these securities.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--ForeignCurrencyRiskMember_zFcJPnPWG7G3"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Currency Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s investment securities and net asset value. For example, even if the securities prices are unchanged on their
primary foreign stock exchange, the Fund&#x2019;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.&#160;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_982_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--IlliquidSecuritiesMember_zAawwAY13lH3"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Illiquid Securities. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;/div&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--InterestRateRisksMember_zg1aI8My4Nq9"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Interest Rate Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_98A_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--InvestmentinSmallandMidCapitalizationCompaniesMember_zFwTCCzJ4Rtl"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Investment in Small and Mid-Sized Capitalization
Companies.&lt;/i&gt;&lt;/b&gt; The Fund may invest in companies with small or mid-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.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98F_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--LeverageRiskMember_zHnqrYc6DF63"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Leverage Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;s portfolio, the Fund&#x2019;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&#x2019;s leverage strategy will be successful.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_985_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--MarketDiscountfromNetAssetValueMember_z5ipTQ0b4kp"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Market Discount from Net Asset Value. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;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&#x2019;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.&#160;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98B_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--PortfolioTurnoverRiskMember_zouWJjyKx3La"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Portfolio Turnover Risk. &lt;/i&gt;&lt;/b&gt;The Investment
Adviser cannot predict the Fund&#x2019;s securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio
turnover rate will normally 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;/div&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;div id="xdx_983_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--PreferredSecuritiesRiskMember_zWSKQVVca75f"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Preferred Securities Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;noncumulative preferreds&#x201d;) or defer (in the case of &#x201c;cumulative preferreds&#x201d;),
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&#x2019;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 &#x201c;Certain
Additional Material United States Federal Income Tax Considerations.&#x201d;&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zmiI7eQdrh07"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Real Estate Investment Trust (&#x201c;REIT&#x201d;)
Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s yield on that investment.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Dividends paid by REITs will not generally qualify
for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code, provided, however, the Fund may designate
certain dividends from a REIT as &#x201c;Section 199A dividends,&#x201d; which may be taxed to individual Stockholders and other non-corporate
Stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied. Investors should
see the discussion under the heading &#x201c;Certain Additional Material United States Federal Income Tax Consequences&#x201d; for more
information relating to Section 199A dividends.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;s investment in REITs may include an
additional risk to Stockholders. Some or all of a REIT&#x2019;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#x2019;s basis in the REIT investment, but not below zero. To the
extent the distributions from a particular REIT exceed the Fund&#x2019;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&#x2019;s basis in the Fund shares, such Stockholder will generally recognize
capital gain.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div id="xdx_984_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--RepurchaseAgreementRiskMember_zDyGqnKn8DQg"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Repurchase Agreement Risk. &lt;/i&gt;&lt;/b&gt;The Fund
does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase
agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is
a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in
the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund&#x2019;s ability to dispose of
the underlying securities.&lt;/p&gt;

&lt;/div&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;div id="xdx_98C_ecef--RiskTextBlock_c20250408__20250408__cef--RiskAxis__custom--SecuritiesLendingRiskMember_zs6Sb1sX5sLl"&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Securities Lending Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&#160;&lt;/p&gt;

&lt;/div&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_DeclineinTradingPriceMember"
      id="Fact000037">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Decline in Trading Price&lt;/i&gt;.&lt;/b&gt; If the Fund&#x2019;s
trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ValueVersusSubscriptionPriceMember"
      id="Fact000038">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Value versus Subscription Price&lt;/i&gt;.&lt;/b&gt; The
Subscription Price was not determined based on established criteria for valuation, such as expected future performance, cash flows or
financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guarantee of the
value of the Fund.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_TerminationOfOfferingMember"
      id="Fact000039">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Termination of Offering&lt;/i&gt;.&lt;/b&gt; The Fund&#x2019;s
Board of Directors may terminate the offering at any time. If the decision is made to terminate the offering, the Fund has no obligation
to you except to return, without interest, your subscription payments.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_RejectionOfExerciseOfSubscriptionRightsMember"
      id="Fact000040">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Rejection of Exercise of Subscription Rights&lt;/i&gt;.&lt;/b&gt;
Rights holders who desire to purchase shares in the offering must act promptly to ensure that all required forms and payments are actually
received by the Subscription Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares
of common stock, you must act promptly to ensure that your broker, custodian bank or other nominee acts for you and that all required
forms and payments are actually received by the Subscription Agent before the Expiration Date. The Fund will not be responsible if your
broker, custodian or nominee fails to ensure that all required forms and payments are actually received by the Subscription Agent before
the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail
to follow the subscription procedures that apply to your exercise in the offering, the Subscription Agent may, depending on the circumstances,
reject your subscription or accept it only to the extent of the payment received. Neither the Fund nor the Subscription Agent undertakes
to contact you concerning an incomplete or incorrect subscription form or payment, nor is the Fund under any obligation to correct such
forms or payments. The Fund has the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_DilutionOfOwnershipAndVotingInterestMember"
      id="Fact000041">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Dilution of Ownership and Voting Interest&lt;/i&gt;.&lt;/b&gt;
As a result of the terms of this offer, Stockholders who do not fully exercise their Rights will, upon completion of this offer, (i) own
a smaller proportional interest in the Fund than they owned prior to the offer and (ii) have a smaller proportional voting interest in
the Fund than they had prior to the offer.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_StockMarketVolatilityMember"
      id="Fact000042">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Stock Market Volatility. &lt;/i&gt;&lt;/b&gt;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, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets,
volatility in the equities or other securities markets, adverse investor sentiment or political events. 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&#x2019;s investments
will underperform either the securities markets generally or particular segments of the securities markets.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_MarketDisruptionandGeopoliticalRiskMember"
      id="Fact000043">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Market Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;The
Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Governments may respond aggressively to such events, including by 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, which could 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.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The COVID-19 outbreak in 2020 resulted in 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 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&#x2019;s investment in the Fund.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_IssuerSpecificChangesMember"
      id="Fact000044">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Issuer Specific Changes. &lt;/i&gt;&lt;/b&gt;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&#x2019;s securities.
Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ClosedEndFundRiskMember"
      id="Fact000045">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Closed-End Fund Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_CommonStockRiskMember"
      id="Fact000046">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Common Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;
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&#x2019;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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_DefensivePositionsMember"
      id="Fact000047">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Defensive Positions. &lt;/i&gt;&lt;/b&gt;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.&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ForeignSecuritiesRiskMember"
      id="Fact000048">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Securities Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;Foreign Currency Risk.&#x201d;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_GlobalMarketRiskMember"
      id="Fact000049">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Global Market Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ManagedDistributionPolicyRiskMember"
      id="Fact000050">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Managed Distribution Policy Risk.&lt;/i&gt;&lt;/b&gt; Under
the Fund&#x2019;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 (&#x201c;Net Earnings&#x201d;), or from return-of-capital. For any fiscal year where total cash
distributions exceeded Net Earnings (the &#x201c;Excess&#x201d;), the Excess would decrease the Fund&#x2019;s total assets and, as a result,
would have the likely effect of increasing the Fund&#x2019;s expense ratio. There is a risk that the total Net Earnings from the Fund&#x2019;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&#x2019;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&#x2019;s investment objective. The Fund adopted the Distribution Policy in 2002,
and during recent years the Fund&#x2019;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&#x2019;s basis in the shares.
The Stockholders would reduce their basis (but not below zero) 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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;
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&#x2019;s investment performance from the amount of its managed distributions or from the terms of the
Distribution Policy. The Fund&#x2019;s managed distribution rates do not correlate to the Fund&#x2019;s total return based on NAV because
the Fund&#x2019;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders, and such distributions are not
tied to the Fund&#x2019;s investment income or capital gains and do not represent yield or investment return on the Fund&#x2019;s portfolio.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Cornerstone Total Return Fund, Inc.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Managed Distributions Paid and NAV Returns from 2020
through 2024&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Years&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;NAV Per Share&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Average Annual Return*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Average Annual Return**&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Managed Distribution Per Share&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Return-of-Capital Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Capital Gains Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Net Investment Income Distribution&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Gross Expense Ratios&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2020&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9.56&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;15.16&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;12.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2.16&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.54&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.58&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.04&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.19&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9.88&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;24.67&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;22.64&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.84&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.71&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.12&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.01&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2022&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.24&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(16.96&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;(15.78&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2.08&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.83&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.22&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.49&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;29.31&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;26.56&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.42&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.88&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.51&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6.69&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;23.86&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;22.26&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.25&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.71&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.51&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;0.03&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;1.14&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Includes the reinvestments of distributions in accordance with the operations of Fund&#x2019;s dividend reinvestment plan.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 27px"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;**&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;Includes distributions received but not reinvested.&lt;/span&gt;&lt;/td&gt;

&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ManagementRiskMember"
      id="Fact000051">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Management Risk.&lt;/i&gt;&lt;/b&gt; The Fund is subject
to management risk because it is an actively managed portfolio. The Fund&#x2019;s successful pursuit of its investment objective depends
upon the Investment Adviser&#x2019;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&#x2019;s investment objective. The Investment Adviser&#x2019;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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_OtherInvestmentCompanySecuritiesRiskMember"
      id="Fact000052">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Other Investment Company Securities Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_AntiTakeoverProvisionsMember"
      id="Fact000053">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover Provisions. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ConvertibleSecuritiesRiskMember"
      id="Fact000054">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Convertible Securities Risk. &lt;/i&gt;&lt;/b&gt;The value
of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (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
&#x201c;conversion value&#x201d; (the security&#x2019;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&#x2019;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#x2019;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&#x2019;s ability to
achieve its investment objective.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_CreditRisksMember"
      id="Fact000055">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Credit Risk.&lt;/i&gt;&lt;/b&gt; Fixed income securities
rated B or below by S&amp;amp;Ps or Moody&#x2019;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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_DebtSecurityRiskMember"
      id="Fact000056">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Debt Security Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ExtensionRiskMember"
      id="Fact000057">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Extension Risk. &lt;/i&gt;&lt;/b&gt;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 (&lt;i&gt;i.e.&lt;/i&gt;, interest
rate sensitivity) and potentially reduce the value of these securities.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_ForeignCurrencyRiskMember"
      id="Fact000058">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Currency Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s investment securities and net asset value. For example, even if the securities prices are unchanged on their
primary foreign stock exchange, the Fund&#x2019;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.&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_IlliquidSecuritiesMember"
      id="Fact000059">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Illiquid Securities. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_InterestRateRisksMember"
      id="Fact000060">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Interest Rate Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_InvestmentinSmallandMidCapitalizationCompaniesMember"
      id="Fact000061">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Investment in Small and Mid-Sized Capitalization
Companies.&lt;/i&gt;&lt;/b&gt; The Fund may invest in companies with small or mid-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.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_LeverageRiskMember"
      id="Fact000062">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Leverage Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;s portfolio, the Fund&#x2019;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&#x2019;s leverage strategy will be successful.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_MarketDiscountfromNetAssetValueMember"
      id="Fact000063">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Market Discount from Net Asset Value. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;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&#x2019;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.&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_PortfolioTurnoverRiskMember"
      id="Fact000064">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Portfolio Turnover Risk. &lt;/i&gt;&lt;/b&gt;The Investment
Adviser cannot predict the Fund&#x2019;s securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio
turnover rate will normally 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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_PreferredSecuritiesRiskMember"
      id="Fact000065">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Preferred Securities Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;noncumulative preferreds&#x201d;) or defer (in the case of &#x201c;cumulative preferreds&#x201d;),
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&#x2019;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 &#x201c;Certain
Additional Material United States Federal Income Tax Considerations.&#x201d;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_RealEstateInvestmentTrustREITRiskMember"
      id="Fact000066">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Real Estate Investment Trust (&#x201c;REIT&#x201d;)
Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s yield on that investment.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Dividends paid by REITs will not generally qualify
for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code, provided, however, the Fund may designate
certain dividends from a REIT as &#x201c;Section 199A dividends,&#x201d; which may be taxed to individual Stockholders and other non-corporate
Stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied. Investors should
see the discussion under the heading &#x201c;Certain Additional Material United States Federal Income Tax Consequences&#x201d; for more
information relating to Section 199A dividends.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund&#x2019;s investment in REITs may include an
additional risk to Stockholders. Some or all of a REIT&#x2019;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#x2019;s basis in the REIT investment, but not below zero. To the
extent the distributions from a particular REIT exceed the Fund&#x2019;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&#x2019;s basis in the Fund shares, such Stockholder will generally recognize
capital gain.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_RepurchaseAgreementRiskMember"
      id="Fact000067">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Repurchase Agreement Risk. &lt;/i&gt;&lt;/b&gt;The Fund
does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase
agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is
a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in
the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund&#x2019;s ability to dispose of
the underlying securities.&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-04-082025-04-08_custom_SecuritiesLendingRiskMember"
      id="Fact000068">

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Securities Lending Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&#160;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:CapitalStockTableTextBlock contextRef="AsOf2025-04-08" id="Fact000069">&lt;p id="xdx_A89_ecef--CapitalStockTableTextBlock_zDQpthkYNKu8" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;DESCRIPTION OF CAPITAL STRUCTURE&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund is a corporation established under the laws
of the State of New York upon the filing of its Certificate of Incorporation on March 16, 1973 (as subsequently amended, the &#x201c;Charter&#x201d;).
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 March  31, 2025, the Fund had 118,427,033 Shares issued and outstanding.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_90C_ecef--SecurityTitleTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxz4cdCgYco9"&gt;Common Stock&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Charter, which has been filed with the SEC, permits
the Fund to issue 1,000,000,000 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. &lt;span id="xdx_906_ecef--SecurityDividendsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUwbPTjDPnla"&gt;Holders of Shares will be entitled to the payment of
dividends when declared by the Board of Directors. See &#x201c;Distribution Policy.&#x201d;&lt;/span&gt; &lt;span id="xdx_909_ecef--SecurityVotingRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTtbbizzIzDb"&gt;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.&lt;/span&gt; &lt;span id="xdx_908_ecef--SecurityLiquidationRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxAjGOmsnCLb"&gt;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.&lt;/span&gt; &lt;span id="xdx_908_ecef--SecurityLiabilitiesTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zf0PiebadmVe"&gt;Shares are not liable to further calls or to assessment by the Fund.&lt;/span&gt; &lt;span id="xdx_907_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20250408__20250408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zj7cS5fNV32k"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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&#x2019;s outstanding Shares.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Fund will not issue share certificates. The Fund&#x2019;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.&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:SecurityTitleTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000070">Common Stock</cef:SecurityTitleTextBlock>
    <cef:SecurityDividendsTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000071">Holders of Shares will be entitled to the payment of
dividends when declared by the Board of Directors. See &#x201c;Distribution Policy.&#x201d;</cef:SecurityDividendsTextBlock>
    <cef:SecurityVotingRightsTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000072">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.</cef:SecurityVotingRightsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000073">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.</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityLiabilitiesTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000074">Shares are not liable to further calls or to assessment by the Fund.</cef:SecurityLiabilitiesTextBlock>
    <cef:SecurityPreemptiveAndOtherRightsTextBlock
      contextRef="From2025-04-082025-04-08_us-gaap_CommonStockMember"
      id="Fact000075">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.</cef:SecurityPreemptiveAndOtherRightsTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="AsOf2025-04-08" id="Fact000076">&lt;p id="xdx_A84_ecef--OutstandingSecuritiesTableTextBlock_ze8ta3Oi0gw9" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Outstanding Securities&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table sets forth certain information
regarding our authorized shares and shares outstanding as of March 31, 2025.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 25%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;(1)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 23%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;(2)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 23%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;(3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 29%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;(4)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Title of Class&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Amount Authorized&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;
    &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount Held By&lt;/b&gt;&lt;br/&gt;
    &lt;b&gt;Registrant&lt;/b&gt;&#160;&lt;/p&gt;
    &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;or for its Account&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;
    &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount Outstanding&lt;br/&gt;
    Exclusive of&lt;/b&gt;&lt;/p&gt;
    &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Amount Shown Under (3)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: Gainsboro"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zlOkUC1O7Bwb"&gt;Common Stock&lt;/span&gt;, par value $0.01 per share&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_902_ecef--OutstandingSecurityAuthorizedShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt2CAg9FyZE9"&gt;1,000,000,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAoW182WtABa"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&#160;&lt;span id="xdx_907_ecef--OutstandingSecurityNotHeldShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbP66gTJ9FAe"&gt;118,427,033&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
      id="Fact000077">Common Stock</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000078"
      unitRef="Shares">1000000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000079"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000080"
      unitRef="Shares">118427033</cef:OutstandingSecurityNotHeldShares>
    <cef:SharePriceTableTextBlock contextRef="AsOf2025-04-08" id="Fact000081">&lt;p id="xdx_A87_ecef--SharePriceTableTextBlock_zaoP6deFmig6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Trading and Net Asset Value Information&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the past, the Shares have traded at both a premium
and at a discount in relation to NAV. Although the Shares recently have been trading at a premium above NAV, there can be no assurance
that this premium will continue after the Offering or that the Shares will not again trade at a discount. Shares of closed-end investment
companies such as the Fund frequently trade at a discount from NAV. See &#x201c;Risk Factors.&#x201d; 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, 2024
was 3,657,789 Shares.&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;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):&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 16%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Fiscal Quarter Ended&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;High Close&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Low Close&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;High NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Low NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Premium/ (Discount) to High NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; width: 14%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;b&gt;Premium/ (Discount) to Low NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;3/31/2023&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_907_ecef--HighestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcNa71OqJGp9"&gt;8.13&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_906_ecef--LowestPriceOrBid_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqZymphojAtd"&gt;6.91&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_90F_ecef--HighestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCZ2T1z42lN5"&gt;6.71&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;$&lt;span id="xdx_90E_ecef--LowestPriceOrBidNav_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZ0KCWJD6Awc"&gt;6.18&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziEkYaThZQg7"&gt;20.57&lt;/span&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90F_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zevvvYgM2eF3"&gt;19.74&lt;/span&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6/30/2023&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90B_ecef--HighestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zcgNFLsdA3Na"&gt;8.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_907_ecef--LowestPriceOrBid_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z37c1v9DBbme"&gt;7.21&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_909_ecef--HighestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zv1Neo77Rpk"&gt;6.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90B_ecef--LowestPriceOrBidNav_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zioqU7srec2"&gt;6.32&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zrcRfLLH8yPe"&gt;18.17&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzLjBkI2zHj4"&gt;17.88&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9/30/2023&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90D_ecef--HighestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSEoWhEzTpsa"&gt;8.50&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90B_ecef--LowestPriceOrBid_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zCYZ1hAb0oOf"&gt;7.70&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_904_ecef--HighestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxUUF4N5e5gf"&gt;6.86&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--LowestPriceOrBidNav_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zb8HiFup0SS9"&gt;6.19&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_903_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOT7sM9IfzB8"&gt;23.91&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20230701__20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znBYNrCPAkP1"&gt;29.08&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;12/31/2023&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90B_ecef--HighestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqNtQiyWweCh"&gt;7.93&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_902_ecef--LowestPriceOrBid_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zBBgLhzBohv7"&gt;6.09&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_907_ecef--HighestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU72XJZ1NKCd"&gt;6.49&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90D_ecef--LowestPriceOrBidNav_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zWZ3BYv9XOv9"&gt;5.81&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4B18feqfptg"&gt;8.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_904_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20231001__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUhntYqRVdra"&gt;8.26&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;3/31/2024&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_904_ecef--HighestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zfLPyagQIcv3"&gt;7.51&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_908_ecef--LowestPriceOrBid_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zPY6qUl2okia"&gt;6.96&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--HighestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zU4nUlUTukhk"&gt;6.79&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90B_ecef--LowestPriceOrBidNav_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoN38JdMZ6P5"&gt;6.40&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90F_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zVEvLgtB7xxj"&gt;10.60&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_902_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zh4A673py73d"&gt;11.88&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;6/30/2024&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90A_ecef--HighestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQIzFoVyQxs7"&gt;7.85&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_909_ecef--LowestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOpXSTQrlmD6"&gt;7.12&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--HighestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zvoy9Ch9pojf"&gt;6.79&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_909_ecef--LowestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zaovfbkx8Nu"&gt;6.35&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziE1x2VAZYV6"&gt;15.61&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTzfWB0P2std"&gt;16.69&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: Gainsboro"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;9/30/2024&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_906_ecef--HighestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zKFHGAUmhAC5"&gt;8.09&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_906_ecef--LowestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUj4Khl0Chn6"&gt;7.11&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90C_ecef--HighestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7A3Fe7TXBEj"&gt;6.97&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--LowestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zEbE6L4Awhz8"&gt;6.55&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_905_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zyaJYsvsc4Ah"&gt;12.20&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOXvgZCxCNpd"&gt;21.68&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;12/31/2024&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--HighestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZzynAGcwjej"&gt;9.66&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--LowestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zM4OOiPqGKOk"&gt;8.02&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_90F_ecef--HighestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAVgM9c4MWm9"&gt;7.01&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--LowestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zt1ACY15lWA8"&gt;6.68&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_900_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7h8Roe7Wz6e"&gt;37.66&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_901_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFP1TrUxLwI6"&gt;26.05&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;3/31/2025&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_908_ecef--HighestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zG3AtXhTZNuf"&gt;9.10&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_907_ecef--LowestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zSMfdtZszkr2"&gt;7.17&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_903_ecef--HighestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zF6mZT1SJMf6"&gt;6.82&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_903_ecef--LowestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2diT7e0w1q9"&gt;6.04&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_908_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zoDShgxL8yh8"&gt;29.47&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"&gt;&lt;span id="xdx_909_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zHdKWJ2poJZb"&gt;18.71&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
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    <cef:LowestPriceOrBid
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    <cef:LowestPriceOrBidNav
      contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000103"
      unitRef="USDPShares">5.81</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
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      unitRef="Ratio">0.0878</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-10-012023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000105"
      unitRef="Ratio">0.0826</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000106"
      unitRef="USDPShares">7.51</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000107"
      unitRef="USDPShares">6.96</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000108"
      unitRef="USDPShares">6.79</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000109"
      unitRef="USDPShares">6.40</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000110"
      unitRef="Ratio">0.1060</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-01-012024-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000111"
      unitRef="Ratio">0.1188</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000112"
      unitRef="USDPShares">7.85</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000113"
      unitRef="USDPShares">7.12</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000114"
      unitRef="USDPShares">6.79</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000115"
      unitRef="USDPShares">6.35</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-04-012024-06-30_us-gaap_CommonStockMember"
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    <cef:HighestPriceOrBid
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    <cef:LowestPriceOrBid
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    <cef:LowestPriceOrBidNav
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    <cef:HighestPriceOrBid
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
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      id="Fact000130"
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    <cef:LowestPriceOrBid
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      decimals="INF"
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      unitRef="USDPShares">7.17</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2025-01-012025-03-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000132"
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    <cef:LowestPriceOrBidNav
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    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
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      id="Fact000134"
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        <link:footnote id="Footnote000030" xlink:label="Footnote000030" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Assuming the Fund will have 157,902,711 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $366,000 or approximately $0.002 per Share. If the Offering is not fully subscribed, the Offering expenses percentage (and per Share amount) may increase.</link:footnote>
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        <link:footnote id="Footnote000031" xlink:label="Footnote000031" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span id="xdx_900_ecef--OtherExpensesNoteTextBlock_c20250408__20250408_zPwJ5eITUlGd">&#x201c;Other Expenses&#x201d; 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.</xhtml:span></link:footnote>
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        <link:footnote id="Footnote000033" xlink:label="Footnote000033" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Fund&#x2019;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.</link:footnote>
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        <link:footnote id="Footnote000034" xlink:label="Footnote000034" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The example assumes that the estimated &#x201c;Other Expenses&#x201d; 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&#x2019;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.</link:footnote>
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