Shareholder Transaction Expenses (%)
Sales load (as a percentage of offering price) 1
Offering expenses (as a percentage of offering price) 1
Dividend Reinvestment Plan fees 2	None

If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses.

Participants in the fund’s dividend reinvestment plan do not pay brokerage charges with respect to Common Shares issued directly by the fund. However, whenever

Common Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently

$0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested. Shareholders participating in the Plan may buy additional

Common Shares of the fund through the Plan at any time and will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. See

“Distribution Policy” and “Dividend Reinvestment Plan.”

Dividend Reinvestment and Cash Purchase Fees

^[1]

$ 0

Other Transaction Expenses [Abstract]

Annual Expenses [Table Text Block]

Annual Expenses (Percentage of Net Assets Attributable to Common Shares) (%)
Management fees 3	1.29
Interest Payments on Borrowed Funds 4	3.72
Other expenses	0.25
Total Annual Operating Expenses	5.26
Contractual Expense Reimbursement 5	(0.01 )
Total Annual Fund Operating Expenses After Expense Reimbursements	5.25

See “Management of the Fund—The Advisor.”

The Fund uses leverage by borrowing under the LA. See “Other Investment Policies – Borrowing” and “Use of Leverage by the Fund.”

The Advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to

an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the

participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that

exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds

$125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion

but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less

than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal

to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the

reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its

most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed

by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

Management Fees [Percent]

^[2]

1.29%

Interest Expenses on Borrowings [Percent]

^[3]

3.72%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

0.25%

Total Annual Expenses [Percent]

5.26%

Waivers and Reimbursements of Fees [Percent]

^[4]

(0.01%)

Net Expense over Assets [Percent]

5.25%

Expense Example [Table Text Block]

Expense example

The following example illustrates the expenses that Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total

annual expenses set forth above, including any reimbursements through their current expiration date; (ii) a 5% annual return; and (iii) all distributions

are reinvested at NAV:

	1 Year	3 Years	5 Years	10 Years
Total Expenses	$52	$157	$261	$519

The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all

investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the fund’s

Common Shares. For more complete descriptions of certain of the fund’s costs and expenses, see “Management of the Fund.” In addition, while the

example assumes reinvestment of all dividends and distributions at NAV, participants in the fund’s dividend reinvestment plan may receive Common

Shares purchased or issued at a price or value different from NAV. See “Distribution Policy” and “Dividend Reinvestment Plan.” The example does not

include sales load or estimated offering costs, which would cause the expenses shown in the example to increase.

The example should not be considered a representation of past or future expenses, and the fund’s actual expenses may be greater or less

than those shown. Moreover, the fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the

example.

Expense Example, Year 01

$ 52

Expense Example, Years 1 to 3

157

Expense Example, Years 1 to 5

261

Expense Example, Years 1 to 10

$ 519

Purpose of Fee Table , Note [Text Block]

The purpose of the table below is to help you understand all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. In

accordance with SEC requirements, the table below shows the fund’s expenses as a percentage of its average net assets as of October 31, 2024, and

not as a percentage of total assets. By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of

the assets in which the fund invests. The offering costs to be paid or reimbursed by the fund are not included in the Annual Expenses table below.

However, these expenses will be borne by Common Shareholders and may result in a reduction in the NAV of the Common Shares. See “Management of

the Fund” and “Dividend Reinvestment Plan.” The table and example are based on the fund’s capital structure as of October 31, 2024.

Basis of Transaction Fees, Note [Text Block]

as a percentage of offering price

Other Transaction Fees, Note [Text Block]

If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses.

Management Fee not based on Net Assets, Note [Text Block]

See “Management of the Fund—The Advisor.”

Financial Highlights [Abstract]

Senior Securities [Table Text Block]

Senior securities
Total debt outstanding end of period (in millions)	$374	$374	$374	$374	$374
Asset coverage per $1,000 of debt 6	$2,789	$2,393	$2,655	$2,943	$2,672

Senior securities
Total debt outstanding end of period (in millions)	$384	$384	$384	$384	$384
Asset coverage per $1,000 of debt 7	$2,992	$2,811	$3,009	$3,035	$2,909

Senior Securities Amount

$ 374,000,000

$ 384,000,000

Senior Securities Coverage per Unit

^[5]

$ 2,789

$ 2,393

$ 2,655

$ 2,943

$ 2,672

$ 2,992

$ 2,811

$ 3,009

$ 3,035

$ 2,909

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Objective

The fund’s investment objective is to provide high current income, consistent with modest growth of capital for holders of its Common Shares. The fund

will pursue its objective by investing in a diversified portfolio comprised primarily of dividend-paying preferred securities and common equity securities.

There can be no assurance that the fund will achieve its investment objective. The fund’s investment objective is not a fundamental policy and may be

changed without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the fund.

Principal investment strategies

Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying securities.

This is a non-fundamental policy and may be changed by the Board of Trustees of the fund provided that shareholders are provided with at least 60 days

prior written notice of any change as required by the rules under the 1940 Act. The fund will focus on common stocks of those issuers which, in the

opinion of the Advisor, have strong fundamental characteristics, large market capitalizations, favorable credit quality and current dividend yields

generally higher than the currently available dividend yield quoted on the Standard & Poor’s 500 Index. The Advisor intends to manage the fund’s

portfolio to generate income qualifying for the dividends received deduction (the “Dividends Received Deduction”) allowed corporations under

Section 243(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”).

The fund may invest in floating-rate, fixed-to-floating rate, and fixed-rate preferred securities and debt obligations rated investment grade (at least

“BBB” by S&P or “Baa” by Moody’s) at the time of investment or that are preferred securities of issuers of investment grade senior debt, some of which

may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. In selecting preferred securities, the

Advisor will consider current yield, price stability and the underlying fundamental characteristics of the issuer, with particular emphasis on debt and

dividend coverage and the potential for timely payment of dividends. The fund will invest in common stocks of issuers whose senior debt is rated

investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of

comparable quality.

The fund may invest in money market instruments, which include short-term U.S. Government securities, investment grade commercial paper

(unsecured promissory notes issued by corporations to finance their short-term credit needs), certificates of deposit and bankers’ acceptances.

The fund may invest up to 10% of the value of its total assets in dividend-paying securities of registered investment companies that invest primarily in

investment grade securities. The investment companies in which the fund intends to invest include those open- and closed-end investment companies

whose distributions qualify for the Dividends Received Deduction.

The fund concentrates its investments in securities of issuers primarily engaged in the utilities industry. Companies in the utilities industry generally

include companies engaged in the generation, transmission, or distribution of electric energy, gas, water, or telecommunications. Certain segments of

the industry and individual companies within such segments may not perform as well as the industry as a whole. Many utility companies, especially

electric and gas and other energy-related utility companies, historically have been subject to risks of increases in fuel and other operating costs, high

interest costs on borrowings needed for capital improvement programs and costs associated with compliance with and changes in environmental and

other governmental regulations. In particular, regulatory changes with respect to nuclear and conventionally fueled power generating facilities could

increase costs or impair the ability of the utility companies to operate such facilities, thus reducing the utility companies’ earnings or resulting in losses.

Rates of return on investment of certain utility companies are subject to review by government regulators. There can be no assurance that changes in

regulatory policies or accounting standards will not negatively affect utility companies’ earnings or dividends. Certain utilities, especially gas and

telephone utilities, have in recent years been affected by increased competition, which could adversely affect the profitability of such utilities.

The fund may also invest in derivatives such as futures contracts, options, interest rate swaps and reverse repurchase agreements. The fund intends to

use reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage or for

temporary purposes. The fund also utilizes a liquidity agreement to increase its assets available for investments. The fund may seek to obtain additional

income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets.

The fund may invest up to 20% of its net assets in restricted securities purchased in direct (private) placements.

The manager may consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process.

ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies.

The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with

respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may

determine that an investment is appropriate notwithstanding its relative ESG characteristics.

Risk Factors [Table Text Block]

Risk Factors

The principal risks of investing in the fund are summarized in the Prospectus Summary above. Below are descriptions of the principal factors that may

play a role in shaping the fund’s overall risk profile. The descriptions appear in alphabetical order by general risks, equity strategy risks, and options

strategy risks, not in order of importance. For further details about the fund’s risks, including additional risk factors that are not discussed in this

Prospectus because they are considered non-principal factors, see the fund’s SAI.

General Risks

Anti-Takeover Provisions

The fund’s Declaration of Trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund or to change the

composition of its Board. These provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over the then current

market price of the Common Shares. See “Certain Provisions in the Declaration of Trust and By-Laws—Anti-takeover provisions.”

Defensive Positions Risk

During periods of adverse market or economic conditions, the fund may temporarily invest all or a substantial portion of its total assets in short-term

money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The fund will not be pursuing its

investment objectives in these circumstances and could miss favorable market developments.

Distribution Risk

There can be no assurance that distributions paid by the fund to shareholders will be maintained at current levels or increase over time. The

distributions shareholders receive from the fund are derived from the fund’s dividends and interest income after payment of fund expenses, net option

premiums and net realized gain on equity securities investments. If stock market volatility and/or stock prices decline, the premiums available from

writing call options and writing put options on individual stocks likely will decrease as well. Payments to purchase put options and to close written call

and put options will reduce amounts available for distribution. Net realized gain on the fund’s stock investments will be determined primarily by the

direction and movement of the stock market and the equity securities held. The fund’s cash available for distribution may vary widely over the short- and

long-term. If, for any calendar year, the total distributions made exceed the fund’s net investment taxable income and net capital gain, the excess

generally will be treated as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder’s basis in his or her Common

Shares) and thereafter as gain from the sale of Common Shares. The amount treated as a return of capital reduces the Common Shareholder’s adjusted

basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or her

Common Shares. Distributions in any year may include a substantial return of capital component. Dividends on common stocks are not fixed but are

declared at the discretion of the issuer’s board of directors.

Economic and market events risk

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both

domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; bank

failures; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social,

political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency

exchange rates; and China’s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one

country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased

volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could

suffer losses as interest rates rise or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide.

Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency

markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw

materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in

emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant

fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve

Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to

accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of

macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds

rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund’s investments, and the

fund’s net asset value (NAV), to decline, potentially suddenly and significantly.

In addition,

the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing

high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting

market volatility may have an adverse effect on the fund.

Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it

remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented

event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the

value of the fund’s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of

government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or

impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or

threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets.

Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the

future disrupt markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the global securities

markets likely will be significantly disrupted. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as “Brexit,” the UK

ceased to be a member of the EU, and the UK and EU entered into a Trade and Cooperation Agreement. While the full impact of Brexit is unknown, Brexit

has already resulted in volatility in European and global markets. There remains significant market uncertainty regarding Brexit’s ramifications, and the

range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may

lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the

coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due

to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among

others. While many countries have lifted some or all restrictions related to the coronavirus (COVID-19) and the United States ended the public health

emergency and national emergency declarations relating to the coronavirus (COVID-19) pandemic on May 11, 2023, the continued impact of

coronavirus (COVID-19) and related variants is uncertain. The impact of a health crisis and other epidemics and pandemics that may arise in the future,

could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing

political, social and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest

in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent

and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have

imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among

other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of

Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in

prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional

sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian

securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that

may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead

Russia’s economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the

ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on

companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar

sanctions on Belarus for its support of Russia’s invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support

Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial

negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as

deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy

slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of

assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of

various factors, including unexpected shifts in the domestic or global economy, and a fund’s investments may be affected, which may reduce a fund’s

performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund,

resulting in a negative impact on a fund’s performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or

deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

ESG integration risk

The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The

manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. In certain situations, the extent to which these ESG

factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other

asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human

rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager,

carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG

criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund

with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and

the fund’s investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless

include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.

The ESG characteristics utilized in the fund’s investment process may change over time, and different ESG characteristics may be relevant to different

investments. Although the manager has established its own structure to oversee ESG integration in accordance with the fund’s investment objective and

strategies, successful integration of ESG factors will depend on the manager’s skill in researching, identifying, and applying these factors, as well as on

the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting

decisions and other factors, is subject to the interpretation of the manager in accordance with the fund’s investment objective and strategies. ESG

factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may

employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect

to ESG investing in the United States is evolving and any future rules or regulations may require the fund to change its investment process with respect

to ESG integration.

Leverage risk

By leveraging its investment portfolio, the fund creates an opportunity for increased net income or capital appreciation. However, the use of leverage

also involves risks, which can be significant. These risks include the possibility that the value of the assets acquired with such borrowing decreases

although the fund’s liability is fixed, greater volatility in the fund’s NAV and the market price of the fund’s Common Shares and higher expenses. Since the

Advisor’s fee is based upon a percentage of the fund’s managed assets, the Advisor’s fee will be higher if the fund is leveraged and the Advisor will have

an incentive to leverage the fund. The Board will monitor this potential conflict. The Advisor intends to leverage the fund only when it believes that the

potential return on the additional investments acquired through the use of leverage is likely to exceed the costs incurred in connection with the offering.

The fund is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds,

and/or the issuance of preferred shares, including the issuance of debt securities. The fund is party to the LA as described in “—Description of Capital

Structure—Liquidity Facility.”

The fund utilizes the LA to increase its assets available for investment. When the fund leverages its assets, Common Shareholders bear the fees

associated with the liquidity facility and have the potential to benefit or be disadvantaged from the use of leverage. In addition, the fee paid to the

Advisor is calculated on the basis of the fund’s average daily managed assets, including proceeds from borrowings and/or the issuance of preferred

shares, so the fee will be higher when leverage is utilized, which may create an incentive for the Advisor to employ financial leverage. Consequently, the

fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect

the return for the Common Shareholders, including:

●

the likelihood of greater volatility of NAV and market price of Common Shares;

●

fluctuations in the interest rate paid for the use of the LA;

●

increased operating costs, which may reduce the fund’s total return;

●

the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed;

and

●

the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the returns derived from securities purchased with proceeds received from leverage exceed the cost of leverage, the fund’s distributions

may be greater than if leverage had not been used. Conversely, if the returns from the securities purchased with such proceeds are not sufficient to

cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the latter

case, the Advisor, in its best judgment, may nevertheless determine to maintain the fund’s leveraged position if it deems such action to be appropriate.

The costs of a borrowing program and/or an offering of preferred shares would be borne by Common Shareholders and consequently would result in a

reduction of the NAV of Common Shares.

In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that the liquidity facility agreement is terminated due to the

occurrence of one or more events of default under the LA. If the LA is terminated in such circumstances, the fund would be subject to additional risk that

it would be unable to timely, or at all, obtain replacement financing. The fund might also be required to de-leverage, selling securities at a potentially

inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.

The fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a

liquidity facility; either of these requirements will increase the cost of borrowing over the stated interest rate. To the extent that the fund borrows

through the use of reverse repurchase agreements, it would be subject to a risk that the value of the portfolio securities transferred may substantially

exceed the purchase price received by the fund under the reverse repurchase agreement transaction. Alternatively, during the life of any reverse

repurchase agreement transaction, the fund may be required to transfer additional securities if the market value of those securities initially transferred

declines. In addition, capital raised through borrowing or the issuance of preferred shares will be subject to interest costs or dividend payments that

may or may not exceed the income and appreciation on the assets purchased. The issuance of additional classes of preferred shares involves offering

expenses and other costs, which will be borne by the Common Shareholders, and may limit the fund’s freedom to pay dividends on Common Shares or to

engage in other activities.

The fund may be subject to certain restrictions on investments imposed by guidelines of one or more nationally recognized statistical rating

organizations which may issue ratings for the preferred shares or short-term debt instruments issued by the fund. These guidelines may impose asset

coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. Certain types of borrowings may result in

the fund being subject to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition

requirements and additional covenants that may affect the fund’s ability to pay dividends and distributions on Common Shares in certain instances. The

fund also may be required to pledge its assets to the lenders in connection with certain types of borrowing. Under the current LA, the fund is subject to

covenants that include, but are not limited to, certain minimum net asset value and collateral requirements, as well as a requirement to provide timely

certain financial information to the lender. The Advisor does not anticipate that these covenants or restrictions will adversely affect its ability to manage

the fund’s portfolio in accordance with the fund’s investment objectives and principal investment strategies. Due to these covenants or restrictions, the

fund may be forced to liquidate investments at times and at prices that are not favorable to the fund, or the fund may be forced to forego investments

that the Advisor otherwise views as favorable.

The extent that the fund employs leverage, if any, will depend on many factors, the most important of which are investment outlook, market conditions

and interest rates. Successful use of a leveraging strategy depends on the Advisor’s ability to predict correctly interest rates and market movements.

There is no assurance that a leveraging strategy will be successful during any period in which it is employed.

Liquidity risk

The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by

reduced market activity or participation, legal restrictions, or other economic and market impediments. Funds with principal investment strategies that

involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market

and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of

emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market’s growth. As a result, dealer inventories of

corporate bonds, which indicate the ability to “make markets,” i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near

historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories

could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

Market Discount Risk

The fund’s Common Shares will be offered only when Common Shares of the fund are trading at a price equal to or above the fund’s NAV per Common

Share plus the per Common Share amount of commissions. As with any security, the market value of the Common Shares may increase or decrease

from the amount initially paid for the Common Shares. The fund’s Common Shares have traded at both a premium and at a discount to NAV. The shares

of closed-end management investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from

the risk that the fund’s NAV could decrease as a result of investment activities. Investors bear a risk of loss to the extent that the price at which they sell

their shares is lower in relation to the fund’s NAV than at the time of purchase, assuming a stable NAV.

Operational and cybersecurity risk

With the increased use of technologies, such as mobile devices and “cloud”-based service offerings and the dependence on the internet and computer

systems to perform necessary business functions, the fund’s service providers are susceptible to operational and information or cybersecurity risks that

could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices

(such as through “hacking” activity or “phishing”); infection from computer viruses or other malicious software code; and attacks that shut down,

disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner

that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers’ systems or websites rendering

them unavailable to intended users or via “ransomware” that renders the systems inoperable until appropriate actions are taken. In addition,

unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy

laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical

damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a fund, the advisor, a manager, or other

service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such

incidents could affect issuers in which a fund invests, and thereby cause the fund’s investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor’s relationships with accounts, shareholders, clients, customers,

employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks

associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

The fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication

errors, errors of the fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises may adversely affect the fund’s ability to

conduct business, in particular if the fund’s employees or the employees of its service providers are unable or unwilling to perform their responsibilities

as a result of any such event. Even if the fund’s employees and the employees of its service providers are able to work remotely, those remote work

arrangements could result in the fund’s business operations being less efficient than under normal circumstances, could lead to delays in its processing

of transactions, and could increase the risk of cyber-events.

Secondary Market for the Common Shares

The issuance of new Common Shares may have an adverse effect on the secondary market for the Common Shares. When Common Shares are trading

at a premium, the fund may issue new Common Shares of the fund. The increase in the amount of the fund’s outstanding Common Shares resulting from

the offering of new Common Shares may put downward pressure on the market price for the Common Shares of the fund. Common Shares will not be

issued at any time when Common Shares are trading at a price lower than a price equal to the fund’s NAV per Common Share plus the per Common

Share amount of commissions.

The fund also issues Common Shares through its dividend reinvestment plan. Common Shares may be issued under the plan at a discount to the market

price for such Common Shares, which may put downward pressure on the market price for Common Shares of the fund.

The voting power of current Common Shareholders will be diluted to the extent that such shareholders do not purchase shares in any future Common

Share offerings or do not purchase sufficient shares to maintain their percentage interest. In addition, if the proceeds of such offering are unable to be

invested as intended, the fund’s per Common Share distribution may decrease (or may consist of return of capital) and the fund may not participate in

market advances to the same extent as if such proceeds were fully invested as planned.

Tax Risk

To qualify for the special tax treatment available to regulated investment companies, the fund must: (i) derive at least 90% of its annual gross income

from certain kinds of investment income; (ii) meet certain asset diversification requirements at the end of each quarter; and (iii) distribute in each

taxable year at least 90% of its net investment income (including net interest income and net short term capital gain). If the fund failed to meet any of

these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the fund would be subject to U.S. federal

income tax at regular corporate rates on its taxable income, including its net capital gain, even if such income were distributed to its shareholders. All

distributions by the fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to the shareholders as ordinary

income. To the extent designated by the fund, such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of

individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders, provided that in

each case the shareholder meets applicable holding period requirements. In addition, in order to requalify for taxation as a regulated investment

company, the fund might be required to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions. See “U.S. Federal

Income Tax Matters.”

The tax treatment and characterization of the fund’s distributions may vary significantly from time to time due to the nature of the fund’s investments.

The ultimate tax characterization of the fund’s distributions in a calendar year may not finally be determined until after the end of that calendar year. The

fund may make distributions during a calendar year that exceed the fund’s net investment income and net realized capital gain for that year. In such a

situation, the amount by which the fund’s total distributions exceed net investment income and net realized capital gain generally would be treated as a

return of capital up to the amount of the Common Shareholder’s tax basis in his or her Common Shares, with any amounts exceeding such basis treated

as gain from the sale of his or her Common Shares. The fund’s income distributions that qualify for favorable tax treatment may be affected by the

Internal Revenue Service’s (“IRS”) interpretations of the Code and future changes in tax laws and regulations. See “U.S. Federal Income Tax Matters.”

No assurance can be given as to what percentage of the distributions paid on Common Shares, if any, will consist of long-term capital gain or what the

tax rates on various types of income will be in future years. See “U.S. Federal Income Tax Matters.”

Concentration risk

When a fund’s investments are focused in one or more industries or sectors of the economy, they are less broadly invested across industries or sectors

than other funds. This means that concentrated funds tend to be more volatile than other funds, and the values of their investments tend to go up and

down more rapidly. In addition, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic,

political, regulatory, and other conditions and risks affecting those industries or sectors. From time to time, a small number of companies may

represent a large portion of a single industry or sector or a group of related industries or sectors as a whole.

Credit and counterparty risk

This is the risk that an issuer of a U.S. government security, the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter

(OTC) derivatives contract (see “Hedging, derivatives, and other strategic transactions risk”), or a borrower of a fund’s securities will be unable or

unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in

fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in

fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default,

potentially reducing the fund’s share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary

depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities.

U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit

of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency,

instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the

Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks),

although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including

asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has

placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations.

It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities

are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury

bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal

and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks,

including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody’s Investors

Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, at the time of investment, or determined by a manager to be of

comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many foreign governments, including their

subdivisions and instrumentalities, falls into this category. Below-investment-grade securities offer the potential for higher investment returns than

higher-rated securities, but they carry greater credit risk: their issuers’ continuing ability to meet principal and interest payments is considered

speculative, they are more susceptible to real or perceived adverse economic and competitive industry conditions, and they may be less liquid than

higher-rated securities.

In addition, a fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap

contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can

be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that

the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore,

assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made

only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can

be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

Dividend strategy risk

The Subadvisor may not be able to anticipate the level of dividends that companies will pay in any given timeframe. In accordance with the fund’s

strategies, the Subadvisor attempts to identify and exploit opportunities such as the announcement of major corporate actions that may lead to high

current dividend income. These situations typically are non-recurring or infrequent, may be difficult to predict and may not result in an opportunity that

allows the Subadvisor to fulfill the fund’s investment objective. In addition, the dividend policies of the fund’s target companies are heavily influenced by

the current economic climate and the favorable U.S. federal tax treatment afforded to dividends.

Equity securities risk

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can

decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition

and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies

in which the fund is invested declines, or if overall market and economic conditions deteriorate. An issuer’s financial condition could decline as a result

of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate

restructurings, fraudulent disclosures, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial

condition of a single issuer can impact the market as a whole.

Even a fund that invests in high-quality, or blue chip, equity securities, or securities of established companies with large market capitalizations (which

generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large

market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

The fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will

decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor

performance.

Financial services sector risk

A fund investing principally in securities of companies in the financial services sector is particularly vulnerable to events affecting that sector.

Companies in the financial services sector may include, but are not limited to, commercial and industrial banks, savings and loan associations and their

holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage

and investment advisory companies, leasing companies, and insurance companies. The types of companies that compose the financial services sector

may change over time. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the

availability and cost of capital, prevailing interest rates, and significant competition. General economic conditions significantly affect these companies.

Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this

sector. Investment banking, securities brokerage, and investment advisory companies are particularly subject to government regulation and the risks

inherent in securities trading and underwriting activities. In addition, certain financial services companies face shrinking profit margins due to new

competitors, the cost of new technology, and the pressure to compete globally.

Fixed-income securities risk

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit

quality risk.

Credit quality risk.

Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal

borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security,

the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. An issuer’s credit quality could

deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor

issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities,

commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities.

Interest-rate risk.

Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income

securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be

expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a

measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the

maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes

into account the time value of cash flows generated over the life of a debt security.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant

fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve

Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to

accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of

macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal

funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund’s investments,

and the fund’s net asset value (NAV), to decline, potentially suddenly and significantly.

In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in

negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other

financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to

maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar

cash management products could lead to losses on investments, including on investments of the fund’s uninvested cash.

Investment-grade fixed-income securities in the lowest rating category risk.

Investment-grade fixed-income securities in the lowest rating

category (such as Baa by Moody’s Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated

securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered

investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding

investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are

more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

Prepayment of principal risk.

Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the

risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund

may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the

credit quality of the issuer improves.

Foreign securities risk

Funds that invest in securities traded principally in securities markets outside the United States are subject to additional and more varied risks, as the

value of foreign securities may change more rapidly and extremely than the value of U.S. securities. Less information may be publicly available

regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than

U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The securities

markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally,

issuers of foreign securities may not be subject to the same degree of regulation as U.S. issuers. Reporting, accounting, and auditing standards of

foreign countries differ, in some cases significantly, from U.S. standards. There are generally higher commission rates on foreign portfolio transactions,

transfer taxes, higher custodial costs, and the possibility that foreign taxes will be charged on dividends and interest payable on foreign securities,

some or all of which may not be reclaimable. Also, adverse changes in investment or exchange control regulations (which may include suspension of the

ability to transfer currency or assets from a country); political changes; or diplomatic developments could adversely affect a fund’s investments. In the

event of nationalization, expropriation, confiscatory taxation, or other confiscation, the fund could lose a substantial portion of, or its entire investment

in, a foreign security. Some of the foreign securities risks are also applicable to funds that invest a material portion of their assets in securities of foreign

issuers traded in the United States.

Currency risk.

Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments.

Currency risk includes both the risk that currencies in which a fund’s investments are traded, or currencies in which a fund has taken an active

investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value

relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of

supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or

foreign governments or central banks, or currency controls or political developments in the United States or abroad. Certain funds may engage in

proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a

currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that

case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take

active currency positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a

fund’s currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings

and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in

foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging risk, in

addition to currency risk. Leverage may disproportionately increase a fund’s portfolio losses and reduce opportunities for gain when interest rates,

stock prices, or currency rates are changing.

Hedging, derivatives, and other strategic transactions risk

The ability of the fund to utilize hedging, derivatives, and other strategic transactions to benefit the fund will depend in part on its manager’s ability to

predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk, and other risk factors, none of which can be

assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select the fund’s securities. Even if the

manager only uses hedging and other strategic transactions in the fund primarily for hedging purposes or to gain exposure to a particular securities

market, if the transaction does not have the desired outcome, it could result in a significant loss to the fund. The amount of loss could be more than the

principal amount invested. These transactions may also increase the volatility of the fund and may involve a small investment of cash relative to the

magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can

exceed the fund’s initial investment in such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the

transaction does not perform as promised.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets,

reference rates, or indexes. Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. The

fund may use derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives

may be used in a way to efficiently adjust the exposure of the fund to various securities, markets, and currencies without the fund actually having to sell

existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in

anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component,

adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested

in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the fund uses

derivatives for leverage, investments in the fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit

risks associated with leverage, a fund is required to comply with Rule 18f-4 under the Investment Company Act of 1940, as amended (the Derivatives

Rule) as outlined below. For a description of the various derivative instruments the fund may utilize, refer to the SAI.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In

particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many

derivatives to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that

enter into swaps with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a

non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the Commodity Futures Trading Commission (CFTC)

has released final rules relating to clearing, reporting, recordkeeping and registration requirements under the legislation, many of the provisions are

subject to further final rule making, and thus its ultimate impact remains unclear. New regulations could, among other things, restrict the fund’s ability

to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available to the fund) and/or increase

the costs of such derivatives transactions (for example, by increasing margin or capital requirements), and the fund may be unable to fully execute its

investment strategies as a result. Limits or restrictions applicable to the counterparties with which the fund engages in derivative transactions also

could prevent the fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of

certain investments.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations (VaR); (ii) a written derivatives risk management

program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund’s derivative exposure

is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives

user (Limited Derivatives User) under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited

Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting

requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and

procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment

agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as “derivatives

transactions” subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the

Investment Company Act of 1940. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed

not to involve a senior security.

At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the fund. Legislation or regulation may

change the way in which the fund itself is regulated. The advisor cannot predict the effects of any new governmental regulation that may be

implemented, and there can be no assurance that any new governmental regulation will not adversely affect the fund’s ability to achieve its investment

objectives.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities

and other, more traditional assets. In particular, the use of derivative instruments exposes the fund to the risk that the counterparty to an OTC

derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions

typically can only be closed out with the other party to the transaction, although either party may engage in an offsetting transaction that puts that party

in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party’s consent to assign the

transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will

meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC

derivatives transaction is individually negotiated with a specific counterparty, the fund is subject to the risk that a counterparty may interpret

contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost

and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against

the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that

those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the

creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market

conditions. To the extent the fund contracts with a limited number of counterparties, the fund’s risk will be concentrated and events that affect the

creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks,

including market risk, liquidity risk and operational risk. Since the value of derivatives is calculated and derived from the value of other assets,

instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not

correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available

in all circumstances. The fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain

triggering events. In addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or

regulation could affect the use of derivatives transactions and could limit the fund’s ability to pursue its investment strategies.

A detailed discussion of various hedging and other strategic transactions appears in the SAI. To the extent that the fund utilizes the following list of

certain derivatives and other strategic transactions, it will be subject to associated risks. The main risks of each appear below.

●

Foreign currency forward contracts

. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), foreign currency risk,

and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.

●

Futures contracts.

Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions) and risk of disproportionate loss are the

principal risks of engaging in transactions involving futures contracts.

●

Interest-rate swaps

. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk and risk of

disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

●

Options.

Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks

of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options.

Illiquid and Restricted Securities Risk

The fund may invest without limit in securities for which there is no readily available trading market or which are otherwise illiquid (i.e., investments that

the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition

significantly changing the market value of the investment). The fund may have significant exposure to restricted securities. Restricted securities are

securities with restrictions on public resale, such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of

1933 (the “1933 Act”), or commercial paper issued under Section 4(a)(2) of the 1933 Act. Restricted securities are often required to be sold in private

sales to institutional buyers, markets for restricted securities may or may not be well developed, and restricted securities can be illiquid.

Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a

particular security’s market price and the fund’s ability to see the security. Illiquid investments may become harder to value, especially in changing

markets. The fund’s investments in illiquid securities may reduce the returns of the fund because it may be unable to sell the illiquid investments at an

advantageous time or price or possibly require the fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations,

which could prevent the fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become

illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by

reduced market activity or participation, legal restrictions or other economic and market impediments. funds with principal investment strategies that

involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market

and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of

emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market’s growth. As a result, dealer inventories of

corporate bonds, which indicate the ability to “make markets,” i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near

historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories

could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

In addition, limited liquidity could affect the market price of the investments, thereby adversely affecting the fund’s NAV and ability to make dividend

distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance,

resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such

periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any

time. The fund has no limitation on the amount of its assets which may be invested in investments which are not readily marketable or are subject to

restrictions on resale.

Investment company securities risk

Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on

such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. Investments in

closed-end funds may involve the payment of substantial premiums above the value of such investment companies’ portfolio securities.

Large company risk

Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer

tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods

of economic expansion. For purposes of the fund’s investment policies, the market capitalization of a company is based on its capitalization at the time

the fund purchases the company’s securities. Market capitalizations of companies change over time. The fund is not obligated to sell a company’s

security simply because, subsequent to its purchase, the company’s market capitalization has changed to be outside the capitalization range, if any, in

effect for the fund.

Preferred and convertible securities risk

Unlike interest on debt securities, preferred stock dividends are payable only if declared by the issuer’s board. Also, preferred stock may be subject to

optional or mandatory redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall.

The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted,

depending on whether the market price of the underlying security exceeds the conversion price.

Reverse Repurchase Agreement Risk

Reverse repurchase agreement transactions involve the risk that the market value of the securities that the Fund is obligated to repurchase under such

agreements may decline below the repurchase price. Any fluctuations in the market value of either the securities transferred to the other party or the

securities in which the proceeds may be invested would affect the market value of the fund’s assets, thereby potentially increasing fluctuations in the

market value of the fund’s assets. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent,

the fund’s use of proceeds received under the agreement may be restricted pending a determination by the other party, or its trustee or receiver,

whether to enforce the fund’s obligation to repurchase the securities.

Sector risk

When a fund’s investments are focused in one or more sectors of the economy, they are less broadly invested across industries or sectors than other

funds. This means that focused funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly.

In addition, a fund that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other

conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector or a group

of related sectors as a whole.

U.S. government securities risk

The fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the

U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of

the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the

full faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage

Association. Securities that are only supported by the credit of the issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie Mac. See

“Credit and counterparty risk” for additional information on Fannie Mae and Freddie Mac securities.

Utilities sector risk

Companies in the utilities sector may be affected by general economic conditions, supply and demand, financing and operating costs, rate caps,

interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, technological progress, energy

prices, resource conservation and depletion, man-made or natural disasters, geopolitical events, and environmental and other government regulations.

The value of securities issued by companies in the utilities sector may be negatively impacted by variations in exchange rates, domestic and

international competition, energy conservation and governmental limitations on rates charged to customers. Although rate changes of a regulated

utility usually vary in approximate correlation with financing costs, due to political and regulatory factors rate changes usually happen only after a delay

after the changes in financing costs. Deregulation may subject utility companies to increased competition and can negatively affect their profitability as

it permits utility companies to diversify outside of their original geographic regions and customary lines of business, causing them to engage in more

uncertain ventures. Deregulation can also eliminate restrictions on the profits of certain utility companies, but can simultaneously expose these

companies to an increased risk of loss. Although opportunities may permit certain utility companies to earn more than their traditional regulated rates

of return, companies in the utilities industry may have difficulty obtaining an adequate return on invested capital, raising capital, or financing large

construction projects during periods of inflation or unsettled capital markets. Utility companies may also be subject to increased costs because of the

effects of man-made or natural disasters. Current and future regulations or legislation can make it more difficult for utility companies to operate

profitably. Government regulators monitor and control utility revenues and costs, and thus may restrict utility profits. There is no assurance that

regulatory authorities will grant rate increases in the future, or that those increases will be adequate to permit the payment of dividends on stocks

issued by a utility company. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their securities may react

similarly and more in unison to these or other market conditions.

Effects of Leverage [Table Text Block]

Assumed Portfolio Return (%)	-10.00	-5.00	0.00	5.00	10.00
Corresponding Common Shares Total Return (%)	-17.14	-10.56	-3.97	2.62	9.21

Return at Minus Ten [Percent]

(17.14%)

Return at Minus Five [Percent]

(10.56%)

Return at Zero [Percent]

(3.97%)

Return at Plus Five [Percent]

2.62%

Return at Plus Ten [Percent]

9.21%

Share Price [Table Text Block]

Market and Net Asset Value Information

The fund’s currently outstanding Common Shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “PDT” and commenced trading

on the NYSE in 1989.

The fund’s Common Shares have traded both at a premium and at a discount to its net asset value (“NAV”). The fund cannot predict whether its shares

will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares

(less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company’s common stock (calculated within 48 hours

of pricing). The fund’s issuance of Common Shares may have an adverse effect on prices in the secondary market for Common Shares by increasing the

number of Common Shares available, which may put downward pressure on the market price for Common Shares. Shares of common stock of

closed-end investment companies frequently trade at a discount from NAV. See “Risk Factors—General Risks—Market Discount Risk” and “—Secondary

Market for the Common Shares.”

The following table sets forth for each of the periods indicated the high and low closing market prices for Common Shares on the NYSE, and the

corresponding NAV per share and the premium or discount to NAV per share at which the fund’s Common Shares were trading as of such date. NAV is

determined once daily as of the close of regular trading of the NYSE (typically 4:00

p.m.

, Eastern Time). See “Determination of Net Asset Value” for

information as to the determination of the fund’s NAV.

	Market Price		NAV per Share on Date of Market Price High and Low		Premium/(Discount) on Date of Market Price High and Low
Fiscal Quarter Ended	High ($)	Low ($)	High ($)	Low ($)	High (%)	Low (%)
January 31, 2023	14.2	12.72	12.95	12.84	9.65	-0.93
April 30, 2023	13.39	11.81	13.69	11.31	-2.19	4.42
July 31, 2023	12.57	11.10	12.13	11.25	3.63	-1.33
October 31, 2023	11.14	8.97	11.94	10.41	-6.70	-13.83
January 31, 2024	11.08	9.83	11.69	10.67	-5.22	-7.87
April 30, 2024	11.84	10.71	12.08	11.51	-1.99	-6.95
July 31, 2024	12.37	11.23	12.92	12.33	-4.26	-8.92
October 31, 2024	13.54	11.87	13.83	12.61	-2.10	-5.87
January 31, 2025	13.23	12.01	14.03	13.02	-5.70	-7.76

The last reported sale price, NAV per share and percentage discount to NAV per share of the Common Shares as of March

, 2025 were $

12.91

13.70

and

-5.77

%, respectively. As of March

, 2025, the fund had

49,185,225

Common Shares outstanding and net assets of the fund were

673,902,612

Lowest Price or Bid

$ 12.01

11.87

$ 11.23

$ 10.71

$ 9.83

8.97

$ 11.1

$ 11.81

$ 12.72

Highest Price or Bid

13.23

13.54

12.37

11.84

11.08

11.14

12.57

13.39

14.2

Lowest Price or Bid, NAV

13.02

12.61

12.33

11.51

10.67

10.41

11.25

11.31

12.84

Highest Price or Bid, NAV

$ 14.03

$ 13.83

$ 12.92

$ 12.08

$ 11.69

$ 11.94

$ 12.13

$ 13.69

$ 12.95

Highest Price or Bid, Premium (Discount) to NAV [Percent]

(5.70%)

(2.10%)

(4.26%)

(1.99%)

(5.22%)

(6.70%)

3.63%

(2.19%)

9.65%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(7.76%)

(5.87%)

(8.92%)

(6.95%)

(7.87%)

(13.83%)

(1.33%)

4.42%

(0.93%)

Share Price

$ 12.91

NAV Per Share

$ 13.7

Latest Premium (Discount) to NAV [Percent]

(5.77%)

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Outstanding Securities [Table Text Block]

The following provides information about the fund’s outstanding securities as of October 31, 2024.

Title of Class	Amount Authorized	Amount Held by the Fund or for its Account	Amount Outstanding
Common Shares	Unlimited	0	49,185,225

Anti-Takeover Provisions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Anti-Takeover Provisions

The fund’s Declaration of Trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund or to change the

composition of its Board. These provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over the then current

market price of the Common Shares. See “Certain Provisions in the Declaration of Trust and By-Laws—Anti-takeover provisions.”

Defensive Positions Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Defensive Positions Risk

During periods of adverse market or economic conditions, the fund may temporarily invest all or a substantial portion of its total assets in short-term

money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The fund will not be pursuing its

investment objectives in these circumstances and could miss favorable market developments.

Distribution Risk [Member]