<SEC-DOCUMENT>0001999371-25-014759.txt : 20251007
<SEC-HEADER>0001999371-25-014759.hdr.sgml : 20251007
<ACCEPTANCE-DATETIME>20251006210808
ACCESSION NUMBER:		0001999371-25-014759
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251007
DATE AS OF CHANGE:		20251006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Income & Opportunities Fund
		CENTRAL INDEX KEY:			0000826020
		ORGANIZATION NAME:           	
		EIN:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1030

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288532
		FILM NUMBER:		251378135

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-3610

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE, 58TH FLOOR
		STREET 2:		C/O SABA CAPITAL MANAGEMENT, L.P.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Voya PRIME RATE TRUST
		DATE OF NAME CHANGE:	20140421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ING PRIME RATE TRUST
		DATE OF NAME CHANGE:	20020205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>brw_424b5-092325.htm
<DESCRIPTION>PROSPECTUS FILED UNDER RULE 424(B)(5)
<TEXT>
<HTML>
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<TITLE></TITLE>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed Pursuant to Rule 424(b)(5)<BR>
Registration Statement No. 333-288532</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(To Prospectus dated September 23, 2025)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SABA CAPITAL INCOME &amp; OPPORTUNITIES FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">42,529,493 Rights for 14,176,498 Common Shares
of Beneficial Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable Upon the Exercise of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Transferable Subscription Rights to Acquire
Common Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Saba Capital Income &amp;
Opportunities Fund (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is issuing transferable subscription
rights (the &ldquo;Rights&rdquo;) to our common shareholders (the &ldquo;Common Shareholders&rdquo;) to subscribe for an aggregate of
14,176,498 common shares of beneficial interest, without par value (each, a &ldquo;Common Share&rdquo; and collectively, the &ldquo;Common
Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund is a non-diversified,
closed-end management investment company registered under the Investment Company Act of 1940. The Fund&rsquo;s primary investment objective
is to seek to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. The Fund&rsquo;s
investment adviser is Saba Capital Management, L.P. (the &ldquo;Adviser&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Common Shares are listed
on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;BRW.&rdquo; Common Shareholders of record on October 6, 2025
(the &ldquo;Record Date&rdquo;) will receive one Right for each Common Share held. These Rights are transferable and will allow the holders
thereof to purchase additional Common Shares. The Rights are expected to be listed for trading on the NYSE under the symbol &ldquo;BRW
RT&rdquo; during the course of the Rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Rights entitle their
holders to purchase one new Common Share for every three Rights held (1 for 3). Any Common Shareholder who owns fewer than three Common
Shares as of the close of business on the Record Date may subscribe for one full Common Share. Common Shareholders as of the close of
business on the Record Date who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because
they represent the right to acquire less than one Common Share) will be entitled to subscribe for additional Common Shares that remain
unsubscribed as a result of any unexercised Rights. This over-subscription privilege is subject to a number of limitations and subject
to allotment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The subscription price per
Common Share (the &ldquo;Subscription Price&rdquo;) will be determined based upon a formula equal to 95% of the average of the last reported
sales price of a Common Share on the NYSE on the date on which the Rights offering expires, as such date may be extended from time to
time, and each of the four (4) preceding trading days (the &ldquo;Formula Price&rdquo;). If, however, the Formula Price is less than 87.5%
of the net asset value (&ldquo;NAV&rdquo;) per Common Share at the close of trading on the NYSE on the Expiration Date (as defined below),
then the Subscription Price will be 87.5% of the Fund&rsquo;s NAV per Common Share at the close of trading on the NYSE on the Expiration
Date. The Rights offering will expire at 5:00 p.m., Eastern time, on October 28, 2025, unless extended as described in this Prospectus
Supplement (the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On October 3, 2025 (the
last trading date prior to the Common Shares trading ex-Rights), the last reported NAV per share of the Common Shares was $8.54 and the
last reported sales price per share of Common Shares on the NYSE was $7.50, representing a discount to NAV of 12.18%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Prospectus Supplement,
together with the accompanying Prospectus, sets forth concisely the information about the Fund that a prospective investor should know
before investing. You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before
deciding whether to invest in the Common Shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future
reference. A Statement of Additional Information (&ldquo;SAI&rdquo;), dated September 23, 2025, containing additional information about
the Fund, has been filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and, as amended from time to time, is incorporated
by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying
Prospectus and the SAI are part of a &ldquo;shelf&rdquo; registration statement filed with the SEC. This Prospectus Supplement describes
the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is inconsistent
with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (844) 460-9411, visit the Fund&rsquo;s
website (https://www.sabacef.com/saba-income-opportunities-fund) or write to the Fund to obtain, free of charge, copies of the SAI and
the Fund&rsquo;s semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries.
The SAI, as well as the Fund&rsquo;s semi-annual and annual reports, are also available for free on the SEC&rsquo;s website (http://www.sec.gov).
You may also e-mail requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the
Fund&rsquo;s website is not part of this Prospectus Supplement or the accompanying Prospectus. Common Shareholders, banks and brokers
please call toll-free at (877) 972-0090 or please send written requests to InvestorCom LLC at info@investor-com.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>Investing in Common Shares
through Rights involves certain risks, including risks of leverage, that are described in the &ldquo;Special Characteristics and Risks
of the Rights Offering&rdquo; section of this Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>SHAREHOLDERS WHO DO NOT
FULLY EXERCISE THEIR RIGHTS MAY, AT THE COMPLETION OF THE RIGHTS OFFERING, OWN A SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY
EXERCISED THEIR RIGHTS. AS A RESULT OF THE RIGHTS OFFERING YOU MAY EXPERIENCE SUBSTANTIAL DILUTION OF THE AGGREGATE NET ASSET VALUE OF
YOUR COMMON SHARES DEPENDING UPON WHETHER THE FUND&rsquo;S NET ASSET VALUE PER COMMON SHARE IS ABOVE OR BELOW THE SUBSCRIPTION PRICE ON
THE EXPIRATION DATE. RIGHTS EXERCISED BY A SHAREHOLDER ARE IRREVOCABLE. ALTHOUGH THE RIGHTS ARE TRANSFERABLE, A MARKET FOR THEIR TRADING
MAY NOT DEVELOP AND THUS HOLDERS OF THE RIGHTS MAY HAVE SIGNIFICANT DIFFICULTY SELLING THEIR RIGHTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>THE FUND HAS DECLARED
MONTHLY DISTRIBUTIONS PAYABLE ON SEPTEMBER 30, 2025 AND OCTOBER 31, 2025 WITH RECORD DATES OF SEPTEMBER 10, 2025 AND OCTOBER 9, 2025,
RESPECTIVELY. ANY COMMON SHARES ISSUED AS A RESULT OF THE RIGHTS OFFERING WILL NOT BE RECORD DATE SHARES FOR THE FUND&rsquo;S MONTHLY
DISTRIBUTIONS TO BE PAID ON SEPTEMBER 30, 2025 AND OCTOBER 31, 2025 AND WILL NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTIONS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>NEITHER THE SEC NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per<BR>
Common Share</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0pt; text-indent: 0pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated subscription price of Common Shares to shareholders exercising Rights<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,165,766</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated sales load</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated proceeds, before expenses, to the Fund<SUP>(3)(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,165,766</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes that all Rights are exercised at the estimated Subscription Price (as described below). All of the Rights may not be exercised, and the estimated Subscription Price may be higher or lower than the actual Subscription Price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated Subscription Price to the public is based upon 95% of the average of the last reported sales price of the Fund&rsquo;s Common Shares on the NYSE on October 3, 2025 and each of the four (4) preceding trading days. See &ldquo;Terms of the Rights Offering-Subscription Price.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering expenses are estimated to be approximately $460,000 in the aggregate, or $0.01 per Common Share (assuming the Rights are fully exercised).The Adviser has agreed to bear $200,000 of such offering expenses. &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-bottom: 8pt; text-align: justify; width: 0%"></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Funds received by check prior to the final due date of the Rights offering will be deposited into a segregated account pending proration and distribution of Common Shares. The Subscription Agent (as defined in this Prospectus Supplement) may receive investment earnings on the funds deposited into such account.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Common Shares are expected
to be ready for delivery in book-entry form through the Depository Trust Company on or about November 4, 2025, unless extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">You should not construe
the contents of this Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with
your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>The Fund&rsquo;s Common
Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Prospectus Supplement is October
6, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>You should rely only
on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has
not authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying
Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively.
This Prospectus Supplement will be amended to reflect material changes to the information contained herein and will be delivered to shareholders.
Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement
and in the accompanying Prospectus, unless otherwise indicated, &ldquo;Fund,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and &ldquo;we&rdquo;
refer to Saba Capital Income &amp; Opportunities Fund.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
Supplement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">DESCRIPTION OF THE RIGHTS OFFERING</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">SUMMARY OF FUND EXPENSES</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-23</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">CAPITALIZATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-24</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">TAXATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-27</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-28</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-28</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-28</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a001">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a002">SUMMARY OF FUND EXPENSES</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a003">FINANCIAL HIGHLIGHTS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a004">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a005">THE FUND</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a006">DESCRIPTION OF SHARES</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a007">THE FUND&rsquo;S INVESTMENTS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a008">LEVERAGE</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a009">RISKS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a010">MANAGEMENT OF THE FUND</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a011">NET ASSET VALUE</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a012">DISTRIBUTIONS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a013">REINVESTMENT PROGRAM</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a014">RIGHTS OFFERINGS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a015">TAX MATTERS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a016">TAXATION OF HOLDERS OF RIGHTS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a017">CLOSED-END FUND STRUCTURE</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a018">REPURCHASE OF COMMON SHARES</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a019">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a020">INCORPORATION BY REFERENCE</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#brw424b5a021">PRIVACY NOTICE OF THE FUND</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_003"></A><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Prospectus Supplement,
the accompanying Prospectus and the SAI contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified
by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking statements may be
contained in this Prospectus Supplement as well as in the accompanying Prospectus and in the SAI. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Although we believe that
the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected
or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking
statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Risks&rdquo;
section of the accompanying Prospectus and &ldquo;Special Characteristics and Risks of the Rights Offering&rdquo; in this Prospectus Supplement.
All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus, or
in the SAI, are made as of the date of this Prospectus Supplement or the accompanying Prospectus or SAI, as the case may be. Except for
our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking
statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded
from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Currently known risk factors
that could cause actual results to differ materially from our expectations include, but are not limited to, the factors described in the
&ldquo;Risks&rdquo; section of the accompanying Prospectus as well as in the &ldquo;Special Characteristics and Risks of the Rights Offering&rdquo;
section of this Prospectus Supplement. We urge you to review carefully those sections for a more detailed discussion of the risks of an
investment in the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_004"></A><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Purpose of the Rights Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees (the &ldquo;Board&rdquo;) of
    Saba Capital Income &amp; Opportunities Fund (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;), based
    on the recommendations and presentations of Saba Capital Management, L.P. (the &ldquo;Adviser&rdquo;), the investment adviser to the Fund,
    has determined that it is in the best interests of the Fund and holders of its Common Shares (as defined below) to conduct this offering
    of Rights (as defined below), thereby increasing the assets of the Fund available for investment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser believes that a variety of factors indicate
    that there may be opportunities to take advantage of attractive returns. The Adviser expects that the Rights offering will provide an
    opportunity to increase the assets of the Fund available for investment, thereby better enabling the Fund to take advantage more fully
    of existing and future investment opportunities that may be or may become available, consistent with the Fund&rsquo;s investment objective
    to seek to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. The Adviser believes
    that the Fund may benefit from higher returns, enhanced efficiencies and lower leverage and portfolio transaction costs.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser has an inherent conflict of interest in
    recommending the Rights offering because the Fund pays fees to the Adviser based on a percentage of the Fund&rsquo;s Managed Assets (the
    greater the Managed Assets of the Fund, the greater the compensation paid to the Adviser). &ldquo;Managed Assets&rdquo; means the Fund&rsquo;s
    average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and
    accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the
    Fund and the liquidation preference of any outstanding preferred shares).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;The Rights offering seeks to provide an opportunity
    to existing holders of Common Shares (&ldquo;Common Shareholders&rdquo;) to purchase Common Shares at a discount to market price. The
    distribution to Common Shareholders of transferable Rights (as defined below), which may themselves have intrinsic value, also will afford
    non-participating Common Shareholders of record on the Record Date (as defined below), the potential of receiving cash payment upon the
    sale of the Rights, receipt of which may be viewed as partial compensation for dilution of their interests that will occur as a result
    of the Rights offering. However, there can be no assurance that a market for the Rights will develop or, if such a market does develop,
    what the price of the Rights will be.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund has sought to list the Rights on
    the NYSE, they may not trade thereon to the extent their trading price is below $0.01 (the &ldquo;NYSE Minimum Price&rdquo;). Even if
    they begin trading on the NYSE, their trading would be suspended if their trading price thereafter falls below $0.01. In the event the
    Rights are not traded on the NYSE, the Fund would seek to have them traded on the OTC Market. But, in all cases there can be no assurance
    that any market for the Rights will develop or, even if it does, what the price of the Rights will be.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There can be no assurance that the Rights offering
    (or the investment of the proceeds of the Rights offering) will be successful. See &ldquo;Description of the Rights Offering-Purpose of
    the Rights Offering.&rdquo;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Terms of the Rights Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One transferable subscription right (a &ldquo;Right&rdquo;)
    will be issued for each common share of the Fund (each, a &ldquo;Common Share,&rdquo; and collectively, the &ldquo;Common Shares&rdquo;)
    held on the Record Date (as defined below). Rights are expected to trade on the NYSE under the symbol &ldquo;BRW RT,&rdquo; although no
    assurance can be provided that the Rights will trade at the Minimum NYSE Price or higher so as to allow their trading on the NYSE. The
    Rights will allow Common Shareholders to subscribe for new Common Shares of the Fund. 42,529,493 Common Shares of the Fund are outstanding
    as of October 3, 2025. Three Rights will be required to purchase one Common Share (1 for 3) however, any Record Date Shareholder (as defined
    below) who owns fewer than three Common Shares as of the close of business on the Record Date may subscribe for one full Common Share.
    Shares of the Fund, as a closed-end fund, can trade at a discount to net asset value (&ldquo;NAV&rdquo;). Upon exercise of the Rights
    offering, Fund shares may be issued at a price below NAV per Common Share. An over-subscription privilege will be offered, subject to
    the right of the Board to eliminate the over-subscription privilege. Approximately 14,176,498 Common Shares of the Fund will be issued
    if all Rights are exercised. See &ldquo;Terms of the Rights Offering.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has declared monthly distributions payable
    on September 30, 2025 and October 31, 2025 with record dates of September 10, 2025 and October 9, 2025, respectively. Any Common Shares
    issued after such record dates as a result of the Rights offering will not be record date shares for the Fund&rsquo;s monthly distributions
    to be paid on September 30, 2025 and October 31, 2025 and will not be entitled to receive such distributions.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise of Rights by a Rights holder is irrevocable.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-size: 10pt"><B>Title</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subscription Rights to Acquire Common Shares of Beneficial
    Interest</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-size: 10pt"><B>Subscription Price</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The final subscription price per Common Share (the
    &ldquo;Subscription Price&rdquo;) will be determined based upon a formula equal to 95% of the average of the last reported sales price
    of the Fund&rsquo;s Common Shares on the NYSE on the Expiration Date (as defined below) and each of the four (4) preceding trading days
    (the &ldquo;Formula Price&rdquo;). If, however, the Formula Price is less than 87.5% of the net asset value (&ldquo;NAV&rdquo;) per Common
    Share of the Fund&rsquo;s Common Shares at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be
    87.5% of the Fund&rsquo;s NAV per Common Share at the close of trading on the NYSE on that day. See &ldquo;Terms of the Rights Offering.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-size: 10pt"><B>Record Date</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rights will be issued to Common Shareholders of record
    as of the close of business on October 6, 2025 (the &ldquo;Record Date&rdquo;). See &ldquo;Terms of the Rights Offering.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-size: 10pt"><B>Number of Rights Issued</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One Right will be issued in respect of each Common
    Share of the Fund outstanding as of the close of business on the Record Date. See &ldquo;Terms of the Rights Offering.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-size: 10pt"><B>Number of Rights Required to
Purchase One Common Share</B></FONT></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A holder of Rights may purchase one Common Share
of the Fund for every three Rights exercised (1 for 3); however, any Record Date Shareholder (as defined below) who owns fewer than three
Common Shares as of the close of business on the Record Date may subscribe for one full Common Share. See &ldquo;Terms of the Rights
Offering.&rdquo;</P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Over-Subscription Privilege</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Common Shareholders as of the close of business
    on the Record Date (&ldquo;Record Date Shareholders&rdquo;) who fully exercise all Rights initially issued to them (other than those Rights
    that cannot be exercised because they represent the right to acquire less than one Common Share) generally are entitled, subject to the
    limitations described herein, to buy those Common Shares, referred to as &ldquo;over-subscription shares,&rdquo; that were not purchased
    by other Rights holders at the same Subscription Price (the &ldquo;over-subscription privilege&rdquo;). If enough over-subscription shares
    are available, all such requests will be honored in full. If the requests for over-subscription shares exceed the over-subscription shares
    available, the available over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who
    over-subscribe based on the number of Rights originally issued to them by the Fund. Common Shares acquired pursuant to the over-subscription
    privilege are subject to allotment. <I>Holders of Rights acquired in the secondary market may not participate in the over-subscription
    privilege.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Notwithstanding the above, the Board has the
    right in its absolute discretion to eliminate the over-subscription privilege if it considers it to be in the best interest of the Fund
    to do so. The Board may make that determination at any time, without prior notice to Rights holders or others, up to and including the
    fifth day following the Expiration Date (as defined below). See &ldquo;Over-Subscription Privilege.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Any Common Shares issued pursuant to the over-subscription
    privilege will be shares registered under the Prospectus.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Transfer of Rights</B></P></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Rights will be transferable. See &ldquo;Terms of the Rights Offering,&rdquo; &ldquo;Sale of Rights&rdquo; and &ldquo;Method of Transferring Rights.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Subscription Period</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Rights may be exercised at any time after issuance and prior to expiration of the Rights (the &ldquo;Subscription Period&rdquo;), which will be 5:00 PM Eastern Time on October 28, 2025 (the &ldquo;Expiration Date&rdquo;), unless otherwise extended. See &ldquo;Terms of the Rights Offering&rdquo; and &ldquo;Method of Exercise of Rights.&rdquo; The Rights offering may be terminated or extended by the Fund at any time for any reason before the Expiration Date. If the Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription Agent (defined below) to return, without interest, all subscription proceeds received to such shareholders who had elected to purchase Common Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Offering Expenses</B></P></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expenses of the Rights offering are expected to be approximately $460,000. The Adviser will bear up to $200,000 of such expenses and
the remainder, if any, will be borne by the Fund. See &ldquo;Use of Proceeds.&rdquo;</FONT></P></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Sale of Rights</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Rights are transferable until the completion
    of the Subscription Period and are expected to be traded on the NYSE under the symbol &ldquo;BRW RT.&rdquo; Although no assurance can
    be given that a market for the Rights will develop, trading in the Rights is expected to begin on or around the Record Date and may be
    conducted until the close of trading on the last NYSE trading day prior to the Expiration Date. For purposes of this Prospectus Supplement,
    a &ldquo;Business Day&rdquo; shall mean any day on which trading is conducted on the NYSE.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund has sought to list the Rights on
    the NYSE, they may not trade thereon to the extent their trading price is below the NYSE Minimum Price. Even if they begin trading on
    the NYSE, their trading would be suspended if their trading price thereafter falls below $0.01. In the event the Rights are not traded
    on the NYSE, the Fund would seek to have them traded on the OTC Market. But, in all cases there can be no assurance that any market for
    the Rights will develop or, even if it does, what the price of the Rights will be.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The value of the Rights, if any, will be reflected
    by their market price on the NYSE or the OTC Market. Rights may be sold by individual holders through their broker or financial advisor
    or may be submitted to the Subscription Agent (defined below) for sale. Any Rights submitted by individual holders to the Subscription
    Agent for sale must be received by the Subscription Agent prior to 5:00 PM, Eastern Time, on or before October 21, 2025, 5 Business Days
    prior to the Expiration Date (or, if the Subscription Period is extended, prior to 5:00 PM, Eastern Time, on the fifth Business Day prior
    to the extended Expiration Date).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Rights that are sold will not confer any right
    to acquire any Common Shares in any over-subscription, and any Record Date Shareholder who sells any Rights will not be eligible to participate
    in the over-subscription privilege, if any.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Trading of the Rights will be conducted on
    a when-issued basis until and including the date on which the Subscription Certificates (as defined below) are mailed to Record Date Shareholders
    of record and thereafter will be conducted on a regular-way basis until and including the last NYSE trading day prior to the completion
    of the Subscription Period. The shares are expected to begin trading ex-Rights on the Record Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">If the Subscription Agent receives Rights for
    sale in a timely manner, the Subscription Agent will use its best efforts to sell the Rights on the NYSE or the OTC Market. The Subscription
    Agent will also attempt to sell any Rights attributable to shareholders of record whose addresses are outside the United States, or who
    have an APO or FPO address. See &ldquo;Foreign Restrictions.&rdquo; The Subscription Agent will attempt to sell such Rights on the NYSE
    or the OTC Market.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Any commissions will be paid by the selling
    Rights holders. Neither the Fund nor the Subscription Agent will be responsible if Rights cannot be sold and neither has guaranteed any
    minimum sales price for the Rights. If the Rights can be sold, sales of these Rights will be deemed to have been effected at the weighted
    average price received by the Subscription Agent on the day such Rights are sold, less any applicable brokerage commissions, taxes and
    other expenses (<I>i.e.</I>, costs incidental to the sale of Rights).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Shareholders are urged to obtain a recent trading
    price for the Rights from their broker, bank, financial advisor or the financial press.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">Banks, broker-dealers and trust companies that
    hold shares for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights
    will not participate in any over-subscription privilege. See &ldquo;Terms of the Rights Offering.&rdquo;</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Use of Proceeds</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P></TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Fund estimates the net proceeds of the
    Rights offering to be approximately $102,165,766. This figure is based on the Subscription Price per Common Share of $7.21 (95% of the
    average of the last reported sales price of the Fund&rsquo;s Common Shares on the NYSE on October 3, 2025 and each of the four (4) preceding
    trading days) and assumes all new Common Shares offered are sold and that the $200,000 of the expenses related to the Rights offering
    estimated at approximately $460,000 are paid by the Adviser.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Adviser anticipates that investment of
    the proceeds will be made in accordance with the Fund&rsquo;s investment objective and policies as appropriate investment opportunities
    are identified, which is expected to be substantially completed in approximately one to two months; however, the identification of appropriate
    investment opportunities pursuant to the Fund&rsquo;s investment style or changes in market conditions may cause the investment period
    to extend as long as three to four months. Pending such investment, the proceeds will be held in short-term, tax-exempt or taxable investment
    grade securities, treasuries or in high quality, short-term money market instruments and may be used to reduce leverage.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Depending on market conditions and operations,
    a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance
    with the Fund&rsquo;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion of
    their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or
    a portion thereof) represents a return of a portion of a shareholder&rsquo;s investment in the Fund, rather than making a distribution
    that is funded from the Fund&rsquo;s earned income or other profits. Although return of capital distributions may not be currently taxable,
    such distributions would decrease the basis of a shareholder&rsquo;s shares, and therefore, may increase a shareholder&rsquo;s tax liability
    for capital gains upon a sale of shares, even if sold at a loss to the shareholder&rsquo;s original investments. See &ldquo;Use of Proceeds.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Taxation/ERISA</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Taxation&rdquo; and &ldquo;Employee Benefit Plan and IRA Considerations.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Subscription Agent</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equiniti Trust Company, LLC See &ldquo;Subscription
    Agent.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Information Agent</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">InvestorCom, LLC. See &ldquo;Information Agent.&rdquo;</P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>DESCRIPTION OF THE RIGHTS OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Purpose of the Rights Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Board, based on the
recommendations and presentations of the Adviser, has determined that it is in best interests of the Fund and its Common Shareholders
to conduct the Rights offering, thereby increasing the assets of the Fund available for investment. In making this determination, the
Board considered a number of factors, including potential benefits and costs. In particular, the Board considered the Adviser&rsquo;s
opinion that the Rights offering would better enable the Fund to take advantage more fully of existing and future investment opportunities
that may be or may become available, consistent with the Fund&rsquo;s investment objective to seek to provide shareholders with a high
level of current income, with a secondary goal of capital appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In making its determination
that the Rights offering would result in a net benefit to existing Common Shareholders of the Fund, the Board considered various factors
at its meeting held on August 22, 2025. The factors considered by the Board included: (i) the size (including number of Rights needed
to purchase one Common Share and size of the Rights offering in relation to the number of Common Shares outstanding), subscription price,
pricing and structure of the Rights offering, including the possible negative effect of the Rights offering on the market price of Common
Shares; (ii) the Rights offering, if it is well-subscribed, could increase the liquidity of the Common Shares on the NYSE, where the Fund&rsquo;s
Common Shares are traded, and could increase the number of Common Shareholders over the long term, thus increasing the level of market
interest and visibility of the Fund; (iii) the opportunity the Rights offering represents for current Common Shareholders to buy Common
Shares at a discount to market price and, potentially, NAV; (iv) the Adviser&rsquo;s opinion that raising additional capital would allow
the Fund to better capitalize on attractive investment opportunities without having to sell existing positions and that the new investments
should be able to help sustain the Fund&rsquo;s current distribution over the longer term; (v) the impact of the Rights offering on the
market price and discount to NAV; (vi) the extent of potential dilution for: (a) participating Common Shareholders, (b) non-participating
Common Shareholders, and (c) Common Shareholders who are issued fewer than three Rights in the offering; (vii) the benefits and drawbacks
of conducting a non-transferable versus a transferable rights offering and whether a market will exist for the Rights; (viii) the expenses
of the Rights offering and the Adviser&rsquo;s commitment to bear up to $200,000 of the costs of the Rights offering; (ix) the effect
on the Fund and its existing Common Shareholders if the Rights offering is not fully subscribed; and (x) the expected lowering of the
Fund&rsquo;s expenses as a proportion of net assets due to the increase in Fund assets as a result of the Rights offering because the
Fund&rsquo;s fixed costs would be spread over a larger asset base. However, increasing the Fund&rsquo;s assets results in a benefit to
the Adviser because the management fee paid by the Fund to the Adviser increases as the Fund&rsquo;s net assets increase. The Board also
considered the usual participation level and the effect of rights offerings on shareholder activists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Adviser believes that
a variety of factors indicate that there may be opportunities to take advantage of attractive returns. The Adviser expects that the Rights
offering will provide an opportunity to increase the assets of the Fund available for investment. The Adviser believes that the Fund may
benefit from higher returns, enhanced efficiencies and lower leverage and portfolio transaction costs. The Adviser has an inherent conflict
of interest in recommending the Rights offering because the Fund pays fees to the Adviser based on a percentage of the Fund&rsquo;s Managed
Assets (the greater the Managed Assets of the Fund, the greater the compensation paid to the Adviser).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Rights offering seeks
to provide an opportunity to existing Common Shareholders to purchase Common Shares at a discount to market price. The distribution to
Common Shareholders of transferable Rights, which may themselves have intrinsic value, also will afford non-participating Common Shareholders
of record on the Record Date, the potential of receiving cash payment upon the sale of the Rights, receipt of which may be viewed as partial
compensation for dilution of their interests that will occur as a result of the Rights offering. There can be no assurance that a market
for the Rights will develop or, if such a market does develop, what the price of the Rights will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Terms of the Rights Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund is issuing to Record
Date Shareholders Rights to subscribe for Common Shares of the Fund. Each Record Date Shareholder is being issued one transferable Right
for each Common Share owned on the Record Date. The Rights entitle the holder to acquire one new Common Share for every three Rights held
(1 for 3) (provided that any Record Date Shareholder who owns fewer than three Common Shares as of the close of business on the Record
Date may subscribe for one full Common Share), at a subscription price per Common Share (the &ldquo;Subscription Price&rdquo;) determined
based upon a formula equal to 95% of the average of the last reported sales price of the Fund&rsquo;s Common Shares on the NYSE on the
Expiration Date (as defined below) and each of the four (4) preceding trading days (the &ldquo;Formula Price&rdquo;). If, however, the
Formula Price is less than 87.5% of the NAV per Common Share at the close of trading on the NYSE on the Expiration Date, then the Subscription
Price will be 87.5% of the Fund&rsquo;s NAV per Common Share at the close of trading on the NYSE on that day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The estimated Subscription
Price to the public of $7.21 is based upon 95% of the average of the last reported sales price of the Fund&rsquo;s Common Shares on the
NYSE on October 3, 2025 and each of the four (4) preceding trading days. Fractional shares will not be issued upon the exercise of the
Rights. Accordingly, Common Shares may be purchased only pursuant to the exercise of Rights in integral multiples of three; however, any
Record Date Shareholder who owns fewer than three Common Shares as of the close of business on the Record Date may subscribe for one full
Common Share. Rights may be exercised at any time during the period (the &ldquo;Subscription Period&rdquo;) which commences on October
6, 2025, and ends at 5:00 PM Eastern Time on October 28, 2025 (the &ldquo;Expiration Date&rdquo;), unless otherwise extended. Shares of
the Fund, as a closed-end fund, can trade at a discount to NAV. Upon exercise of the Rights offering, Fund shares may be issued at a price
below NAV per Common Share. The right to acquire one Common Share for every 3 Rights held during the Subscription Period (or any extension
of the Subscription Period) at the Subscription Price will be referred to in the remainder of this Prospectus Supplement as the &ldquo;Rights
offering.&rdquo; <I>Rights will expire on the Expiration Date and thereafter may not be exercised.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund has declared monthly
distributions payable on September 30, 2025 and October 31, 2025 with record dates of September 10, 2025 and October 9, 2025, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B><I>Any Common Shares
issued after such record dates as a result of the Rights offering will not be record date shares for the Fund&rsquo;s monthly distributions
to be paid on September 30, 2025 and October 31, 2025</I>&nbsp;<I>and will not be entitled to receive such distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Rights may be evidenced
by subscription certificates or may be uncertificated and evidenced by other appropriate documentation (<I>i.e.</I>, a rights card distributed
to registered shareholders in lieu of a subscription certificate) (&ldquo;Subscription Certificates&rdquo;). The number of Rights issued
to each holder will be stated on the Subscription Certificate delivered to the holder. The method by which Rights may be exercised and
Common Shares paid for is set forth below in &ldquo;Method of Exercise of Rights&rdquo; and &ldquo;Payment for Shares.&rdquo; A holder
of Rights will have no right to rescind a purchase after Equiniti Trust Company, LLC (the &ldquo;Subscription Agent&rdquo;) has received
payment. See &ldquo;Payment for Shares&rdquo; below. It is anticipated that the Common Shares issued pursuant to an exercise of Rights
will be listed on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders of Rights who are
Record Date Shareholders are entitled to subscribe for additional Common Shares at the same Subscription Price pursuant to the over-subscription
privilege, subject to certain limitations, allotment and the right of the Board to eliminate the over-subscription privilege. See &ldquo;Over-Subscription
Privilege&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">For purposes of determining
the maximum number of Common Shares that may be acquired pursuant to the Rights offering, broker-dealers, trust companies, banks or others
whose shares are held of record by Cede &amp; Co. (&ldquo;Cede&rdquo;), as nominee for the Depository Trust Company (&ldquo;DTC&rdquo;),
or by any other depository or nominee will be deemed to be the holders of the Rights that are held by Cede or such other depository or
nominee on their behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Rights are transferable
until the completion of the Subscription Period and are expected to trade on the NYSE under the symbol &ldquo;BRW RT.&rdquo; Assuming
a market exists for the Rights, the Rights may be purchased and sold through usual brokerage channels and also sold through the Subscription
Agent. Although no assurance can be given that a market for the Rights will develop, trading in the Rights is expected to begin on or
around the Record Date and may be conducted until the close of trading on the last NYSE trading day prior to the Expiration Date. Trading
of the Rights is expected to be conducted on a when-issued basis until and including the date on which the Subscription Certificates are
mailed to Record Date Shareholders of record and thereafter is expected to be conducted on a regular way basis until and including the
last NYSE trading day prior to the Expiration Date. The method by which Rights may be transferred is set forth below under &ldquo;Method
of Transferring Rights.&rdquo; The Common Shares are expected to begin trading ex-Rights on the Record Date as determined and announced
by the NYSE. The Rights offering may be terminated or extended by the Fund at any time for any reason before the Expiration Date. If the
Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription
Agent to return, without interest, all subscription proceeds received to such shareholders who had elected to purchase Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Nominees who hold the Fund&rsquo;s
Common Shares for the account of others, such as banks, broker-dealers, trustees or depositories for securities, should notify the respective
beneficial owners of such shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions
with respect to the Rights. If the beneficial owner so instructs, the nominee should complete the Subscription Certificate and submit
it to the Subscription Agent with proper payment. In addition, beneficial owners of the Common Shares or Rights held through such a nominee
should contact the nominee and request the nominee to effect transactions in accordance with such beneficial owner&rsquo;s instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Participants in the Fund&rsquo;s
Dividend Reinvestment Plan (the &ldquo;Plan&rdquo;) will be issued Rights in respect of the Common Shares held in their accounts in the
Plan. Participants wishing to exercise these Rights must exercise the Rights in accordance with the procedures set forth in &ldquo;Method
of Exercise of Rights&rdquo; and &ldquo;Payment for Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conditions of the Rights Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Rights offering is being
made in accordance with the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), without shareholder
approval. The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights
offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i) a good
faith determination by a fund&rsquo;s board that such offering would result in a net benefit to existing shareholders; (ii) the offering
fully protects shareholders&rsquo; preemptive rights and does not discriminate among shareholders (except for the possible effect of not
offering fractional rights); (iii) management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders
who do not exercise such rights; and (iv) the ratio of a transferable rights offering does not exceed one new share for each three rights
held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Dates to Remember</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Please note that the dates
in the table below may change if the Rights offering is extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Date&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Period&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2025 through October 28, 2025&dagger;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final Date Rights Will Trade</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 27, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Date*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 28, 2025&dagger;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment for Common Shares and Subscription Certificate or Notice of Guaranteed Delivery Due*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 28, 2025&dagger;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance Date&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 4, 2025&dagger;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmation Date&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 5, 2025&dagger;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A shareholder exercising Rights must deliver to the Subscription Agent by 5:00 PM Eastern Time on October 28, 2025 (unless the Rights offering is extended) either (a) a Subscription Certificate and payment for Common Shares or (b) a notice of guaranteed delivery and payment for Common Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Rights offering is extended.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Rights holders who are Record
Date Shareholders and who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because
they represent the right to acquire less than one Common Share) are entitled to subscribe for additional Common Shares at the same Subscription
Price pursuant to the over-subscription privilege, subject to certain limitations and subject to allotment. The Board has the right in
its absolute discretion to eliminate the over-subscription privilege with respect to over-subscription shares if it considers it to be
in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights holders or
others, up to and including the fifth day following the Expiration Date. If the over-subscription privilege is not eliminated, it will
operate as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Record Date Shareholders
who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right
to acquire less than one Common Share) are entitled to buy those Common Shares, referred to as &ldquo;over-subscription shares,&rdquo;
that were not purchased by other holders of Rights at the same Subscription Price. If enough over-subscription shares are available, all
such requests will be honored in full. If the requests for over-subscription shares exceed the over-subscription shares available, the
available over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe
based on the number of Rights originally issued to them by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B><I>Common Shares acquired
pursuant to the over-subscription privilege are subject to allotment. Holders of Rights acquired in the secondary market may not participate
in the over-subscription privilege.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Record Date Shareholders
who are fully exercising their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit
with respect to the exercise of the Rights issued to them, how many Common Shares they are willing to acquire pursuant to the over-subscription
privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">To the extent sufficient
Common Shares are not available to fulfill all over-subscription requests, unsubscribed Common Shares (the &ldquo;Excess Shares&rdquo;)
will be allocated pro rata among those Record Date Shareholders who over-subscribe based on the number of Rights issued to them by the
Fund. The allocation process may involve a series of allocations in order to assure that the total number of Common Shares available for
over-subscriptions is distributed on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The formula to be used in
allocating the Excess Shares is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; padding-left: 50pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder&rsquo;s Record Date Position&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-top: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excess Shares Remaining</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-bottom: 10pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Record Date Position of All Over-Subscribers&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Banks, broker-dealers, trustees
and other nominee holders of Rights will be required to certify to the Subscription Agent, before any over-subscription privilege may
be exercised with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period
and the number of Common Shares subscribed for pursuant to the over-subscription privilege by such beneficial owner and that such beneficial
owner&rsquo;s subscription was exercised in full. Nominees should also notify holders purchasing Rights in the secondary market that such
Rights may not participate in the over-subscription privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund will not otherwise
offer or sell any Common Shares that are not subscribed for pursuant to the primary subscription or the over-subscription privilege pursuant
to the Rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sale of Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Although the Fund has sought
to list the Rights on the NYSE, they may not trade thereon to the extent their trading price is below the NYSE Minimum Price. Even if
they begin trading on the NYSE, their trading would be suspended if their trading price thereafter falls below $0.01. In the event the
Rights are not traded on the NYSE, the Fund would seek to have them traded on the OTC Market. But, in all cases there can be no assurance
that any market for the Rights will develop or, even if it does, what the price of the Rights will be. Although no assurance can be given
that a market for the Rights will develop, trading in the Rights is expected to begin on or around the Record Date and may be conducted
until the close of trading on the last NYSE trading day prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The value of the Rights,
if any, will be reflected by the market price. Rights may be sold by individual holders through their broker or other financial intermediary
or may be submitted to the Subscription Agent (defined below) for sale. Holders of Rights attempting to sell any unexercised Rights in
the open market through their broker or financial advisor may be charged a commission or incur other transaction expenses and should consider
the commissions and fees charged prior to selling their Rights on the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Rights that are sold will
not confer any right to acquire any Common Shares in any over-subscription privilege, and any Record Date Shareholder who sells any Rights
will not be eligible to participate in the over-subscription privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Trading of the Rights on
the NYSE or the OTC Market will be conducted on a when-issued basis until and including the date on which the Subscription Certificates
are mailed to Record Date Shareholders of record and thereafter will be conducted on a regular-way basis until and including the last
NYSE trading day prior to the Expiration Date. The Common Shares are expected to begin trading ex-Rights on the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Shareholders are urged to
obtain a recent trading price for the Rights from their broker, bank, financial advisor or the financial press.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders of Rights who are
unable or do not wish to exercise any or all of their Rights may contact the Subscription Agent to facilitate the sale of any unexercised
Rights. The Subscription Agent will contact other brokers in order to assist Rights holders whose Rights are not currently held at a broker-dealer
or other applicable financial intermediary to facilitate the sale of the Rights. Shareholders of record whose addresses are outside the
United States, or who have an APO or FPO address, are encouraged to contact the Subscription Agent to facilitate the sale of their Rights
if they are otherwise unable or unwilling to exercise the Rights. The selling Rights holder will pay all applicable brokerage commissions
incurred. There can be no assurance that the Subscription Agent will be able to facilitate the sale of any of Rights and neither the Fund
nor the Subscription Agent has guaranteed any minimum sales price for the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method of Transferring Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Rights evidenced by
a single Subscription Certificate may be transferred in whole by endorsing the Subscription Certificate for transfer in accordance with
the accompanying instructions. A portion of the Rights evidenced by a single Subscription Certificate (but not fractional Rights) may
be transferred by delivering to the Subscription Agent a Subscription Certificate properly endorsed for transfer, with instructions to
register the portion of the Rights evidenced thereby in the name of the transferee (and to issue a new Subscription Certificate to the
transferee evidencing the transferred Rights). In this event, a new Subscription Certificate evidencing the balance of the Rights will
be issued to the Rights holder or, if the Rights holder so instructs, to an additional transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders wishing to transfer
all or a portion of their Rights (but not fractional Rights) should promptly transfer such Rights to ensure that: (i) the transfer instructions
will be received and processed by the Subscription Agent, (ii) a new Subscription Certificate will be issued and transmitted to the transferee
or transferees with respect to transferred Rights, and to the holder with respect to retained Rights, if any, and (iii) the Rights evidenced
by the new Subscription Certificates may be exercised or sold by the recipients thereof prior to the Expiration Date. Neither the Fund
nor the Subscription Agent shall have any liability to a transferee or holder of Rights if Subscription Certificates are not received
in time for exercise or sale prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Except for the fees charged
by the Subscription Agent (which will be paid by the Adviser as described below), all commissions, fees and other expenses (including
brokerage commissions and transfer taxes) incurred in connection with the purchase, sale, transfer or exercise of Rights will be for the
account of the holder of the Rights, and none of these commissions, fees or expenses will be borne by the Fund, the Adviser or the Subscription
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund anticipates that
the Rights will be eligible for transfer through, and that the exercise of the Rights may be effected through, the facilities of DTC (Rights
exercised through DTC are referred to as &ldquo;DTC Exercised Rights&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subscription Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Subscription Agent is
Equiniti Trust Company, LLC. The Subscription Agent will receive an amount estimated to be $100,000, comprised of the fee for its services
and the reimbursement for certain expenses related to the Rights offering. The Adviser, not the Fund or holders of the Fund&rsquo;s Common
Shares, will pay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">INQUIRIES BY ALL HOLDERS
OF RIGHTS SHOULD BE DIRECTED TO: THE INFORMATION AGENT, INVESTORCOM, LLC. SHAREHOLDERS, BANKS AND BROKERS PLEASE CALL TOLL-FREE AT (877)
972-0090.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method of Exercise of Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Rights may be exercised
by completing and signing the Subscription Certificate and delivering the completed and signed Subscription Certificate to the Subscription
Agent, together with payment for the Common Shares as described below under &ldquo;Payment for Shares.&rdquo; Rights may also be exercised
through the broker of a holder of Rights, who may charge the holder of Rights a servicing fee in connection with such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Completed Subscription Certificates
and payment must be received by the Subscription Agent prior to 5:00 PM Eastern Time, on the Expiration Date (unless payment is effected
by means of a notice of guaranteed delivery as described below under &ldquo;Payment for Shares&rdquo;). Your broker, bank, trust company
or other intermediary may impose a deadline for exercising Rights earlier than 5:00 PM, Eastern Time, on the Expiration Date. The Subscription
Certificate and payment should be delivered to the Subscription Agent at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">If By Express Mail, Courier,
or Other Expedited Service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">c/o Equiniti Trust Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">1110 Centre Pointe Curve, Suite
#101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Mendota Heights, MN 55120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Attn: Onbase - Reorganization
Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 24.5pt">If By Mail:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Equiniti Trust Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Attn: Onbase - Reorganization
Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">1110 Centre Pointe Curve, Suite
#101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Mendota Heights, MN 55120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment for Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders of Rights who acquire
Common Shares in the Rights offering may choose between the following methods of payment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A holder of Rights can send the Subscription
Certificate, together with payment in the form of a check (which must include the name of the shareholder on the check) for the Common
Shares subscribed for in the Rights offering and, if eligible, for any additional Common Shares subscribed for pursuant to the over-subscription
privilege, to the Subscription Agent based on the Subscription Price. To be accepted, the payment, together with the executed Subscription
Certificate, must be received by the Subscription Agent at one of the addresses noted above prior to 5:00 PM Eastern Time on the Expiration
Date. The Subscription Agent will deposit all share purchase checks received by it prior to the final due date into a segregated account
pending proration and distribution of Common Shares. The Subscription Agent will not accept cash as a means of payment for Common Shares.</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Alternatively, a subscription will be accepted
by the Subscription Agent if, prior to 5:00 PM Eastern Time on the Expiration Date, the Subscription Agent has received a written notice
of guaranteed delivery by mail or email from a bank, trust company, or an NYSE member, guaranteeing delivery of a properly completed
and executed Subscription Certificate. In order for the notice of guarantee to be valid, full payment for the Common Shares at the Subscription
Price must be received with the notice. The Subscription Agent will not honor a notice of guaranteed delivery unless a properly completed
and executed Subscription Certificate is received by the Subscription Agent by the close of business on the first Business Day after
the Expiration Date. The notice of guaranteed delivery must be emailed to the Subscription Agent at Domenick.Apisa@equiniti.com or delivered
to the Subscription Agent at one of the addresses noted above.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">A PAYMENT PURSUANT TO THIS
METHOD MUST BE IN UNITED STATES DOLLARS BY CHECK (WHICH MUST INCLUDE THE NAME OF THE SHAREHOLDER ON THE CHECK) DRAWN ON A BANK LOCATED
IN THE CONTINENTAL UNITED STATES, MUST BE PAYABLE TO EQUINITI TRUST COMPANY, LLC, AS SUBSCRIPTION AGENT, AND MUST ACCOMPANY AN EXECUTED
SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">If a holder of Rights who
acquires Common Shares pursuant to the subscription makes payment of an insufficient amount, the Fund reserves the right to take any or
all of the following actions: (i) reallocate such subscribed and unpaid-for Common Shares to Record Date Shareholders exercising the over-subscription
privilege who did not receive the full over-subscription requested; (ii) apply any payment actually received by it toward the purchase
of the greatest whole number of Common Shares which could be acquired by such holder upon exercise of the Rights or any over-subscription
privilege; and (iii) exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right
to set off against payments actually received by it with respect to such subscribed Common Shares (in other words, retain such payments)
and to enforce the exercising Rights holder&rsquo;s relevant payment obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Any payment required from
a holder of Rights must be received by the Subscription Agent prior to 5:00 PM Eastern Time on the Expiration Date. Issuance and delivery
of the Common Shares purchased are subject to collection of checks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Within seven Business Days
following the Expiration Date (the &ldquo;Confirmation Date&rdquo;), a confirmation will be sent by the Subscription Agent to each holder
of Rights (or, if the Common Shares are held by Cede or any other depository or nominee, to Cede or such other depository or nominee),
showing (i) the number of Common Shares acquired pursuant to the subscription and (ii) the number of Common Shares, if any, acquired pursuant
to the over-subscription privilege. Any excess payment to be refunded by the Fund to a holder of Rights, or to be paid to a holder of
Rights as a result of sales of Rights on its behalf by the Subscription Agent, will be mailed by the Subscription Agent to the holder
within seven Business Days after the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">A holder of Rights will
have no right to rescind a purchase after the Subscription Agent has received payment either by means of a notice of guaranteed delivery
or a check, which must include the name of the shareholder on the check.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Upon acceptance of a subscription,
all funds received by the Subscription Agent shall be held by the Subscription Agent as agent for the Fund and deposited in one or more
bank accounts. Such funds may be invested by the Subscription Agent in: bank accounts, short-term certificates of deposit, bank repurchase
agreements, and disbursement accounts with commercial banks meeting certain standards. The Subscription Agent may receive interest, dividends
or other earnings in connection with such deposits or investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders, such as broker-dealers,
trustees or depositories for securities, who hold Common Shares for the account of others, should notify the respective beneficial owners
of the Common Shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions with respect
to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates and submit
them to the Subscription Agent with the proper payment. In addition, beneficial owners of Common Shares or Rights held through such a
holder should contact the holder and request that the holder effect transactions in accordance with the beneficial owner&rsquo;s instructions.
<B>Banks, broker-dealers, trustees and other nominee holders that hold Common Shares of the Fund for the accounts of others are advised
to notify those persons that purchase Rights in the secondary market that such Rights may not participate in any over-subscription privilege
offered.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">THE INSTRUCTIONS ACCOMPANYING
THE SUBSCRIPTION CERTIFICATES SHOULD BE READ CAREFULLY AND FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">THE METHOD OF DELIVERY OF
SUBSCRIPTION CERTIFICATES AND PAYMENT OF THE SUBSCRIPTION PRICE TO THE SUBSCRIPTION AGENT WILL BE AT THE ELECTION AND RISK OF THE RIGHTS
HOLDERS, BUT IF SENT BY MAIL IT IS RECOMMENDED THAT THE CERTIFICATES AND PAYMENTS BE SENT BY REGISTERED MAIL, PROPERLY INSURED, WITH RETURN
RECEIPT REQUESTED, AND THAT A SUFFICIENT NUMBER OF DAYS BE ALLOWED TO ENSURE DELIVERY TO THE SUBSCRIPTION AGENT AND CLEARANCE OF PAYMENT
PRIOR TO 5:00 PM EASTERN TIME, ON THE EXPIRATION DATE BECAUSE UNCERTIFIED PERSONAL CHECKS MAY TAKE AT LEAST FIVE BUSINESS DAYS TO CLEAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">All questions concerning
the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be
final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected
within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received
or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. Neither
the Fund nor the Subscription Agent will be under any duty to give notification of any defect or irregularity in connection with the submission
of Subscription Certificates or incur any liability for failure to give such notification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Foreign Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Offering documents, including
Subscription Certificates, will not be mailed to Record Date Shareholders whose addresses are outside the United States (for these purposes,
the United States includes the District of Columbia and the territories and possessions of the United States) or who have an APO or FPO
address (the &ldquo;Foreign Shareholders&rdquo;) if such mailing cannot be made into the non-U.S. jurisdiction without additional registration
and incurring other expense that the Board has determined is not in the best interest of the Fund and its shareholders. In such cases,
unless determined to be not in the best interest of the Fund and its shareholders in accordance with the previous sentence, the Subscription
Agent will send a letter via regular mail to Foreign Shareholders who own Common Shares directly (&ldquo;Direct Foreign Shareholders&rdquo;),
as opposed to in &ldquo;street name&rdquo; with a broker or other financial intermediary, to notify them of the Rights offering. Direct
Foreign Shareholders who wish to exercise their Rights should contact the Information Agent, as described above under &ldquo;Information
Agent,&rdquo; to facilitate the exercise of such Rights and for instructions or any other special requirements that may apply in order
for such Direct Foreign Shareholder to exercise its Rights. Direct Foreign Shareholders who wish to sell their Rights should contact the
Subscription Agent and follow the procedures described above under &ldquo;Sale of Rights.&rdquo; Direct Foreign Shareholders are encouraged
to contact the Fund or the Subscription Agent as far in advance of the Expiration Date as possible to ensure adequate time for their Rights
to be exercised or sold. Foreign Shareholders who own Common Shares in &ldquo;street name&rdquo; through a broker or other financial intermediary
should contact such broker or other financial intermediary with respect to any exercise or sale of Rights. It is the responsibility of
the bank, broker or nominee holder to determine whether the beneficial owner is eligible to participate in the jurisdiction in which they
reside, as the nominee holder will submit instructions on behalf of the beneficial owner through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employee Benefit Plan and IRA Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Holders of Rights that are
employee benefit plans subject to limitations imposed by the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), such
as employee plans subject to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), Keogh Plans and Individual
Retirement Accounts (&ldquo;IRA&rdquo;) (each a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;), should be aware
that the use of additional contributions of cash outside of the Benefit Plan to exercise Rights may be treated as additional contributions
to the Benefit Plan. When taken together with contributions previously made, such deemed additional contributions may be in excess of
tax limitations and subject the Rights holder to excise taxes for excess or nondeductible contributions. In the case of Benefit Plans
qualified under Section 401(a) of the Code, additional contributions could cause the maximum contribution limitations of Section 415 of
the Code or other qualification rules to be violated. Benefit Plans contemplating making additional contributions to exercise Rights should
consult with their legal and tax counsel prior to making such contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Benefit Plans and other
tax exempt entities, including governmental plans, should also be aware that if they borrow to finance their exercise of Rights, they
may become subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;) under Section 511 of the Code. If any portion
of an IRA is used as security for a loan, the portion so used may also be treated as distributed to the IRA depositor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">A Benefit Plan may also
be subject to laws, such as ERISA, that impose certain requirements on the Benefit Plan and on those persons who are fiduciaries with
respect to the Benefit Plans. Such requirements may include prudence and diversification requirements and require that investments be
made in accordance with the documents governing the Benefit Plan. The exercise of Rights by a fiduciary for a Benefit Plan should be considered
in light of such fiduciary requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In addition, ERISA and the
Code prohibit certain transactions involving the assets of a Benefit Plan and certain persons (referred to as &ldquo;parties in interest&rdquo;
for purposes of ERISA and &ldquo;disqualified persons&rdquo; for purposes of the Code) having certain relationships to such Benefit Plans,
unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages
in a nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code (or
with respect to certain Benefit Plans, such as IRAs, a prohibited transaction may cause the Benefit Plan to lose its tax-exempt status).
In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions (&ldquo;PTCEs&rdquo;) that may apply to
the exercise of the Rights and holding of the Common Shares. These class exemptions include, without limitation, PTCE 84-14 respecting
transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts,
PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting
transactions determined by in-house asset managers, PTCE 84-24 governing purchases of shares in investment companies and PTCE 75-1 respecting
sales of securities. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code each provides a limited exemption, commonly
referred to as the &ldquo;service provider exemption,&rdquo; from the prohibited transaction provisions of ERISA and Section 4975 of the
Code for certain transactions between a Benefit Plan and a person that is a party in interest and/or a disqualified person (other than
a fiduciary or an affiliate that, directly or indirectly, has or exercises any discretionary authority or control or renders any investment
advice with respect to the assets of any Benefit Plan involved in the transaction) solely by reason of providing services to the Benefit
Plan or by relationship to a service provider, provided that the Benefit Plan receives no less, nor pays no more, than adequate consideration.
There can be no assurance that all of the conditions of any such exemptions or any other exemption will be satisfied at the time that
the Rights are exercised, or thereafter while the Common Shares are held, if the facts relied upon for utilizing a prohibited transaction
exemption change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Due to the complexity of
these rules and the penalties for noncompliance, fiduciaries of Benefit Plans should consult with their legal and tax counsel regarding
the consequences of their exercise of Rights under ERISA, the Code and other similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>SUMMARY OF FUND EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The following table and
example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in
our Common Shares as a percentage of net assets attributable to Common Shares. Amounts are for the current fiscal year after giving effect
to anticipated net proceeds of the Rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Shareholder Transaction Expenses</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; width: 84%; text-align: left">Sales load paid by you (as a percentage of offering price)<SUP>(1)</SUP>&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Offering expenses borne by the Fund (as a percentage of offering price)<SUP>(1)</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Reinvestment Program fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(2)</SUP>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Reinvestment Program sale transaction fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.03 per share</TD><TD STYLE="text-align: left"><SUP>(2)</SUP>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Estimated Annual Expenses (as a percentage of net assets attributable to Common Shares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Management fees<SUP>(3)(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.27</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest Payments on Borrowed Funds<SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.56</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Other Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.18</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Acquired Fund Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.78</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Total Annual Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.79</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Fee Waivers and/or Expense Reimbursements<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.29</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Total Annual Expenses after Fee Waivers and/or Expense Reimbursements<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.50</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund offering expenses are estimated to be $460,000 in the aggregate, or approximately 0.45% of the estimated Subscription Price, which assumes that the Rights offering is fully subscribed. The Adviser has agreed to bear $200,000 of such expenses. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALPS Fund Services, Inc.&rsquo;s (in such capacity, the &ldquo;Program Administrator&rdquo;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.03 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will not be charged a sales fee if you direct the Program Administrator to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Program Administrator is required to pay.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund currently pays the Adviser a monthly fee at an annual contractual investment management fee rate of 1.05% of the average daily value of the Fund&rsquo;s Managed Assets. For purposes of calculating these fees, &ldquo;Managed Assets&rdquo; means the means the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares).</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund and the Adviser have entered into an expense limitation agreement (the &ldquo;Expense Limitation Agreement&rdquo;), pursuant to which the Adviser has contractually agreed to limit expenses, excluding interest, taxes, investor relations services, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of the Fund&rsquo;s business, and expenses of counsel or other persons or services retained by the Fund&rsquo;s trustees who are not interested persons, to 1.05% of Managed Assets plus 0.30% of average daily net assets. For the year ended October 31, 2024, $982,139 of fees were waived and reimbursed. The Adviser may, at a later date, recoup from the Fund the fees waived and/or other expenses reimbursed by the Adviser during the previous 36 months, but only if, after such recoupment, the Fund&rsquo;s expense ratio does not exceed the percentage described above. For the year ended October 31, 2024, none of the fees were recouped. The current Expense Limitation Agreement will expire on July 1, 2026 and automatically renews for one-year terms. Termination or modification of the Expense Limitation Agreement requires approval of the Board.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has entered into a $125 million Credit Facility with TD Bank effective on July 20, 2021 (the &ldquo;Facility&rdquo;) which matures on January 20, 2026. As of April 30, 2025, the Fund had $45 million outstanding drawn under the Facility.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The purpose of the table
above and the examples below is to help you understand all fees and expenses that you, as a holder of Common Shares, would bear directly
or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The following example illustrates
the expenses that you would pay on a $1,000 investment in Common Shares, assuming (i) total net annual expenses of 3.00% of net assets
attributable to Common Shares, and (ii) a 5% annual return:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10 Years</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total expenses incurred*</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; width: 10%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; width: 10%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">220</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; width: 10%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">343</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; width: 10%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">633</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 1%; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The example should not be considered a representation of future expenses. The example assumes that the estimated &ldquo;Other expenses&rdquo; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&rsquo;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund estimates the net
proceeds of the Rights offering to be approximately $102,165,766, based on the estimated Subscription Price per Common Share of $7.21
(95% of the average of the last reported sales price of the Fund&rsquo;s Common Shares on the NYSE on October 3, 2025 and each of the
four (4) preceding trading days), assuming all new Common Shares offered are sold and that the expenses related to the Rights offering
estimated at approximately $460,000 are paid by the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The net proceeds from the
Rights offering hereunder will be invested in accordance with the Fund&rsquo;s investment objective and policies as set forth in this
Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to invest all of the net proceeds
in accordance with our investment objective and policies within approximately one to two months of the receipt of such proceeds. Pending
such investment, it is anticipated that the proceeds will be held in short-term, tax-exempt or taxable investment grade securities, treasuries
or in high quality, short-term money market instruments and may be used to reduce leverage. Depending on market conditions and operations,
a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance
with the Fund&rsquo;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion of
their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or
a portion thereof) represents a return of a portion of a shareholder&rsquo;s investment in the Fund, rather than making a distribution
that is funded from the Fund&rsquo;s earned income or other profits. Although return of capital distributions may not be currently taxable,
such distributions would decrease the basis of a shareholder&rsquo;s shares, and therefore, may increase a shareholder&rsquo;s tax liability
for capital gains upon a sale of shares, even if sold at a loss to the shareholder&rsquo;s original investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The following table sets
forth the unaudited capitalization of the Fund as of April 30, 2025 and its adjusted capitalization assuming the Common Shares available
in the Rights offering discussed in this Prospectus Supplement had been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Actual</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">As Adjusted</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(unaudited)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity applicable to Common Shares:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; text-indent: -10pt; padding-left: 10pt">Common Shares</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">42,529,493</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">56,705,991</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Paid-in Capital*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">532,685,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">634,851,065</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Distributions in excess of net investment income, net realized gain on investments, futures contracts, and foreign currency transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accumulated Gain/(Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(188,379,178</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(188,379,178</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net Assets applicable to Common Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">344,306,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">446,471,887</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Net Asset Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As adjusted paid-in surplus reflects the issuance of $14,176,498 Common Shares issued in the primary subscription at the estimated Subscription Price of $7.21. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS
OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Risk is inherent in all
investing. Therefore, before investing in the Common Shares you should consider the risks associated with such an investment carefully.
See &ldquo;Risks&rdquo; in the Prospectus. The following summarizes some of the matters that you should consider before investing in the
Fund through the Rights offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Dilution</I>. Record
Date Shareholders who do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional interest
in the Fund than owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for
such shareholders. In addition, if the Subscription Price is less than the NAV per Common Share as of the Expiration Date, the completion
of this Rights offering will result in an immediate dilution of the NAV per Common Share for all existing Common Shareholders (<I>i.e.</I>,
will cause the NAV per Common Share to decrease). As a result, existing Common Shareholders may experience immediate dilution even if
they fully exercise their Rights. The amount of such dilution, if any, is not currently determinable because it is not known how many
Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the Expiration Date
or what the Subscription Price per Common Share will be. If the Subscription Price is substantially less than the current NAV per Common
Share, this dilution could be substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">You will experience an immediate
dilution of the aggregate NAV per Common Share if you do not participate in the Rights offering and will experience a reduction in the
NAV per Common Share whether or not you exercise your Rights, if the Subscription Price is below the Fund&rsquo;s NAV per Common Share
on the Expiration Date, because:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the offered Common Shares would
be sold at less than their current NAV; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 00pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of Common Shares
outstanding after the Rights offering would have increased proportionately more than the increase in the amount of the Fund&rsquo;s net
assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Furthermore, if you do not
participate in the over-subscription, if it is available, your percentage ownership will also be diluted. The Fund cannot state precisely
the amount of any dilution because it is not known at this time what the NAV per Common Share will be on the Expiration Date or what proportion
of the Rights will be exercised or what the Subscription Price per Common Share will be. The impact of the Rights offering on NAV per
Common Share is shown by the following example, assuming the Rights offering is fully subscribed and the estimated Subscription Price
of $7.21:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD COLSPAN="4" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scenario<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAV<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.54</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Price<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction in NAV ($)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.33)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction in NAV (%)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3.90)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The example assumes the full primary subscription and the over-subscription privilege are exercised. Actual amounts may vary due to rounding.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For illustrative purposes only. It is not known at this time what the NAV per Common Share will be on the Expiration Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For illustrative purposes only; reflects an estimated Subscription Price of $7.21 based upon 95% of the average of the last reported sales price of the Fund&rsquo;s Common Shares on the NYSE on October 3, 2025 and each of the four (4) preceding trading days. It is not known at this time what the Subscription Price will be on the Expiration Date.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">If you do not wish to exercise
your Rights, you should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling your Rights
may serve as partial compensation for any potential dilution of your interest in the Fund. The Fund cannot give assurance, however, that
a market for the Rights will develop or that the Rights will have any marketable value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund&rsquo;s largest
shareholders could increase their percentage ownership in the Fund through the exercise of the primary subscription and over-subscription
privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Risks of Investing in
Rights.</I> Shares of closed-end funds such as the Fund frequently trade at a discount to NAV. The Subscription Price may be greater than
the market price of a Common Share on the Expiration Date. If that is the case, the Rights will have no value, and a person who exercises
Rights will experience an immediate loss of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Leverage. </I>Leverage
creates a greater risk of loss, as well as a potential for more gain, for the Common Shares than if leverage were not used. Following
the completion of the Rights offering, the Fund&rsquo;s percentage of leverage outstanding will decrease. The leverage of the Fund as
of September 30, 2025 was approximately 14.38% of the Fund&rsquo;s Managed Assets. After the completion of the Rights offering, the amount
of leverage outstanding is expected to decrease to approximately 11.59% of the Fund&rsquo;s Managed Assets (assuming the offer is fully
subscribed). The use of leverage for investment purposes creates opportunities for greater total returns but at the same time increases
risk. When leverage is employed, the NAV and market price of the Common Shares and the yield to holders of Common Shares may be more volatile.
Any investment income or gains earned with respect to the amounts borrowed in excess of the interest due on the borrowing will augment
the Fund&rsquo;s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on
such borrowings, the value of the Fund&rsquo;s Common Shares may decrease more quickly than would otherwise be the case, and distributions
on the Common Shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce
the amount of net income available for distribution to holders of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Because the fee paid to
the Adviser is calculated on the basis of the Fund&rsquo;s Managed Assets, which include the proceeds of leverage, the dollar amount of
the management fee paid by the Fund to the Adviser will be higher (and the Adviser will be benefited to that extent) when leverage is
used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund&rsquo;s leveraging
strategy may not be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Increase in Share Price
Volatility; Decrease in Share Price. </I>The Rights offering may result in an increase in trading of the Common Shares, which may increase
volatility in the market price of the Common Shares. The Rights offering may result in an increase in the number of shareholders wishing
to sell their Common Shares, which would exert downward price pressure on the price of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Under-Subscription. </I>It
is possible that the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an impact on the
net proceeds of the Rights offering and whether the Fund achieves any benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>Inability to Sell the
Rights on the Open Market. </I>Although the Fund has sought to list the Rights on the NYSE, they may not trade thereon to the extent their
trading price is below the NYSE Minimum Price. Even if they begin trading on the NYSE, their trading would be suspended if their trading
price thereafter falls below $0.01. In the event the Rights are not traded on the NYSE, the Fund would seek to have them traded on the
OTC Market. But, in all cases there can be no assurance that any market for the Rights will develop or, even if it does, what the price
of the Rights will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>TAXATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The following is a general
summary of the material U.S. federal income tax consequences of the Rights offering to Record Date Shareholders who are U.S. persons for
U.S. federal income tax purposes. The following summary supplements the discussion set forth in the accompanying Prospectus and SAI and
is subject to the qualifications and assumptions set forth therein. The discussion set forth herein does not constitute tax advice and
potential investors are urged to consult their own tax advisers to determine the tax consequences of the Rights offering and investing
in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Please refer to the &ldquo;Tax
Matters&rdquo; sections in the Fund&rsquo;s Prospectus and SAI for a description of the consequences of investing in the Fund&rsquo;s
Common Shares. The authorities governing transactions such as this Rights offering are complex and unclear in certain respects. Nonetheless,
we believe and intend to take the position that the distribution of Rights to a holder with respect to such holder&rsquo;s Common Shares
should generally be treated, for U.S. federal income tax purposes, as a non-taxable distribution. Accordingly, the following tax considerations
relating to this Rights offering are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of a Right should
not be includible in the income of a Common Shareholder at the time the subscription Right is issued.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our position regarding the tax-free
treatment of the receipt of Rights in the Rights offering is not binding on the IRS or the courts, and there can be no assurance that
the IRS or any applicable court would agree. If this position were finally determined to be incorrect, whether on the basis that the issuance
of the Rights is a &ldquo;disproportionate distribution&rdquo; or otherwise, the fair market value of the Rights would be taxable to Common
Shareholders as a dividend on the date of the distribution to the extent of the holder&rsquo;s pro rata share of our current and accumulated
earnings and profits, if any, with any excess being treated as a return of capital to the extent of the holder&rsquo;s basis in shares
of our Common Shares and thereafter as capital gain.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The basis of a Right issued
to a Common Shareholder will depend on the relative fair market value of the Rights received by such holder and the Common Shares owned
by such holder at the time the Rights are distributed. Accordingly, it is expected that the basis of a Right issued to a Common Shareholder
will be zero. The basis of the share with respect to which the Right was issued (the old share) will remain unchanged, unless either (a)
the fair market value of the Right on the date of distribution is at least 15% of the fair market value of the old share, or (b) such
Common Shareholder affirmatively elects (in the manner set out in Treasury regulations under the Code) to allocate to the Right a portion
of the basis of the old share. If either (a) or (b) applies, such Common Shareholder must allocate basis between the old share and the
Right in proportion to their fair market values on the date of distribution. Therefore, you should consult with your tax advisor to determine
the proper allocation of basis between the Rights and the Common Shares with respect to which the Rights are received.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The basis of a Right purchased
in the market will generally be its purchase price. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holding period of a Right
issued to a Common Shareholder will include the holding period of the old share.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No loss will be recognized by
a Common Shareholder if a Right distributed to such Common Shareholder expires unexercised because the basis of the old share may be allocated
to a Right only if the Right is exercised. If a Right that has been purchased in the market expires unexercised, there will be a recognized
loss equal to the basis of the Right.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any gain or loss on the sale
of a Right will be a capital gain or loss if the Right is held as a capital asset (which in the case of a Right issued to Record Date
Shareholders will depend on whether the old share is held as a capital asset), and will be a long term capital gain or loss if the holding
period is deemed to exceed one year.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No gain or loss will be recognized
by a Common Shareholder upon the exercise of a Right, and the basis of any Common Share acquired upon exercise (the new Common Share)
will equal the sum of the basis, if any, of the Right and the subscription price for the new Common Share. The holding period for the
new Common Share will begin on the date when the Right is exercised (or, in the case of a Right purchased in the market, potentially the
day after the date of exercise).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>The foregoing is a general
and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the
Fund and holders of its Common Shares, with respect to U.S. federal income taxation only. Other tax issues such as state and local taxation
may apply. Investors are urged to consult their own tax advisers to determine the tax consequences of investing in the Fund. These provisions
are subject to change by legislative or administrative action, and any such change may be retroactive. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Certain legal matters in
connection with the Common Shares will be passed upon for the Fund by Alston &amp; Bird LLP, New York, New York, counsel to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The audited annual financial
statements of the Fund for the fiscal year ended October 31, 2024 and the unaudited semi-annual financial statements for the semi-annual
period ended April 30, 2025 are incorporated by reference into this Prospectus Supplement, the accompanying Prospectus and the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Prospectus Supplement
and the accompanying Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act and
the Investment Company Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the
Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with
respect to the Fund and the Common Shares offered hereby. Any statements contained herein concerning the provisions of any document are
not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration
Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration
Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the
SEC&rsquo;s website (http://www.sec.gov).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A><B><U>BASE PROSPECTUS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>15,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saba Capital Income &amp; Opportunities Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rights to Purchase Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Saba Capital Income &amp; Opportunities Fund (the
&ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a non-diversified, closed-end management investment company.
The Fund&rsquo;s primary investment objective is to seek to provide shareholders with a high level of current income, with a secondary
goal of capital appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer, from time to time, in one or more
offerings, our common shares of beneficial interest, without par value (&ldquo;common shares&rdquo;), or subscription rights to purchase
our common shares. Common shares may be offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each,
a &ldquo;Prospectus Supplement&rdquo;). You should read this Prospectus and the applicable Prospectus Supplement carefully before you
invest in our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common shares may be offered directly to one
or more purchasers, including existing shareholders in a rights offering, through agents designated from time to time by us, or to or
through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents or underwriters involved
in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us
and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated. The Prospectus Supplement
relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights)
and the other terms of such rights offering. We may not sell any of our common shares through agents, underwriters or dealers without
delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common shares are listed on the New York Stock
Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;BRW.&rdquo; The last reported sale price of our common shares, as reported by the
NYSE on September 15, 2025 was $8.05 per common share. The net asset value of our common shares at the close of business on April 30,
2025 was $8.10 per common share. Rights issued by the Fund may also be listed on a securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Fund&rsquo;s common shares
involves certain risks that are described in the &ldquo;Risks&rdquo; section beginning on page 37</B>&nbsp; <B>of this Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares of closed-end management investment
companies frequently trade at a discount to their net asset value. The Fund&rsquo;s common shares have traded at a discount to net asset
value, including during recent periods. If the Fund&rsquo;s common shares trade at a discount to their net asset value, the risk of loss
may increase for purchasers in a public offering.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Fund may invest in private funds. Investments
in private funds are subject to special risk considerations, including reduced regulatory oversight, limited liquidity, valuation uncertainty,
delayed reporting, and additional fees and expenses, all of which may adversely affect the Fund&rsquo;s performance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this
Prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is part of a registration statement
that we have filed with the SEC using the &ldquo;shelf&rdquo; registration process. Under the shelf registration process, we may offer,
from time to time, separately or together in one or more offerings, the securities described in this Prospectus. The securities may be
offered at prices and on terms described in one or more supplements to this Prospectus. This Prospectus provides you with a general description
of the securities that we may offer. Each time we use this Prospectus to offer securities, we will provide a Prospectus Supplement that
will contain specific information about the terms of that offering. The Prospectus Supplement may also add, update or change information
contained in this Prospectus. This Prospectus, together with any Prospectus Supplement, sets forth concisely the information about the
Fund that a prospective investor should know before investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read this Prospectus and applicable
Prospectus Supplement, which contain important information, before deciding whether to invest in the common shares. You should retain
the Prospectus and Prospectus Supplement for future reference. A Statement of Additional Information (&ldquo;SAI&rdquo;), dated September
23, 2025, containing additional information about the Fund, has been filed with the SEC and, as amended from time to time, is incorporated
by reference in its entirety into this Prospectus. You may call (212) 542-4644, visit the Fund&rsquo;s website (https://www.sabacef.com/saba-income-opportunities-fund)
or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&rsquo;s semi-annual and annual reports, as well as to obtain
other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&rsquo;s semi-annual and annual reports,
are also available for free on the SEC&rsquo;s website (http://www.sec.gov). You may also e-mail requests for these documents to publicinfo@sec.gov.
Information contained in, or that can be accessed through, the Fund&rsquo;s website is not part of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not construe the contents of this Prospectus
as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters
relevant to the suitability of an investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Fund&rsquo;s common shares do not represent
a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated September 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a001"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a002"><FONT STYLE="font-size: 10pt">SUMMARY OF FUND EXPENSES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a003"><FONT STYLE="font-size: 10pt">FINANCIAL HIGHLIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a004"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a005"><FONT STYLE="font-size: 10pt">THE FUND</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a007"><FONT STYLE="font-size: 10pt">THE FUND&rsquo;S INVESTMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a008"><FONT STYLE="font-size: 10pt">LEVERAGE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a009"><FONT STYLE="font-size: 10pt">RISKS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a010"><FONT STYLE="font-size: 10pt">MANAGEMENT OF THE FUND</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a011"><FONT STYLE="font-size: 10pt">NET ASSET VALUE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a012"><FONT STYLE="font-size: 10pt">DISTRIBUTIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a013"><FONT STYLE="font-size: 10pt">REINVESTMENT PROGRAM</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a014"><FONT STYLE="font-size: 10pt">RIGHTS OFFERINGS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a015"><FONT STYLE="font-size: 10pt">TAX MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a016"><FONT STYLE="font-size: 10pt">TAXATION OF HOLDERS OF RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a017"><FONT STYLE="font-size: 10pt">CLOSED-END FUND STRUCTURE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a018"><FONT STYLE="font-size: 10pt">REPURCHASE OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a019"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a020"><FONT STYLE="font-size: 10pt">INCORPORATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#brw424b5a021"><FONT STYLE="font-size: 10pt">PRIVACY NOTICE OF THE FUND</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">69</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information contained
in, or incorporated by reference into, this Prospectus and any related Prospectus Supplement in making your investment decisions. The
Fund has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell the common shares in any jurisdiction where the offer or sale is not
permitted. You should assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of the dates on
their covers. The Fund&rsquo;s business, financial condition and prospects may have changed since the date of its description in this
Prospectus or the date of its description in any Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5a001"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This is only a summary of certain information
relating to Saba Capital Income &amp; Opportunities Fund. This summary may not contain all of the information that you should consider
before investing in our common shares. You should consider the more detailed information contained in the Prospectus and in any related
Prospectus Supplement and in the Statement of Additional Information (&ldquo;SAI&rdquo;) before purchasing common shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>The Fund</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Saba Capital Income &amp; Opportunities Fund is
    a non-diversified, closed-end management investment company. Throughout this Prospectus, we refer to Saba Capital Income &amp; Opportunities
    Fund simply as the &ldquo;Fund&rdquo; or as &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our.&rdquo; See &ldquo;The Fund.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s common shares are listed for
    trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;BRW.&rdquo; As of April 30, 2025, the net assets of
    the Fund were $344,306,121, the total assets of the Fund were $693,784,785, and the Fund had 42,529,493 common shares outstanding. The
    last reported sale price of the Fund&rsquo;s common shares, as reported by the NYSE on September 15, 2025 was $8.05 per common share.
    The net asset value (&ldquo;NAV&rdquo;) of the Fund&rsquo;s common shares at the close of business on April 30, 2025 was $8.10 per common
    share. See &ldquo;Description of Shares.&rdquo; Rights issued by the Fund may also be listed on a securities exchange.</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">We may offer, from time to time, in one or more offerings, up to 15,000,000 of our common shares on terms to be determined at the time of the offering. We may also offer subscription rights to purchase our common shares. The common shares may be offered at prices and on terms to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares. Our common shares may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or dealers. The offering price per common share will not be less than the NAV per common share at the time we make the offering, exclusive of any underwriting commissions or discounts, provided that rights offerings that meet certain conditions may be offered at a price below the then current NAV. See &ldquo;Rights Offerings.&rdquo; The Prospectus Supplement relating to the offering will identify any agents, underwriters or dealers involved in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated. See &ldquo;Plan of Distribution.&rdquo; The Prospectus Supplement relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights) and the other terms of such rights offering. We may not sell any of our common shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">The net proceeds from the issuance of common shares hereunder will be invested in accordance with our investment objectives and policies as appropriate investment opportunities are identified, which is expected to be substantially completed in approximately two months from the date on which the proceeds from an offering are received by the Fund&#894; however, the identification of appropriate investment opportunities pursuant to the Fund&rsquo;s investment style or changes in market conditions could result in the Fund&rsquo;s anticipated investment period extending to as long as four months. See &ldquo;Use of Proceeds.&rdquo;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Investment Objectives and Policies</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">The Fund&rsquo;s investment objective is to seek to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. The investment objective is a non-fundamental policy that may be changed by the Board without shareholder approval upon 60 days&rsquo; prior written notice to shareholders. In pursuing its objectives, the Fund invests in debt and equity securities of public and private companies, which can include, among other things, investments in:</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Closed-end funds</B>: The Fund invests in closed-end funds that pursue a variety of strategies, including, but not limited to, closed-end funds that invest in dividend and other income-producing securities (e.g., equity securities) and closed-end funds that invest in debt and loans, including high yield or noninvestment grade securities (commonly referred to as &ldquo;junk bonds&rdquo;). The closed-ends funds have the flexibility to invest in a broad range of securities. The Fund may also invest in closed-ends funds that are, or the Adviser (defined below) believes may become, the subject of an activist campaign by a shareholder, such as a proxy contest, whose aim is to eliminate or reduce the discount to the closed-end fund&rsquo;s NAV.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Special purpose acquisition companies (&ldquo;SPACs&rdquo;)</B>: A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions.&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    </TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Public and private debt instruments</B>: The Fund may invest in a wide array of debt investments including: corporate bonds, private credit, senior loans, convertible securities, asset-backed securities, collateralized loan obligations, high-yield securities, mortgage related derivative instruments, other mortgage related securities, U.S. government debt securities, preferred securities, municipal securities, distressed and defaulted securities, credit default swaps, structured instruments, sovereign governmental and supranational debt, event-linked instruments/catastrophe bonds, and reinsurance notes. These investments may be issued by public or private issuers.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Reinsurance</B>: The Fund may invest, directly or indirectly, in reinsurance contracts through shares or notes issued in connection with quota shares and/or may gain exposure to reinsurance contracts through excess of loss notes and/or industry loss warranties.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Public and Private Equity Securities</B>: The Fund may invest in equity securities, including common stocks, warrants, real estate investment trusts (&ldquo;REITs&rdquo;), depositary receipts, and listed and unlisted private equity funds or other private funds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Investment Companies</B>: In addition to closed-end funds, the Fund may invest in securities of other investment companies (including exchange-traded funds, business development companies and money market funds, including other investment companies managed by the Adviser or its affiliates), subject to applicable regulatory limits, that invest primarily securities of the types in which the Fund may invest directly.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Private Funds</B>: The Fund may invest in private funds that pursue private credit, real estate, reinsurance, fixed income or equity strategies.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Derivatives</B>: The Fund may also invest in derivatives, such as swaps, options or other instruments seeking indirect investment or exposures to any of the foregoing investments to enhance returns or for hedging or other purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">In identifying investment opportunities and constructing the Fund&rsquo;s portfolio, Saba Capital Management, L.P. (the &ldquo;Adviser&rdquo;), generally employs a bottom-up fundamental issuer/security analysis, while also taking into account macroeconomic factors, such as national and global economic conditions, interest rate movements and other factors. The fundamental analysis may include one or more of the following factors, among others:</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">For debt instruments:&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Yield and maturity&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Call features and other features of the instrument&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Credit quality&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Value relative to other investment opportunities&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Other factors pertaining to the issuer or the instrument that could bear on the income or total return potential of the investment</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">For equity or closed-end fund investments:&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Expected income/return potential of the security/ instrument</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">An assessment of the investment&rsquo;s perceived intrinsic value (vs. its market value)&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Opportunities to increase value through participating in an activist campaign</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Value relative to other investment opportunities&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Other factors pertaining to the issuer or the securities that could bear on the income or return potential of the investment</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    </TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt"><B>Leverage</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt">The Fund uses leverage to seek to achieve its investment objectives. The Fund&rsquo;s use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage. The Fund currently leverages its assets through direct borrowing under its Facility with TD Bank and the use of derivative instruments (such as options and swaps), which are inherently leveraged and trading in products with embedded leverage, such as short sales and forwards. The Fund may borrow money from banks or other financial institutions or issue debt securities or preferred shares, if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. &ldquo;Managed Assets&rdquo; means the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). See &ldquo;Leverage&rdquo; and &ldquo;Risks&#8212;Leverage Risks.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-size: 10pt">The use of leverage is subject to numerous risks. When leverage is employed, the Fund&rsquo;s NAV, the market price of the common shares and the yield to holders of common shares will be more volatile than if leverage were not used. For example, a rise in short-term interest rates generally will cause the Fund&rsquo;s NAV to decline more than if the Fund had not used leverage. A reduction in the Fund&rsquo;s NAV may cause a reduction in the market price of the Fund&rsquo;s common shares. When the Fund uses leverage, the management fee payable to the Adviser (as defined below) will be higher than if the Fund did not use leverage.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt">The Fund cannot assure you that the use of leverage will result in a higher yield on the Fund&rsquo;s common shares. Any leveraging strategy the Fund employs may not be successful.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Investment Adviser</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Saba Capital Management, L.P. is the Fund&rsquo;s investment adviser. The Adviser receives an annual fee, payable monthly, in an amount equal to 1.05% of the average daily value of the Fund&rsquo;s Managed Assets. See &ldquo;Management of the Fund-Investment Adviser.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Distributions</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has, with the approval of the Board of
    Trustees (the &ldquo;Board&rdquo;), adopted a managed distribution plan (the &ldquo;Managed Distribution Plan&rdquo;) pursuant to which
    the Fund will make monthly distributions to shareholders at a fixed amount of $0.085 per share. The fixed distribution amount excludes
    any special dividends, which are not paid pursuant to the Managed Distribution Plan. Under the Managed Distribution Plan, the Fund will
    generally distribute amounts to its shareholders as necessary to satisfy the Managed Distribution Plan and the requirements prescribed
    by excise tax rules and Subchapter M of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). The Managed Distribution
    Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended
    to narrow the discount between the market price and the NAV of the Fund&rsquo;s common shares, but there is no assurance that the Managed
    Distribution Plan will be successful in doing so. Shareholders should not draw any conclusions about the Fund&rsquo;s investment performance
    from the amount of these distributions or from the terms of the Managed Distribution Plan.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Managed Distribution Plan, to the extent
    that sufficient investment income is not available on a monthly basis, the Fund will distribute capital gains and/or return of capital
    in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was
    invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund&rsquo;s investment
    performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various factors will affect the level of the Fund&rsquo;s
    income, including the asset mix and the Fund&rsquo;s use of options and hedging. To permit the Fund to maintain a more stable monthly
    distribution, the Fund may from time to time distribute less than the fixed distribution amount. The undistributed income would be available
    to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may be more or less
    than fixed distribution amount. Undistributed income will add to the Fund&rsquo;s NAV (and indirectly benefits the Adviser by increasing
    its fee) and, correspondingly, distributions from undistributed income will reduce the Fund&rsquo;s NAV. The Fund generally intends to
    distribute any long-term capital gains not distributed under the Managed Distribution Plan annually, but is not obligated to do so. As
    a regulated investment company (&ldquo;RIC&rdquo;), the Fund is required to distribute 90% of the &ldquo;investment company taxable income&rdquo;
    for the taxable year, but this amount is determined without regard to capital gain dividends. See Section 852(a)(1) of the Code. However,
    the Fund would still be taxed on any undistributed income and gains, including the retained capital gain dividends.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, the Adviser seeks
    to manage the Fund in a manner such that the Fund&rsquo;s distributions are reflective of the Fund&rsquo;s current and projected earnings
    levels. The distribution level of the Fund is subject to change based upon a number of factors, including the current and projected level
    of the Fund&rsquo;s earnings, and may fluctuate over time.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board may amend, suspend or terminate the
    Distribution Plan at any time without prior notice to the Fund&rsquo;s shareholders if it deems such actions to be in the best interests
    of the Fund or its shareholders. An amendment or termination of the Managed Distribution Plan could have an adverse effect on the market
    price of the Fund&rsquo;s common shares. The Managed Distribution Plan will be subject to periodic review by the Board, including a yearly
    review of the annual minimum fixed rate to determine if an adjustment should be made. See &ldquo;Distributions.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may elect to have all dividends
and distributions reinvested in common shares of the Fund in accordance with the Fund&rsquo;s shareholder reinvestment program (the &ldquo;Reinvestment
Program&rdquo;). See &ldquo;Reinvestment Program.&rdquo;</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt"><B>Listing</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-size: 10pt">The Fund&rsquo;s common shares are listed on the NYSE under the symbol &ldquo;BRW.&rdquo; See &ldquo;Description of Shares-Common Shares.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Accountant, Administrator, and Transfer Agent</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ALPS Fund Services, Inc. (&ldquo;SS&amp;C ALPS&rdquo;) serves as the Fund&rsquo;s accountant, administrator, and transfer agent. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Custodian</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon serves as the Fund&rsquo;s custodian. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Market Price of Shares</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common shares of closed-end investment companies frequently trade at prices lower than their NAV. The Fund cannot assure you that its common shares will trade at a price higher than or equal to NAV. See &ldquo;Use of Proceeds.&rdquo; The Fund&rsquo;s common shares trade in the open market at market prices that are a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection for portfolio securities, portfolio credit quality, liquidity, dividend stability, relative demand for and supply of the common shares in the market, general market and economic conditions and other factors. See &ldquo;Leverage,&rdquo; &ldquo;Risks,&rdquo; &ldquo;Description of Shares&rdquo; and &ldquo;Repurchase of Common Shares.&rdquo; The common shares are designed primarily for long-term investors and you should not purchase common shares of the Fund if you intend to sell them shortly after purchase.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Special Risk Considerations</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in common shares of the Fund involves
    risk. A summary of key principal risks of investing in the Fund are provided below. Principal risk factors are more fully described under
    &ldquo;Risks&rdquo; later on in this Prospectus. The risks below have been identified alphabetically and not in the order of magnitude
    of risks. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund&rsquo;s
    holdings may decline, and the Fund&rsquo;s NAV and share price may go down. An investment in the Fund is not a bank deposit and is not
    insured or guaranteed by the Federal Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;) or any other government agency. The significance
    of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund&rsquo;s portfolio, market
    conditions, and other factors. You should carefully consider the risks described under &ldquo;Risks&rdquo; beginning on page 37 of this
    Prospectus, along with additional risks relating to investments in the Fund because any one or more of these risks may result in losses
    to the Fund.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Active Management Risk </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is actively managed and its performance
    therefore will reflect, in part, the ability of the portfolio managers to make investment decisions that seek to achieve the Fund&rsquo;s
    investment objective. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment
    objectives and/or strategies.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Activist Strategies Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase securities of a fund/company
    that is the subject of a proxy contest or which activist investors, which could include accounts/funds affiliated with the Adviser, are
    attempting to influence, in the expectation that new management or a change in investment/business strategies will cause the price of
    the fund/company&rsquo;s securities to increase. If the proxy contest, or the new management, is not successful, the market price of the
    fund/company&rsquo;s securities will typically fall.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Closed-End Fund Structure Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike open-end funds, closed-end funds like the
    Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common
    shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Because the market
    value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection
    on its portfolio securities, dividend stability, portfolio credit quality, the Fund&rsquo;s NAV, relative demand for and supply of such
    shares in the market, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure
    you that its common shares will trade at a price equal to or higher than NAV in the future.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Bonds Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market value of a corporate bond generally
    may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally
    more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate
    bond also may be affected by factors directly related to the issuer, such as investors&rsquo; perceptions of the creditworthiness of the
    issuer, the issuer&rsquo;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer,
    the issuer&rsquo;s capital structure and use of financial leverage and demand for the issuer&rsquo;s goods and services. There is a risk
    that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for
    by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be
    particularly susceptible to adverse issuer-specific developments.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Counterparty Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk exists that a counterparty to a transaction
    in a financial instrument held by the Fund or by a special purpose or structured vehicle in which the Fund invests may become insolvent
    or otherwise fail to perform its obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain
    no or limited recovery in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions
    that the Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector
    may cause the Fund&rsquo;s NAV to fluctuate.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk that the value of debt
    instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
    to honor its financial obligations, such as making payments to the Fund when due. Various factors could affect the actual or perceived
    willingness or ability of the issuer to make timely interest or principal payments, including changes in the financial condition of the
    issuer or in general economic conditions. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit
    risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower quality or unrated instruments held
    by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject
    to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose
    the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered
    after purchase, the Fund will depend on analysis of credit risk more heavily than usual.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives may involve significant risks. Derivatives
    are financial instruments, traded on an exchange or in the over-the-counter (&ldquo;OTC&rdquo;) markets, with a value in relation to,
    or derived from, the value of an underlying asset(s) (such as a security, commodity or currency) or other reference, such as an index,
    rate or other economic indicator (each an underlying reference). Derivatives may include those that are privately placed or otherwise
    exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying
    reference does not perform as anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques,
    risks, and tax planning different from those associated with more traditional investment instruments. The Fund&rsquo;s derivatives strategy
    may not be successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless
    of the Fund&rsquo;s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the
    underlying reference may result in substantial loss for the Fund. Derivatives may be more volatile than other types of investments. Derivatives
    can increase the Fund&rsquo;s risk exposure to underlying references and their attendant risks, including the risk of an adverse credit
    event associated with the underlying reference (credit risk), the risk of an adverse movement in the value, price or rate of the underlying
    reference (market risk), the risk of an adverse movement in the value of underlying currencies (foreign currency risk) and the risk of
    an adverse movement in underlying interest rates (interest rate risk).</P></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives may expose the Fund to additional
    risks, including the risk of loss due to a derivative position that is imperfectly correlated with the underlying reference it is intended
    to hedge or replicate (correlation risk), the risk that a counterparty will fail to perform as agreed (counterparty risk), the risk that
    a hedging strategy may fail to mitigate losses, and may offset gains (hedging risk), the risk that the return on an investment may not
    keep pace with inflation (inflation risk), the risk that losses may be greater than the amount invested (leverage risk), the risk that
    the Fund may be unable to sell an investment at an advantageous time or price (liquidity risk), the risk that the investment may be difficult
    to value (pricing risk), and the risk that the price or value of the investment fluctuates significantly over short periods of time (volatility
    risk). The value of derivatives may be influenced by a variety of factors, including national and international political and economic
    developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for
    derivatives, or may otherwise adversely affect the value or performance of derivatives.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Equity Securities Risk </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to buy and sell private and public
    equity securities. The value of equity securities of public and private, listed and unlisted companies and equity derivatives generally
    varies with the performance of the issuer and movements in the equity markets. As a result, the Fund may suffer losses if it invests in
    equity instruments of issuers whose performance diverges from the Adviser&rsquo;s expectations or if equity markets generally move in
    a single direction and the Fund has not hedged against such a general move. The Fund also may be exposed to risks that issuers will not
    fulfill contractual obligations such as, in the case of convertible securities or private placements, delivering marketable common stock
    upon conversions of convertible securities and registering restricted securities for public resale.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange Traded Fund (&ldquo;ETF&rdquo;) Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in ETFs have unique characteristics,
    including, but not limited to, the expense structure and additional expenses associated with investing in ETFs. An ETF&rsquo;s share price
    may not track its specified market index (if any) and may trade below its NAV. Certain ETFs use a &ldquo;passive&rdquo; investment strategy
    and do not take defensive positions in volatile or declining markets. Other ETFs in which the Fund may invest are actively managed ETFs
    (i.e., they do not track a particular benchmark), which indirectly subjects the Fund to active management risk. An active secondary market
    in an ETF&rsquo;s shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual
    market conditions or other reasons.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Securities Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in or exposure to foreign securities
    involve certain risks not associated with investments in or exposure to securities of U.S. companies. For example, foreign markets can
    be extremely volatile. Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies
    so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs
    and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default
    with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose
    withholding or other taxes on the Fund&rsquo;s income, capital gains or proceeds from the disposition of foreign securities, which could
    reduce the Fund&rsquo;s return on such securities. In some cases, such withholding or other taxes could potentially be confiscatory. Other
    risks include: possible delays in the settlement of transactions or in the payment of income; generally less publicly available information
    about foreign companies; the impact of economic, political, social, diplomatic or other conditions or events (including, for example,
    military confrontations, war, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization
    of a company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial reporting
    standards that may be less comprehensive and stringent than those applicable to domestic companies; the imposition of economic and other
    sanctions against a particular foreign country, its nationals or industries or businesses within the country; and the generally less stringent
    standard of care to which local agents may be held in the local markets. In addition, it may be difficult to obtain reliable information
    about the securities and business operations of certain foreign issuers. Governments or trade groups may compel local agents to hold securities
    in designated depositories that are not subject to independent evaluation. The less developed a country&rsquo;s securities market is,
    the greater the level of risks.</P></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Frequent Trading Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio managers may actively and frequently
    trade investments in the Fund&rsquo;s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility
    that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders
    at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund&rsquo;s after-tax return. Frequent
    trading can also mean higher brokerage and other transaction costs, which could reduce the Fund&rsquo;s return. The trading costs and tax effects
    associated with portfolio turnover may adversely affect the Fund&rsquo;s performance.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>High-Yield Investments Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and other debt instruments held by
    the Fund that are rated below investment grade (commonly called &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo; bonds) and unrated debt
    instruments of comparable quality tend to be more sensitive to credit risk than higher-rated debt instruments and may experience greater
    price fluctuations in response to perceived changes in the ability of the issuing entity or obligor to pay interest and principal when
    due than to changes in interest rates. These investments are generally more likely to experience a default than higher-rated debt instruments.
    High-yield debt instruments are considered to be predominantly speculative with respect to the issuer&rsquo;s capacity to pay interest
    and repay principal. These debt instruments typically pay a premium - a higher interest rate or yield - because of the increased risk
    of loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be difficult
    to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid than higher-rated
    debt instruments. The ratings provided by third party rating agencies are based on analyses by these ratings agencies of the credit quality
    of the debt instruments and may not take into account every risk related to whether interest or principal will be timely repaid. In adverse
    economic and other circumstances, issuers of lower-rated debt instruments are more likely to have difficulty making principal and interest
    payments than issuers of higher-rated debt instruments.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Illiquid Investments Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in securities, bank debt,
    private funds and companies, other assets and/or third-party managers and other claims, which are subject to legal or other restrictions
    on transfer or for which no liquid market exists. The market prices, if any, for such investments tend to be volatile and may not be readily
    ascertainable, and the Fund may not be able to execute a buy or sell order on exchanges at the desired price or to liquidate an open position
    due to market conditions, including the operation of daily price fluctuation limits. The sale of restricted and illiquid securities often
    requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities
    eligible for trading on national securities exchanges or in the over-the-counter markets. The Fund may not be able to readily dispose
    of such illiquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period
    of time. If trading on an exchange is suspended or restricted, the Fund may not be able to execute trades or close out positions on terms
    that the Adviser believes are desirable. Realization of value from such investments may be difficult in the short-term, or may have to
    be made at a substantial discount compared to other freely tradable investments. An investment in the Fund is suitable only for certain
    sophisticated investors who do not require immediate liquidity for their investments.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest Rate Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk is the risk of losses attributable
    to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest
    rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount
    of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may
    also affect the liquidity of the Fund&rsquo;s investments in debt instruments. In general, the longer the maturity or duration of a debt
    instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations,
    which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest the money received in securities that have
    lower yields). Very low or negative interest rates may prevent the Fund from generating positive returns and may increase the risk that,
    if followed by rising interest rates, the Fund&rsquo;s performance will be negatively impacted. The Fund is subject to the risk that the
    income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result
    in increases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative
    impact on the Fund&rsquo;s performance and NAV. Any interest rate increases could cause the value of the Fund&rsquo;s investments in debt instruments
    to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it
    is not advantageous to do so, which could result in losses.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Issuer Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An issuer in which the Fund invests or to which
    it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively
    affect the Fund&rsquo;s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures,
    breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural
    disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may
    impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund&rsquo;s net asset value.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may incur losses due to declines in the
    value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result
    of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
    In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect
    many issuers, which could adversely affect the Fund&rsquo;s ability to price or value hard-to-value assets in thinly traded and closed
    markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected,
    and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial
    market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other
    circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other
    conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events
    - or the potential for such events - could have a significant negative impact on global economic and market conditions.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mortgage- and other Asset-Backed Instruments
    Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of any mortgage-backed and other asset-backed
    instruments including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be affected by,
    among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or
    the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety
    bonds or other credit enhancements; or the market&rsquo;s assessment of the quality of underlying assets. Mortgage-backed instruments represent
    interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor
    of the instruments) are distributed to the holders of the mortgage-backed instruments. Other types of asset-backed securities typically
    represent interests in, or are backed by, pools of receivables such as credit, automobile, student and home equity loans. Mortgage- and
    other asset-backed instruments can have a fixed or an adjustable rate. Mortgage-and other asset-backed instruments are subject to liquidity
    risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price) and prepayment risk
    (the risk that the underlying mortgage or other asset may be refinanced or prepaid prior to maturity during periods of declining or low
    interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields). In addition, the impact
    of prepayments on the value of mortgage- and other asset-backed instruments may be difficult to predict and may result in greater volatility.
    A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying
    mortgage-backed instruments and thereby adversely affect the ability of the mortgage-backed instruments issuer to make principal and/or
    interest payments to mortgage-backed instrument holders, including the Fund. Rising or high interest rates tend to extend the duration
    of mortgage-and other asset-backed instruments, making them more volatile and more sensitive to changes in interest rates.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of principal and interest on some mortgage-backed
    instruments (but not the market value of the instruments themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government
    (in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises
    or instrumentalities (in the case of securities guaranteed by the Federal National Mortgage Association (&ldquo;FNMA&rdquo;) or the Federal
    Home Loan Mortgage Corporation (&ldquo;FHLMC&rdquo;)), which are not insured or guaranteed by the U.S. Government (although FNMA and FHLMC
    may be able to access capital from the U.S. Treasury to meet their obligations under such securities). Mortgage-backed instruments issued
    by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers
    and other secondary market issuers) may be supported by various credit enhancements, such as pool insurance, guarantees issued by governmental
    entities, letters of credit from a bank or senior/subordinated structures, and may entail greater risk than obligations guaranteed by
    the U.S. Government, whether or not such obligations are guaranteed by the private issuer.</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Diversified Fund Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified, which generally means
    that it may invest a greater percentage of its total assets in the securities of fewer issuers than a &ldquo;diversified&rdquo; fund.
    This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more
    than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund&rsquo;s value will likely
    be more volatile than the value of a more diversified fund.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Credit Asset Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to obtain exposure to select
    less liquid or illiquid private credit investments. Typically, private credit investments are not traded in public markets and are illiquid,
    such that the Fund may not be able to resell some of its holdings for extended periods, which may be several years, or at the price at
    which the Fund is valuing its investments. The Fund may, from time to time or over time, focus its private credit investments in a particular
    industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized
    impact on the performance of the Fund. Additionally, private credit investments can range in credit quality depending on security-specific
    factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer&rsquo;s cash flows,
    the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company&rsquo;s debt
    obligations. The issuers of private credit investment will often be leveraged, as a result of recapitalization transactions, and may not
    be rated by national credit rating agencies. The Fund may also obtain exposure to private credit assets indirectly by investing in underlying
    funds or other vehicles. Less information may be available with respect to private company investments and such investments offer limited
    liquidity. Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records
    in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial
    reporting. As a result, there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely
    affect the Fund&rsquo;s investment performance.</P></TD></TR>


  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Companies Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may make direct private equity, venture
    or other private investments in securities or other instruments issued by private companies or other private issuers. Operating results
    for private companies/issuers in a specified period will be difficult to predict. Such investments involve a high degree of business and
    financial risk that can result in substantial losses.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private companies are generally not subject to
    SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles
    and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or
    accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests.
    There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund&rsquo;s
    investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories,
    more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private
    companies more vulnerable to competitors&rsquo; actions and market conditions, as well as general economic downturns. These companies generally
    have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses
    with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations,
    finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future
    capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Typically, investments in private companies
are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not
be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will
be able to realize the value of private company investments in a timely manner.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%"><B>Private Fund Risk</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Investments in private funds will subject the
    Fund indirectly to investment risks associated with the private funds&rsquo; underlying investments, which are generally expected to be
    risks associated with the Fund&rsquo;s direct investment strategies and which are described throughout this section of the Prospectus.
    In addition, investments in private funds involve special risks including that they typically are not registered as investment companies
    under the Investment Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;). Therefore, as an investor in private funds, the Fund
    will not have the benefit of the protections afforded by the Investment Company Act to investors in registered investment companies. These
    include, among others, limitations on the use of leverage, and requirements relating to custody of assets, board composition, and approval
    of advisory contracts. Private funds may, in some cases, concentrate their investments in a single industry or group of related industries.
    This increases the sensitivity of their investment returns to economic factors affecting that industry or group of industries. As a result,
    private funds&rsquo; investments may, in some cases, be more speculative or volatile and thus subject the Fund to greater risk of loss.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser typically has limited ability to verify
    independently the information provided by a private fund or its manager, including valuations. Inaccurate or delayed valuations provided
    by private funds could adversely affect the value of the Fund&rsquo;s shares.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in private funds are typically illiquid.
    In some cases, the Fund may only be able to redeem its interests in the private fund at specific intervals and may be subject to lock-up
    periods, notice requirements, or redemption gates. In other cases, a private fund may not provide any liquidity whatsoever (as the fund
    may be &ldquo;closed-ended&rdquo;). In addition, a private fund may distribute illiquid or difficult-to-value securities in-kind in connection
    with a redemption. In such cases, the Fund may be required to hold or liquidate these securities or distribute them to shareholders, potentially
    at a loss or on unfavorable terms.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private funds generally pay both asset-based and
    performance-based compensation to their investment managers. As a result, the private funds&rsquo; gross returns are reduced by the asset-based
    and performance-based compensation paid by the private funds. Thus, as an investor in these funds, the Fund bears a proportionate share
    of the private fund fees and expenses, which are in addition to the management fee paid by the Fund to the Adviser.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reinsurance Risk </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The performance of reinsurance-related securities
    and the reinsurance industry itself are tied to the occurrence of various triggering events, including weather, natural disasters (hurricanes,
    earthquakes, etc.), non-natural large catastrophes and other specified events causing physical and/or economic loss. If the likelihood
    and severity of natural and other large disasters increase, the risk of significant losses to reinsurers may also increase. Typically,
    one significant triggering event (even in a major metropolitan area) will not result in financial failure to a reinsurer. However, a series
    of major triggering events could cause the failure of a reinsurer. Similarly, to the extent the Fund invests in reinsurance-related securities
    for which a triggering event occurs, losses associated with such event could result in losses to the Fund&rsquo;s investment, and a series
    of major triggering events affecting a large portion of the reinsurance- related securities held by the Fund could result in substantial
    losses to the Fund&rsquo;s investment. In addition, unexpected events such as natural disasters or terrorist attacks could lead to government
    intervention. Political, judicial and legal developments affecting the reinsurance industry could also create new and expanded theories
    of liability or regulatory or other requirements; such changes could have a material adverse effect on the Fund&rsquo;s investment.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Senior Loan Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Senior loans and interests in other bank loans
    may not be readily marketable and may be subject to restrictions on resale. Senior loans and other bank loans may not be considered &ldquo;securities,&rdquo;
    and investors in these loans may not be entitled to rely on anti-fraud and other protections under the federal securities laws. In some
    cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult
    or impossible to dispose of readily at what the Adviser believes to be a fair price. In addition, valuation of illiquid indebtedness involves
    a greater degree of judgment in determining the Fund&rsquo;s NAV than if that value were based on available market quotations, and could
    result insignificant variations in the Fund&rsquo;s daily NAV. At the same time, some loan interests are traded among certain financial
    institutions and accordingly may be deemed liquid. Further, the settlement period (the period between the execution of the trade and the
    delivery of cash to the purchaser) for some senior loans and other bank loans transactions may be significantly longer than the settlement
    period for other investments, and in some case may take longer than seven days.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Short Selling Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The extent to which the Fund engages in short
    sales will depend upon the Adviser&rsquo;s investment strategy and opportunities. A short sale creates the risk of a theoretically unlimited
    loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Fund of
    buying those securities to cover the short position. There can be no assurance that the Fund will be able to maintain the ability to borrow
    securities sold short. In such cases, the Fund can be &ldquo;bought in&rdquo; (i.e., forced to repurchase securities in the open market
    to return to the lender). There also can be no assurance that the securities necessary to cover a short position will be available for
    purchase at or near prices quoted in the market, and such risk may be exacerbated to the extent that such securities are thinly traded
    or illiquid. Purchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby
    exacerbating the loss. It may also be impossible for the Fund to borrow securities at the most desirable time to make a short sale, particularly
    in illiquid securities markets.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Special Purpose Acquisition Companies Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital raised through the initial public offering
    of securities of a SPAC is typically placed into a trust account until acquired business combination is completed or a predetermined period
    of time (typically 24 months) elapses. Investors in a SPAC would receive a return on their investment in the event that a target company
    is acquired and the combined publicly-traded company&rsquo;s shares trade above the SPAC&rsquo;s initial public offering (&ldquo;IPO&rdquo;) price,
    or alternatively, the market price at which an investor acquired a SPAC&rsquo;s shares subsequent to its IPO. In the event that a SPAC is unable
    to locate and acquire a target business by the timeframe established at the time of its IPO, the SPAC would be forced to liquidate its
    assets, which may result in losses due to the expenses and liabilities of the SPAC, to the extent third-parties are permitted to bring
    claims against IPO proceeds held in the SPAC&rsquo;s trust account. Investors in a SPAC are subject to the risk that, among other things, (i)
    such SPAC may not be able to complete a qualifying business combination by the deadline established at the time of its IPO, (ii) assets
    in the trust account may become subject to third-party claims against such SPAC, which may reduce the per share liquidation value received
    by the investors in the SPAC in the event it fails to complete a business combination within the required time period, (iii) such SPAC
    may be exempt from the rules promulgated by the SEC to protect investors in &ldquo;blank check&rdquo; companies, such as Rule 419 promulgated
    under the Securities Act, so that investors in such SPAC may not be afforded the benefits or protections of those rules, (iv) such SPAC
    will likely only complete one business combination, which will cause its returns and future prospects to be solely dependent on the performance
    of a single acquired business, (v) the value of any target business, including its stock price as a public company, may decrease following
    its acquisition by such SPAC, (vi) the value of the funds invested and held in the trust account may decline, (vii) the inability to redeem
    due to the failure to hold the securities in the SPAC on the applicable record date to do so, and (viii) if the SPAC is unable to consummate
    a business combination, public stockholders will be forced to wait until the deadline before liquidating distributions are made. The Fund
    may invest in a SPAC that, at the time of investment, has not selected or approached any prospective target businesses with respect to
    a business combination. In such circumstances, there may be limited basis for the Fund to evaluate the possible merits or risks of such
    SPAC&rsquo;s investment in any particular target business. In addition, to the extent that a SPAC completes a business combination, it may be
    affected by numerous risks inherent in the business operations of the acquired company or companies. For these and additional reasons,
    investments in SPACs are speculative and involve a high degree of risk.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Valuation Risk</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is subject to valuation risk, which is
    the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale
    due to factors such as incomplete data, market instability or human error. The Adviser may use an independent pricing service or prices
    provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such
    instruments may be difficult to value. See &ldquo;Net Asset Value.&rdquo; When market quotations are not available, the Adviser may price
    such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations.
    These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology
    for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence
    of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate
    valuation of the Fund&rsquo;s investments.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5a002"></A>SUMMARY OF FUND EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 85%"><FONT STYLE="font-size: 10pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Sales load paid by you (as a percentage of offering price)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Offering expenses borne by the Fund (as a percentage of offering price)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reinvestment Program fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.01%<SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reinvestment Program sale transaction fee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3 cents per share<SUP>(2)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 85%"><FONT STYLE="font-size: 10pt"><B>Estimated Annual Expenses</B> (as a percentage of net assets attributable to common shares)</FONT></TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Management Fees<SUP>(3)(4)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.27%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Interest Payments on Borrowed Funds<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.56%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.18%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Acquired Fund Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.78%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total Annual Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.79%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Fee Waivers and/or Expense Reimbursements<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-0.29%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total Annual Expenses after Fee Waivers and/or Expense Reimbursements<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">6.50%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Program Administrator&rsquo;s (as defined below under &ldquo;Reinvestment Program&rdquo;) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a 3 cents per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will not be charged a sales fee if you direct the Program Administrator to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Program Administrator is required to pay.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Fund currently pays the Adviser a monthly fee at an annual contractual investment management fee rate of 1.05% of the average daily value of the Fund&rsquo;s Managed Assets. For purposes of calculating these fees, &ldquo;Managed Assets&rdquo; means the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). Although the contractual rate is based on Managed Assets, the rate shown in the table is based on net assets determined as of October 31, 2024.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Fund and the Adviser have entered into an expense limitation agreement (the &ldquo;Expense Limitation Agreement&rdquo;), pursuant to which the Adviser has contractually agreed to limit expenses, excluding interest, taxes, investor relations services, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of the Fund&rsquo;s business, and expenses of counsel or other persons or services retained by the Fund&rsquo;s trustees who are not interested persons, to 1.05% of Managed Assets plus 0.30% of average daily net assets. For the year ended October 31, 2024, $987,184 of fees were waived and reimbursed. The Adviser may, at a later date, recoup from the Fund the fees waived and/or other expenses reimbursed by the Adviser during the previous 36 months, but only if, after such recoupment, the Fund&rsquo;s expense ratio does not exceed the percentage described above. For the year ended October 31, 2024, none of the fees were recouped. The current Expense Limitation Agreement will expire on July 1, 2026 and automatically renews for one-year terms. Termination or modification of the Expense Limitation Agreement requires approval of the Board.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Fund has entered into a $125 million Credit Facility with TD Bank effective on July 20, 2021 (the &ldquo;Facility&rdquo;) which matures on January 20, 2026. As of April 30, 2025, the Fund had $45 million outstanding drawn under the Facility.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following example illustrates the expenses, including the sales
load of 3.00% that you would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 6.50% of net assets
attributable to common shares, and (ii) a 5% annual return:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>One Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Years</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ten Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Total expenses incurred</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$93</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$220</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$343</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$633</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The example should not be considered a representation
of future expenses. The example assumes that the estimated &ldquo;Other Expenses&rdquo; set forth in the Estimated Annual Expenses table
are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
Moreover, the Fund&rsquo;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a003"></A>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial highlights table is intended to
help you understand the Fund&rsquo;s financial performance for the periods presented. Certain information reflects financial results for
a single common share of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The report of Ernst &amp; Young LLP, the independent
registered public accounting firm for the Fund, is included in the Fund&rsquo;s October 31, 2024 annual report, is incorporated by reference
into the Prospectus and SAI and can be obtained by shareholders. The Fund&rsquo;s financial statements included in the Fund&rsquo;s <A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425000241/fp0091519-1_ncsr.htm">October
31, 2024 annual report</A> and the Fund&rsquo;s unaudited, <A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425012580/fp0094105-1_ncsrs.htm">semi-annual
report for the period ended April 30, 2025</A> are incorporated by reference into the Prospectus and the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(For a share outstanding throughout each period)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>For the </B><BR> <B>Period Ended </B><BR> <B>April 30, 2025<SUP>(a)(b)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2024<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2023<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2022<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>For the </B><BR> <B>Period Ended </B><BR> <B>October 31, 2021<SUP>(c)(d)*</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, 2021<SUP>(d)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold">PER COMMON SHARE OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 34%; text-align: left; border-bottom: Black 1pt solid">Net asset value - beginning of year/period</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">8.07</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">8.32</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">8.64</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">9.86</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">9.94</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">10.60</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">INCOME/(LOSS) FROM INVESTMENT OPERATIONS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left"><FONT STYLE="font-size: 10pt">Net investment income<SUP>(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -10pt; padding-left: 20pt; text-align: left"><FONT STYLE="font-size: 10pt">Net realized and change in unrealized gain/(loss) on investments and unfunded loan commitments<SUP>(e)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.32</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.41</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.54</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.21</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.64</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Income/(Loss) from Investment Operations</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.54</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.88</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.72</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.26</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.32</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">DISTRIBUTIONS TO COMMON SHAREHOLDERS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt; text-align: left"><FONT STYLE="font-size: 10pt">From net investment income<SUP>(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.20</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.31</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.12</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.34</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">From tax return of capital<SUP>(e)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.34</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.84</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.75</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.22</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.02</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Distributions to Common Shareholders</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.51</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.13</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.04</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.06</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.34</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.36</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -10pt; padding-left: 20pt; text-align: left"><FONT STYLE="font-size: 10pt">Accretion to net asset value resulting from share repurchases and tender offer<SUP>(e)(f)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.02</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Capital Share Transactions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.02</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 2.5pt double">Net asset value per common share - end of year/period</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8.10</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8.07</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8.32</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8.64</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9.86</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9.94</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Market price per common share - end of year/period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total Investment Return - Net Asset Value<SUP>(g)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.77</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.63</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.95</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.84</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.14</TD><TD STYLE="text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total Investment Return - Market Price<SUP>(g)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.31</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.12</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.57</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.59</TD><TD STYLE="text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">Ratios to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses including waivers to average net assets<SUP>(i)(k)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.59</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.72</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.61</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.36</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.43</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.26</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses excluding waivers to average net assets<SUP>(i)(k)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.97</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.01</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.73</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.75</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.60</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.68</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Ratio of net investment income including waivers to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.23</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.09</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.49</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.62</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.37</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.94</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129.43</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.00</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Net assets attributable to common shares, end of period (000s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">344,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">343,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">353,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">367,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">419,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">605,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total shares outstanding (000s)<SUP>(d)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Asset coverage, end of period per $1,000<SUP>(j)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Aggregate principal amount of borrowings, end of year/period (000s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">86,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">52,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Average borrowings outstanding during the end of year/period (000s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">66,898</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">71,653</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88,961</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">124,674</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,559</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">211,066</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>For the </B><BR> <B>Period Ended </B><BR> <B>April 30, 2025<SUP>(a)(b)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2024<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2023<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>October 31, 2022<SUP>(b)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>For the </B><BR> <B>Period Ended </B><BR> <B>October 31, 2021<SUP>(c)(d)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, 2021<SUP>(d)</SUP></B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">SUPPLEMENTAL RATIOS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">Ratios to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 34%; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses excluding dividend expense on securities sold short, interest expense and other fees related to revolving credit facility to average net assets<SUP>(k)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.56</TD><TD STYLE="width: 1%; text-align: left">%<SUP>(h)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.54</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.58</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.67</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.38</TD><TD STYLE="width: 1%; text-align: left">%<SUP>(h)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2.13</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">Ratios to average net assets plus borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses including waivers to average net assets<SUP>(i)(k)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.70</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.73</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.71</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.79</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.37</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.72</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses excluding waivers to average net assets<SUP>(k)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.02</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.97</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.81</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.09</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.54</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.04</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses excluding dividend expense on securities sold short, interest expense and other fees related to revolving credit facility to average net assets<SUP>(k)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.32</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.30</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Ratio of net investment income including waivers to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.39</TD><TD STYLE="white-space: nowrap; text-align: left">%<SUP>(h)</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.82</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.69</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.38</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.56</TD><TD STYLE="text-align: left">%<SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.56</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(a)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Unaudited.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(b)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Consolidated financials.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(c)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>With the approval of the Board effective October 31, 2021, the Fund&rsquo;s fiscal year end was changed from February 28 to October 31. </I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(d)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Reflects a 1 for 2 reverse stock split effective May 20, 2022, see Note 8 in the accompanying Notes to Consolidated Financial Statements.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(e)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Calculated using average common shares outstanding.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(f)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Please see Note 8 in the accompanying Notes to Consolidated Financial Statements for additional information.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(g)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund&rsquo;s dividend reinvestment plan. Total investment returns does not reflect sales load or brokerage commissions, if any, and are not annualized.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(h)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Annualized.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(i)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>The Investment Adviser (See Note 1 and Note 5) has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, investor relations services, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of such Fund&rsquo;s business, and expenses of any counsel or other persons or services retained by such Fund&rsquo;s trustees who are not interested persons) subject to possible recoupment by the Investment Adviser within three years of being incurred.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>(j)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Asset coverage ratio is presented to represent the coverage available to each $1,000 of borrowings. The asset coverage ratio per $1,000 of debt is presented to represent the coverage available to each $1,000 of borrowings. Calculated by subtracting the Fund&rsquo;s total liabilities (excluding the principal amount of the Leverage Facility) from the Fund&rsquo;s total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I><SUP>&nbsp;(k)</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Expense ratios do not include any acquired fund fees.</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I><SUP>*</SUP></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>On June 4, 2021, the Adviser assumed investment management responsibility for the Fund (performance and other financial results prior to that date are attributable to a different investment manager).</I></FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 29, <BR>
2020</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended<BR> February 28, <BR>
2019</B></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, <BR>
2018</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, <BR>
2017</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 29, <BR>
2016</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold">PER COMMON SHARE OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 45%; text-align: left; border-bottom: Black 1pt solid">Net asset value - beginning of year/period</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">5.54</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">5.69</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">5.80</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">5.36</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">5.93</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">INCOME/(LOSS) FROM INVESTMENT OPERATIONS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -10pt; padding-left: 20pt; text-align: left">Net realized and change in unrealized gain/(loss) on investments and unfunded loan commitments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.23</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.14</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.12</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.45</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.56</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Income/(Loss) from Investment Operations</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.07</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.15</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.18</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.76</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.24</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">DISTRIBUTIONS TO COMMON SHAREHOLDERS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">From net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.31</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.30</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.25</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.33</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -10pt; padding-left: 20pt; text-align: left">From tax return of capital</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.04</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Distributions to Common Shareholders</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.31</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.30</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.29</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.32</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.33</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -10pt; padding-left: 20pt; text-align: left">Accretion to net asset value resulting from share repurchases and tender offer</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Total Capital Share Transactions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 2.5pt double">Net asset value per common share - end of year/period</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.30</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.54</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.69</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.80</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.36</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Market price per common share - end of year/period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total Investment Return - Net Asset Value<SUP>(a)(b)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.88</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.37</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.62</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.93</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.72</TD><TD STYLE="text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total Investment Return - Market Price<SUP>(a)(c)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.48</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.02</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.31</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.17</TD><TD STYLE="text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">Ratios to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses (before interest and other fees related to revolving credit facility)<SUP>(d)(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.62</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.64</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.64</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.62</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.61</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses, prior to fee waivers and/or recoupments, if any <SUP>(d)(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.86</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.92</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.55</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.08</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses, net of fee waivers and/or recoupments, if any<SUP>(d)(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.85</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.08</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of net investment income<SUP>(d)(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.29</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.58</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.44</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.45</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Net assets attributable to common shares, end of period (000s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">782,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">818,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">840,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">857,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">792,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Total shares outstanding (000s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Asset coverage, end of period per $1,000<SUP>(f)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,443</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">Borrowings, end of year/period (000s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">315,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">331,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">324,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Average borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">312,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">332,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">343,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">337,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">331,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 29,<BR>
 2020</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, <BR>
2019</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, <BR>
2018</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 28, <BR>
2017</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year Ended</B><BR> <B>February 29, <BR>
2016</B>&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">SUPPLEMENTAL RATIOS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left">Ratios to average net assets plus borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses (before interest and other fees related to revolving credit facility)<SUP>(e)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.16</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.16</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.16</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.16</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.15</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Expenses, prior to fee waivers and/or recoupments, if any<SUP>(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.08</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.81</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.60</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.50</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of expenses, net of fee waivers and/or recoupments, if any<SUP>(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.07</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.80</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.60</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.50</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ratio of net investment income<SUP>(e)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.81</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.68</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.88</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.98</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I>(a)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Total investment return calculations are attributable to Common Shares.&nbsp;</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(b)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(c)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Total investment return at market value has been calculated assuming a purchase at market value at the beginning of each period and a sale at market value at the end of each period and assumes reinvestment of dividends, capital gain distributions, and return of capital/allocations, if any, in accordance with the provisions of the dividend reinvestment plan.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(d)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>The Investment Adviser has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(e)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Annualized for periods less than one year.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(f)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Asset coverage ratios, for fiscal periods beginning after 2011, is presented to represent the coverage available to each $1,000 of borrowings. The Asset coverage ratio per $1,000 of debt is presented to represent the coverage available to each $1,000 of borrowings before consideration of any Preferred Shares liquidation price, while the Asset coverage inclusive of Preferred Shares, presents the coverage available to both borrowings and Preferred Shares, expressed in relation to the per share liquidation price of the Preferred Shares.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a004"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds from the issuance of common shares
hereunder will be invested in accordance with the Fund&rsquo;s investment objectives and policies as stated below. We currently anticipate
that we will be able to invest all of the net proceeds in accordance with our investment objectives and policies within approximately
two months from the date on which the proceeds from an offering are received by the Fund. Such investments may be delayed if suitable
investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable
investments. Pending such investment, it is anticipated that the proceeds will be invested in short-term, tax-exempt or taxable investment
grade securities or in high quality, short-term money market instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a005"></A>THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a non-diversified, closed-end management
investment company registered under the Investment Company Act. The Fund was formed as a Massachusetts business trust on December 2, 1987,
pursuant to its Agreement and Declaration of Trust, as subsequently amended (the &ldquo;Declaration of Trust&rdquo;) and is governed by
the laws of the Commonwealth of Massachusetts. The Fund commenced operations on May 12, 1987. The Fund first changed its name from Pilgrim
Prime Rate Trust to Pilgrim America Prime Rate Trust, effective April 12, 1996, and then changed its name back to Pilgrim Prime Rate Trust,
effective November 16, 1998. Effective March 1, 2002, the Fund changed its name to ING Prime Rate Trust. Effective May 1, 2014, the Fund
changed its name to Voya Prime Rate Trust. Effective June 4, 2021, and as a result of Saba Capital Management, L.P. assuming the role
as investment adviser to the Fund, the Fund changed its name to Saba Capital Income &amp; Opportunities Fund. The Fund&rsquo;s common
shares are traded on the NYSE under the symbol &ldquo;BRW.&rdquo; The Fund&rsquo;s principal office is located at 405 Lexington Avenue,
58<SUP>th</SUP> Floor, New York, New York 10174, and its telephone number is 212-542-4644.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is responsible for overseeing the Fund&rsquo;s
activities, including reviewing contractual arrangements with companies that provide services to the Fund, and review the Fund&rsquo;s
performance. Under the rules of the NYSE applicable to listed companies, the Fund is required to hold an annual meeting of shareholder
in each year. If the Fund is converted to an open-end investment company or if for any reason common shares are no longer listed on the
NYSE (or any other national securities exchange the rules of which require annual meetings of shareholders), the Fund does not intend
to hold annual meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is responsible for paying all the expenses
of its operation, including, without limitation, the management fee payable and extraordinary expenses, such as litigation expenses. Under
Massachusetts law, shareholders, including preferred shares could, under certain circumstances, be held personally liable for the obligations
of the Fund. However, the Declaration of Trust disclaims shareholder liability based solely on his or her being or having been a shareholder
of the Fund and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed
by the Fund or the Trustees. The Declaration of Trust provides for indemnification, out of Fund property, for all loss and expense of
any shareholder held personally liable for the obligations of the Fund. Thus, the risk of a shareholder incurring financial loss on account
of shareholder liability is limited to circumstances in which the Fund would be unable to meet its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a006"></A>DESCRIPTION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a business trust formed under the
laws of the Commonwealth of Massachusetts and governed by the Declaration of Trust. The Fund is authorized to issue an unlimited number
of common shares of beneficial interest, without par value. Each common share has one vote and, when issued and paid for in accordance
with the terms of this offering, will be fully paid and the purchasers of the common shares will have no obligation to make further payments
for the purchase of the common shares or contributions to the Fund solely by reason of their ownership of the common shares, except that
the Board of Trustees of the Fund (the &ldquo;Board&rdquo;) shall have the power to cause shareholders to pay certain expenses of the
Fund by setting off charges due from shareholders from declared but unpaid dividends or distributions owed the shareholders and/or by
reducing the number of common shares owned by each respective shareholder. Shareholders are entitled to one vote for each share held.
When preferred shares are outstanding, the holders of common shares will not be entitled to receive any distributions from the Fund unless
all accrued dividends on preferred shares have been paid, unless asset coverage (as defined in the Investment Company Act) with respect
to preferred shares would be at least 200% after giving effect to the distributions and unless certain other requirements imposed by any
rating agencies rating the preferred shares have been met. See &ldquo;Description of Shares-Preferred Shares&rdquo; in the SAI. All common
shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. The Fund
will send annual and semi-annual reports, including financial statements, to all holders of its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike open-end funds, closed-end funds like the
Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common
shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Because the market
value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection
on its portfolio securities, dividend stability, portfolio credit quality, the Fund&rsquo;s NAV, relative demand for and supply of such
shares in the market, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure
you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for
long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. See &ldquo;Repurchase
of Common Shares&rdquo; below and &ldquo;Repurchase of Common Shares&rdquo; in the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s outstanding common shares are,
and when issued, the common shares offered by this Prospectus will be, publicly held and listed and traded on the NYSE under the symbol
&ldquo;BRW.&rdquo; The Fund determines its NAV on a daily basis as of the close of the regular trading session. The following table sets
forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share
and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of
common shares traded on the NYSE during the respective quarters.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NYSE Market Price</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Per Common Share</B>&nbsp;</P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NAV per Common Share on Date of Market Price</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Premium/ (Discount) on Date of Market Price</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Trading</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">During Quarter Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Volume</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left"><FONT STYLE="font-size: 10pt">April 30, 2025</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.99</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">6.91</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">8.60</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-7.09</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-10.38</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">10,418,727</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">January 31, 2025</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.59</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.11</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,169,483</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">October 31, 2024</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-6.87</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.88</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,213,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">July 31, 2024</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.73</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,060,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NYSE Market Price</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Per Common Share</B>&nbsp;</P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NAV per Common Share on Date of Market Price</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Premium/ (Discount) on Date of Market Price</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Trading</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">During Quarter Ended</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volume</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left"><FONT STYLE="font-size: 10pt">April 30, 2024</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.63</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.02</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">8.21</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">7.83</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-7.06</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-10.57</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11,197,324</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">January 31, 2024</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.63</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,650,851</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">October 31, 2023</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.80</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-11.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,507,684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">July 31, 2023</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.86</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,045,549</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">April 30, 2023</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-7.93</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10.93</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,926,864</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 30, 2025, the NAV per common share
of the Fund was $8.10 and the market price per common share was $7.68, representing a premium/discount to NAV of -5.07%. Common shares
of the Fund have historically traded at both a premium and discount to NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 30, 2025, the Fund has $42,529,493.52
common shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust provides that the Board
may authorize and issue preferred shares, with rights as determined by the Board, by action of the Board without the approval of the holders
of the common shares. Holders of common shares have no preemptive right to purchase any preferred shares that might be issued. The Fund
does not currently intend to issue preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act, the Fund is
not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&rsquo;s total assets is at least
200% of the liquidation value of the outstanding preferred shares (i.e., the liquidation value may not exceed 50% of the Fund&rsquo;s
total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its common shares unless,
at the time of such declaration, the value of the Fund&rsquo;s total assets is at least 200% of such liquidation value. If the Fund issues
preferred shares, it may be subject to restrictions imposed by the guidelines of one or more rating agencies that may issue ratings for
preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent
than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the
Adviser from managing the Fund&rsquo;s portfolio in accordance with the Fund&rsquo;s investment objectives and policies. Please see &ldquo;Description
of Shares&rdquo; in the SAI for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides the Fund&rsquo;s authorized shares and
common shares outstanding as of April 30, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Authorized</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Held by Fund or for its</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Account</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount Outstanding Exclusive <BR>
of Amount
held by Fund</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Unlimited</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">45,048,584</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">42,529,494</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a007"></A>THE FUND&rsquo;S INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Objectives and Policies </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investment objective is to seek
to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. The investment objective is
a non-fundamental policy that may be changed by the Board without shareholder approval upon 60 days&rsquo; prior written notice to shareholders.
In pursuing its objectives, the Fund may invest in debt and equity securities of public and private companies, which include, among other
things, investment in closed-end funds, SPACs, private funds, reinsurance and public and private debt instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investments may be in issuers
located both in the U.S. and outside the U.S. The Fund may invest, without limit, in issuers located in emerging market countries. The
Fund may invest, without limit, in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated below
investment grade or are unrated but determined to be of comparable quality (commonly referred to as &ldquo;high yield&rdquo; investments
or &ldquo;junk&rdquo; bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted
average maturity. A bond is issued with a specific maturity date, which is the date when the issuer must pay back the bond&rsquo;s principal
(face value). Bond maturities range from less than 1 year to more than 30 years. Typically, the longer a bond&rsquo;s maturity, the more
price risk the Fund and the Fund&rsquo;s investors face as interest rates rise, but the Fund could receive a higher yield in return for
that longer maturity and higher interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize derivatives, including,
but not limited to, total return swaps, credit default swaps, and options and futures, in seeking to enhance returns and/or to reduce
portfolio risk. In pursuit of the Fund&rsquo;s objectives, the Fund may invest on an opportunistic basis in private funds that pursue
a variety of investment strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in a wide array of securities
and instruments in pursuit of its objective. Specifically, the Fund may invest in the following instruments and use the following investment
techniques, subject to any limitations set forth herein. There is no guarantee the Fund will buy all of the types of securities or use
all of the investment techniques that are described herein and in the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Fund may not necessarily invest in
any one of the instruments described below at a singular point in time, any one of the investments identified below may comprise a material
portion of the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Closed-End Funds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests its assets in U.S. and non-U.S.
&ldquo;closed-end&rdquo; investment companies (or &ldquo;closed-end funds&rdquo;) and, at times, to a significant degree. U.S. closed-end
funds are registered investment companies that, unlike open-end funds, do not typically issue redeemable shares. Instead, a fixed number
of shares trade on a secondary market, such as a securities exchange. The Fund may invest in closed-ends funds that are domiciled outside
of the U.S. or whose securities are traded on a non-U.S. exchange. Such securities are typically listed for trading on the NYSE or NASDAQ
and, in some cases, may be traded in other over-the-counter markets or on foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests in closed-end funds that pursue
a variety of strategies, including closed-end funds that invest in dividend and other income-producing securities (e.g., equity securities)
and closed-end funds that invest in debt and loans, including high yield or non-investment grade securities (commonly referred to as &ldquo;junk
bonds&rdquo;). The closed-ends funds have the flexibility to invest in a broad range of securities. The closed-end funds may invest in
securities with a range of maturities from short- to long-term. Substantially all of the closed-end funds&rsquo; assets may be invested
in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C
by Moody&rsquo;s Investors Service or CCC+ or lower by Standard &amp; Poor&rsquo;s Ratings Services and Fitch Ratings) and unrated securities
of equivalent investment quality. The Fund&rsquo;s closed-end fund investments may also invest in equity securities, municipal securities
(including through depositary receipts or other securities convertible into securities of foreign issuers), mortgage-related and other
asset-backed securities, real estate investment trusts (&ldquo;REITs&rdquo;), loan participations, inflation-protected securities, structured
securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques, including
investments in derivative instruments. The closed-end funds may also make short sales of securities or maintain a short position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund generally will purchase shares of closed-end
funds in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur
for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of
a closed-end fund in an initial public offering or other offering, when, in the opinion of the Adviser, based on a consideration of the
nature of the closed-end fund&rsquo;s proposed investments, the prevailing market conditions and the level of demand for such securities,
they represent an attractive opportunity for growth of capital. The offering price typically can include a dealer spread, which may be
higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market. In seeking to maximize value,
the Fund may also invest in closed-ends funds that are, or the Adviser believes may become, the subject of an activist campaign by a shareholder,
such as a proxy contest, whose aim is to eliminate or reduce the discount to the closed-end fund&rsquo;s NAV. Such activism may be initiated
by the Adviser (on behalf of its other clients) or by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Special Purpose Acquisition Companies </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A SPAC is typically a publicly traded company
that raises investment capital via an IPO for the purpose of acquiring one or more existing companies (or interests therein) via merger,
combination, acquisition or other similar transactions (each a &ldquo;SPAC Transaction&rdquo;). The shares of a SPAC are issued in &ldquo;units&rdquo;
that typically include one share of common stock and one warrant (or partial warrant) conveying the right to purchase additional shares.
Within 52 days after the closing of the IPO, the shares of common stock and the warrants comprising the units will begin to trade separately
and become freely tradeable. After going public, and until a SPAC Transaction is completed, a SPAC generally invests the proceeds of its
IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and/or cash. If a SPAC does not
complete a SPAC Transaction within a specified period of time after going public, the SPA<I>C </I>is typically dissolved, at which point
the invested funds are returned to the SPAC&rsquo;s shareholders (less certain permitted expenses) and any warrants issued by the SPAC
expire worthless. In some cases, the Fund will forfeit its right to exercise its warrants to receive additional shares even if a SPAC
Transaction occurs if the Fund holding the warrant elects to redeem its shares of common stock and not participate in the SPAC Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Debt and other Fixed Income Investments
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Corporate Bonds.</I> Corporate bonds are debt
obligations issued by corporations. Corporate bonds may be either secured or unsecured. Collateral used for secured debt includes real
property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders,
as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the
principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate
bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully
taxable to the bondholder. Corporate bonds contain elements of both interest rate risk and credit risk. The market value of a corporate
bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation,
the corporation&rsquo;s performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government
or agency bonds due to the presence of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Private Credit</I>. The Fund may also invest
in debt securities issued by private companies. Generally, very little public information exists about these private companies, and the
Fund will rely on the ability of the Adviser to obtain adequate information to evaluate the potential returns from investing in these
companies. Private companies may have limited financial resources and may be unable to meet their obligations under their debt securities
that the Fund holds. The Fund may invest in senior secured first lien term loans and senior secured second lien term loans issued by private
companies. Additionally, the Fund may invest in debt securities issued by private companies that may be secured on a second priority basis
by the same collateral securing senior secured debt of such companies. The Fund may also investment in private investment funds that invest
in private debt and credit assets. In general, these interests are subject to underlying lock-ups, are not freely transferrable and/or
have substantial transfer restrictions and no active trading market but may have certain rights as to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Senior Loans. </I>The Fund may invest in senior
secured floating rate and fixed rate loans or debt. Senior loans primarily include senior floating rate loans, first and second lien loans,
and secondarily senior floating rate debt obligations (including those issued by an asset-backed pool), and interests therein. Senior
loan interests may take the form of direct interests acquired during a primary distribution and also may take the form of assignments
of, novations of, or participations in, a bank loan acquired in secondary markets. A senior loan typically is originated, negotiated,
and structured by a U.S. or foreign commercial bank, insurance company, finance company, or other financial institution (collectively,
the &ldquo;Agent&rdquo;) for a group of loan investors. The Agent typically administers and enforces the senior loan on behalf of the
other loan investors in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral on behalf
of the loan investors. Purchasers of senior loans and other forms of indebtedness depend primarily on the creditworthiness of the corporate
or other borrower for payment of principal and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Senior loans typically have a stated term of between
five and nine years and have rates of interest that typically are redetermined daily, monthly, quarterly or semi-annually. Longer interest
rate reset periods generally increase fluctuations in the Fund&rsquo;s NAV as a result of changes in market interest rates. The Fund is
not subject to any restrictions with respect to the maturity of senior loans held in its portfolio. As a result, as short-term interest
rates increase, interest payable to the Fund from its investments in senior loans should increase, and as short-term interest rates decrease,
interest payable to the Fund from its investments in senior loans should decrease. Because of prepayments, the Adviser expects the average
life of the senior loans in which the Fund invests to be shorter than the stated maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase senior loans on a direct
assignment basis. If the Fund purchases a senior loan on direct assignment, it typically succeeds to all the rights and obligations under
the loan agreement of the assigning lender and becomes a lender under the loan agreement with the same rights and obligations as the assigning
lender. The Fund may also purchase, without limitation, participations in senior loans. The participation by the Fund in a lender&rsquo;s
portion of a senior loan typically will result in the Fund having a contractual relationship only with such lender, not with the borrower.
As a result, the Fund may have the right to receive payments of principal, interest and any fees to which it is entitled only from the
lender selling the participation and only upon receipt by such lender of payments from the borrower. Such indebtedness may be secured
or unsecured. Loan participations typically represent direct participations in a loan to a borrower and generally are offered by banks
or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming
a part lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Convertible Securities. </I>A convertible
security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed
amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified
price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on
preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible
securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of
income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable
nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
also may have an effect on the convertible security&rsquo;s investment value. Convertible securities rank senior to common stock in
a corporation&rsquo;s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities
may be subject to redemption at the option of the issuer at a price established in the convertible security&rsquo;s governing
instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;synthetic&rdquo; or &ldquo;manufactured&rdquo;
convertible security may be created by the Fund or by a third party by combining separate securities that possess the two principal characteristics
of a traditional convertible security: an income producing component and a convertible component. The income-producing component is achieved
by investing in non-convertible, income-producing securities such as bonds, preferred stocks and money market instruments. The convertible
component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise
price, or options on a stock index. Unlike a traditional convertible security, which is a single security having a single market value,
a synthetic convertible comprises two or more separate securities, each with its own market value. Because the &ldquo;market value&rdquo;
of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component, the value
of a synthetic convertible security may respond differently to market fluctuations than a traditional convertible security. The Fund also
may purchase synthetic convertible securities created by other parties, including convertible structured notes. Convertible structured
notes are income-producing debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however,
the issuer of the convertible note (typically an investment bank), rather than the issuer of the underlying common stock into which the
note is convertible, assumes credit risk associated with the underlying investment and the Fund in turn assumes credit risk associated
with the issuer of the convertible note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Asset-Backed Securities. </I>Asset-backed securities
(&ldquo;ABS&rdquo;) are a form of structured debt obligation. ABS are bonds backed by pools of loans or other receivables. The collateral
for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases,
mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that
may be developed in the future. These securities may provide the Fund with a less effective security interest in the related collateral
than do mortgage related securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some
cases, be available to support payments on these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Collateralized Loan Obligations. </I>A Collateralized
Loan Obligation (&ldquo;CLO&rdquo;) is a structured debt security, issued by a financing company (generally called a special purpose vehicle
or &ldquo;SPV&rdquo;), that was created to reapportion the risk and return characteristics of a pool of bank loans. Investors in CLOs
bear the credit risk of the underlying collateral. The bank loans are used as collateral supporting the various debt tranches issued by
the SPV. Multiple tranches of securities are issued by the CLO, offering investors various maturity and credit risk characteristics. Tranches
are categorized as senior, mezzanine, or subordinated/equity, according to their degree of risk. The key feature of the CLO structure
is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. If there are defaults or
the CLO&rsquo;s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches,
and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. The Fund may invest in all tranches,
including lower-rated tranches. The Fund may invest in the equity or residual portion of the capital structure of CLOs. The SPV is a company
founded solely for the purpose of securitizing payment claims. On this basis, marketable securities are issued which, due to the diversification
of the underlying risk, generally represent a lower level of risk than the original assets. The redemption of the securities issued by
the SPV takes place at maturity out of the cash flow generated by the collected claims. The vast majority of CLOs are actively managed
by an independent investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>High-Yield Securities</I>. High-yield, or low
and below investment grade securities (below investment grade securities are also known as &ldquo;junk bonds&rdquo;) are debt securities
with the lowest investment grade rating (e.g., BBB by S&amp;P and Fitch or Baa by Moody&rsquo;s), that are below investment grade (e.g.,
lower than BBB by S&amp;P and Fitch or Baa by Moody&rsquo;s) or that are unrated but determined by the Fund&rsquo;s portfolio managers
to be of comparable quality. These types of securities may be issued to fund corporate transactions or restructurings, such as leveraged
buyouts, mergers, acquisitions, debt reclassifications or similar events. High-yield securities may be more speculative in nature than
securities with higher ratings and tend to be more sensitive to credit risk, particularly during a downturn in the economy. These types
of securities may be issued by unseasoned companies without long track records of sales and earnings, or by companies or municipalities
that have questionable credit strength. High-yield securities and comparable unrated securities: (i) likely will have some quality and
protective characteristics that, in the judgment of one or more Nationally Recognized Statistical Rating Organizations, are outweighed
by large uncertainties or major risk exposures to adverse conditions; (ii) are speculative with respect to the issuer&rsquo;s capacity
to pay interest and repay principal in accordance with the terms of the obligation; and (iii) may have a less liquid secondary market,
potentially making it difficult to value or sell such securities. Credit ratings issued by credit rating agencies are designed to evaluate
the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of lower-quality
securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make
timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the market value of the securities.
Consequently, credit ratings are used only as a preliminary indicator of investment quality. High-yield securities may be structured as
fixed-, variable- or floating-rate obligations or as zero- coupon, pay-in-kind and step-coupon securities and may be privately placed
or publicly offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rates of return on these types of
securities generally are higher than the rates of return available on more highly rated securities, but generally involve greater
volatility of price and risk of loss of principal and income, including the possibility of default by or insolvency of the issuers
of such securities. Accordingly, the Fund may be more dependent on the Adviser&rsquo;s credit analysis with respect to these types
of securities than is the case for more highly rated securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market values of certain high-yield securities
and comparable unrated securities tend to be more sensitive to individual corporate developments and changes in economic conditions than
are the market values of more highly rated securities. In addition, issuers of high-yield and comparable unrated securities often are
highly leveraged and may not have more traditional methods of financing available to them, so that their ability to service their debt
obligations during an economic downturn or during sustained periods of rising interest rates may be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk of loss due to default is greater for
high-yield and comparable unrated securities than it is for higher rated securities because high-yield securities and comparable unrated
securities generally are unsecured and frequently are subordinated to more senior indebtedness. The Fund may incur additional expenses
to the extent that it is required to seek recovery upon a default in the payment of principal or interest on its holdings of such securities.
The existence of limited markets for lower-rated debt securities may diminish the Fund&rsquo;s ability to: (i) obtain accurate market
quotations for purposes of valuing such securities and calculating portfolio net asset value; and (ii) sell the securities at fair market
value either to meet redemption requests or to respond to changes in the economy or in financial markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many lower-rated securities are not registered
for offer and sale to the public under the Securities Act. Investments in these restricted securities may be determined by the Adviser
to be liquid (able to be sold or disposed of in current market conditions in seven days or less without the sales or dispositions significantly
changing the market value of the investment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mortgage Related Derivative Instruments</I>.
The Fund may invest in MBS credit default swaps. MBS credit default swaps include swaps the reference obligation for which is an MBS or
related index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total
return swaps based on CMBS) or the ABX Index (a tradeable index referencing a basket of sub-prime MBS). The Fund may engage in other derivative
transactions related to MBS, including purchasing and selling exchange-listed and over-the-counter put and call options, futures and forwards
on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other Mortgage Related Securities</I>. Other
mortgage related securities include securities other than those described above that directly or indirectly represent a participation
in, or are secured by and payable from, mortgage loans on real property. Other mortgage related securities may be equity or debt securities
issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including
savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose
entities of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>U.S. Government Debt Securities. </I>The Fund
may invest in debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including U.S. Treasury
obligations, which differ in their interest rates, maturities and times of issuance. Such obligations include U.S. Treasury bills (maturity
of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (generally maturities of greater than
ten years), including the principal components or the interest components issued by the U.S. Government under the separate trading of
registered interest and principal securities (&ldquo;STRIPS&rdquo;) program, all of which are backed by the full faith and credit of the
United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Preferred Securities.</I> The Fund may invest
in preferred securities. There are two basic types of preferred securities. The first type, sometimes referred to as traditional preferred
securities, consists of preferred stock issued by an entity taxable as a corporation. The second type, sometimes referred to as trust
preferred securities, are usually issued by a trust or limited partnership and represent preferred interests in deeply subordinated debt
instruments issued by the corporation for whose benefit the trust or partnership was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Traditional Preferred Securities</U>.
Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally have a &ldquo;preference&rdquo;
over common stock in the payment of dividends and the liquidation of a company&rsquo;s assets. This means that a company must pay dividends
on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities
must be declared by the issuer&rsquo;s board of directors. Income payments on typical preferred securities currently outstanding are cumulative,
causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a
case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some traditional preferred stocks
are non-cumulative, in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments
in non-cumulative preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders.
Should an issuer of a non-cumulative preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends
the Fund pays may be adversely affected. There is no assurance that dividends or distributions on the traditional preferred securities
in which the Fund invests will be declared or otherwise made payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferred stockholders usually
have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation value
that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by
favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of
preferred securities, and by actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &ldquo;Dividends
Received Deduction.&rdquo; Because the claim on an issuer&rsquo;s earnings represented by traditional preferred securities may become
onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest
rate environments in particular, the Fund&rsquo;s holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced
and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Trust Preferred Securities</U>.
Trust preferred securities are a comparatively new asset class. Trust preferred securities are typically issued by corporations, generally
in the form of interest-bearing notes with preferred security characteristics, or by an affiliated business trust of a corporation, generally
in the form of beneficial interests in subordinated debentures or similarly structured securities. The trust preferred securities market
consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Trust preferred securities
are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated
to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of
income for eighteen months or more without triggering an event of default. Generally, the deferral period is five years or more. Because
of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without
default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate
guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often
treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have many
of the key characteristics of equity due to their subordinated position in an issuer&rsquo;s capital structure and because their quality
and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Municipal Securities. </I>The Fund may invest
in municipal securities, which include debt obligations issued to obtain funds for various public purposes, including the construction
of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans
to other public institutions and facilities. In addition, certain types of private activity bonds (&ldquo;PABs&rdquo;) (or industrial
development bonds, under pre-1986 law) are issued by or on behalf of public authorities to finance various privately owned or operated
facilities, including among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as
facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the
proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may
constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distressed and Defaulted Securities. </I>The
Fund may invest in the securities of financially distressed and bankrupt issuers, including debt obligations that are in covenant or payment
default. Such investments generally trade significantly below par and are considered speculative. The repayment of defaulted obligations
is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during
which the issuer might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial
recovery of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates,
which may in turn be illiquid or speculative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Credit Default Swaps.</I> The Fund may
enter into credit default swap agreements for hedging purposes or to seek to increase income or gain. The credit default swap
agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection
&ldquo;buyer&rdquo; in a credit default contract may be obligated to pay the protection &ldquo;seller&rdquo; an upfront or a
periodic stream of payments over the term of the contract, provided that no credit event on the reference obligation occurs. If a
credit event occurs, the seller generally must pay the buyer the &ldquo;par value&rdquo; (full notional amount) of the swap in
exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or if the swap is cash
settled the seller may be required to deliver the related net cash amount (the difference between the market value of the reference
obligation and its par value). The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit
event occurs, the Fund will generally receive no payments from its counterparty under the swap if the swap is held through its
termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional amount of the swap
in exchange for an equal face amount of deliverable obligations of the reference entity, the value of which may have significantly
decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap,
which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally
the seller must pay the buyer the full notional amount of the swap in exchange for an equal face amount of deliverable obligations
of the reference entity, the value of which may have significantly decreased. As the seller, the Fund would effectively add leverage
to its portfolio because, in addition to its assets, the Fund would be subject to investment exposure on the notional amount of the
swap in excess of any premium and margin required to establish and maintain the position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Structured Instruments.</I> The Fund may use
structured instruments for investment purposes, for risk management purposes, such as to reduce the duration and interest rate sensitivity
of the Fund&rsquo;s portfolio, and for leveraging purposes. While structured instruments may offer the potential for a favorable rate
of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other fixed-income securities
and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured
instrument may provide that the principal and/or interest payments may be adjusted below zero. Structured instruments also may involve
significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated
strategies, the Fund&rsquo;s use of structured instruments may not work as intended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sovereign Governmental and Supranational Debt.</I>
The Fund may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign
debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political
subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in foreign
countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments
issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for
debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and
financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank,
commission or company established or financially supported by the national governments of one or more countries to promote reconstruction
or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging markets
investments as well as the risk of debt moratorium, repudiation or renegotiation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Inflation-Indexed Bonds.</I> Inflation-indexed
bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) are fixed income securities the principal
value of which is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value
of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted
downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.
Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed
bonds (&ldquo;TIPs&rdquo;). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity
may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds,
the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed
bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Event-Linked Instruments/Catastrophe Bonds</I>.
The Fund may obtain event-linked exposure by investing in &ldquo;event-linked bonds&rdquo; or &ldquo;event-linked swaps&rdquo; or by implementing
&ldquo;event-linked strategies.&rdquo; Event-linked exposure results in gains or losses that typically are contingent on, or formulaically
related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics
relating to such events. Some event-linked bonds are commonly referred to as &ldquo;catastrophe bonds.&rdquo; If a trigger event occurs,
the principal amount of the bond is reduced (potentially to zero), and the Fund may lose all or a portion of its entire principal invested
in the bond or the entire notional amount on a swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Reinsurance Notes</I>. The Fund may invest,
directly or indirectly, in reinsurance contracts through shares or notes issued in connection with quota shares and/or may gain exposure
to reinsurance contracts through excess of loss notes and/or industry loss warranties (collectively, &ldquo;Reinsurance Notes&rdquo;).
As Reinsurance Notes represent an interest, either proportional or non-proportional, in one or more underlying reinsurance contracts,
the Fund has limited transparency into the individual underlying contract(s) and, therefore, must rely upon the risk assessment and sound
underwriting practices of the sponsor. Accordingly, it may be more difficult to fully evaluate the underlying risk profile of Reinsurance
Notes, which may place the Fund&rsquo;s assets at greater risk of loss than if the Adviser had more complete information. The lack of
transparency may also make the valuation of such investments more difficult and potentially result in mispricing that could result in
losses to the Fund. In Reinsurance Notes, the Fund cannot lose more than the amount invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Equity Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to investments in closed-end funds
and SPACs, the Fund may invest in other equity securities, including common stocks, warrants, REITs, depositary receipts, and listed and
unlisted private equity funds or other private funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Common Stock</I>. Common stock represents
a unit of equity ownership of a corporation. Owners typically are entitled to vote on the selection of directors and other important
corporate governance matters, to receive dividend payments, if any, on their holdings. However, ownership of common stock does not
entitle owners to participate in the day-to-day operations of the corporation. Common stock of domestic and foreign public
corporations can be listed, and their shares traded, on domestic stock exchanges, such the NYSE or the NASDAQ Stock Market. Domestic
and foreign corporations also may have their shares traded on foreign exchanges, such as the London Stock Exchange or the Tokyo
Stock Exchange. Common stock may be privately placed or publicly offered. The price of common stock is generally determined by
corporate earnings, type of products or services offered, projected growth rates, experience of management, liquidity, and market
conditions generally. In the event that a corporation declares bankruptcy or is liquidated, the claims of secured and unsecured
creditors and owners of bonds and preferred stock take precedence over the claims of those who own common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Warrants</I>. Warrants are privileges issued
by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price
during a specified period of time. Subscription rights normally have a short life span to expiration. The purchase of warrants involves
the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised
prior to the warrants&rsquo; expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant
added to the subscription price of the related security may exceed the value of the subscribed security&rsquo;s market price such as when
there is no movement in the level of the underlying security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>REITs. </I>The Fund may invest in equity interests
and debt securities issued by REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial
vehicles that pool investor&rsquo;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic
areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings). The market value of REIT
shares and the ability of REITs to distribute income may be adversely affected by several factors, including rising interest rates, changes
in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience
and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance, the cost of
complying with the Americans with Disabilities Act, increased competition from new properties, the impact of present or future environmental
legislation and compliance with environmental laws, changes in real estate taxes and other operating expenses, adverse changes in governmental
rules and fiscal policies, adverse changes in zoning laws and other factors beyond the control of the REIT issuers. In addition, distributions
received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate
of dividends (on a pre-tax basis) than operating companies, to the extent application of the Fund&rsquo;s investment strategy results
in the Fund investing in REIT shares, the percentage of the Fund&rsquo;s dividend income received from REIT shares will likely exceed
the percentage of the Fund&rsquo;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs,
mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive
most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development
or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests
in real estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Depositary Receipts</I>. The Fund may invest
in sponsored and unsponsored American Depositary Receipts (&ldquo;ADRs&rdquo;), European Depositary Receipts (&ldquo;EDRs&rdquo;), Global
Depositary Receipts (&ldquo;GDRs&rdquo;) and other similar global instruments. ADRs typically are issued by a U.S. bank or trust company
and evidence ownership of underlying securities issued by a non-U.S. corporation. EDRs, which are sometimes referred to as Continental
Depositary Receipts, are receipts issued in Europe, typically by non-U.S. banks and trust companies, that evidence ownership of either
non-U.S. or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an
international basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Private Equity Funds</I>. The Fund may invest
directly in private equity funds and listed private equity funds, which may include, among others, business development companies, investment
holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, publicly traded
venture capital trusts, publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end
funds, publicly traded financial institutions that lend to or invest in privately held companies and any other publicly traded vehicle
whose purpose is to invest in privately held companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in private equity funds and
listed private equity funds that emphasize making equity and equity-like (preferred stock, convertible stock and warrants) investments
in later stage to mature businesses, or may invest in other private equity funds making debt investments or investments in companies at
other stages of development. The Fund may also make these private equity investments directly. In addition, the Fund may invest in the
common stock of closed-end management investment companies, including business development companies that invest in securities of listed
private equity companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in a private fund may be made in
the primary offering of such fund&rsquo;s securities or acquired in the secondary market. Such investments may constitute &ldquo;restricted
securities&rdquo; within the meaning of Rule 144 promulgated under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser evaluates private funds based on the
depth of resources of management, consistency of investment process, prior investment performance, expenses, and purity of exposure to
an asset class using information contained in such private funds&rsquo; marketing materials, including private placement memoranda, and
gained from the Adviser&rsquo;s relationships with the management of such private funds. The Adviser aims to invest in private funds managed
by investment advisers who the Adviser believes have the ability to invest successfully in their respective strategy, geography, and/or
sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Investments and Emerging Markets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Non-U.S. Securities. </I>The Fund may invest
without limit in securities of non-U.S. issuers (&ldquo;Non-U.S. Securities&rdquo;). These securities may be U.S. dollar-denominated or
non-U.S. dollar-denominated and include: (i) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or
other governments with taxing authority or by their agencies or instrumentalities, including securities created through the exchange of
existing commercial bank loans to sovereign entities for new obligations in connection with debt restructurings, commonly referred to
as &ldquo;Brady Bonds;&rdquo; (ii) debt obligations of supranational entities; (iii) debt obligations and other debt securities of foreign
corporate issuers; (iv) fixed income securities issued by corporations that generate significant profits from non-U.S. countries; and
(v) structured securities, including but not limited to, warrants, options and other derivatives, whose price is directly linked to Non-U.S.
Securities or indices of Non-U.S. Securities. Some Non-U.S. Securities may be less liquid and more volatile than securities of comparable
U.S. issuers. Similarly, there is less volume and liquidity in most foreign securities markets than in the United States and, at times,
greater price volatility than in the United States. Because evidence of ownership of such securities usually is held outside the United
States, the Fund will be subject to additional risks if it invests in Non-U.S. Securities, which include adverse political and economic
developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions which might adversely affect or
restrict the payment of principal and interest or dividends on the foreign securities to investors located outside the country of the
issuer, whether from currency blockage or otherwise. Non-U.S. Securities may trade on days when the common shares are not priced or traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Emerging Markets Investments. </I>The Fund
may invest without limitation in securities of issuers located in emerging market countries, including securities denominated in currencies
of emerging market countries. Emerging market countries generally include every nation in the world (including countries that may be considered
&ldquo;frontier&rdquo; markets) except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western
Europe. There is no minimum rating criteria for the Fund&rsquo;s investments in such securities. These issuers may be subject to risks
that do not apply to issuers in larger, more developed countries. These risks are more pronounced to the extent the Fund invests significantly
in one country. Less information about emerging market issuers or markets may be available due to less rigorous disclosure and accounting
standards or regulatory practices. Emerging markets are smaller, less liquid and more volatile than U.S. markets. In a changing market,
the Adviser may not be able to sell the Fund&rsquo;s portfolio securities in amounts and at prices they consider reasonable. The U.S.
dollar may appreciate against non-U.S. currencies or an emerging market government may impose restrictions on currency conversion or trading.
The economies of emerging market countries may grow at a slower rate than expected or may experience a downturn or recession. Economic,
political and social developments may adversely affect emerging market countries and their securities markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Foreign Currency Transactions.</I> The Fund&rsquo;s
common shares are priced in U.S. dollars and the distributions paid by the Fund to common shareholders are paid in U.S. dollars. However,
a portion of the Fund&rsquo;s assets may be denominated in non-U.S. currencies and the income received by the Fund from such securities
will be paid in non-U.S. currencies. The Fund also may invest in or gain exposure to non-U.S. currencies for investment or hedging purposes.
The Fund&rsquo;s investments in securities that trade in, or receive revenues in, non-U.S. currencies will be subject to currency risk,
which is the risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.
The Fund may (but is not required to) hedge some or all of its exposure to non-U.S. currencies through the use of derivative strategies,
including forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currencies and foreign
currency futures. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund
will engage in such transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility
to engage in such transactions, the Adviser may determine not to do so or to do so only in unusual circumstances or market conditions.
These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant
foreign currencies. The Fund may also use derivatives contracts for purposes of increasing exposure to a foreign currency or to shift
exposure to foreign currency fluctuations from one currency to another.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Investment Companies </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to investments in closed-end funds,
the Fund may invest in securities of other investment companies (including exchange-traded funds, business development companies and money
market funds, including other investment companies managed by the Adviser or its affiliates), subject to applicable regulatory limits,
that invest primarily securities of the types in which the Fund may invest directly. As a shareholder in an investment company, the Fund
will bear its ratable share of that investment company&rsquo;s expenses and will remain subject to payment of the Fund&rsquo;s advisory
and other fees and expenses with respect to assets so invested. Holders of common shares will therefore be subject to duplicative expenses
to the extent the Fund invests in other investment companies (except that it will not be subject to duplicate advisory fees with respect
to other investment companies managed by the Adviser or its affiliates). The Adviser will take expenses into account when evaluating the
investment merits of an investment in an investment company relative to available equity and/or fixed-income securities investments. In
addition, the securities of other investment companies may be leveraged and will therefore be subject to the same leverage risks to which
the Fund may be subject to the extent it employs a leverage strategy. Additionally, the Fund may invest in other investment companies
that have exposure to and may invest in digital assets that utilize blockchain technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Private Funds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in private funds that pursue
private credit, real estate, reinsurance, fixed income or equity strategies without preference to any sector in which such private funds
may invest. Additionally, the Fund may invest in private funds that have exposure to and may invest in digital assets that utilize blockchain
technology. An investment in a private fund may be made in the primary offering of such fund&rsquo;s securities or acquired in the secondary
market. Such investments may constitute &ldquo;restricted securities&rdquo; within the meaning of Rule 144 promulgated under the Securities
Act of 1933. The Fund presently intends not to invest more than 20% of its total assets in private funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser evaluates private funds based on the
depth of resources of management, consistency of investment process, prior investment performance, expenses, and purity of exposure to
an asset class using information contained in such private funds&rsquo; marketing materials, including private placement memoranda, and
gained from the Adviser&rsquo;s relationships with the management of such private funds. The Adviser aims to invest in private funds managed
by investment advisers who the Adviser believes have the ability to invest successfully in their respective strategy, geography, and/or
sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Investments/Techniques </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Short-Term Debt Securities; Temporary Defensive
Positions; Invest-Up Period.</I> During temporary defensive periods (e.g., times when, in the Adviser&rsquo;s opinion, temporary imbalances
of supply and demand or other temporary dislocations in the market adversely affect the price at which fixed income securities are available,
or in connection with the termination of the Fund) and in order to keep cash on hand fully invested, including the period during which
the net proceeds of this offering of common shares (or preferred shares, should the Fund determine to issue preferred shares in the future)
are being invested, the Fund may invest any percentage of its assets in liquid, short-term investments including high quality, short-term
securities and securities of other open- or closed-end investment companies that invest primarily in securities of the type in which the
Fund may invest directly. The Adviser&rsquo;s determination that they are temporarily unable to follow the Fund&rsquo;s investment strategy
or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading
in the securities selected through application of the Fund&rsquo;s investment strategy is extremely limited or absent or in connection
with the termination of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Short Sales. </I>The Fund may make short sales
of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price
of that security will decline. The Fund may make short sales to hedge positions, for duration and risk management, in order to maintain
portfolio flexibility or to enhance income or gain. When the Fund makes a short sale, it must borrow the security sold short and deliver
it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion
of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on
such borrowed securities. The Fund&rsquo;s obligation to replace the borrowed security will be secured by collateral deposited with the
broker-dealer, usually cash, U.S. Government securities or other liquid securities. Depending on arrangements made with the broker-dealer
from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive
any payments (including interest) on its collateral deposited with such broker-dealer. If the price of the security sold short increases
between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the
price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above.
Although the Fund&rsquo;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Derivatives. </I>The derivative instruments
(both exchange-traded and over-the-counter instruments) in which the Fund may invest include forwards (such as forward foreign currency
contracts, and forward interest rate agreements), futures (such as currency, equity, fixed income/debt (including interest rate), and
index futures), options (including options on swaps (commonly known as swaptions), options on futures, options on indices, writing (selling)
calls against positions in the portfolio (covered calls) or writing (selling) puts), structured investments (such as equity-linked notes),
and swaps (such as total return, credit default, credit default index, fixed income/debt (including interest rate swaps), and swaps on
index futures). The Fund typically will not gain investment exposure to the commodities markets directly, but may do so indirectly through
investment in one or more subsidiaries. The Fund complies with provisions of the Investment Company Act governing investment policies
on an aggregate basis with each subsidiary and the provisions of the Investment Company Act governing capital structure and leverage on
an aggregate basis with the subsidiary so that the Fund treats each subsidiary&rsquo;s debt as its own for purposes of Section 18. Any
investment adviser to a subsidiary complies with provisions of the Investment Company Act relating to investment advisory contracts (Section
15) as if it were an investment adviser to the Fund under Section 2(a)(20) of the Investment Company Act. Each subsidiary complies with
provisions relating to affiliated transactions and custody. The Fund may invest in derivatives for both hedging and non-hedging purposes,
including, for example, seeking to enhance returns or as a substitute for a position in an underlying asset, instrument, or other reference,
to increase market exposure and investment flexibility, or to obtain or reduce particular exposures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into derivative transactions
that have leverage embedded in them. Derivative transactions that the Fund may enter into and the risks associated with them are described
elsewhere in this Prospectus. The Fund cannot assure you that investments in derivative transactions that have leverage embedded in them
will result in a higher return on its common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Rule 18f-4 under the Investment Company
Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk
based on value-at-risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>When-Issued, Delayed Delivery Securities and
Forward Commitment Securities.</I>&#8195;The Fund may purchase securities on a &ldquo;when-issued&rdquo; basis and may purchase or sell
securities on a &ldquo;forward commitment&rdquo; basis (including on a &ldquo;TBA&rdquo; (to be announced) basis) or on a &ldquo;delayed
delivery&rdquo; basis. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the
time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward
commitments may be sold prior to the settlement date. If the Fund disposes of the right to acquire a when-issued security prior to its
acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. Pursuant to recommendations
of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Board of New York, the Fund or its counterparty generally
is required to post collateral when entering into certain forward-settling transactions, including without limitation TBA transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market value of the securities underlying
a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the
NAV of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has
committed to purchase until they are paid for and delivered on the settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule 18f-4 under the Investment Company Act permits
the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and
dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section
18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle
within 35 days of its trade date (the &ldquo;Delayed-Settlement Securities Provision&rdquo;). If a when-issued, forward-settling or non-standard
settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction
under Rule 18f-4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Restricted and Illiquid Investments. </I>The
Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available
or which are otherwise illiquid, including private placement securities. Liquidity of an investment relates to the ability to dispose
easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for
a comparable more liquid investment. &ldquo;Illiquid investments&rdquo; are investments which cannot be sold within seven days in the
ordinary course of business at approximately the value used by the Fund in determining its NAV. Illiquid investments may trade at a discount
from comparable, more liquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack
an established secondary trading market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a008"></A>LEVERAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund uses leverage through directly borrowing
from banks. The Fund has entered into a $125 million Facility with TD Bank effective on July 20, 2021, which matures on January 20, 2026.
As of April 30, 2025, the Fund had $45 million outstanding drawn under the Facility. The use of leverage may also take the form of, without
limitation, any of the various financial instruments described herein, including derivative instruments which are inherently leveraged
and trading in products with embedded leverage such as options, short sales, swaps and forwards. The instruments and borrowings utilized
by the Fund to leverage investments may be collateralized by the Fund&rsquo;s portfolio, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of leverage will magnify the volatility
of changes in the value of the investments of the Fund. Accordingly, any event which adversely affects the value of an investment would
be magnified to the extent the investment is leveraged. The cumulative effect of the use of leverage by the Fund in a market that moves
adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund was not leveraged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While leverage increases the buying power of the
Fund and presents opportunities for increasing total returns, it has the effect of potentially increasing losses as well. For example,
funds borrowed for leveraging will be subject to interest, transaction and other costs, and other types of leverage also involve transaction
and other costs. Any such costs may or may not be recovered by the return on the Fund&rsquo;s portfolio. Leverage would increase the investment
return of the Fund if an investment purchased with or utilizing leverage earns a greater return than the cost to the Fund of such leverage.
The use of leverage will decrease the investment return if the Fund fails to recover the cost of such leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain types of leverage the Fund may use
may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be
subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which
may issue ratings for any short-term debt securities or preferred shares issued by the Fund. The terms of any borrowings or rating
agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the
Investment Company Act. The Adviser does not believe that these covenants or guidelines will impede it from managing the
Fund&rsquo;s portfolio in accordance with its investment objectives and policies if the Fund were to utilize leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act, the Fund is
not permitted to issue senior securities if, immediately after the issuance of such senior securities, the Fund would have an asset coverage
ratio (as defined in the Investment Company Act) of less than 300% with respect to senior securities representing indebtedness (i.e.,
for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars of assets) or less than 200% with respect
to senior securities representing preferred shares (i.e., for every dollar of preferred shares outstanding, the Fund is required to have
at least two dollars of assets). The Investment Company Act also provides that the Fund may not declare distributions or purchase its
shares (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%,
as applicable. Under the Investment Company Act, certain short-term borrowings (such as for cash management purposes) are not subject
to these limitations if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess of 5% of the total assets of the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has entered into a $125 million Facility
with TD Bank effective on July 20, 2021, which matures on January 20, 2026. As of April 30, 2025, the Fund had $45 million outstanding
drawn under the Facility. The Facility provides a source of leverage and is collateralized by assets of the Fund. The Fund is required
to prepay outstanding amounts under this Facility or may incur a penalty rate of interest upon the occurrence of certain events of default.
The Fund is typically required to indemnify the lenders under the Facility against liabilities they may incur in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Facility contains covenants that,
among other things, limit the Fund&rsquo;s ability to pay distributions in certain circumstances, incur additional debt, change certain of its
investment policies, and engage in certain transactions, including mergers and consolidations. The Facility also requires asset coverage
ratios in addition to those required by the Investment Company Act. The Fund is required to pledge its assets and to maintain a portion
of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Facility has customary
covenant, negative covenant, and default provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms and conditions of the Facility may be
subject to change upon renewal or refinancing, and there is no assurance that it will be replaced or refinanced on terms and conditions
representative of the foregoing, or that additional material terms will not apply. The Facility may in the future be replaced or refinanced
by one or more credit facilities having substantially different terms or by the issuance of preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is permitted to leverage its portfolio
by issuing preferred shares. Under the Investment Company Act, the Fund is not permitted to issue preferred shares if, immediately after
such issuance, the liquidation value of the Fund&rsquo;s outstanding preferred shares exceeds 50% of its assets (including the proceeds
from the issuance) less liabilities other than borrowings (i.e., the value of the Fund&rsquo;s assets must be at least 200% of the liquidation
value of its outstanding preferred shares). In addition, the Fund would not be permitted to declare any cash dividend or other distribution
on its common shares unless, at the time of such declaration, the value of the Fund&rsquo;s assets less liabilities other than borrowings
is at least 200% of such liquidation value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects that preferred shares, if issued,
will pay adjustable rate dividends based on shorter-term interest rates, which would be redetermined periodically by a fixed spread or
remarketing process, subject to a maximum rate which would increase over time in the event of an extended period of unsuccessful remarketing.
The adjustment period for preferred share dividends could be as short as one day or as long as a year or more. Preferred shares, if issued,
could include a liquidity feature that allows holders of preferred shares to have their shares purchased by a liquidity provider in the
event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund expects that it
would pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund. The terms of such
liquidity feature could require the Fund to redeem preferred shares still owned by the liquidity provider following a certain period of
continuous, unsuccessful remarketing, which may adversely impact the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If preferred shares are issued, the Fund may,
to the extent possible, purchase or redeem preferred shares from time to time to the extent necessary in order to maintain asset coverage
of any preferred shares of at least 200%. In addition, as a condition to obtaining ratings on the preferred shares, the terms of any preferred
shares issued are expected to include asset coverage maintenance provisions which will require the redemption of the preferred shares
in the event of non-compliance by the Fund and may also prohibit dividends and other distributions on the common shares in such circumstances.
In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would
cause the Fund to incur related transaction costs and could result in capital losses to the Fund. Prohibitions on dividends and other
distributions on the common shares could impair the Fund&rsquo;s ability to qualify as a RIC under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund issues preferred shares, the Fund
expects that it will be subject to certain restrictions imposed by guidelines of one or more rating agencies that may issue ratings for
preferred shares issued by the Fund. These guidelines are expected to impose asset coverage or portfolio composition requirements that
are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines
would impede the Adviser from managing the Fund&rsquo;s portfolio in accordance with the Fund&rsquo;s investment objectives and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disposition of Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From a fundamental perspective, an investment
may be sold if the investment does not meet original performance expectations or if the investment thesis no longer applies because of
changes in the underlying fundamentals of the investment, business or industry. Investments also may be sold if a price or value target
is achieved or if credit deterioration occurs. In addition, from a relative value perspective, the Adviser may decide to sell an investment
if it believes there are better risk/reward opportunities available or there is a risk of default or loss of principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Temporary Borrowings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also borrow money as a temporary
measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which
otherwise might require untimely dispositions of Fund securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a009"></A>RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund involves risks, including
closed-end structure risk, market risk, issuer risk, interest rate risk, and credit risk, among others. Descriptions of these and other
risks of investing in the Fund are provided below (in alphabetical order). <I>There is no assurance that the Fund will achieve its investment
objectives and you may lose money</I>. The value of the Fund&rsquo;s holdings may decline, and the Fund&rsquo;s NAV and share price may
go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency.
The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund&rsquo;s
portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more
of these risk may result in losses to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Active Management Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is actively managed and its performance
therefore will reflect, in part, the ability of the portfolio managers to make investment decisions that seek to achieve the Fund&rsquo;s
investment objective. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment
objectives and/or strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Activist Strategies Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase securities of a fund/company
that is the subject of a proxy contest or which activist investors, which could include accounts/funds affiliated with the Adviser, are
attempting to influence, in the expectation that new management or a change in investment/business strategies will cause the price of
the fund/company&rsquo;s securities to increase. If the proxy contest, or the new management, is not successful, the market price of the
fund/company&rsquo;s securities will typically fall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, where an acquisition or restructuring
transaction or proxy fight is opposed by the subject company&rsquo;s management, the transaction often becomes the subject of litigation.
Such litigation involves substantial uncertainties and may impose substantial cost and expense on the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bank Loans Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investment program may include
investments in of bank loans and participations. These obligations are subject to unique risks, including: (i) the possible
invalidation of an investment transaction as a fraudulent conveyance under relevant creditors&rsquo; rights laws; (ii) so-called
lender-liability claims by the issuer of the obligations; (iii) environmental liabilities that may arise with respect to collateral
securing the obligations; and (iv) limitations on the ability of the Fund to directly enforce its rights with respect to
participations. In analyzing each bank loan or participation, the Adviser attempts to compare the relative significance of the risks
against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne
by the Fund. As secondary market trading volumes increase, new loans are frequently adopting standardized documentation to
facilitate loan trading, which may improve market liquidity. There can be no assurance, however, that future levels of supply and
demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because of
the provision to holders of such loans of confidential information relating to the borrower, the unique and customized nature of the
loan agreement, and the private syndication of the loan, loans are not as easily purchased or sold as a publicly traded security,
and historically the trading volume in the loan market has been small relative to the high-yield debt market. Further, the
settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for some bank loans
transactions may be significantly longer than the settlement period for other investments, and in some case may take longer than
seven days. As a result, the Fund may be forced to sell investments at unfavorable prices or borrow money or effect short
settlements where possible (at a cost to the Fund), in an effort to generate sufficient cash for whatever liquidity needs may arise.
The Fund&rsquo;s actions in this regard may not be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Catastrophe Bonds Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Event-linked or catastrophe bonds carry material
uncertainties and risk exposures to adverse conditions. If a trigger event, as defined within the terms of the bond, involves losses or
other metrics exceeding a specific magnitude in the geographic region and time period specified therein, the Fund may lose a portion or
all of its investment in such security, including accrued interest and/or principal invested in such security. Because catastrophe bonds
cover &ldquo;catastrophic&rdquo; events that, if they occur, will result in significant losses, catastrophe bonds carry a high degree
of risk of loss and are considered &ldquo;high yield&rdquo; or &ldquo;junk bonds.&rdquo; The rating, if any, primarily reflects the rating
agency&rsquo;s calculated probability that a predefined trigger event will occur. Thus, lower-rated bonds have a greater likelihood of
a triggering event occurring and loss to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Catastrophe bonds are also subject to extension
risk. The sponsor of such an investment might have the right to extend the maturity of the bond or note to verify that the trigger event
did occur or to process and audit insurance claims. The typical duration of mandatory and optional extensions of maturity for reinsurance-related
securities currently is between three months to two years. In certain circumstances, the extension may exceed two years. An extension
to verify the potential occurrence of a trigger event will reduce the value of the bond or note due to the uncertainty of the occurrence
of the trigger event and will hinder the Fund&rsquo;s ability to sell the bond or note. Even if it is determined that the trigger event
did not occur, such an extension will delay the Fund&rsquo;s receipt of the bond&rsquo;s or note&rsquo;s principal and prevent the reinvestment
of such proceeds in other, potentially higher yielding securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Closed-End Fund Structure Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike open-end funds, closed-end funds like the
Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common
shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Because the market
value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection
on its portfolio securities, dividend stability, portfolio credit quality, the Fund&rsquo;s NAV, relative demand for and supply of such
shares in the market, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure
you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for
long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Co-investment Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is prohibited under the Investment Company
Act from participating in certain transactions with its affiliates without the prior approval of the SEC. Any person that owns, directly
or indirectly, 5% or more of the Fund&rsquo;s outstanding voting securities will be its affiliate for purposes of the Investment Company
Act and the Fund will generally be prohibited from buying or selling any securities from or to such affiliate. The Investment Company
Act also prohibits certain &ldquo;joint&rdquo; transactions with certain of the Fund&rsquo;s affiliates, which could include investments
in the same portfolio company (whether at the same or different times), without prior approval of the SEC. If a person acquires more than
25% of the Fund&rsquo;s voting securities, the Fund will be prohibited from buying or selling any security from or to such person or certain
of that person&rsquo;s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the
SEC. Similar restrictions limit the Fund&rsquo;s ability to transact business with the Fund&rsquo;s officers or Trustees or its affiliates.
As a result of these restrictions, the Fund may be prohibited from buying or selling any security from or to any portfolio company of
an investment fund managed by the Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment
opportunities that would otherwise be available to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser has applied for an exemptive
order from the SEC (the &ldquo;Order&rdquo;) that would grant the funds managed by the Adviser or certain affiliates, the ability to
fully negotiate terms of co-investment transactions with other funds managed by the Adviser or certain affiliates, subject to the
conditions included therein. There is no assurance that the Adviser will receive the Order on a timely basis or at all. Until the
Adviser receives the Order, the Fund will not be permitted to participate in certain investments with the Adviser&rsquo;s other
funds or its affiliates. Even if the Order is granted, in certain situations, such as when there is an opportunity to invest in
different securities of the same issuer, the personnel of the Adviser or its affiliates will need to decide which client will
proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to
reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner
that is consistent with applicable laws, rules and regulations. When the Fund participates in a co-investment transaction, the
personnel of the Adviser allocates a portion of the investment to the Fund based on the Fund&rsquo;s investment objective and
strategies, investment policies, investment positions, capital available for investment, and other pertinent factors. Any
co-investment is made on equal footing with the funds managed by the Adviser or its affiliates, including identical terms,
conditions, price, class of securities purchased, timing, and registration rights. To the extent the Fund is able to make
co-investments with the Adviser&rsquo;s affiliates, these co-investment transactions may give rise to conflicts of interest or
perceived conflicts of interest among the Fund and the other participating accounts. Moreover, except in certain circumstances, when
relying on the Order, the Fund is unable to invest in any issuer in which one or more funds managed by the Adviser or its affiliates
has previously invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest alongside the Adviser&rsquo;s
and its affiliates&rsquo; other clients, including other entities they manage, which are referred to as affiliates&rsquo; other clients,
in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations and guidance as well as the Adviser&rsquo;s
allocation policies. However, the Fund can offer no assurance that investment opportunities will be allocated to it fairly or equitably
in the short-term or over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In situations where co-investment with affiliates&rsquo;
other clients is not permitted under the Investment Company Act and related rules, existing or future staff guidance, or the terms and
conditions of any exemptive relief granted to the Fund by the SEC, the Adviser will need to decide which client or clients will proceed
with the investment. Generally, the Fund will not have an entitlement to make a co-investment in these circumstances and, to the extent
that another client elects to proceed with the investment, the Fund will not be permitted to participate. Moreover, except in certain
circumstances, the Fund is unable to invest in any issuer in which an affiliates&rsquo; other client holds a controlling interest. These
restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Convertible Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convertible securities are subject to the usual
risks associated with debt instruments, such as interest rate risk (the risk of losses attributable to changes in interest rates) and
credit risk (the risk that the issuer of a debt instrument will default or otherwise become unable, or be perceived to be unable or unwilling,
to honor a financial obligation, such as making payments to the Fund when due). Convertible securities also react to changes in the value
of the common stock into which they convert, and are thus subject to market risk (the risk that the market values of securities or other
investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a convertible security
can be influenced by both interest rates and the common stock&rsquo;s market movements, a convertible security generally is not as sensitive
to interest rates as a similar debt instrument, and generally will not vary in value in response to other factors to the same extent as
the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be
paid before the company&rsquo;s common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced
to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund&rsquo;s return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Bonds Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market value of a corporate bond generally
may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer-term corporate bonds is generally
more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate
bond also may be affected by factors directly related to the issuer, such as investors&rsquo; perceptions of the creditworthiness of the
issuer, the issuer&rsquo;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer,
the issuer&rsquo;s capital structure and use of financial leverage and demand for the issuer&rsquo;s goods and services. There is a risk
that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for
by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be
particularly susceptible to adverse issuer-specific developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Counterparty Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk exists that a counterparty to a transaction
in a financial instrument held by the Fund or by a special purpose or structured vehicle in which the Fund invests may become insolvent
or otherwise fail to perform its obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain
no or limited recovery in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions
that the Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector
may cause the Fund&rsquo;s NAV to fluctuate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Default Swaps Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in credit default swaps.
A credit default swap is a contract between two parties which transfers the risk of loss if a company fails to pay principal or
interest on time or files for bankruptcy. In essence, an institution which owns corporate debt instruments can purchase a limited
form of default protection by entering into a credit default swap with another bank, broker-dealer or financial intermediary. Upon
an event of default, the swap may be terminated in one of two ways: (i) by the purchaser of credit protection delivering the
referenced instrument to the swap counterparty and receiving a payment of par value, or (ii) by the parties pairing off payments,
with the purchaser of the protection receiving a payment equal to the par value of the reference security less the price at which
the reference security trades subsequent to default. The first way is the more common form of credit default swap termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the manner described above, credit default
swaps can be used to hedge a portion of the default risk on a single corporate bond or a portfolio of bonds. Credit default swaps can
be used to implement the Adviser&rsquo;s view that a particular credit, or group of credits, will experience credit improvement. In the
case of expected credit improvement, the Fund may sell credit default protection in which it receives a premium to take on the risk. In
such an instance, the obligation of the Fund to make payments upon the occurrence of a credit event creates leveraged exposure to the
credit risk of the referenced entity. The Fund may also &ldquo;purchase&rdquo; credit default protection even in the case in which it
does not own the referenced instrument if, in the judgment of the Adviser, there is a high likelihood of credit deterioration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit default swap agreements involve greater
risks than if the Fund had taken a position in the reference obligation directly (either by purchasing or selling) since, in addition
to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. A buyer generally will
also lose its upfront payment or any periodic payments it makes to the seller counterparty and receive no payments from its counterparty
should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable
obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional
amount it pays to the buyer, resulting in a loss of value to the seller. A seller of a credit default swap or similar instrument is exposed
to many of the same risks of leverage since, if a credit event occurs, the seller generally will be required to pay the buyer the full
notional amount of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the credit derivatives market is
subject to a changing regulatory environment. It is possible that regulatory or other developments in the credit derivatives market could
adversely affect the Fund&rsquo;s ability to successfully use credit derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk that the value of debt
instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Various factors could affect the actual or perceived
willingness or ability of the issuer to make timely interest or principal payments, including changes in the financial condition of the
issuer or in general economic conditions. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit
risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower quality or unrated instruments held
by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject
to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose
the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered
after purchase, the Fund will depend on analysis of credit risk more heavily than usual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to Investments in Exchange Traded
Funds/Trusts that invest in cryptocurrencies or similar digital assets that utilize blockchain technology. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has and may in the future invest in exchange
traded investment funds/trusts and other private or exchange-traded securities/instruments that invest or plan to invest in digital assets
that utilize blockchain technology and the Fund may hedge such investments through the use of other securities (including other funds
or securities/instruments that own virtual currencies) and derivatives of virtual currencies, in each case, to the extent permitted by,
and in accordance with, any future law, regulation, guidance, or exemptive relief provided by the SEC or its staff or other regulatory
agency or body having jurisdiction. The Fund expects that any such investments are likely to constitute only a small proportion of its
portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Currency Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investments that are denominated in
a foreign currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies.
Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative
values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments.
The Adviser may try to hedge these risks by investing directly in foreign currencies, buying and selling forward foreign currency exchange
contracts and buying and selling options on foreign currencies, but there can be no assurance such strategies will be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cybersecurity Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of its business, the Adviser processes,
stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund. Similarly,
service providers of the Adviser, the Fund, especially the administrator, may process, store and transmit such information. The Adviser
has procedures and systems in place that it believes are reasonably designed to protect such information and prevent data loss and security
breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable
or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software
acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information
security. Network connected services provided by third parties to the Adviser may be susceptible to compromise, leading to a breach of
the Adviser&rsquo;s network. The Adviser&rsquo;s systems or facilities may be susceptible to employee error or malfeasance, government
surveillance, or other security threats. On-line services that may be provided by the Adviser to the investors in the Fund may also be
susceptible to compromise. Breach of the Adviser&rsquo;s information systems may cause information relating to the transactions of the
Fund to be lost or improperly accessed, used or disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The service providers of the Adviser and the Fund
are subject to the same electronic information security threats as the Adviser. If a service provider fails to adopt or adhere to adequate
data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally
identifiable information of investors in the Fund may be lost or improperly accessed, used or disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loss or improper access, use or disclosure
of the Adviser&rsquo;s or the Fund&rsquo;s proprietary information may cause the Adviser or the Fund to suffer, among other things, financial
loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing
events could have a material adverse effect on the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Decision-Making Authority Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors have no authority to make decisions
or to exercise business discretion on behalf of the Fund, except as set forth in the Fund&rsquo;s governing documents. The authority for
all such decisions is generally delegated to the Board, which in turn, has delegated the day-to-day management of the Fund&rsquo;s investment
activities to the Adviser, subject to oversight by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Deflation Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deflation risk is the risk that prices throughout
the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues.
In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may
result in a decline in the value of the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defensive Investing Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For defensive purposes, the Fund may allocate
assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may
otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing
interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit
risk of the depository institution holding the cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Depositary Receipts Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depositary receipts are receipts issued by a bank
or trust company reflecting ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the
form of American Depositary Receipts (&ldquo;ADRs&rdquo;) and/or Global Depositary Receipts. Depositary receipts involve risks similar
to the risks associated with investments in foreign securities, including those associated with an issuer&rsquo;s (and any of its related
companies&rsquo;) country of organization and places of business operations, which may be related to the particular political, regulatory,
economic, social and other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism
and disease/virus outbreaks and epidemics) occurring in the country and fluctuations in such country&rsquo;s currency, as well as market
risk tied to the underlying foreign company. In addition, holders of depositary receipts may have limited voting rights, may not have
the same rights afforded to stockholders of a typical domestic company in the event of a corporate action, such as an acquisition, merger
or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial
institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on an exchange, either
of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange
rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund. A potential conflict
of interest exists to the extent that the Fund invests in ADRs for which the Fund&rsquo;s custodian serves as depository bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives may involve significant risks. Derivatives
are financial instruments, traded on an exchange or in the OTC markets, with a value in relation to, or derived from, the value of an
underlying asset(s) (such as a security, commodity or currency) or other reference, such as an index, rate or other economic indicator
(each an underlying reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including
certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as anticipated.
Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those
associated with more traditional investment instruments. The Fund&rsquo;s derivatives strategy may not be successful and use of certain
derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund&rsquo;s actual investment. A
relatively small movement in the price, rate or other economic indicator associated with the underlying reference may result in substantial
loss for the Fund. Derivatives may be more volatile than other types of investments. Derivatives can increase the Fund&rsquo;s risk exposure
to underlying references and their attendant risks, including the risk of an adverse credit event associated with the underlying reference
(credit risk), the risk of an adverse movement in the value, price or rate of the underlying reference (market risk), the risk of an adverse
movement in the value of underlying currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates
(interest rate risk).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives may expose the Fund to additional
risks, including the risk of loss due to a derivative position that is imperfectly correlated with the underlying reference it is intended
to hedge or replicate (correlation risk), the risk that a counterparty will fail to perform as agreed (counterparty risk), the risk that
a hedging strategy may fail to mitigate losses, and may offset gains (hedging risk), the risk that the return on an investment may not
keep pace with inflation (inflation risk), the risk that losses may be greater than the amount invested (leverage risk), the risk that
the Fund may be unable to sell an investment at an advantageous time or price (liquidity risk), the risk that the investment may be difficult
to value (pricing risk), and the risk that the price or value of the investment fluctuates significantly over short periods of time (volatility
risk). The value of derivatives may be influenced by a variety of factors, including national and international political and economic
developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for
derivatives, or may otherwise adversely affect the value or performance of derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into derivative transactions
that have leverage embedded in them. Derivative transactions that the Fund may enter into and the risks associated with them are described
elsewhere in this Prospectus. The Fund cannot assure you that investments in derivative transactions that have leverage embedded in them
will result in a higher return on its common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Rule 18f-4 under the Investment Company
Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk
based on value-at-risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Futures Contracts Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A futures contract is an exchange-traded derivative
transaction between two parties in which a buyer (holding the &ldquo;long&rdquo; position) agrees to pay a fixed price (or rate) at a
specified future date for delivery of an underlying reference from a seller (holding the &ldquo;short&rdquo; position). The seller hopes
that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures
contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract
prices by imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade
outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an offsetting contract
and may incur a loss to the extent there has been adverse movement in futures contract prices. The liquidity of the futures markets depends
on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take delivery,
liquidity in the futures market could be reduced. Positions in futures contracts may be closed out only on the exchange on which they
were entered into or through a linked exchange, and no secondary market exists for such contracts. Futures positions are marked to market
each day and variation margin payment must be paid to or by the Fund. Because of the low margin deposits normally required in futures
trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement
in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures
contracts, losses are potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of
the Fund&rsquo;s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges.
Futures contracts can increase the Fund&rsquo;s risk exposure to underlying references and their attendant risks, such as credit risk,
market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging
risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Options Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options are derivatives that give the purchaser
the option to buy (call) or sell (put) an underlying reference from or to a counterparty at a specified price (the strike price) on or
before an expiration date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying
reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which could result in greater
volatility in price movement. The Fund&rsquo;s losses could be significant, and are potentially unlimited for certain types of options.
Options may be traded on a securities exchange or in the over-the-counter market. At or prior to maturity of an options contract, the
Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in options prices. Options
can increase the Fund&rsquo;s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign
currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation
risk, leverage risk, liquidity risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Regulation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are many rules related to derivatives that
may negatively impact the Fund, such as requirements related to recordkeeping, reporting, portfolio reconciliation, central clearing,
minimum margin for uncleared over-the- counter instruments and mandatory trading on electronic facilities, and other transaction-level
obligations. Parties that act as dealers in swaps, are also subject to extensive business conduct standards, additional &ldquo;know your
counterparty&rdquo; obligations, documentation standards and capital requirements. All of these requirements add costs to the legal, operational
and compliance obligations of the Adviser and the Fund, and increase the amount of time that the Adviser spends on non-investment-related
activities. Requirements such as these also raise the costs of entering into derivative transactions, and these increased costs will likely
be passed on to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These rules are operationally and technologically
burdensome for the Adviser and the Fund. These compliance obligations require employee training and use of technology, and there are operational
risks borne by the Fund in implementing procedures to comply with many of these additional obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These regulations may also result in the Fund
forgoing the use of certain trading counterparties (such as broker-dealers and futures commission merchants (&ldquo;FCMs&rdquo;)), as
the use of other parties may be more efficient for the Fund from a regulatory perspective. However, this could limit the Fund&rsquo;s trading
activities, create losses, preclude the Fund from engaging in certain transactions or prevent the Fund from trading at optimal rates and
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of these requirements were implemented under
legislation intended to reform the U.S. financial regulatory system, the EU Regulation on OTC Derivatives, Central Counterparties and
Trade Repositories (known as the European Market Infrastructure Regulation, or &ldquo;EMIR&rdquo;) and similar regulations globally. In
the United States, regulatory responsibility for derivatives is divided between the SEC and the Commodities Futures Trading Commission
(&ldquo;CFTC&rdquo;), a distinction that does not exist in any other jurisdiction. The SEC has regulatory authority over &ldquo;security-based
swaps&rdquo; and the CFTC has regulatory authority over &ldquo;swaps&rdquo;. EMIR is being implemented in phases through the adoption
of delegated acts by the European Commission. As a result of the SEC and CFTC bifurcation and the different pace at which the SEC, the
CFTC, the European Commission and other international regulators have promulgated necessary regulations, different transactions are subject
to different levels of regulation. Though many rules and regulations have been finalized, there are others, particularly SEC regulations
with respect to security-based swaps that are still in the proposal stage or are expected to be introduced in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Swaps Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a typical swap transaction, two parties agree
to exchange the return earned on a specified underlying reference for a fixed return or the return from another underlying reference during
a specified period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the underlying asset
or reference does not perform as anticipated. Swaps create significant investment leverage such that a relatively small price movement
in a swap may result in immediate and substantial losses to the Fund. The Fund may only close out a swap with its particular counterparty
and may only transfer a position with the consent of that counterparty. Certain swaps, such as short swap transactions and total return
swaps, have the potential for unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund&rsquo;s risk
exposure to underlying references and their attendant risks, such as credit risk, market risk and interest rate risk, while potentially
exposing the Fund to leverage risk, counterparty risk (i.e., the risk of counterparty default on its obligations under the swap agreement),
illiquidity risk, valuation risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Digital Assets Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in private funds or other
entities with exposure to cryptocurrency, and therefore, the Fund may also invest indirectly in digital assets, subject to applicable
legal and regulatory limitations (which are presently evolving). Bitcoin is a cryptocurrency, which is a type of digital asset. A cryptocurrency,
like bitcoin, is a peer-to-peer, decentralized, digital currency the implementation of which relies on the principles of cryptography
to validate the transactions and generation of the currency itself. The creation and use of digital assets is not currently subject to
a fully-developed set of legal or regulatory requirements, and trading in digital assets is subject to high levels of volatility and the
potential for market abuse. Digital assets exist entirely in electronic form, as entries in decentralized (or &ldquo;distributed&rdquo;)
digital ledgers. The ledgers themselves, as well as the private encryption keys used to access digital asset balances, are held on hardware
(which can be physically controlled by the holder or by a third party) or via software programs on third-party servers, and as such are
susceptible to all of the risks inherent in holding any electronic data, such as power failure, data corruption, security breach, communication
failure, and user error, among others. Accordingly, digital assets are subject to theft, destruction, or loss of value from hackers, corruption,
or technology-specific factors such as viruses that do not affect traditional currency, which is underwritten by central banks and monetary
authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in digital assets are recorded and
authenticated not by a central repository, but by a peer-to-peer network. While decentralization avoids certain common threats to computer
networks (<I>e.g.</I>, denial of service attacks), the use of a peer-to-peer system relies on participants in the network having greater
numbers and computing power than coordinated attackers. This authentication strategy necessitates investment in substantial amounts of
computing power, which in turn increases the burdens on participants in the network to stay ahead of attackers. If and as the popularity
of bitcoin increases, the burdens on participants in the network (which are defrayed by transaction costs) can be expected to increase,
which may reduce the value of bitcoins held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in digital assets also provide a
high degree of anonymity, making them susceptible to misuse for criminal activities, such as money laundering. This misuse, or the perception
of such misuse (even if untrue), could lead law enforcement agencies to close digital asset exchange platforms or other digital asset-related
infrastructure with little or no notice and prevent users (such as the Fund) from accessing or retrieving digital assets held via such
platforms or infrastructure. Fund investments in digital assets may also have adverse tax ramifications. For example, digital assets such
as cryptocurrencies and nonfungible tokens (&ldquo;NFTs&rdquo;) are classified as property and not currency for tax purposes. Accordingly,
they will be subject to capital gains, income taxes and other types of taxes, depending on the transaction. Digital assets that are traded
within one year will be taxed at ordinary income tax rates and NFTs may be taxed as collectibles, which are subject to a higher long-term
capital gains tax rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Distressed and Defaulted Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in the securities of financially distressed
issuers are speculative and involve substantial risks. These securities may present a substantial risk of default or may be in default
at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the
payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company,
the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.
Among the risks inherent in investments in a troubled entity is that it frequently may be difficult to obtain information as to the true
financial condition of such issuer. The Adviser&rsquo;s judgment about the credit quality of the issuer and the relative value and liquidity
of its securities may prove to be wrong. Distressed securities and any securities received in an exchange for such securities may be subject
to restrictions on resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Equity Securities Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to buy and sell private and public
equity securities. The value of equity securities of public and private, listed and unlisted companies and equity derivatives generally
varies with the performance of the issuer and movements in the equity markets. As a result, the Fund may suffer losses if it invests in
equity instruments of issuers whose performance diverges from the Adviser&rsquo;s expectations or if equity markets generally move in
a single direction and the Fund has not hedged against such a general move. The Fund also may be exposed to risks that issuers will not
fulfill contractual obligations such as, in the case of convertible securities or private placements, delivering marketable common stock
upon conversions of convertible securities and registering restricted securities for public resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emerging Market Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities issued by foreign governments or companies
in emerging market countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa,
are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk.
In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments
in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically
less developed with more limited trading activity (<I>i.e.</I>, lower trading volumes and less liquidity) than more developed countries.
Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily
dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic
downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries
may experience periods of high inflation or rapid changes in inflation rates and may have hostile relations with other countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange Traded Fund Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in ETFs have unique characteristics,
including, but not limited to, the expense structure and additional expenses associated with investing in ETFs. An ETF&rsquo;s share price
may not track its specified market index (if any) and may trade below its NAV, particularly during times of market stress. Certain ETFs
use a &ldquo;passive&rdquo; investment strategy and do not take defensive positions in volatile or declining markets. Other ETFs in which
the Fund may invest are actively managed ETFs (i.e., they do not track a particular benchmark), which indirectly subjects the Fund to
active management risk. An active secondary market in an ETF&rsquo;s shares may not develop or be maintained and may be halted or interrupted
due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance an ETF&rsquo;s shares will
continue to be listed on an active exchange. In addition, the Fund&rsquo;s shareholders bear both their proportionate share of the Fund&rsquo;s
expenses and, indirectly, the ETF&rsquo;s expenses, incurred through the Fund&rsquo;s ownership of the ETF. Because the expenses and costs
of an underlying ETF are shared by its investors, redemptions by other investors in the ETF could result in decreased economies of scale
and increased operating expenses for such ETF. These transactions might also result in higher brokerage, tax or other costs for the ETF.
This risk may be particularly important when one investor owns a substantial portion of the ETF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Funds generally expect to purchase shares
of ETFs through broker-dealers in transactions on a securities exchange, and in such cases the Funds will pay customary brokerage commissions
for each purchase and sale. Shares of an ETF may also be acquired by depositing a specified portfolio of the ETF&rsquo;s underlying securities,
as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit, with
the ETF&rsquo;s custodian, in exchange for which the ETF will issue a quantity of new shares sometimes referred to as a &ldquo;creation
unit.&rdquo; Similarly, shares of an ETF purchased on an exchange may be accumulated until they represent a creation unit, and the creation
unit may be redeemed in-kind for a portfolio of the underlying securities (based on the ETF&rsquo;s NAV) together with a cash payment
generally equal to accumulated dividends as of the date of redemption. The Funds may redeem creation units for the underlying securities
(and any applicable cash), and may assemble a portfolio of the underlying securities (and any required cash) to purchase creation units.
The Funds&rsquo; ability to redeem creation units may be limited by the Investment Company Act, which provides that ETFs, the shares of
which are purchased in reliance on Section 12(d)(1)(F) of the Investment Company Act, will not be obligated to redeem such shares in an
amount exceeding one percent of their total outstanding securities during any period of less than 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Failures of Futures Commission Merchants and
Clearing Organizations Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is required to deposit funds to margin
open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a &ldquo;futures commission
merchant&rdquo; (&ldquo;FCM&rdquo;). The Commodity Exchange Act (the &ldquo;CEA&rdquo;) requires an FCM to segregate all funds received
from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&rsquo;s
proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect
to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect
to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled
basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments
permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any FCM as margin for futures contracts
may, in certain circumstances, be used to satisfy losses of other clients of the Fund&rsquo;s FCM. In addition, the assets of the Fund
posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM&rsquo;s bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in or exposure to foreign securities
involve certain risks not associated with investments in or exposure to securities of U.S. companies. For example, foreign markets can
be extremely volatile. Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies
so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs
and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default
with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose
withholding or other taxes on the Fund&rsquo;s income, capital gains or proceeds from the disposition of foreign securities, which could
reduce the Fund&rsquo;s return on such securities. In some cases, such withholding or other taxes could potentially be confiscatory. Other
risks include: possible delays in the settlement of transactions or in the payment of income; generally less publicly available information
about foreign companies; the impact of economic, political, social, diplomatic or other conditions or events (including, for example,
military confrontations, war, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization
of a company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial reporting
standards that may be less comprehensive and stringent than those applicable to domestic companies; the imposition of economic and other
sanctions against a particular foreign country, its nationals or industries or businesses within the country; and the generally less stringent
standard of care to which local agents may be held in the local markets. In addition, it may be difficult to obtain reliable information
about the securities and business operations of certain foreign issuers. Governments or trade groups may compel local agents to hold securities
in designated depositories that are not subject to independent evaluation. The less developed a country&rsquo;s securities market is,
the greater the level of risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risks posed by sanctions against a particular
foreign country, its nationals or industries or businesses within the country may be heightened to the extent the Fund invests significantly
in the affected country or region or in issuers from the affected country that depend on global markets. Additionally, investments in
certain countries may subject the Fund to a number of tax rules, the application of which may be uncertain. Countries may amend or revise
their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding
the laws, regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by
reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities
for the Fund. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency&rsquo;s strength or weakness
relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities
or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly
over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency exchange controls
and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign
currencies into U.S. dollars and vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Frequent Trading Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio managers may actively and frequently
trade investments in the Fund&rsquo;s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility
that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders
at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund&rsquo;s after-tax return. Frequent
trading can also mean higher brokerage and other transaction costs, which could reduce the Fund&rsquo;s return. The trading costs and tax effects
associated with portfolio turnover may adversely affect the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Government Interventions Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Extreme volatility and illiquidity in markets
has in the past led to, and may in the future lead to, extensive governmental interventions in equity, debt, credit and currency markets.
Generally, such interventions are intended to reduce volatility and precipitous drops in value. In certain cases, governments have intervened
on an &ldquo;emergency&rdquo; basis, suddenly and substantially eliminating market participants&rsquo; ability to continue to implement certain
strategies or manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and
application, resulting in uncertainty. It is impossible to predict when these restrictions will be imposed, what the interim or permanent
restrictions will be and/or the effect of such restrictions on the Fund&rsquo;s strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Hedging Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may utilize financial instruments,
both for investment purposes and for risk management purposes in order to (i) protect against possible changes in the market value
of the Fund&rsquo;s investment portfolio resulting from fluctuations in the securities markets and changes in interest rates; (ii) protect
the Fund&rsquo;s unrealized gains in the value of the Fund&rsquo;s investment portfolio; (iii) facilitate the sale of any such investments; (iv)
enhance or preserve returns, spreads or gains on any investment in the Fund&rsquo;s portfolio; (v) hedge the interest rate or currency
exchange rate on any of the Fund&rsquo;s liabilities or assets; (vi) protect against any increase in the price of any securities the Fund
anticipates purchasing at a later date or (vii) for any other reason that the Adviser deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The success of the Fund&rsquo;s hedging strategy will
depend, in part, upon the Adviser&rsquo;s ability to correctly assess the degree of correlation between the performance of the instruments
used in the hedging strategy and the performance of the portfolio investments being hedged. Since the characteristics of many securities
change as markets change or time passes, the success of the Fund&rsquo;s hedging strategy will also be subject to the Adviser&rsquo;s ability to continually
recalculate, readjust and execute hedges in an efficient and timely manner. While the Fund may enter into hedging transactions to seek
to reduce risk, such transactions may result in a poorer overall performance for the Fund than if it had not engaged in such hedging transactions.
For a variety of reasons, the Adviser may not seek to establish a perfect correlation between the hedging instruments utilized and the
portfolio holdings being hedged. Such an imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund
to risk of loss. The Adviser may not hedge against a particular risk because it does not regard the probability of the risk occurring
to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk. The successful
utilization of hedging and risk management transactions requires skills complementary to those needed in the selection of the Fund&rsquo;s portfolio
holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>High-Yield Investments Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and other debt instruments held by
the Fund that are rated below investment grade (commonly called &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo; bonds) and unrated debt
instruments of comparable quality tend to be more sensitive to credit risk than higher-rated debt instruments and may experience greater
price fluctuations in response to perceived changes in the ability of the issuing entity or obligor to pay interest and principal when
due than to changes in interest rates. These investments are generally more likely to experience a default than higher-rated debt instruments.
High-yield debt instruments are considered to be predominantly speculative with respect to the issuer&rsquo;s capacity to pay interest
and repay principal. These debt instruments typically pay a premium - a higher interest rate or yield - because of the increased risk
of loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be difficult
to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid than higher-rated
debt instruments. The ratings provided by third party rating agencies are based on analyses by these ratings agencies of the credit quality
of the debt instruments and may not take into account every risk related to whether interest or principal will be timely repaid. In adverse
economic and other circumstances, issuers of lower-rated debt instruments are more likely to have difficulty making principal and interest
payments than issuers of higher-rated debt instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Illiquid Investments Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in securities, bank debt,
private funds and companies, other assets and/or third-party managers and other claims, which are subject to legal or other restrictions
on transfer or for which no liquid market exists. The market prices, if any, for such investments tend to be volatile and may not be readily
ascertainable, and the Fund may not be able to execute a buy or sell order on exchanges at the desired price or to liquidate an open position
due to market conditions, including the operation of daily price fluctuation limits. The sale of restricted and illiquid securities often
requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities
eligible for trading on national securities exchanges or in the over-the-counter markets. The Fund may not be able to readily dispose
of such illiquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period
of time. If trading on an exchange is suspended or restricted, the Fund may not be able to execute trades or close out positions on terms
that the Adviser believes are desirable. Realization of value from such investments may be difficult in the short-term, or may have to
be made at a substantial discount compared to other freely tradable investments. An investment in the Fund is suitable only for certain
sophisticated investors who do not require immediate liquidity for their investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inflation Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflation risk is the risk that the value of assets
or income from investment will be worth less in the future, as inflation decreases the value of money. As inflation increases, the real
value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest
rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inflation-Indexed Bonds Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in inflation-indexed bonds,
which are fixed-income securities or other instruments whose principal value is periodically adjusted according to the rate of inflation.
Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of
the bond. Most other issuers pay out the Consumer Price Index (&ldquo;CPI&rdquo;) accruals as part of a semi-annual coupon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflation-indexed securities issued by the
U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be
issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the
inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a
3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months was 1%, the mid-year par value
of the bond would be $1,010 and the first semiannual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the
second half of the year resulted in the whole year&rsquo;s inflation equaling 3%, the end-of-year par value of the bond would be
$1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the periodic adjustment rate measuring inflation
falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities
(calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted
for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current
market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or
may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity
may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the rate
of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of inflation-indexed bonds is expected
to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest
rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates
might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster
rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance,
however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While these securities are expected to be protected
from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons
other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the
extent that the increase is not reflected in the bond&rsquo;s inflation measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the measure used to determine the
periodic adjustment of U.S. inflation-indexed bonds is the Consumer Price Index for Urban Consumers (&ldquo;CPI-U&rdquo;), which is calculated
monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such
as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect
a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will
accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of
inflation in a foreign country will be correlated to the rate of inflation in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any increase in the principal amount of an inflation-indexed
bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Technology Systems Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is dependent on the Adviser for certain
management services as well as back-office functions. The Adviser depends on information technology systems in order to assess investment
opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which
causes disruptions to these information technology systems could materially limit the Adviser&rsquo;s ability to adequately assess and
adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm
the performance of the Fund. Further, failure of the back-office functions of the Adviser to process trades in a timely fashion could
prejudice the investment performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest Rate Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk is the risk of losses attributable
to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest
rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount
of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may
also affect the liquidity of the Fund&rsquo;s investments in debt instruments. In general, the longer the maturity or duration of a debt
instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations,
which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest the money received in securities that have
lower yields). Very low or negative interest rates may prevent the Fund from generating positive returns and may increase the risk that,
if followed by rising interest rates, the Fund&rsquo;s performance will be negatively impacted. The Fund is subject to the risk that the
income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result
in increases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative
impact on the Fund&rsquo;s performance and NAV. Any interest rate increases could cause the value of the Fund&rsquo;s investments in debt instruments
to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it
is not advantageous to do so, which could result in losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Issuer Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An issuer in which the Fund invests or to which
it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively
affect the Fund&rsquo;s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures,
breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural
disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may
impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund&rsquo;s net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Company Act Regulations Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a registered closed-end management
investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision
thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is
unenforceable by either party unless a court finds otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal, Tax and Regulatory Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal, tax and regulatory changes could occur
that may have material adverse effects on the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To qualify for the favorable U.S. federal income
tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income
from certain prescribed sources and distribute for each taxable year at least 90% of its &ldquo;investment company taxable income&rdquo;
(generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable
year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to
tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary
dividends to the extent of the Fund&rsquo;s current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current presidential administration has called
for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard,
there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state
and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic
and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty
surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress
or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and
global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment,
inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&rsquo;s business, they could
adversely affect the Fund&rsquo;s business, financial condition, operating results and cash flows. Until the Fund knows what policy changes
are made and how those changes impact the Fund&rsquo;s business and the business of the Fund&rsquo;s competitors over the long term, the
Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rules dealing with U.S. federal income taxation
are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department.
Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Leverage Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund uses leverage through direct borrowings
(e.g., through its Facility) and through any of the financial instruments described herein, including derivative instruments (such as
options and swaps), which are inherently leveraged and trading in products with embedded leverage such as short sales and forwards. The
instruments and borrowings utilized by the Fund to leverage investments are typically collateralized by the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of leverage will magnify the volatility
of changes in the value of the investments of the Fund. Accordingly, any event which adversely affects the value of an investment would
be magnified to the extent the investment is leveraged. The cumulative effect of the use of leverage by the Fund in a market that moves
adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund was not leveraged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While leverage increases the buying power of
the Fund and presents opportunities for increasing total returns, it has the effect of potentially increasing losses as well. For
example, funds borrowed for leveraging will be subject to interest, transaction and other costs, and other types of leverage also
involve transaction and other costs. Any such costs may or may not be recovered by the return on the Fund&rsquo;s portfolio.
Leverage will increase the investment return of the Fund if an investment purchased with or utilizing leverage earns a greater
return than the cost to the Fund of such leverage. The use of leverage will decrease the investment return if the Fund fails to
recover the cost of such leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Management Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is subject to management risk because
it is an actively managed investment portfolio. The Adviser and the individual portfolio managers will apply investment techniques and
risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.
The Fund may be subject to a relatively high level of management risk because the Fund may invest in derivative instruments, which may
be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and
bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may incur losses due to declines in the
value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result
of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.
In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect
many issuers, which could adversely affect the Fund&rsquo;s ability to price or value hard-to-value assets in thinly traded and closed
markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected,
and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial
market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other
circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other
conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events
- or the potential for such events - could have a significant negative impact on global economic and market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Disruption and Geopolitical Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The occurrence of events similar to those in recent
years, such as in Afghanistan, Pakistan, Egypt, Libya, Syria and the Middle East, international war or conflict (including the Israel-Hamas
and Russia-Ukraine wars), new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental
disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis),
sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of
foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally,
new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries
from the EU or the EMU, and continued changes in the balance of political power among and within the branches of the U.S. government,
among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further
economic uncertainties in the United States and worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China and the United States have each imposed
tariffs on the other country&rsquo;s products. These actions may cause a significant reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments
of China&rsquo;s export industry, which could have a negative impact on the Fund&rsquo;s performance. U.S. companies that source material
and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions.
Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against
safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and
it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cybersecurity incidents affecting particular companies
or industries may adversely affect the economies of particular countries, regions or parts of the world in which the Fund invests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The occurrence of any of these above events could
have a significant adverse impact on the value and risk profile of the Fund&rsquo;s portfolio. The Fund does not know how long the securities
markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities
markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Money Market Fund Investment Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in money market funds. An
investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government
agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically $1.00
per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed
and it is possible for the Fund to lose money by investing in these and other types of money market funds. Certain money market funds
must impose a mandatory liquidity fee on redemptions if daily net redemptions exceed 5% of their net assets and certain money market funds
may impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the money
market fund. The amount of any mandatory liquidity fee will represent a good faith estimate of the costs of liquidating a pro rata portion
of each of the money market fund&rsquo;s portfolio holdings to meet the redemptions, or 1% of the value of the shares redeemed if such
an amount cannot be estimated. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to the fees
and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests,
including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the
money market fund in direct proportion to such investment. The money market fund may not achieve its investment objective. The Fund, through
its investment in the money market fund, may not achieve its investment objective. To the extent the Fund invests in instruments such
as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting
from the Fund&rsquo;s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive
regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may
affect the manner of operation, performance and/or yield of money market funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mortgage- and other Asset-Backed Instruments
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of any mortgage-backed and other asset-backed
instruments including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be affected by,
among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or
the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety
bonds or other credit enhancements; or the market&rsquo;s assessment of the quality of underlying assets. Mortgage-backed instruments represent
interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor
of the instruments) are distributed to the holders of the mortgage-backed instruments. Other types of asset-backed securities typically
represent interests in, or are backed by, pools of receivables such as credit, automobile, student and home equity loans. Mortgage- and
other asset-backed instruments can have a fixed or an adjustable rate. Mortgage-and other asset-backed instruments are subject to liquidity
risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price) and prepayment risk
(the risk that the underlying mortgage or other asset may be refinanced or prepaid prior to maturity during periods of declining or low
interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields). In addition, the impact
of prepayments on the value of mortgage- and other asset-backed instruments may be difficult to predict and may result in greater volatility.
A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying
mortgage-backed instruments and thereby adversely affect the ability of the mortgage-backed instruments issuer to make principal and/or
interest payments to mortgage-backed instrument holders, including the Fund. Rising or high interest rates tend to extend the duration
of mortgage-and other asset-backed instruments, making them more volatile and more sensitive to changes in interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of principal and interest on some mortgage-backed
instruments (but not the market value of the instruments themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government
(in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises
or instrumentalities (in the case of securities guaranteed by the FNMA or the FHLMC), which are not insured or guaranteed by the U.S.
Government (although FNMA and FHLMC may be able to access capital from the U.S. Treasury to meet their obligations under such securities).
Mortgage-backed instruments issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage
insurance companies, mortgage bankers and other secondary market issuers) may be supported by various credit enhancements, such as pool
insurance, guarantees issued by governmental entities, letters of credit from a bank or senior/subordinated structures, and may entail
greater risk than obligations guaranteed by the U.S. Government, whether or not such obligations are guaranteed by the private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Municipal Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Municipal securities are debt obligations generally
issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific
project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as
Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The
value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or
state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a
private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing
credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special
revenue obligations. General obligation bonds are backed by an issuer&rsquo;s taxing authority and may be vulnerable to limits on a government&rsquo;s
power or ability to raise revenue or increase taxes. They may also depend for payment on legislative appropriation and/or funding or other
support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue
source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue
generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local
government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health
care, transportation and utilities, conditions in those sectors can affect the overall municipal market. The amount of publicly available
information for municipal issuers is generally less than for corporate issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Diversified Fund Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified, which generally means
that it may invest a greater percentage of its total assets in the securities of fewer issuers than a &ldquo;diversified&rdquo; fund.
This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more
than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund&rsquo;s value will likely
be more volatile than the value of a more diversified fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuers in a state, territory, commonwealth or
possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of
events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict
or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such
issuers which, in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state,
territory, commonwealth or possession. The value of the Fund&rsquo;s shares will be negatively impacted to the extent it invests in such
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Investment Grade and Unrated Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of the Fund&rsquo;s assets may be invested
in instruments that are unrated or have a credit quality rating below investment grade by internationally recognized credit rating organizations,
such as Moody&rsquo;s Investors Service Inc. and S&amp;P Global Ratings. The market prices of those securities may fluctuate more than higher-rated
securities, and may decline significantly in periods of general economic difficulty. Those securities generally are considered to have
extremely poor prospects of ever attaining any real investment grade standing and to have a current identifiable vulnerability to default.
The issuers or guarantors of those securities are considered to be less likely to have the capacity to pay interest and repay principal
when due in the event of adverse business, financial or economic conditions. Alternatively, such issuers may be in default or not current
in the payment of interest or principal. Adverse changes in economic conditions or developments regarding the individual issuer are more
likely to cause price volatility and weaken the capacity of the issuers of noninvestment grade debt securities to make principal and interest
payments than issuers of higher grade debt securities. An economic downturn affecting an issuer of non-investment grade debt securities
may result in an increased incidence of default. In addition, the market for lower grade debt securities may be less liquid and less active
than for higher grade debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-U.S. Government and Supranational Debt
Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investments in the debt securities
of foreign governments can involve a high degree of risk. The governmental entity that controls the repayment of debt may not be able
or willing to repay the principal and/or interest when due in accordance with the terms of such debt. Governmental entities may be dependent
on expected disbursements from other foreign governments, multilateral agencies, and others abroad to reduce principal and interest arrearages
on their debt. The commitment on the part of these governments, agencies, and others to make such disbursements may be conditioned on
the implementation of economic reforms and/or economic performance and the timely service of such governmental entity&rsquo;s obligations.
Failure to adhere to any such requirements may result in the cancellation of such other parties&rsquo; commitments to lend funds to the
governmental entity, which may further impair such debtor&rsquo;s ability or willingness to timely service its debts, and, consequently,
governmental entities may default on their debt. In addition, a holder of foreign government obligations (including the Fund) may be requested
to participate in the rescheduling of such debt and to extend further loans to governmental entities, and such holder&rsquo;s interests
could be adversely affected in the course of those restructuring arrangements. Obligations arising from past restructuring agreements
may affect the economic performance and political and social stability of certain issuers of sovereign debt. In the event of a default
by a governmental entity, there may be few or no effective legal remedies for collecting on such debt. The sovereign debt of many non-U.S.
governments, including their subdivisions and instrumentalities, is rated below investment grade. The risks associated with non-U.S. Government
and supranational debt securities may be greater for debt securities issued or guaranteed by emerging and/or frontier countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign investment in certain sovereign debt is
restricted or controlled to varying degrees, which may at times limit or preclude foreign investment in such sovereign debt and increase
the Fund&rsquo;s costs and expenses. Certain issuers may require governmental approval for the repatriation of investment income, capital,
or the proceeds of sales of securities by foreign investors, and a government could impose temporary restrictions on foreign capital remittances.
The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital,
as well as by the application to the Fund of any restrictions on investments. Investing in local markets may require the Fund to adopt
special procedures, seek local government approvals, and/or take other actions, each of which may involve additional costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operational Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is exposed to operational risks arising
from a number of factors, including, but not limited to, human errors, processing and communication errors, errors of the Fund&rsquo;s
service providers, counterparties or other third parties, failed or inadequate internal or external processes, and technology or systems
failures. The use of certain investment strategies that involve manual or additional processing, such as over-the-counter derivatives,
increases these risks. While service providers are required to have appropriate operational risk management policies and procedures, their
methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available
or the effectiveness of relevant controls. The Fund and the Adviser seek to reduce these operational risks through controls, procedures
and oversight. However, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and
controls that completely eliminate or mitigate the occurrence or effects of such failures. The Fund, including its performance and continued
operation, and its shareholders could be negatively impacted as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pledge of, Foreclosure on and Liquidation of
Fund Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any assets of the Fund may be pledged to finance
other investments of the Fund. Shareholders may be at risk of loss due to borrowings used to finance other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Portfolio Turnover Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s annual portfolio turnover rate
may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the
execution of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions
and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short
term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a
declining market, portfolio turnover may create realized capital losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potential Conflicts of Interest of the Adviser
and Others</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment activities of the Adviser and its
affiliates, and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts
of interest that could disadvantage the Fund and its shareholders. The Adviser and its affiliates may engage in proprietary trading and
advise accounts and other funds that have investment objectives similar to those of the Fund and/or that engage in and compete for transactions
in the same or similar types of securities, currencies and other assets as are held by the Fund. Subject to the requirements of the Investment
Company Act, the Adviser and its affiliates intend to engage in such activities and may receive compensation from third parties for their
services. Neither the Adviser nor any affiliate is under any obligation to share any investment opportunity, idea or strategy with the
Fund. As a result, an affiliate may compete with the Fund for appropriate investment opportunities. The results of the Fund&rsquo;s investment
activities, therefore, may differ from those of an affiliate and of other accounts managed by an affiliate. It is possible that the Fund
could sustain losses during periods in which one or more affiliates and other accounts achieve profits on their trading for proprietary
or other accounts. The opposite result is also possible. The Adviser has adopted policies and procedures designed to address potential
conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Security Risk.</B> Preferred security
is a type of security that may pay dividends at a different rate than common stock of the same issuer, if at all, and that has preference
over common stock in the payment of dividends and the liquidation of assets. Preferred security does not ordinarily carry voting rights.
The price of a preferred security is generally determined by earnings, type of products or services, projected growth rates, experience
of management, liquidity, and general market conditions of the markets on which the security trades. The most significant risks associated
with investments in preferred security include issuer risk, market risk and interest rate risk (the risk of losses attributable to changes
in interest rates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Credit Asset Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to obtain exposure to select
less liquid or illiquid private credit investments. Typically, private credit investments are not traded in public markets and are illiquid,
such that the Fund may not be able to resell some of its holdings for extended periods, which may be several years, or at the price at
which the Fund is valuing its investments. The Fund may, from time to time or over time, focus its private credit investments in a particular
industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized
impact on the performance of the Fund. Additionally, private credit investments can range in credit quality depending on security-specific
factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer&rsquo;s cash flows,
the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company&rsquo;s debt
obligations. The issuers of private credit investment will often be leveraged, as a result of recapitalization transactions, and may not
be rated by national credit rating agencies. The Fund may also obtain exposure to private credit assets indirectly by investing in underlying
funds or other vehicles. Less information may be available with respect to private company investments and such investments offer limited
liquidity. Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records
in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial
reporting. As a result, there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely
affect the Fund&rsquo;s investment performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Companies Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may make direct private equity, venture
or other private investments in securities or other instruments issued by private companies or other private issuers. Operating results
for private companies/issuers in a specified period will be difficult to predict. Such investments involve a high degree of business and
financial risk that can result in substantial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private companies are generally not subject to
SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles
and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or
accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests.
There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund&rsquo;s
investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories,
more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private
companies more vulnerable to competitors&rsquo; actions and market conditions, as well as general economic downturns. These companies generally
have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses
with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations,
finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future
capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Typically, investments in private companies are
in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be
able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will be
able to realize the value of private company investments in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private companies are more likely to depend on
the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or
more of these persons could have a material adverse impact on the company. The Fund may hold a substantial number of non-controlling positions
in the private companies in which it invests. As a result, the Fund is subject to the risk that a company may make business decisions
with which the Fund disagrees, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways
that are adverse to the Fund&rsquo;s interests. Due to the lack of liquidity of such private investments, the Fund may not be able to
dispose of its investments in the event it disagrees with the actions of a private portfolio company and may therefore suffer a decrease
in the value of the investment. In addition, these investments are subject to valuation risk as they will be fair valued which is subject
to inherent uncertainty and thus, there is significant uncertainty that the Fund can realize such investments at value. At times the Fund
may be the majority investor in a portfolio company. In that event, the Fund may take actions in a manner that could disadvantage the
minority investors in such portfolio company. There is an increased risk that a minority investor could bring a claim in respect of such
actions, which may adversely impact the Fund&rsquo;s investment, whether or not such claims are successfully defended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in late-stage private companies involve
greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments
may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases
in the value of these investments. The Fund may not be able to sell such investments when the Adviser deems it appropriate to do so because
they are not publicly traded. As such, these investments are generally considered to be illiquid until a company&rsquo;s public offering
(which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may
prevent the Fund from selling its shares of these companies for a period of time. Market conditions, developments within a company, investor
perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately
offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of
the Fund&rsquo;s investment to decrease significantly. Even after an IPO, shares may still be restricted, and may be sold only in a privately
negotiated transaction or pursuant to an exemption from registration. For example, Rule 144A under the Securities Act provides an exemption
from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers,
such as the Fund. However, an insufficient number of qualified institutional buyers interested in purchasing the Rule 144A-eligible securities
that the Fund holds could affect adversely the marketability of certain Rule 144A securities, and the Fund might be unable to dispose
of such securities promptly or at reasonable prices. If adverse market conditions develop during this period, the Fund might obtain a
less favorable price than the price that prevailed when the Fund decided to sell. The Fund may be unable to sell restricted and other
illiquid investments at opportune times or prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Fund Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in private funds will subject the
Fund indirectly to investment risks associated with the private funds&rsquo; underlying investments, which are generally expected to be
risks associated with the Fund&rsquo;s direct investment strategies and which are described throughout this section of the Prospectus.
In addition, investments in private funds involve special risks including that they typically are not registered as investment companies
under the Investment Company Act. Therefore, as an investor in private funds, the Fund will not have the benefit of the protections afforded
by the Investment Company Act to investors in registered investment companies. These include, among others, limitations on the use of
leverage, and requirements relating to custody of assets, board composition, and approval of advisory contracts. Private funds may, in
some cases, concentrate their investments in a single industry or group of related industries. This increases the sensitivity of their
investment returns to economic factors affecting that industry or group of industries. As a result, private funds&rsquo; investments may,
in some cases, be more speculative or volatile and thus subject the Fund to greater risk of loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser typically has limited ability to verify
independently the information provided by a private fund or its manager, including valuations. Inaccurate or delayed valuations provided
by private funds could adversely affect the value of the Fund&rsquo;s shares. The Fund relies primarily on information provided to it
by the private funds in valuing its investments in such funds. The Adviser typically has limited ability to verify independent the information
provided by a private fund or its manager, including valuations. Further, because the Fund relies on information provided by the private
fund managers, delays in receiving audited financials or other required information may delay the Fund&rsquo;s own financial reporting
or investor communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A private fund manager may use proprietary investment
strategies that are not fully disclosed, which may involve risks under some market conditions that are not anticipated by the Adviser.
There can be no assurance that a private fund manager will provide advance notice of any material change in a private fund&rsquo;s investment
program or policies and thus, the Fund&rsquo;s investment portfolio may be subject to additional risks which may not be promptly identified
by the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in private funds are typically
illiquid. In some cases, the Fund may only be able to redeem its interests in the private fund at specific intervals and may be
subject to lock-up periods, notice requirements, or redemption gates. In other cases, a private fund may not provide any liquidity
whatsoever (as the fund may be &ldquo;closed-ended&rdquo;). In addition, a private fund may distribute illiquid or
difficult-to-value securities in-kind in connection with a redemption. In such cases, the Fund may be required to hold or liquidate
these securities or distribute them to shareholders, potentially at a loss or on unfavorable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private funds generally pay both asset-based and
performance-based compensation to their investment managers. As a result, the private funds&rsquo; gross returns are reduced by the asset-based
and performance-based compensation paid by the private funds. Thus, as an investor in these funds, the Fund bears a proportionate share
of the private fund fees and expenses, which are in addition to the management fee paid by the Fund to the Adviser. These layered fees
have the effect of reducing the Fund&rsquo;s investment returns. In addition, the Fund&rsquo;s investment in a private fund will be subject
to performance-based compensation, even if (i) other private fund investments of the Fund underperform and generate no performance based
compensation and (ii) the Fund generates overall negative returns. Further, performance-based compensation may create an incentive for
managers of private funds to make investments that are riskier or more speculative than those they might otherwise make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike in a traditional registered fund structure,
the Fund may have no voting rights or may waive such rights in connection with investments in certain private funds. As a result, the
Fund may be unable to vote on matters that could adversely affect its investments, including changes to the private fund&rsquo;s governing
documents or investment policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is also a risk that a private fund manager
or its custodian could misappropriate assets or fail to comply with applicable laws and regulations, resulting in loss to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Investments in Public Equity (&ldquo;PIPEs&rdquo;)
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in PIPEs. PIPEs are equity
securities purchased in a private placement that are issued by issuers who have outstanding, publicly traded equity securities of the
same class. Shares in PIPEs are not registered with the SEC and may not be sold unless registered with the SEC or pursuant to an exemption
from registration. This restricted period can last many months. Until the public registration process is completed, the resale of the
PIPE shares is restricted and the Fund may sell the shares after six months, with certain restrictions, if the Fund is not an affiliate
of the issuer (under relevant securities law, a holder of restricted shares may sell the shares after 6 months if the holder is not affiliated
to the issuer).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, such restrictions cause the PIPEs to
be illiquid during this time. If the issuer does not agree to register the PIPE shares, the shares will remain restricted, not be freely
tradable and may only be sold pursuant to an exemption from registration. Even if the PIPE shares are registered for resale, there is
no assurance that the registration will be in effect at the time the Fund elects to sell the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Quota Share Notes, Excess of Loss Notes and
ILW Notes Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Reinsurance Notes represent an interest, either
proportional or non-proportional, in one or more underlying reinsurance contracts, the Fund has limited transparency into the individual
underlying contract(s) and, therefore, must rely upon the risk assessment and sound underwriting practices of the sponsor. Accordingly,
it may be more difficult to fully evaluate the underlying risk profile of Reinsurance Notes, which may place the Fund&rsquo;s assets at
greater risk of loss than if the Adviser had more complete information. The lack of transparency may also make the valuation of such investments
more difficult and potentially result in mispricing that could result in losses to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reference Rate Replacement Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may be exposed to financial instruments
that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) to determine payment
obligations, financing terms, hedging strategies or investment value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United Kingdom&rsquo;s Financial Conduct Authority
(&ldquo;FCA&rdquo;), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some
USD LIBOR settings would continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts.
After September 30, 2024, the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased.
The Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) is a broad measure of the cost of borrowing cash overnight collateralized by
U.S. Treasury securities in the repurchase agreement (&ldquo;repo&rdquo;) market and has been used increasingly on a voluntary basis in
new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates
based on SOFR have replaced LIBOR in certain financial contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the effect of the LIBOR transition
process nor its ultimate success can yet be known. While some existing LIBOR-based instruments may contemplate a scenario where
LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty
regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may
have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add
alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using
LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty of
performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also
cease to be published in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulation and Government Intervention Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Federal, state, and other governments, their regulatory
agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways
that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation
could limit or preclude the Fund&rsquo;s ability to achieve its investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of popular, political and judicial focus
on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally.
In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation
of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation
and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of
conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial
institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may be affected by governmental action
in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and
its ability to achieve its investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reinsurance Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The performance of reinsurance-related securities
and the reinsurance industry itself are tied to the occurrence of various triggering events, including weather, natural disasters (hurricanes,
earthquakes, etc.), non-natural large catastrophes and other specified events causing physical and/or economic loss. If the likelihood
and severity of natural and other large disasters increase, the risk of significant losses to reinsurers may also increase. Typically,
one significant triggering event (even in a major metropolitan area) will not result in financial failure to a reinsurer. However, a series
of major triggering events could cause the failure of a reinsurer. Similarly, to the extent the Fund invests in reinsurance-related securities
for which a triggering event occurs, losses associated with such event could result in losses to the Fund&rsquo;s investment, and a series
of major triggering events affecting a large portion of the reinsurance- related securities held by the Fund could result in substantial
losses to the Fund&rsquo;s investment. In addition, unexpected events such as natural disasters or terrorist attacks could lead to government
intervention. Political, judicial and legal developments affecting the reinsurance industry could also create new and expanded theories
of liability or regulatory or other requirements; such changes could have a material adverse effect on the Fund&rsquo;s investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of the level of losses under
a reinsurance-related security may be a protracted process and the realizable value of these reinsurance-related securities, particularly
those with respect to which a loss event has occurred, will be delayed until the related collateral, if any, is released to the Fund and
any remaining associated liabilities are finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reliance on the Adviser Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is dependent upon services and resources
provided by the Adviser. The Adviser is not required to devote their full time to the business of the Fund and there is no guarantee or
requirement that any investment professional or other employee of the Adviser will allocate a substantial portion of his or her time to
the Fund. The loss of one or more individuals involved with the Adviser could have a material adverse effect on the performance or the
continued operation of the Fund. For additional information on the Adviser, see &ldquo;Management of the Fund-Investment Adviser.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reliance on Service Providers Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund must rely upon the performance of service
providers to perform certain functions, which may include functions that are integral to the Fund&rsquo;s operations and financial performance.
Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise
due care and skill or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a
material adverse effect on the Fund&rsquo;s performance and returns to shareholders. The termination of the Fund&rsquo;s relationship
with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&rsquo;s performance and returns to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Associated with Recent Market Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant increase in interest rates may cause
a further decline in the market for equity securities and could lead to a recession. Further, regulators have expressed concern that rate
increases may contribute to price volatility. The impact of inflation and the recent actions of the Federal Reserve have led to market
volatility and may negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&rsquo;s
performance. See &ldquo;-Inflation Risk.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governments and regulators may take actions that
affect the regulation of the Fund or the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable.
Future legislation or regulation or other governmental actions could limit or preclude the Fund&rsquo;s abilities to achieve its investment
objectives or otherwise adversely impact an investment in the Fund. Political and diplomatic events within the United States, including
a contentious domestic political environment, changes in political party control of one or more branches of the U.S. Government, the U.S.
Government&rsquo;s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown,
and disagreements over, or threats not to increase, the U.S. Government&rsquo;s borrowing limit (or &ldquo;debt ceiling&rdquo;), as well
as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and
the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or
concerns about the U.S. Government&rsquo;s credit quality in general, could have a substantial negative effect on the U.S. and global
economies. For example, concerns about the U.S. Government&rsquo;s credit quality may cause increased volatility in the stock and bond
markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt.
Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility that the United States could default
on its obligations. The consequences of such an unprecedented event are impossible to predict, but 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&rsquo;s
investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some countries, including the United States, have
adopted and/or are considering the adoption of more protectionist trade policies and/or a move away from tight financial industry regulations,
including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates, that
were previously adopted in response to serious economic disruptions. The exact shape of these policies is still being considered, but
the equity and debt markets may react strongly to expectations of change, which could increase volatility, especially if the market&rsquo;s
expectations are not borne out and an unexpected or sudden reversal of these policies, could increase volatility in securities markets,
which could adversely affect the Fund&rsquo;s investments or prevent the Fund from executing on advantageous investment opportunities
in a timely manner. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could
affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other
risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial
markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers
located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity
of the Fund&rsquo;s investments may be negatively affected by such events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Rule 144A and Other Exempted Securities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in privately placed and other
securities or instruments exempt from SEC registration (collectively &ldquo;private placements&rdquo;), subject to certain regulatory
restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers,
as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect
the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the
Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price).
The Fund&rsquo;s holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling
to purchase them at a particular time. The Fund may also have to bear the expense of registering the securities for resale and the risk
of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of private placements typically
reflect a discount, which may be significant, from the market price of comparable securities for which a more liquid market exists. Issuers
of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure
is much less extensive than that required of public companies and is not publicly available since the offering information is not filed
with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund)
to agree contractually to keep the information confidential, which could also adversely affect the Fund&rsquo;s ability to dispose of
the security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Secondary Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may acquire shares or interests in
private companies from other shareholders (&ldquo;Secondary Shares&rdquo;). When the Fund purchases Secondary Shares, it may have
little or no direct access to financial or other information from the issuers of those securities. As a result, the Fund is
dependent upon the relationships and contacts of the Adviser and its investment professionals to obtain the information to perform
research and due diligence and to monitor the investments in Secondary Shares after they are made. There can be no assurance that
the Adviser will be able to acquire adequate information on which to make its investment decision with respect to any Secondary
Share purchases, or that the information it is able to obtain is accurate or complete. Any failure to obtain full and complete
information regarding the issuers of such shares could cause the Fund to lose part or all of its investment in Secondary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, while the Adviser may believe the
ability to acquire Secondary Shares or sell the Fund&rsquo;s own private securities as Secondary Shares may provide valuable opportunities
for liquidity, there can be no assurance that there will be a market or liquidity for buying or selling Secondary Shares. The prices of
Secondary Shares may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may result
in an inability for the Fund to acquire Secondary Shares at an attractive price or realize the full value on the sale of private securities
held by the Fund as Secondary Shares. In addition, wide swings in market prices, which are typical of irregularly traded securities, could
cause significant and unexpected declines in the value of the Fund. Further, prices in private secondary marketplaces, where limited information
is available, may not accurately reflect the true value of the securities sold in that market, and may overstate an issuer&rsquo;s actual
value, which may cause the Fund to realize future losses on its investment in a private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in private companies, including through
private secondary marketplaces, also entail additional legal and regulatory risks that expose participants to the risk of liability due
to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private
securities transactions, the non-compliance with which could result in rescission rights and monetary and other sanctions. The application
of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite efforts
to comply with applicable laws, the Fund could be exposed to liability. The regulation of private secondary marketplaces is also evolving.
Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely,
deregulation of these markets could make it easier for investors to invest directly in private companies and affect the competitiveness
for such investments. Private companies may also increasingly seek to limit secondary trading in their stock, such as through contractual
transfer restrictions, and provisions in company charter documents, investor rights of first refusal and co-sale and/or employment and
trading policies further restricting trading. To the extent that these or other developments result in reduced trading activity and/or
availability of private company shares, the Fund&rsquo;s ability to find investment opportunities and to liquidate investments could be
adversely affected. Investments acquired at a discount may result in unrealized gains at the time the Fund next calculates its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund&rsquo;s NAV is generally based
on the fair market value, for secondary investments that are acquired at a discount, those investments would be marked up to their fair
value at the next NAV calculation, which would result in unrealized gains at the Fund level. The unrealized gains would increase the value
of the Fund&rsquo;s NAV and investment performance, and when sold, would result in taxable gain if the sold value of the investments were
greater than the Fund&rsquo;s tax basis in such investments. If sold, the investments would result in taxable gain to the extent the sell
price of the investments exceeded the Fund&rsquo;s tax basis in such investments and would likely be treated as capital gains.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sector Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At times, the Fund may have a significant portion
of its assets invested in securities of companies conducting business within one or more economic sectors. Companies in the same sector
may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to
unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it
spreads risk and potentially reduces the risks of loss and volatility. The Fund does not focus on any particular sector or industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Senior Loan Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Senior loans and interests in other bank loans
may not be readily marketable and may be subject to restrictions on resale. Senior loans and other bank loans may not be considered &ldquo;securities,&rdquo;
and investors in these loans may not be entitled to rely on anti-fraud and other protections under the federal securities laws. In some
cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult
or impossible to dispose of readily at what the Adviser believes to be a fair price. In addition, valuation of illiquid indebtedness involves
a greater degree of judgment in determining the Fund&rsquo;s NAV than if that value were based on available market quotations, and could
result insignificant variations in the Fund&rsquo;s daily NAV. At the same time, some loan interests are traded among certain financial
institutions and accordingly may be deemed liquid. Further, the settlement period (the period between the execution of the trade and the
delivery of cash to the purchaser) for some senior loans and other bank loans transactions may be significantly longer than the settlement
period for other investments, and in some case may take longer than seven days. As a result, the Fund may be forced to sell investments
at unfavorable prices or borrow money or effect short settlements where possible (at a cost to the Fund), in an effort to generate sufficient
cash to meet liquidity needs (to the extent they arise). The Fund&rsquo;s actions in this regard may not be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Short Selling Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The extent to which the Fund engages in short
sales will depend upon the Adviser&rsquo;s investment strategy and opportunities. A short sale creates the risk of a theoretically unlimited
loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Fund of
buying those securities to cover the short position. There can be no assurance that the Fund will be able to maintain the ability to borrow
securities sold short. In such cases, the Fund can be &ldquo;bought in&rdquo; (i.e., forced to repurchase securities in the open market
to return to the lender). There also can be no assurance that the securities necessary to cover a short position will be available for
purchase at or near prices quoted in the market, and such risk may be exacerbated to the extent that such securities are thinly traded
or illiquid. Purchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby
exacerbating the loss. It may also be impossible for the Fund to borrow securities at the most desirable time to make a short sale, particularly
in illiquid securities markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the prices of securities sold short increase,
the Fund will likely be required to provide additional funds or collateral to maintain the short positions. This could require the Fund
to liquidate other investments to provide additional margin, and those liquidations might not be at favorable prices. A short sale involves
the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus
increasing the cost to the Fund of buying those securities to cover the short position or resulting in the inability of the Fund to cover
the short position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Special Purpose Acquisition Companies Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital raised through the IPO of securities of
a SPAC is typically placed into a trust account until acquired business combination is completed or a predetermined period of time (typically
24 months) elapses. Investors in a SPAC would receive a return on their investment in the event that a target company is acquired and
the combined publicly-traded company&rsquo;s shares trade above the SPAC&rsquo;s IPO price, or alternatively, the market price at which an investor
acquired a SPAC&rsquo;s shares subsequent to its IPO. In the event that a SPAC is unable to locate and acquire a target business by the timeframe
established at the time of its IPO, the SPAC would be forced to liquidate its assets, which may result in losses due to the expenses and
liabilities of the SPAC, to the extent third-parties are permitted to bring claims against IPO proceeds held in the SPAC&rsquo;s trust account.
Investors in a SPAC are subject to the risk that, among other things, (i) such SPAC may not be able to complete a qualifying business
combination by the deadline established at the time of its IPO, (ii) assets in the trust account may become subject to third-party claims
against such SPAC, which may reduce the per share liquidation value received by the investors in the SPAC in the event it fails to complete
a business combination within the required time period, (iii) such SPAC may be exempt from the rules promulgated by the SEC to protect
investors in &ldquo;blank check&rdquo; companies, such as Rule 419 promulgated under the Securities Act, so that investors in such SPAC
may not be afforded the benefits or protections of those rules, (iv) such SPAC will likely only complete one business combination, which
will cause its returns and future prospects to be solely dependent on the performance of a single acquired business, (v) the value of
any target business, including its stock price as a public company, may decrease following its acquisition by such SPAC, (vi) the value
of the funds invested and held in the trust account may decline, (vii) the inability to redeem due to the failure to hold the securities
in the SPAC on the applicable record date to do so, and (viii) if the SPAC is unable to consummate a business combination, public stockholders
will be forced to wait until the deadline before liquidating distributions are made. The Fund may invest in a SPAC that, at the time of
investment, has not selected or approached any prospective target businesses with respect to a business combination. In such circumstances,
there may be limited basis for the Fund to evaluate the possible merits or risks of such SPAC&rsquo;s investment in any particular target business.
In addition, to the extent that a SPAC completes a business combination, it may be affected by numerous risks inherent in the business
operations of the acquired company or companies. For these and additional reasons, investments in SPACs are speculative and involve a
high degree of risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Adviser may receive material
non-public information with respect to a particular SPAC or other issuer of publicly traded securities. In particular, to the extent the
Fund is party to a forward purchase agreement, a SPAC will typically be required to advise the Fund with respect to developments in its
search for possible target businesses. In such circumstances, the Fund may be prohibited, by law, policy or contract, for a period of
time from (i) unwinding a position in such issuer, (ii) establishing an initial position or taking any greater position in such issuer,
and (iii) pursuing other investment opportunities related to such issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sovereign Debt Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to buy and sell sovereign debt.
Several factors may affect (i) the ability of a government, its agencies, instrumentalities or its central bank to make payments on the
debt it has issued (&ldquo;Sovereign Debt&rdquo;), including securities that the Adviser believes are likely to be included in restructurings
of the external debt obligations of the issuer in question, (ii) the market value of such debt and (iii) the inclusion of Sovereign Debt
in future restructurings, including such issuer&rsquo;s (x) balance of trade and access to international financing, (y) cost of servicing
such obligations, which may be affected by changes in international interest rates, and (z) level of international currency reserves,
which may affect the amount of non U.S. exchange available for external debt payments. Significant ongoing uncertainties and exposure
to adverse conditions may undermine the issuer&rsquo;s ability to make timely payment of interest and principal, and issuers may default
on their Sovereign Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Structured Instruments Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in structured instruments,
including, structured notes, credit-linked notes and other types of structured instruments. Holders of structured instruments bear risks
of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive
payments only from the structured instrument, and generally does not have direct rights against the issuer or the entity that sold the
assets to be securitized. While certain structured instruments enable the investor to acquire interests in a pool of securities without
the brokerage and other expenses associated with directly holding the same securities, investors in structured instruments generally pay
their share of the structured instrument&rsquo;s administrative and other expenses. Although it is difficult to predict whether the prices
of indices and securities underlying structured instruments will rise or fall, these prices (and, therefore, the prices of structured
instruments) are generally influenced by the same types of political and economic events that affect issuers of securities and capital
markets generally. If the issuer of a structured instrument uses shorter term financing to purchase longer term securities, the issuer
may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely
affect the value of the structured instruments owned by the Fund. Structured instruments generally entail risks associated with derivative
instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Systemic Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Systemic risk is the risk of broad financial system
stress or collapse triggered by the default of one or more financial institutions, which results in a series of defaults by other interdependent
financial institutions. Financial intermediaries, such as clearinghouses, banks, securities firms and exchanges with which the Fund interacts,
as well as the Fund, are all subject to systemic risk. A systemic failure could have material adverse consequences on the Fund and on
the markets for the securities in which the Fund seeks to invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Valuation Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is subject to valuation risk, which is
the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale
due to factors such as incomplete data, market instability or human error. The Adviser may use an independent pricing service or prices
provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such
instruments may be difficult to value. See &ldquo;Net Asset Value.&rdquo; When market quotations are not available, the Adviser may price
such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations.
These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology
for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence
of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate
valuation of the Fund&rsquo;s investments. Technological issues and/or errors by pricing services or other third-party service providers
may also impact the Fund&rsquo;s ability to value its investments and the calculation of the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When market quotations are not readily available
or are believed by the Adviser to be unreliable, the Adviser will fair value the Fund&rsquo;s investments in accordance with its policies
and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or
liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to
extinguish that liability in an arm&rsquo;s length transaction. Fair value pricing may require determinations that are inherently subjective
and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not
result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund
is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different
from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually
could be or is realized upon the sale of that security or other asset. For example, the Fund&rsquo;s NAV could be adversely affected if
the Fund&rsquo;s determinations regarding the fair value of the Fund&rsquo;s investments were materially higher than the values that the
Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require
more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than
for investments with a more active secondary market because there is less reliable objective data available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of overall size, duration and maturities
of positions held by the Fund, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim
valuations obtained by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. Securities
held by the Fund may routinely trade with bid-offer spreads that may be significant. There can be no guarantee that the Fund&rsquo;s
investments could ultimately be realized at the Fund&rsquo;s valuation of such investments. In addition, the Fund&rsquo;s compliance
with the asset diversification tests applicable to regulated investment companies depends on the fair market values of the Fund&rsquo;s
assets, and, accordingly, a challenge to the valuations ascribed by the Fund could affect its ability to comply with those tests or require
it to pay penalty taxes in order to cure a violation thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s NAV per common share is a critical
component in several operational matters including computation of advisory and services fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consequently, variance in the valuation of the
Fund&rsquo;s investments will impact, positively or negatively, the fees and expenses shareholders will pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Venture Capital Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may make &ldquo;venture capital&rdquo;
investments in private companies which are subject to significant additional risks, including that the venture capital investments typically
have limited operating history, are attempting to develop or commercialize unproven technologies or to implement novel business plans
or are not otherwise developed sufficiently to be self-sustaining financially or to become public. The public market for startup and emerging
growth companies is volatile. Such volatility may adversely affect the development of portfolio companies, the ability of the Fund to
dispose of investments, and the value of investment securities on the date of sale or distribution by the Fund. In particular, the receptiveness
of the public market to initial public offerings by the Fund&rsquo;s portfolio companies may vary dramatically from period to period.
An otherwise successful portfolio company may yield poor investment returns if it is unable to consummate an initial public offering at
the proper time. Even if a portfolio company effects a successful public offering, the portfolio company&rsquo;s securities may be subject
to contractual &ldquo;lock-up,&rdquo; securities law or other restrictions, which may, for a material period of time, prevent the Fund
from disposing of such securities. Although these investments may offer the opportunity for significant gains, such investments involve
a high degree of business and financial risk that can result in substantial losses, which risks generally are greater than the risks of
investing in public or private companies that may be at a later stage of development. There can be no guarantee that any portfolio company
investment will result in a liquidity event via public offering, merger, acquisition or otherwise. Generally, the investments made by
the Fund will be illiquid and difficult to value, and there will be little or no collateral to protect an investment once made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Volatile Markets Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prices of financial instruments in which the
Fund may invest can be volatile. Price movements of forward and other derivative contracts in which the Fund&rsquo;s assets may be invested
are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange
control programs and policies of governments, and national and international political and economic events and policies. The Fund is subject
to the risk of failure of any of the exchanges on which its positions trade or of their clearinghouses. There can be no assurance that
the Fund will not suffer material adverse effects from broad and rapid changes in market conditions. Recent market conditions have shown
that markets can quickly change at times or in ways that are difficult for the Adviser to predict, so even a well analyzed investment
approach may not protect the Fund from significant losses under certain market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Warrants and Rights Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants are securities giving the holder the
right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time
of issuance) during a specified period or perpetually. Warrants may be acquired separately or in connection with the acquisition of securities.
Warrants do not carry with them the right to dividends or voting rights and they do not represent any rights in the assets of the issuer.
Warrants are subject to the risks associated with the security underlying the warrant, including market risk. Warrants may expire unexercised
and subject the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous
time or price), which may result in Fund losses. Rights are available to existing shareholders of an issuer to enable them to maintain
proportionate ownership in the issuer by being able to buy newly issued shares. Rights allow shareholders to buy the shares below the
current market price. Rights are typically short-term instruments that are valued separately and trade in the secondary market during
a subscription (or offering) period. Holders can exercise the rights and purchase the stock, sell the rights or let them expire. Their
value, and their risk of investment loss, is a function of that of the underlying security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>When-Issued, Forward Commitment and Delayed
Delivery Transactions Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase securities on a when-issued
basis (including on a forward commitment or &ldquo;TBA&rdquo; (to be announced) basis) and may purchase or sell securities for delayed
delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Fund with payment and delivery
taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may
expose the Fund to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their
actual delivery. The Fund will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery
date. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available
in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a010"></A>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is responsible for the overall management
of the Fund, including supervision of the duties performed by the Adviser. There are five Trustees. A majority of the Trustees are Independent
Trustees of the Fund. The name and business address of the Trustees and officers of the Fund and their principal occupations and other
affiliations during the past five years are set forth under &ldquo;Management of the Fund&rdquo; in the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser is a registered investment adviser
and is responsible for the management of the Fund&rsquo;s portfolio and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operation of the Fund. Subject to the oversight of the Board, the Adviser manages the day-to-day operations
of the Fund, determining what securities and other investments the Fund should buy or sell and executing portfolio transactions. The Adviser
may use the research and other capabilities of affiliates and third parties in managing the Fund&rsquo;s investments. At present, the
Adviser has not engaged any investment sub-adviser for the Fund. The Adviser is located at 405 Lexington Avenue, 58<SUP>th</SUP> Floor,
New York, New York 10174.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 1, 2025, the Adviser&rsquo;s assets
under management were approximately $5.88 billion. The Adviser focuses on credit relative value, tail hedge, and closed-end funds. The
Adviser&rsquo;s investors are predominantly institutions and include corporate pensions, public pensions, foundations, fund of funds,
endowments, and family offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Portfolio Managers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The members of the portfolio management team who
are primarily responsible for the day-to-day management of the Fund&rsquo;s portfolio are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Boaz Weinstein is the Founder and Chief Investment
Officer of the Adviser. Previously, Mr. Weinstein worked at Deutsche Bank for 11 years, the last eight as Managing Director. In 2008,
Mr. Weinstein became the Co-Head of Global Credit Trading of Deutsche Bank. Mr. Weinstein was also a member of the Global Markets Executive
Committee. Mr. Weinstein began his investment career in 1995 at Merrill Lynch and worked at Donaldson Lufkin &amp; Jenrette prior to joining
Deutsche Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paul Kazarian joined the Adviser in March 2013
and is responsible for exchange traded products, including ETF arbitrage and closed-end funds. Prior to March 2013, Mr. Kazarian was a
Director at RBC Capital Markets in the Global Arbitrage and Trading Group from 2007-2013. While there, Mr. Kazarian was responsible for
the development and management of the Fixed Income ETF Group and also responsible for overseeing other ETF and index strategies. Prior
to RBC, Mr. Kazarian worked as a technology analyst at Merrill Lynch from 2006-2007. Mr. Kazarian holds a BA in Political Science from
Bates College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Weinstein and Mr. Kazarian are supported by
a team of other investment professionals that focus on various parts of the Fund&rsquo;s broad investment strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SAI provides additional information about
each portfolio manager&rsquo;s compensation, other accounts managed by the portfolio management team and the ownership of the Fund&rsquo;s
securities by each portfolio manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an investment management agreement
between the Adviser and the Fund (the &ldquo;Investment Management Agreement&rdquo;), the Fund has agreed to pay the Adviser a monthly
management fee at an annual rate equal to 1.05% of the average daily value of the Fund&rsquo;s Managed Assets. &ldquo;Managed Assets&rdquo;
means the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding
preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper
and notes issued by the Fund) and the liquidation preference of any outstanding preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A discussion regarding the basis for the approval
of the Investment Management Agreement by the Board is available in the Fund&rsquo;s semi-annual report to shareholders for the period
ended April 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise described in this
Prospectus, the Fund pays, in addition to the fees paid to the Adviser, all other costs and expenses of its operations, including
compensation of its Trustees (other than those affiliated with the Adviser), custodian, leveraging expenses, transfer and dividend
disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors, expenses of
repurchasing shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to
governmental agencies and taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the Adviser have entered into the
Expense Limitation Agreement, pursuant to which the Adviser has agreed to limit expenses, excluding interest, taxes, investor relations
services, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course
of the Fund&rsquo;s business, and expenses of any counsel or other persons or services retained by the Fund&rsquo;s Independent Trustees,
to 1.05% of Managed Assets plus 0.30% of average daily net assets. For the year ended October 31, 2024, $987,184 fees were waived and
reimbursed. The Adviser may, at a later date, recoup from the Fund fees waived and/or other expenses reimbursed by the Adviser during
the previous 36 months, but only if, after such recoupment, the Fund&rsquo;s expense ratio does not exceed the percentage described above.
For the year ended October 31, 2024, none of the fees waived were recouped. The current Expense Limitation Agreement expires on July 1,
2026 and automatically renews for one-year terms. The Expense Limitation Agreement may be terminated or modified at any time, upon approval
of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administration, Accounting, and Transfer Agent
Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ALPS Fund Services, Inc. (&ldquo;SS&amp;C ALPS&rdquo;)
provides certain administration, accounting, and transfer agent services to the Fund pursuant to an Administration and Fund Accounting
Services Agreement (the &ldquo;Administration Agreement&rdquo;). Pursuant to the Administration Agreement, SS&amp;C ALPS provides the
Fund with, among other things, customary fund accounting services, including computing the Fund&rsquo;s NAV and maintaining books, records
and other documents relating to the Fund&rsquo;s financial and portfolio transactions, customary fund administration services, including
assisting the Fund with regulatory filings, tax compliance and other oversight activities, and customary transfer agent services. For
these and other services it provides to the Fund, SS&amp;C ALPS is paid a fee equal to the higher of: a minimum fee of $160,000, or a
0.05% annual fee rate for the first $250 million of the Fund&rsquo;s net assets, a 0.04% fee rate for the next $250 million of the Fund&rsquo;s
net assets and a 0.03% rate fee for all additional net assets of the Fund above $500 million. The principal business address of SS&amp;C
ALPS is 1290 Broadway Suite 1000 Denver, CO 80203.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The custodian of the assets of the Fund is the
Bank of New York Mellon, whose principal business address is 240 Greenwich Street, New York, NY 10286. The custodian is responsible for,
among other things, receipt of and disbursement of funds from the Fund&rsquo;s accounts, establishment of segregated accounts as necessary,
and transfer, exchange and delivery of Fund portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ernst &amp; Young LLP, whose principal business
address is One Manhattan West, 395 9<SUP>th</SUP> Ave, New York, NY 10001, is the independent registered public accounting firm of the
Fund and is expected to render an opinion annually on the financial statements of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a011"></A>NET ASSET VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAV of the Fund&rsquo;s common shares will
be computed based upon the value of the Fund&rsquo;s portfolio securities and other assets. NAV per common share will be determined as
of the close of the regular trading session on the NYSE on each business day on which the NYSE is open for trading. The Fund calculates
NAV per common share by dividing the value of the Fund&rsquo;s assets plus all cash and other assets (including accrued expenses but excluding
capital and surplus) attributable to the common shares by the number of common shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valuation of securities held by the Fund is as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Equity Investments</I>. Equity securities traded
on a recognized securities exchange (e.g., NYSE), on separate trading boards of a securities exchange or through a market system that
provides contemporaneous transaction pricing information (each, an &ldquo;Exchange&rdquo;) are valued using information obtained via independent
pricing services generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that
Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances, other means of determining
current market value may be used. If an equity security is traded on more than one Exchange, the current market value of the security
where it is primarily traded generally will be used. In the event that there are no sales involving an equity security held by the Fund
on a day on which the Fund values such security, the last bid (long positions) or ask (short positions) price, if available, will be used
as the value of such security. If the Fund holds both long and short positions in the same security, the last bid price will be applied
to securities held long and the last ask price will be applied to securities sold short. If no bid or ask price is available on a day
on which the Fund values such security, the prior day&rsquo;s price will be used, unless the Adviser determines that such prior day&rsquo;s
price no longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fixed-Income Investments</I>. Investments for
which market quotations are readily available are valued at fair market value. Securities (including common stock, closed end funds, investment
trusts, preferred stock, unit trusts and SPACs) listed or traded on an exchange are valued at their last sales price or official closing
price as of the close of the regular trading session on the exchange where the particular security at the last sale price as of the market
close for such security provided by the Consolidated Tape Association (&ldquo;CTA&rdquo;). Investments in money market funds are valued
at NAV, which approximates fair market value. The private fund investments are valued at the NAV reported by the private funds&rsquo;
general partner or investment adviser. This is commonly referred to as using NAV as the practical expedient which allows for estimation
of the fair value of an investment in an investment entity based on NAV or its equivalent if the NAV of the investment entity is calculated
in a manner consistent with the Accounting Standards Codification (&ldquo;ASC&rdquo;) 946. Because of the inherent uncertainty of valuations
of the investments in the private funds, their estimated values may differ significantly from the values that would have been used had
a ready market for the private funds existed, and the differences could be material. Corporate bonds, convertible corporate bonds, mortgage-backed
securities, sovereign debt obligations and senior loans are valued at mid-level prices provided by independent pricing services. Exchange
traded derivatives such as warrants, rights, options and futures contracts are valued at last sales price on the valuation date or, if
such price is not available, the mean between the last bid and ask prices (the &ldquo;mid-price&rdquo;) from the exchange on which they
are principally traded. Non-exchange traded derivatives whose underlying reference assets are exchanged traded products (such as total
return swaps) are fair valued using the last sales price or mid-price of the underlying reference asset. Other non-exchange traded derivatives
(such as credit default swaps) are valued by independent pricing services, which use various techniques including industry standard pricing
models, to determine the fair value of those instruments. Investments for which market quotations are not readily available (including
common stock, preferred stock, participation agreements, SPACs, warrants and simple agreement for future equity contracts) are valued
by third-party valuation specialists or at cost, which approximates fair market value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options, Futures, Swaps and Other Derivatives</I>.
Exchange-traded equity options for which market quotations are readily available are valued at the mean of the last bid and ask prices
as quoted on the exchange or the board of trade on which such options are traded. In the event that there is no mean price available for
an exchange traded equity option held by the Fund on a day on which the Fund values such option, the last bid (long positions) or ask
(short positions) price, if available, will be used as the value of such option. If no bid or ask price is available on a day on which
the Fund values such option, the prior day&rsquo;s price will be used, unless the Adviser determines that such prior day&rsquo;s price
no longer reflects the fair value of the option, in which case such option will be treated as a fair value asset. OTC derivatives may
be valued using a mathematical model which may incorporate a number of market data factors. Financial futures contracts and options thereon,
which are traded on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements
and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the
Valuation Policy (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Underlying Funds</I>. Shares of underlying
open-end funds (including money market funds) are valued at the NAV reported by the funds. Shares of underlying exchange-traded closed-end
funds and ETFs will be valued at their most recent closing price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>General Valuation Information</I>. In determining
the market value of portfolio investments, the Fund may employ independent third party pricing services, which may use, without limitation,
a matrix or formula method that takes into consideration market indexes, matrices, yield curves and other specified inputs and assumptions.
This may result in the assets being valued at a price different from the price that would have been determined had the matrix or formula
method not been used. The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund&rsquo;s
valuation of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation
methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may
be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon
the sale of the investment. The Fund&rsquo;s ability to value its investments may also be impacted by technological issues and/or errors
by pricing services or other third party service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All cash, receivables and current payables are
carried on the Fund&rsquo;s books at their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prices obtained from independent third party pricing
services, broker-dealers or market makers to value the Fund&rsquo;s securities and other assets and liabilities are based on information
available at the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated
subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively.
Such determination will be made considering pertinent facts and circumstances surrounding the revision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that application of the methods of
valuation discussed above result in a price for a security which is deemed not to be representative of the fair market value of such security,
the security will be valued by, under the direction of or in accordance with a method approved by the Adviser, the Fund&rsquo;s valuation
designee, as reflecting fair value. All other assets and liabilities (including securities for which market quotations are not readily
available) held by the Fund (including restricted securities) are valued at fair value as determined in good faith by the Adviser pursuant
to the Valuation Policy. Any assets and liabilities which are denominated in a foreign currency are translated into U.S. dollars at the
prevailing market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the securities acquired by the Fund
may be traded on foreign exchanges or OTC markets on days on which the Fund&rsquo;s NAV is not calculated. In such cases, the NAV of the
Fund&rsquo;s common shares may be significantly affected on days when investors can neither purchase nor sell shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fair Value</I>. Investments held by the Fund
are recorded at fair value in accordance with ASC 820, &ldquo;Fair Value Measurements and Disclosures&rdquo; (&ldquo;ASC 820&rdquo;).
As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. In accordance with Rule 2a-5 promulgated under the Investment Company Act, the Board
has appointed the Adviser as the Fund&rsquo;s valuation designee. In that role, it has established a Valuation Committee (the &ldquo;Committee&rdquo;)
that oversees the valuation of the Fund&rsquo;s investments pursuant to procedures adopted by the Adviser (the &ldquo;Valuation Policy&rdquo;).
Under Rule 2a-5, the Board has assigned to the Adviser general responsibility for determining, in accordance with the Valuation Policy,
the value of its investments. The Committee is led by the Adviser&rsquo;s Chief Financial Officer and other senior executives of the Adviser.
Additionally, the Adviser&rsquo;s portfolio managers, whose roles are limited to providing insight into recent trade activity and overall
market performance, are also members of the Committee. The majority of Committee members are independent of the Fund&rsquo;s portfolio
investment decisions. The Committee meets on a monthly basis and is responsible for compliance and consistent application of the Valuation
Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of one or more assets or liabilities
may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular
fair values were used in determining the Fund&rsquo;s NAV. As a result, the Fund&rsquo;s sale or repurchase of its shares at NAV, at a
time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s annual audited financial statements,
which are prepared in accordance with accounting principles generally accepted in the United States of America (&ldquo;US GAAP&rdquo;),
follow the requirements for valuation set forth in ASC 820, which defines and establishes a framework for measuring fair value under US
GAAP and expands financial statement disclosure requirements relating to fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, ASC 820 and other accounting rules
applicable to funds and various assets in which they invest are evolving. Such changes may adversely affect the Fund. For example, the
evolution of rules governing the determination of the fair market value of assets or liabilities, to the extent such rules become more
stringent, would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value. This may
in turn increase the costs associated with selling assets or affect their liquidity due to the Fund&rsquo;s inability to obtain a third-party
determination of fair market value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a012"></A>DISTRIBUTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has, with the approval of the Board,
adopted a managed distribution plan (the &ldquo;Managed Distribution Plan&rdquo;), pursuant to which the Fund will make monthly distributions
to shareholders at a fixed amount of $0.085 per share. This fixed distribution amount excludes any special dividends, which are not paid
pursuant to the Managed Distribution Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will generally distribute amounts necessary
to satisfy the Managed Distribution Plan and the requirements prescribed by excise tax rules and Subchapter M of the Code. The Managed
Distribution Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month
and is intended to narrow the discount between the market price and the NAV of the Fund&rsquo;s common shares, but there is no assurance
that the Managed Distribution Plan will be successful in doing so. No conclusions should be drawn about the Fund&rsquo;s investment performance
from the amount of the Fund&rsquo;s distribution or from the terms of the Managed Distribution Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Managed Distribution Plan, to the extent
that sufficient investment income is not available on a monthly basis, the Fund will distribute capital gains and/or return of capital
in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was
invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund&rsquo;s investment
performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Managed Distribution Plan provides that the
Board may amend the terms of the Managed Distribution Plan or terminate the Managed Distribution Plan at any time without prior notice
to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the Fund to terminate
the Managed Distribution Plan. An amendment or termination of the Managed Distribution Plan could have an adverse effect on the market
price of the Fund&rsquo;s common shares. The Managed Distribution Plan will be subject to the periodic review by the Board, including
a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various factors will affect the level of the
Fund&rsquo;s income, including the asset mix and the Fund&rsquo;s use of hedging. To permit the Fund to maintain a more stable
monthly distribution, the Fund may from time to time distribute less than the fixed distribution amount. The undistributed income
would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly
period may be more or less than the fixed distribution amount. Undistributed income will add to the Fund&rsquo;s NAV and,
correspondingly, distributions from undistributed income will deduct from the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, the Adviser seeks
to manage the Fund in a manner such that the Fund&rsquo;s distributions are reflective of the Fund&rsquo;s current and projected earnings
levels. The distribution level of the Fund is subject to change based upon a number of factors, including the current and projected level
of the Fund&rsquo;s earnings, and may fluctuate over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a013"></A>REINVESTMENT PROGRAM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund maintains a Shareholder Reinvestment
Program (the &ldquo;Reinvestment Program&rdquo;) that allows participating shareholders to reinvest dividends in additional common shares
of the Fund. Pursuant to the Reinvestment Program, ALPS Fund Services, Inc. (the &ldquo;Program Administrator&rdquo;) purchases, from
time to time, common shares on the open market to satisfy dividend reinvestments. Such common shares are purchased on the open market
only when the closing sale or bid price plus commission is less than the NAV per share of the Fund&rsquo;s common shares on the valuation
date. If the market price plus commissions is equal to or exceeds NAV, new common shares are issued by the Fund at the greater of (i)
NAV or (ii) the market price of the common shares during the pricing period, minus a discount of 5%. Common shares issued by the Fund
under the Reinvestment Program will be issued without a fee or a commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may elect to participate in the Reinvestment
Program by submitting a completed participation form to the Program Administrator. The Program Administrator will credit to each participant&rsquo;s
account funds it receives from dividends paid on common shares of the Fund registered in the participant&rsquo;s name. Shareholders may
elect to close their account at any time by giving the transfer agent written notice. When a participant closes their account, the participant,
upon request, will receive a certificate for full common shares in the account. Fractional common shares will be held and aggregated with
other fractional common shares being liquidated by the transfer agent as agent of the Reinvestment Program and paid for by check when
actually sold. Participants will pay a pro rata share of brokerage commissions with respect to the Program Administrator&rsquo;s open
market purchases in connection with the reinvestment of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The automatic reinvestment of dividends does not
affect the tax characterization of the dividends (i.e., capital gain distributions and income distributions are realized and subject to
tax even though cash is not received). A shareholder whose dividends are reinvested in common shares under the Reinvestment Program will
be treated as having received a dividend equal to either (i) if common shares are issued under the Reinvestment Program directly by the
Fund, generally the fair market value of the common shares issued to the shareholder or (ii) if the reinvestment is made through open
market purchases, the amount of cash allocated to the shareholder for the purchase of common shares on its behalf in the open market.
Additional information about the Reinvestment Program may be obtained by contacting the Program Administrator at 844-460-9411 or BRWSabaCapital@dstsystems.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a014"></A>RIGHTS OFFERINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may in the future, and at its discretion,
choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently or together with
any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights
offering to shareholders, we would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates)
evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders
eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the Investment Company
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The staff of the SEC has interpreted the Investment
Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then
current NAV so long as certain conditions are met, including: (i) a good faith determination by a fund&rsquo;s board that such offering
would result in a net benefit to existing shareholders; (ii) the offering fully protects shareholders&rsquo; preemptive rights and does
not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii) management uses its best
efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv) the ratio
of a transferable rights offering does not exceed one new share for each three rights held. A rights offering may substantially dilute
the aggregate net asset value of the shares owned by shareholders who do not fully exercise their rights and that these shareholders should
expect upon completion of the offering to own smaller proportional interest in the Fund than before the offering. The applicable Prospectus
Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the period of time the offering would remain open;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the title of such rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the exercise price for such rights (or method of calculation thereof);</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the number of such rights issued in respect of each share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the number of rights required to purchase a single share;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such oversubscription privilege; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">termination rights we may have in connection with such rights offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A certain number of rights would entitle the holder
of the right(s) to purchase for cash such number of common shares at such exercise price as in each case is set forth in, or be determinable
as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close
of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration
date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate
or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent,
or any other office indicated in the Prospectus Supplement, the common shares purchased as a result of such exercise will be issued as
soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly
to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth
in the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a015"></A>TAX MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion is a brief summary of
certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership and disposition of the Fund&rsquo;s common
shares. A more detailed discussion of the tax rules applicable to the Fund and its common shareholders can be found in the SAI that is
incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are a taxable U.S. holder (as defined
below) and that you hold your common shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment).
This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities,
all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service, possibly with retroactive
effect. No attempt is made to present a detailed explanation of all U.S. federal tax concerns affecting the Fund and its common shareholders.
The Fund has not sought and will not seek any ruling from the Internal Revenue Service regarding any matters discussed herein. No assurance
can be given that the Internal Revenue Service would not assert, or that a court would not sustain, a position contrary to those set forth
below. This summary does not discuss any aspects of non-U.S., state or local tax. <B>The discussion set forth herein does not constitute
tax advice and potential investors are urged to consult their own tax advisers to determine the specific U.S. federal, state, local and
foreign tax consequences to them of investing in the Fund</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, no attempt is made to address tax
considerations applicable to an investor with a special tax status, such as without limitation, a financial institution, REIT, insurance
company, regulated investment company, individual retirement account, other tax-exempt organization, dealer in securities or currencies,
person holding shares of the Fund as part of a hedging, integrated, conversion or straddle transaction, trader in securities that has
elected the mark-to-market method of accounting for its securities, U.S. holder (as defined below) whose functional currency is not the
U.S. dollar, investor with &ldquo;applicable financial statements&rdquo; within the meaning of Section 451(b) of the Code, or non-U.S.
investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. holder is a beneficial owner that is for
U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a citizen or individual resident of the United States (including certain former citizens and former long-term residents);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has elected to be treated as a RIC under
Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to the
sources of its income, diversification of its assets, and distribution of its income to its shareholders. First, the Fund must derive
at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other
disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures and
forward contracts) derived with respect to its business of investing in such stock, securities or currencies, or net income derived from
interests in &ldquo;qualified publicly traded partnerships&rdquo; (as defined in the Code) (the &ldquo;90% gross income test&rdquo;).
Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i) at least 50% of the value
of its total assets consists of cash, cash items, U.S. Government securities, securities of other RICs and other securities, with such
other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&rsquo;s total
assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the market value of
the total assets is invested in the securities (other than U.S. Government securities and securities of other RICs) of any one issuer,
any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or any one or more &ldquo;qualified
publicly traded partnerships.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As long as the Fund qualifies as a RIC, the Fund
will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to
its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i) its net tax-exempt interest income,
if any, and (ii) its &ldquo;investment company taxable income&rdquo; (which includes, among other items, dividends, taxable interest,
taxable original issue discount and market discount income, income from securities lending, net short-term capital gain in excess of net
long-term capital loss, and any other taxable income other than &ldquo;net capital gain&rdquo; (as defined below) and is reduced by deductible
expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment its net capital gain (which
consists of the excess of its net long-term capital gain over its net short-term capital loss). However, if the Fund retains any net capital
gain or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code imposes a 4% nondeductible excise tax
on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income
(not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss
(adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is
made to use the Fund&rsquo;s fiscal year). In addition, the minimum amounts that must be distributed in any year to avoid the excise tax
will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. For
purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal income tax. While the
Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax,
there can be no assurance that sufficient amounts of the Fund&rsquo;s taxable income and capital gain will be distributed to entirely
avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does
not meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If in any taxable year the Fund should fail to
qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income tax upon
all of its taxable income for that year, and all distributions to its shareholders (including distributions of net capital gain) would
be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of the Fund&rsquo;s earnings
and profits. Provided that certain holding period and other requirements were met, such dividends would be eligible (i) to be treated
as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the case
of corporate shareholders. In addition, to qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute
to shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period
greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize
and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been
realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remainder of this discussion assumes that
the Fund qualifies for taxation as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Fund&rsquo;s Investments</I>. Certain of
the Fund&rsquo;s investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market,
constructive sale, straddle, wash sale, short sale and other rules) that may, among other things, (i) disallow, suspend or otherwise limit
the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains or qualified dividend income into higher
taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of
which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect
the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain
complex financial transactions and (vii) produce income that will not be &ldquo;qualified&rdquo; income for purposes of the 90% annual
gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character
of distributions to common shareholders. The Fund intends to monitor its transactions and may make certain tax elections and may be required
to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Fund as a RIC. Additionally, the
Fund may be required to limit its activities in derivative instruments in order to enable it to maintain its RIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest a portion of its net assets
in below investment grade securities. Investments in these types of securities may present special tax issues for the Fund. U.S. federal
income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market
discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations
in default should be allocated between principal and income and whether modifications or exchanges of debt obligations in a bankruptcy
or workout context are taxable. These and other issues could affect the Fund&rsquo;s ability to distribute sufficient income to preserve
its status as a RIC or to avoid the imposition of U.S. federal income or excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain debt securities acquired by the Fund may
be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated
as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and avoid
U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment of that amount
is not received until a later time, usually when the debt security matures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund purchases a debt security on a secondary
market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &ldquo;market
discount.&rdquo; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on the disposition
of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain,
or principal payment, does not exceed the &ldquo;accrued market discount&rdquo; on the debt security. Market discount generally accrues
in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase price plus the market discount
previously included in income, the Fund may not be able to benefit from any offsetting loss deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in preferred securities or
other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal
Revenue Service. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment
expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase
or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss on the sale of securities by the
Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss
on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund may invest in foreign securities,
its income from such securities may be subject to non-U.S. taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency gain or loss on foreign currency
exchange contracts, non-U.S. dollar-denominated securities contracts, and non-U.S. dollar-denominated futures contracts, options and forward
contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from options on individual securities written
by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &ldquo;closing
transaction&rdquo; (as defined by applicable regulations) pursuant to which the Fund&rsquo;s obligations with respect to the option are
otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of such options will generally
be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference between the premiums received
and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written
by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon
the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain
will depend on the holding period of the Fund in the underlying security. Because the Fund will not have control over the exercise of
the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses
at inopportune times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Index options that qualify as &ldquo;section 1256
contracts&rdquo; will generally be &ldquo;marked-to-market&rdquo; for U.S. federal income tax purposes. As a result, the Fund will generally
recognize gain or loss on the last day of each taxable year equal to the difference between the value of the option on that date and the
adjusted basis of the option. The adjusted basis of the option will consequently be increased by such gain or decreased by such loss.
Any gain or loss with respect to options on indices and sectors that qualify as &ldquo;section 1256 contracts&rdquo; will be treated as
short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such
gain or loss. Because the mark-to-market rules may cause the Fund to recognize gain in advance of the receipt of cash, the Fund may be
required to dispose of investments in order to meet its distribution requirements. &ldquo;Mark-to-market&rdquo; losses may be suspended
or otherwise limited if such losses are part of a straddle or similar transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of Common Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund distributions of its tax-exempt interest
on municipal securities, if properly reported by the Fund to its shareholders (&ldquo;exempt-interest dividends&rdquo;), will generally
be exempt from regular federal income tax. In order for the Fund to pay exempt-interest dividends, at least 50% of the value of the Fund&rsquo;s
total assets must consist of tax-exempt obligations on a quarterly basis. If the Fund does not meet this requirement, it would not be
able to pay tax-exempt dividends, and your distributions attributable to interest received by the Fund from any source (including distributions
of tax-exempt interest income) would be taxable as ordinary income to the extent of the Fund&rsquo;s earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will either distribute or retain for
reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on
such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a notice to its common
shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income
for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit
its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that
the credit exceeds such liability and (iii) will increase its basis in its common shares by the amount of undistributed capital gains
included in the shareholder&rsquo;s income less the tax deemed paid by the shareholder under clause (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions paid to you by the Fund from its
net capital gain, if any, that the Fund properly reports as capital gain dividends (&ldquo;capital gain dividends&rdquo;) are taxable
as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the Fund (including
dividends from net short-term capital gains) from its current or accumulated earnings and profits, other than exempt-interest dividends
(&ldquo;ordinary income dividends&rdquo;) are generally subject to tax as ordinary income. Provided that certain holding period and other
requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i) for the dividends received deduction
in the case of corporate shareholders to the extent that the Fund&rsquo;s income consists of dividend income from U.S. corporations, and
(ii) in the case of individual shareholders, as &ldquo;qualified dividend income&rdquo; eligible to be taxed at long-term capital gains
rates to the extent that the Fund receives qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Qualified dividend income is, in general, dividend
income from taxable domestic corporations and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated
in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty with the United States, or whose
stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). There
can be no assurance as to what portion, if any, of the Fund&rsquo;s distributions will constitute qualified dividend income or be eligible
for the dividends received deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any distributions you receive that are in excess
of the Fund&rsquo;s current and accumulated earnings and profits will be treated as a return of capital to the extent of your adjusted
tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund distribution that
is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or
reducing your potential loss on any subsequent sale or other disposition of your common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common shareholders may be entitled to offset
their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when capital losses may
be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly, common shareholders
that have capital losses are urged to consult their tax advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and other taxable distributions are
taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions paid by the
Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays
you a dividend in January that was declared in the previous October, November or December to common shareholders of record on a specified
date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received
by you on December 31 of the year in which the dividend was declared. In addition, certain other distributions made after the close of
the Fund&rsquo;s taxable year may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for purposes of the 4% nondeductible
excise tax) during such taxable year. In such case, you will be treated as having received such dividends in the taxable year in which
the distributions were actually made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest on certain &ldquo;private activity bonds&rdquo;
is an item of tax preference subject to the alternative minimum tax on individuals. The Fund may invest a portion of its assets in municipal
bonds subject to this provision so that a portion of its exempt-interest dividends is an item of tax preference to the extent such dividends
represent interest received from these private activity bonds. Accordingly, investment in the Fund could cause a holder of common shares
to be subject to, or result in an increased liability under, the alternative minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exempt-interest dividends are included in determining
what portion, if any, of a person&rsquo;s Social Security and railroad retirement benefits will be includable in gross income subject
to federal income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of common shares purchased at any time
may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date of a distribution will
receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will send you information after the end
of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale or other disposition of common shares
will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such common shares for
more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months or less will
be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed
capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares
will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise) within a
61-day period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your tax basis
in the common shares acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund liquidates, shareholders generally
will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or other property
received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&rsquo;s
adjusted tax basis in its common shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period
in the Fund shares of greater than one year, and otherwise will be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current U.S. federal income tax law taxes both
long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term
capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum
rate. The deductibility of capital losses is subject to limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. holders who are individuals, estates
or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their &ldquo;net
investment income,&rdquo; which includes dividends received from the Fund and capital gains from the sale or other disposition of the
Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A common shareholder that is a nonresident alien
individual or a foreign corporation (a &ldquo;foreign investor&rdquo;) generally will be subject to U.S. federal withholding tax at the
rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below).
In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized by a foreign investor
in respect of any distribution of exempt-interest dividends or net capital gain (including amounts credited as an undistributed capital
gain dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign
investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for
183 days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding
the tax consequences of investing in the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary income dividends properly reported
by a RIC are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the RIC&rsquo;s
&ldquo;qualified net interest income&rdquo; (generally, its U.S.-source interest income, other than certain contingent interest and
interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that
are allocable to such income) or (ii) are paid in respect of the RIC&rsquo;s &ldquo;qualified short-term capital gains&rdquo;
(generally, the excess of the RIC&rsquo;s net short-term capital gain over its long-term capital loss for such taxable year).
Depending on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net
interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this
exemption from withholding. In order to qualify for this exemption from withholding, a foreign investor needs to comply with
applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN,
W-8BEN-E or substitute Form). In the case of common shares held through an intermediary, the intermediary may have withheld tax even
if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should
contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what
portion of the Fund&rsquo;s distributions would qualify for favorable treatment as qualified net interest income or qualified
short-term capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, withholding at a rate of 30% will
apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial institutions (including investment
funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to
shares in, and accounts maintained by, the institution to the extent such shares or accounts are held by certain U.S. persons and by certain
non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through
which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends paid
in respect of common shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify under certain
exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies that such entity does not have any
&ldquo;substantial United States owners&rdquo; or (ii) provides certain information regarding the entity&rsquo;s &ldquo;substantial United
States owners,&rdquo; which the Fund or applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental
agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these
requirements. The Fund will not pay any additional amounts to common shareholders in respect of any amounts withheld. Foreign investors
are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in the Fund&rsquo;s
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. federal backup withholding tax may be required
on dividends, distributions and sale proceeds payable to certain non-exempt common shareholders who fail to supply their correct taxpayer
identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who
are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited
against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the Internal Revenue
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary income dividends, capital gain dividends,
and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local, and/or foreign taxes. Common
shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign tax
consequences to them of investing in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The foregoing is a general and abbreviated
summary of certain provisions of the Code and the Treasury regulations currently in effect as they directly govern the taxation of the
Fund and its common shareholders. These provisions are subject to change by legislative or administrative action, and any such change
may be retroactive. A more detailed discussion of the tax rules applicable to the Fund and its common shareholders can be found in the
SAI that is incorporated by reference into this Prospectus. Common shareholders are urged to consult their tax advisers regarding specific
questions as to U.S. federal, state, local and foreign income or other taxes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to the SAI for more detailed information.
You are urged to consult your tax adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a016"></A>TAXATION OF HOLDERS OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of a right will not be includible in
the income of a common shareholder at the time the right is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The basis of a right issued to a common shareholder
will be zero, and the basis of the share with respect to which the subscription right was issued (the old share) will remain unchanged,
unless either (a) the fair market value of the right on the date of distribution is at least 15% of the fair market value of the old share,
or (b) such shareholder affirmatively elects (in the manner set out in Treasury regulations under the Code) to allocate to the subscription
right a portion of the basis of the old share. If either (a) or (b) applies, then except as described below such shareholder must allocate
basis between the old share and the right in proportion to their fair market values on the date of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The basis of a right purchased in the market will
generally be its purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holding period of a right issued to a common
shareholder will include the holding period of the old share. No gain or loss will be recognized by a common shareholder upon the exercise
of a right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No loss will be recognized by a common shareholder
if a right distributed to such common shareholder expires unexercised because the basis of the old share may be allocated to a right only
if the right is exercised. If a right that has been purchased in the market expires unexercised, there will be a recognized loss equal
to the basis of the right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any gain or loss on the sale of a right will be
a capital gain or loss if the right is held as a capital asset (which in the case of rights issued to common shareholders will depend
on whether the old share of beneficial interest is held as a capital asset), and will be a long-term capital gain or loss if the holding
period is deemed to exceed one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a017"></A>CLOSED-END FUND STRUCTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a non-diversified, closed-end management
investment company (commonly referred to as a closed-end fund). Closed-end funds differ from open-end funds (which are generally referred
to as mutual funds) in that closed-end funds generally list their shares for trading on a stock exchange and do not redeem their shares
at the request of the shareholder. This means that if you wish to sell your shares of a closed-end fund you must trade them on the stock
exchange like any other stock at the prevailing market price at that time. In a mutual fund, if the shareholder wishes to sell shares
of the fund, the mutual fund will redeem or buy back the shares at NAV. Also, mutual funds generally offer new shares on a continuous
basis to new investors and closed-end funds generally do not. The continuous inflows and outflows of assets in a mutual fund can make
it difficult to manage the fund&rsquo;s investments. By comparison, closed-end funds are generally able to stay more fully invested in
securities that are consistent with their investment objective and also have greater flexibility to make certain types of investments
and to use certain investment strategies, such as financial leverage and investments in illiquid securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of closed-end funds frequently trade at
a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders,
the Board might consider from time to time engaging in open-market repurchases, tender offers for shares or other programs intended to
reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there
any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.
See &ldquo;Repurchase of Common Shares&rdquo; below and &ldquo;Repurchase of Common Shares&rdquo; in the SAI. The Board might also consider
converting the Fund to an open-end mutual fund, which would also require a vote of the shareholders of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a018"></A>REPURCHASE OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of closed-end investment companies often
trade at a discount to their NAVs and the Fund&rsquo;s common shares may also trade at a discount to their NAV, although it is possible
that they may trade at a premium above NAV. The market price of the Fund&rsquo;s common shares will be determined by such factors as relative
demand for and supply of such common shares in the market, the Fund&rsquo;s NAV, general market and economic conditions, market sentiment
and other factors beyond the control of the Fund. See &ldquo;Net Asset Value&rdquo; and &ldquo;Description of Shares-Common Shares.&rdquo;
Although the Fund&rsquo;s common shareholders will not have the right to redeem their common shares, the Fund may take action to repurchase
common shares in the open market or make tender offers for its common shares. This may have the effect of reducing any market discount
from NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that, if action is undertaken
to repurchase or tender for common shares, such action will result in the common shares&rsquo; trading at a price which approximates their
NAV. Although share repurchases and tender offers could have a favorable effect on the market price of the Fund&rsquo;s common shares,
you should be aware that the acquisition of common shares by the Fund will decrease the capital of the Fund and, therefore, may have the
effect of increasing the Fund&rsquo;s expense ratio and decreasing the asset coverage with respect to any borrowings or preferred shares
outstanding. Any share repurchases or tender offers will be made in accordance with the requirements of the Securities Exchange Act of
1934, as amended, the Investment Company Act and the principal stock exchange on which the common shares are traded. For additional information,
see &ldquo;Repurchase of Common Shares&rdquo; in the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a019"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell common shares, including to existing
shareholders in a rights offering, through underwriters or dealers, directly to one or more purchasers (including existing shareholders
in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The
applicable Prospectus Supplement will identify any underwriter or agent involved in the offer and sale of our common shares, any sales
loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and
use of proceeds and the terms of any sale. In the case of a rights offering, the applicable Prospectus Supplement will set forth the number
of our common shares issuable upon the exercise of each right and the other terms of such rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of our common shares may be effected
from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing market prices at the time
of sale, at prices related to such prevailing market prices, or at negotiated prices. Sales of our common shares may be made in transactions
that are deemed to be &ldquo;at the market&rdquo; as defined in Rule 415 under the Securities Act, including sales made directly on the
NYSE or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell our common shares directly to, and
solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales
of the securities. In this case, no underwriters or agents would be involved. We may use electronic media, including the Internet, to
sell offered securities directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of our common shares,
underwriters or agents may receive compensation from us in the form of discounts, concessions or commissions. Underwriters may sell our
common shares to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from
the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate
in the distribution of our common shares may be deemed to be underwriters under the Securities Act, and any discounts and commissions
they receive from us and any profit realized by them on the resale of our common shares may be deemed to be underwriting discounts and
commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from us will
be described in the applicable Prospectus Supplement. We will not pay any compensation to any underwriter or agent in the form of warrants,
options, consulting or structuring fees or similar arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Prospectus Supplement so indicates, we may
grant the underwriters an option to purchase additional common shares at the public offering price, less the underwriting discounts and
commissions, within 45 days from the date of the Prospectus Supplement, to cover any over-allotments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements into which we may enter, underwriters,
dealers and agents who participate in the distribution of our common shares may be entitled to indemnification by us against certain liabilities,
including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with us, or perform services
for us, in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If so indicated in the applicable Prospectus Supplement,
we will ourselves, or will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase
our common shares from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contacts
may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable
institutions and others, but in all cases such institutions must be approved by us. The obligation of any purchaser under any such contract
will be subject to the condition that the purchase of the common shares shall not at the time of delivery be prohibited under the laws
of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect
of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the Prospectus
Supplement, and the Prospectus Supplement will set forth the commission payable for solicitation of such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent permitted under the Investment Company
Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as brokers or dealers and receive
fees in connection with the execution of our portfolio transactions after the underwriters have ceased to be underwriters and, subject
to certain restrictions, each may act as a broker while it is an underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus and accompanying Prospectus Supplement
in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of
securities for sale to their online brokerage account holders. Such allocations of securities for Internet distributions will be made
on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities
to online brokerage account holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities laws of
certain states, if applicable, our common shares offered hereby will be sold in such jurisdictions only through registered or licensed
brokers or dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a020"></A>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is part of a registration statement
that we have filed with the SEC. We are allowed to &ldquo;incorporate by reference&rdquo; the information that we file with the SEC, which
means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this Prospectus
the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including
any filings on or after the date of this Prospectus from the date of filing (excluding any information furnished, rather than filed),
until we have sold all of the offered securities to which this Prospectus and any accompanying prospectus supplement relates or the offering
is otherwise terminated. The information incorporated by reference is an important part of this Prospectus. Any statement in a document
incorporated by reference into this Prospectus will be deemed to be automatically modified or superseded to the extent a statement contained
in (1) this Prospectus or (2) any other subsequently filed document that is incorporated by reference into this Prospectus modifies or
supersedes such statement. The documents incorporated by reference herein include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Fund&rsquo;s <A HREF="#a_001">SAI, dated September 23, 2025</A>, filed with this Prospectus; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Fund&rsquo;s <A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425000241/fp0091519-1_ncsr.htm">annual report on Form N-CSR for the fiscal year ended October 31, 2024</A>, filed with the SEC on January 6, 2025, and the Fund&rsquo;s </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425012580/fp0094105-1_ncsrs.htm"><FONT STYLE="font-size: 10pt">semi-annual report on Form N-CSRS for the semi-annual period ended April 30, 2025</FONT></A><FONT STYLE="font-size: 10pt">, filed with the SEC on July 2, 2025.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will provide without charge to each person,
including any beneficial owner, to whom this Prospectus is delivered, upon written or oral request, a copy of any and all of the documents
that have been or may be incorporated by reference in this Prospectus or the accompanying prospectus supplement. You should direct requests
for documents by calling:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+1 888.615.4310</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund makes available this Prospectus, SAI
and the Fund&rsquo;s annual and semi-annual reports, free of charge, at https://www.sabacef.com/saba-income-opportunities-fund. You may
also obtain this Prospectus, the SAI, other documents incorporated by reference and other information the Fund files electronically, including
reports and proxy statements, on the SEC website (http://www.sec.gov) or with the payment of a duplication fee, by electronic request
at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s website is not incorporated by reference
into this Prospectus and should not be considered to be part of this Prospectus or the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5a021"></A>PRIVACY NOTICE OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Privacy Notice sets forth the policies of
the Adviser and any investment funds and accounts managed by the Adviser regarding the collection, use, storage, sharing, disclosure (collectively,
&ldquo;processing&rdquo;), and protection of personal data. This notice applies to current, prospective, and former investors in or holders
of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Privacy Notice, &ldquo;you&rdquo;
or an &ldquo;investor&rdquo; means any investor who is an individual, or any individual connected with an investor that is a legal person.
Capitalized terms used but not defined herein have the meanings assigned to them in the applicable offering memorandum or advisory agreement
of the relevant Fund (each, &ldquo;Fund Document&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Who To Contact About This Privacy Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Privacy Notice is provided in accordance
with applicable privacy and data protection laws in jurisdictions where we operate (collectively, the &ldquo;Data Protection Laws&rdquo;).
Each of the Fund and the Adviser are considered <B>data controllers</B> of your personal information for the purposes of certain Data
Protection Laws, meaning we determine the purposes and means of processing your information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For any questions about this Privacy Notice or
requests regarding the personal data we hold, please contact us at <B>(212) 542-4635</B> or <B>dataprotection@sabacapital.com</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please note that certain service providers (the
&ldquo;Service Providers&rdquo;) of the Adviser and/or Fund (e.g., administrators, prime brokers, custodians, transfer agents, and legal
advisers) process personal data under their own professional and legal obligations (such as anti-money laundering legislation). In these
instances, such Service Providers act as data controllers in their own right and not on our instructions. For specific information or
requests regarding processing by such Service Providers, you may contact them directly at the address in the relevant Client Document
or via their websites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Types of Personal Data We May Collect and Use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may collect and use various categories of your
personal data, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Contact &amp; Identification: </B>Names, residential or business addresses, other contact details, signature, nationality, tax identification, passport, social security number, date/place of birth, jurisdiction of tax residence, photographs, copies of identification documents.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Financial &amp; Account Information:</B> Bank account details, information about assets or net worth, credit history, investment activities, financial income (e.g., interest, dividends, income from insurance products), account balances, proceeds from property sale/redemption, or other financial information.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Sensitive Data:</B> In certain circumstances and where relevant (and as permitted by applicable Data Protection Laws), this may include information on political affiliations, ethnic origin, or criminal convictions, obtained from relevant materials, documents, or background searches, along with any other information required by applicable law or regulation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How We Collect Personal Daya</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We collect personal data about you through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Direct Provision:</B> Information provided directly by you or another person on your behalf.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transactions:</B> Information obtained in relation to any transactions between you and us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Third Parties/Other Sources:</B> Our affiliates, Service Providers, publicly accessible databases or registers, tax authorities, governmental and non-governmental agencies, supervisory authorities, credit agencies, fraud prevention and detection agencies, or other publicly accessible sources (e.g., the internet).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How We May Use Personal Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may process your personal data for various
business tasks, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Entering into advisory agreements or accepting subscription documentation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Administering our relationship with you, including processing subscriptions, redemptions, transfers, and discretionary transactions.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Providing communications and reporting, and maintaining the registers of investors of the Fund.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Marketing our products and services.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Monitoring and analyzing our activities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Processing investments, withdrawals, and dividend payments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maintaining global client and investor records, and providing centralized administrative, marketing, and client services.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investigating and resolving complaints; managing litigation; and monitoring electronic communications for fraud or crime detection or for regulatory reasons.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Complying with applicable legal or regulatory requirements (e.g., anti-money laundering, fraud prevention, tax reporting, sanctions compliance, and responding to requests from supervisory authorities or law enforcement agencies).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will use a permitted legal ground under applicable
Data Protection Laws to process your personal information. Such grounds include where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Processing is necessary to perform our obligations under the applicable Client Documents.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are required to comply with a legal or regulatory obligation applicable to us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We, or a third party on our behalf, have determined that it is necessary for our legitimate interests to collect and use your personal information, particularly where we believe you have a reasonable expectation for such collection or use.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consequences of Failing to Provide Personal
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If personal data is required to satisfy a statutory
obligation (including compliance with anti-money laundering or sanctions requirements) or a contractual requirement, failure to provide
such information may result in your subscription being rejected or your shares/interests becoming subject to compulsory redemption or
withdrawal. Where there is suspicion of unlawful activity, failure to provide personal data may lead to a report to the relevant law enforcement
agency or supervisory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How We May Share Personal Data</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may disclose your information to our affiliates,
Service Providers, or other third parties to accept your subscription, administer and maintain your account(s), or otherwise perform our
contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also share your personal information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">With courts, ombudsmen, or regulatory, tax, or law enforcement authorities to comply with applicable legal or regulatory requirements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To respond to court orders, regulatory requests for information, administrative proceedings, or investigations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">When we believe in good faith that disclosure is legally required or we or a Fund have a legitimate interest in making a disclosure (e.g., to protect our or a Fund&rsquo;s rights and property).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If you direct us to do so.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As necessary under anti-money laundering and similar laws to facilitate the establishment of trading relationships for the Fund with prime brokers, custodians, executing brokers, or other trading counterparties.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also disclose information about you, or
your transactions and experiences with us, to our affiliates or service providers for our everyday business purposes, such as administration,
record-keeping, IT system security, activity monitoring and reporting, investor relations, and compliance with legal and regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Retention Periods and Security Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We retain personal data only as long as necessary
for the purpose collected, subject to applicable Data Protection Laws. Personal data will generally be retained for the duration of your
investment and for a minimum of five years after redemption, withdrawal, or Fund liquidation. We may retain data longer for marketing
purposes or compliance with applicable law. We periodically review collected data to determine if retention remains purposeful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To protect your personal information from unauthorized
access and use, we implement organizational and technical security measures in accordance with applicable Data Protection Laws, including
computer safeguards and secured files and buildings. We will notify you of any material personal data breaches affecting you as required
by applicable Data Protection Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information Under U.S. Federal Law
(Gramm-Leach-Bliley Act &amp; Fair Credit Reporting Act)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For U.S. federal law purposes, this Privacy Notice
applies to current and former investors who are individuals or Individual Retirement Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may disclose information about our investors (current, prospective, or former) to affiliates (financial and non-financial companies related by common ownership or control) or non-affiliates (companies not related by common ownership or control) for our everyday business purposes (e.g., processing transactions, maintaining accounts, responding to court orders/legal investigations).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclosure of investor information may also be necessary or appropriate under anti-money laundering and similar laws to accept subscriptions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will release information if you direct us to do so.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may share your information with our affiliates for direct marketing (e.g., offers of products and services). <B>You may prevent this type of sharing by contacting us at (212) 542-4635 or dataprotection@sabacapital.com.</B> If you are a new investor, we can begin sharing with affiliates for direct marketing 30 days from the date this Privacy Notice was sent. If you are no longer an investor, we may continue to share your information with our affiliates for such purposes.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You may contact us at any time to limit our sharing of your personal information at <B>(212) 542-4635</B> or <B>dataprotection@sabacapital.com.</B> If you limit sharing for a jointly held account, your choices apply to everyone on that account. U.S. state laws may grant you additional rights to limit sharing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We <B>do not</B> share your information with non-affiliates for them to market their own services to you. We may disclose information you provide to us to companies performing marketing services on our behalf (e.g., placement agents).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information for California Residents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are a California resident, California law
may provide you with additional rights regarding our collection and use of your personal information. For more information, please refer
to the <B>California Consumer Privacy Notice (Addendum I)</B> to this Privacy Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information Under the Cayman Islands
Data Protections Act (2021 Revision) (&ldquo;DPA&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For investors in Fund organized under Cayman Islands
law, the applicable Fund may share your personal information with Service Providers (including the Adviser, administrator, custodians,
prime brokers, or others) located outside the Cayman Islands. Information may also be shared with the Cayman Islands Monetary Authority
or the Tax Information Authority, who may exchange it with foreign tax authorities, regulatory bodies, or law enforcement agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By submitting your personal data, you consent
to its transfer to the Adviser and other recipients described in this notice located outside the Cayman Islands. Any such transfer will
comply with the DPA. You may withdraw your consent at any time; this withdrawal will not affect the lawfulness of processing based on
consent before its withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may have certain rights under the DPA, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to be informed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right of access.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to rectification.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to stop or restrict processing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to stop direct marketing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rights in relation to automated decision making.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to seek compensation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The right to complain to the supervisory authority.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To exercise these rights, please contact <B>(212)
542-4635</B> or <B>dataprotection@sabacapital.com</B>. Complaints regarding a Fund may be lodged with the Office of the Ombudsman in the
Cayman Islands; however, we encourage you to contact us first to address any concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information Under the General Data
Protection Regulation (&ldquo;GDPR&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may have certain rights under EU General Data
Protection Regulation and equivalent regulation in the United Kingdom (collectively, &ldquo;GDPR&rdquo;) regarding our processing of your
personal data. These include rights to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Access:</B> Confirm if your personal data is processed and request access to it, enabling you to receive a copy and confirmation of processing methods/reasons.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Rectification:</B> Request correction of incomplete or inaccurate personal data.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Erasure:</B> Request erasure of your personal data in certain circumstances (the &ldquo;right to be forgotten&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Objection:</B> Object to processing of your personal data (on grounds related to your situation) where we rely on a legitimate interest. We may continue processing if we have compelling legitimate grounds. You also have the right to object to processing for direct marketing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Restriction:</B> Request restriction of processing in certain circumstances (e.g., if you want us to establish accuracy or reason for processing).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Portability:</B> In certain circumstances, request to receive personal data you provided in a structured, commonly used, and machine-readable format.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please note that the right to be forgotten may
not be available for the data we hold, given its collection purpose. If we relied on your consent for a particular purpose, you have the
right to withdraw it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To exercise these rights, please contact <B>(212)
542-4635</B> or <B>dataprotection@sabacapital.com</B>. You also have the right to lodge a complaint about data processing with the competent
data protection supervisory authority. For Saba Capital Management (UK) Limited (an affiliate), complaints may be made to the Information
Commissioner&rsquo;s Office in the UK. We ask that you contact us first to address any concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the international nature of our business,
your personal data may be transferred to jurisdictions that do not offer equivalent protection to GDPR (&ldquo;Third Countries&rdquo;).
In such cases, we will process data (or procure its processing) in Third Countries in accordance with GDPR requirements, potentially including
contractual undertakings with service providers. Transfers to regulators or government agencies in Third Countries may also occur if necessary
for administrative proceedings (e.g., requests for information, examinations, investigations) or for legitimate business purposes (e.g.,
compliance with foreign legal/regulatory obligations, establishing/defending legal claims).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revisions To Our Privacy Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser evaluates its privacy policies and
procedures for continuous improvement. The Adviser reserves the right to amend the terms contained herein in whole or in part for any
reason. We therefore suggest that you review this Privacy Notice periodically, which is available at <B><U>https://www.sabacapital.com/privacy-policy/</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>15,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saba Capital Income &amp; Opportunities Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rights to Purchase Common Shares of Beneficial
Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saba Capital Income &amp; Opportunities Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Saba Capital Income &amp; Opportunities Fund (the
&ldquo;Fund&rdquo;) is a non-diversified, closed-end management investment company. This Statement of Additional Information (&ldquo;SAI&rdquo;)
relating to the Fund&rsquo;s common shares of beneficial interest (&ldquo;common shares&rdquo;) does not constitute a prospectus, but
should be read in conjunction with the prospectus relating thereto dated September 23, 2025 and any related prospectus supplement. This
SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing common
shares, and investors should obtain and read the Prospectus and any related prospectus supplement prior to purchasing such shares. A copy
of the Prospectus and any related prospectus supplement may be obtained without charge by calling +1 888.615.4310. You may also obtain
a copy of the Prospectus on the Securities and Exchange Commission&rsquo;s (the &ldquo;SEC&rdquo;) website (http://www.sec.gov). Capitalized
terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to the Investment Company Act of 1940,
as amended (the &ldquo;Investment Company Act&rdquo;), or other applicable law, will include any rules promulgated thereunder and any
guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court interpretations,
and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This Statement of Additional Information is
dated September 23, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b001"><FONT STYLE="font-size: 10pt">THE FUND</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b002"><FONT STYLE="font-size: 10pt">INVESTMENT OBJECTIVES AND POLICIES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b003"><FONT STYLE="font-size: 10pt">INVESTMENT POLICIES AND TECHNIQUES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b004"><FONT STYLE="font-size: 10pt">ADDITIONAL RISK FACTORS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b005"><FONT STYLE="font-size: 10pt">MANAGEMENT OF THE FUND</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b006"><FONT STYLE="font-size: 10pt">PORTFOLIO TRANSACTIONS AND BROKERAGE</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b007"><FONT STYLE="font-size: 10pt">PORTFOLIO TURNOVER RATE</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b008"><FONT STYLE="font-size: 10pt">CONFLICTS OF INTEREST</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SHARES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b010"><FONT STYLE="font-size: 10pt">REPURCHASE OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b011"><FONT STYLE="font-size: 10pt">TAX MATTERS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b012"><FONT STYLE="font-size: 10pt">CUSTODIAN AND TRANSFER AGENT</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b013"><FONT STYLE="font-size: 10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b014"><FONT STYLE="font-size: 10pt">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b015"><FONT STYLE="font-size: 10pt">INCORPORATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b016"><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">S-43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#brw424b5b017"><FONT STYLE="font-size: 10pt">APPENDIX A:&nbsp;&nbsp;PROXY VOTING AND CLASS ACTION POLICIES AND PROCEDURES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">A-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b001"></A>THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a non-diversified, closed-end management
investment company registered under the Investment Company Act. The Fund was formed as a Massachusetts business trust on December 2, 1987,
pursuant to its Agreement and Declaration of Trust, as subsequently amended (the &ldquo;Declaration of Trust&rdquo;) and is governed by
the laws of the Commonwealth of Massachusetts. The Fund commenced operations on May 12, 1987. The Fund first changed its name from Pilgrim
Prime Rate Trust to Pilgrim America Prime Rate Trust, effective April 12, 1996, and then changed its name back to Pilgrim Prime Rate Trust,
effective November 16, 1998. Effective March 1, 2002, the Fund changed its name to ING Prime Rate Trust. Effective May 1, 2014, the Fund
changed its name to Voya Prime Rate Trust. Effective June 4, 2021, and as a result of Saba Capital Management, L.P. (the &ldquo;Adviser&rdquo;)
assuming the role as investment adviser to the Fund, the Fund changed its name to Saba Capital Income &amp; Opportunities Fund. The Fund&rsquo;s
common shares are traded on the NYSE under the symbol &ldquo;BRW.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b002"></A>INVESTMENT OBJECTIVES AND POLICIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investment objective is set forth
in the Prospectus. The investment objective is a non-fundamental policy that may be changed by the Board of Trustees (the &ldquo;Board&rdquo;)
without shareholder approval upon 60 days&rsquo; prior written notice to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise noted, whenever an investment
policy or limitation states a maximum percentage of the Fund&rsquo;s assets that may be invested in any security or other asset, or sets
forth a policy regarding quality standards, such percentage limitation or standard will be determined immediately after and as a result
of the Fund&rsquo;s acquisition of such security or other asset, except in the case of borrowing (or other activities that may be deemed
to result in the issuance of a &ldquo;senior security&rdquo; under the Investment Company Act). Accordingly, any subsequent change in
value, net assets or other circumstances will not be considered when determining whether the investment complies with the Fund&rsquo;s
investment policies and limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has adopted restrictions and policies
relating to the investment of the Fund&rsquo;s assets and its activities. Certain of the restrictions are fundamental policies of the
Fund and may not be changed without the approval of the holders of a majority of the Fund&rsquo;s outstanding voting securities (which
for this purpose and under the Investment Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more
than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fundamental Investment Restrictions. Under
these fundamental investment restrictions, the Fund may not:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issue senior securities, except insofar as the Fund may be deemed to have issued a senior security by reason of: (i) entering into certain interest rate hedging transactions; (ii) entering into reverse repurchase agreements; (iii) borrowing money in an amount permitted under the Investment Company Act, including the rules, regulations, interpretations thereunder, and any exemptive relief provided by the SEC; or (iv) issuing a class or classes of preferred shares in an amount not exceeding 50%, or such other percentage permitted by law, of the Fund&rsquo;s total assets less all liabilities and indebtedness not represented by senior securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">invest more than 25% of its total assets in any industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">act as an underwriter of securities, except to the extent that it may be deemed to act as an underwriter in certain cases when disposing of its portfolio investments or acting as an agent or one of a group of co-agents in originating Senior Loans;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchase or sell real estate, real estate mortgage loans, commodities, commodity futures contracts, or oil or gas exploration or development programs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">make loans of money or property to any person, except that the Fund: (i) may make loans to corporations or other business entities, or enter into leases or other arrangements that have the characteristics of a loan; (ii) may lend portfolio instruments; and (iii) may acquire securities subject to repurchase agreements; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13px"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">make investments on margin or hypothecate, mortgage, or pledge any of its assets except for the purpose of securing borrowings as described in connection with the issuance of senior securities and then only in an amount up to 33 &#8531;% (50% in the case of the issuance of a preferred class of shares), or such other percentage permitted by law, of the value of the Fund&rsquo;s total assets (including, with respect to borrowings, the amount borrowed) less all liabilities other than borrowings (or, in the case of issuance of senior securities, less all liabilities and indebtedness not represented by senior securities).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For avoidance of doubt, restriction number 4 does
not cover investments in exchange-traded funds or other pools/vehicles, that themselves invest in real estate, mortgage loans, commodities,
futures, contracts or oil or gas exploration or development programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b003"></A>INVESTMENT POLICIES AND TECHNIQUES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following information supplements the discussion
of the Fund&rsquo;s investment objectives, policies and techniques that are described in the Prospectus. The Prospectus identifies the
types of securities in which the Fund invests principally and summarizes the principal risks to the Fund&rsquo;s portfolio as a whole
associated with such investments. To the extent that a type of security identified below is not described in the Prospectus (or as a sub-category
of such security type in this SAI), the Fund generally invests such security type, if at all, as part of its non-principal investment
strategies. The Fund may, but is not required to, invest in any or all of the types of securities described below to the extent not prohibited
by its fundamental investment policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Collateralized Bond Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Collateralized bond obligations (&ldquo;CBOs&rdquo;)
are investment grade bonds backed by a pool of bonds, which may include junk bonds, which are considered speculative investments. CBOs
are often privately offered and sold, and thus not registered under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters of CBOs package a large and diversified
pool of high-risk, high-yield junk bonds, which is then structured into &ldquo;tranches.&rdquo; Typically, the first tranche represents
a senior claim on collateral and pays the lowest interest rate; the second tranche is junior to the first tranche and therefore subject
to greater risk and pays a higher rate; the third tranche is junior to both the first and second tranche, represents the lowest credit
quality and instead of receiving a fixed interest rate receives the residual interest payments - money that is left over after the higher
tranches have been paid. CBOs are substantially overcollateralized and this, plus diversification of the pool backing them, may earn certain
of the tranches investment-grade bond ratings. Holders of third-tranche CBOs stand to earn higher or lower yields depending on the rate
of defaults in the collateral pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commercial Paper</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial paper is a short-term debt obligation,
usually sold on a discount basis, with a maturity ranging from 2 to 270 days issued by banks, corporations and other borrowers. It is
sold to investors with temporary idle cash as a way to increase returns on a short-term basis. These instruments are generally unsecured,
which increases the credit risk associated with this type of investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate debt securities are long and short term
fixed income securities typically issued by businesses to finance their operations. Corporate debt securities are issued by public or
private companies, as distinct from debt securities issued by a government or its agencies. The issuer of a corporate debt security often
has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal periodically or on a specified
maturity date. Corporate debt securities typically have four distinguishing features: (i) they are taxable; (ii) they have a par value
of $1,000; (iii) they have a term maturity, which means they come due at a specified time period; and (iv) many are traded on major securities
exchanges. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference
being their interest rates, maturity dates and secured or unsecured status. Commercial paper has the shortest term and usually is unsecured,
as are debentures. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds,
including those with small-, mid- and large-capitalizations. The category also includes bank loans, as well as assignments, participations
and other interests in bank loans. Corporate debt securities may be rated investment grade or below investment grade and may be structured
as fixed-, variable or floating-rate obligations or as zero-coupon, pay-in-kind and step-coupon securities and may be privately placed
or publicly offered. They may also be senior or subordinated obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Extendible commercial notes (&ldquo;ECNs&rdquo;)
are very similar to commercial paper except that, with ECNs, the issuer has the option to extend the notes&rsquo; maturity. ECNs are issued
at a discount rate, with an initial redemption of not more than 90 days from the date of issue. If ECNs are not redeemed by the issuer
on the initial redemption date, the issuer will pay a premium (step-up) rate based on the ECN&rsquo;s credit rating at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of the wide range of types and maturities
of corporate debt securities, as well as the range of creditworthiness of issuers, corporate debt securities can have widely varying risk/return
profiles. For example, commercial paper issued by a large established domestic corporation that is rated by an NRSRO as investment grade
may have a relatively modest return on principal but present relatively limited risk. On the other hand, a long-term corporate note issued,
for example, by a small foreign corporation from an emerging market country that has not been rated by an NRSRO may have the potential
for relatively large returns on principal but carries a relatively high degree of risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Custody Receipts and Trust Certificates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Custody receipts and trust certificates are derivative
products that evidence direct ownership in a pool of securities. Typically, a sponsor will deposit a pool of securities with a custodian
in exchange for custody receipts evidencing interests in those securities. The sponsor generally then will sell the custody receipts or
trust certificates in negotiated transactions at varying prices. Each custody receipt or trust certificate evidences the individual securities
in the pool and the holder of a custody receipt or trust certificate generally will have all the rights and privileges of owners of those
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Debt Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many different types of debt obligations exist
(for example, bills, bonds, and notes). Issuers of debt obligations have a contractual obligation to pay interest at a fixed, variable
or floating rate on specified dates and to repay principal by a specified maturity date. Certain debt obligations (usually intermediate
and long-term bonds) have provisions that allow the issuer to redeem or &ldquo;call&rdquo; a bond before its maturity. Issuers are most
likely to call these securities during periods of falling interest rates. When this happens, an investor may have to replace these securities
with lower yielding securities, which could result in a lower return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market value of debt obligations is affected
primarily by changes in prevailing interest rates, changes in the economic environment and the issuer&rsquo;s perceived ability to repay
the debt. The market value of a debt obligation generally reacts inversely to interest rate changes. When prevailing interest rates decline,
the market value of the bond usually rises, and when prevailing interest rates rise, the market value of the bond usually declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted, the values of debt obligations also
may be affected by changes in the credit rating or financial condition of their issuers. Generally, the lower the quality rating of a
security, the higher the degree of risk as to the payment of interest and return of principal. To compensate investors for taking on such
increased risk, those issuers deemed to be less creditworthy generally must offer their investors higher interest rates than do issuers
with better credit ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dollar Rolls</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dollar rolls involve selling securities (<I>e.g.</I>,
or U.S. Treasury securities) and simultaneously entering into a commitment to purchase those or similar securities on a specified future
date and price from the same party. A U.S. Treasury roll is a type of dollar roll. The Fund foregoes principal and interest paid on the
securities during the &ldquo;roll&rdquo; period. The Fund is compensated by the difference between the current sales price and the lower
forward price for the future purchase of the securities, as well as the interest earned on the cash proceeds of the initial sale. The
investor also could be compensated through the receipt of fee income equivalent to a lower forward price. Dollar roll transactions may
result in higher transaction costs for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange-Traded Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange-traded notes (&ldquo;ETNs&rdquo;) are
instruments that combine aspects of bonds and exchange-traded funds (ETFs) and are designed to provide investors with access to the returns,
less investor fees and expenses, of various market benchmarks or strategies to which they are usually linked. When an investor buys an
ETN, the issuer, typically an underwriting bank, promises to pay upon maturity the amount reflected in the benchmark or strategy (minus
fees and expenses). Some ETNs make periodic coupon payments. Like ETFs, ETNs are traded on an exchange, but ETNs have additional risks
compared to ETFs, including the risk that if the credit of the ETN issuer becomes suspect, the investment might lose some or all of its
value. Though linked to the performance, for example, of a market benchmark, ETNs are not equities or index funds, but they do share several
characteristics. Similar to equities, ETNs are traded on an exchange and can be sold short. Similar to index funds, ETNs may be linked
to the return of a benchmark or strategy, but ETNs do not have an ownership interest in the instruments underlying the benchmark or strategy
the ETN is tracking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Currency Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Spot Rates and Derivative Instruments</I>.
The Fund may conduct its foreign currency exchange transactions either at the spot (cash) rate prevailing in the foreign currency exchange
market or by entering into forward foreign currency exchange contracts (forward contracts). These contracts are traded in the interbank
market conducted directly between currency traders (usually large commercial banks) and their customers. Because foreign currency transactions
occurring in the interbank market might involve substantially larger amounts than those involved in the use of such derivative instruments,
the Fund could be disadvantaged by having to deal in the odd lot market for the underlying foreign currencies at prices that are less
favorable than for round lots. The Fund may enter into forward contracts for a variety of reasons, including for risk management (hedging)
or for investment purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Fund enters into a contract for the purchase
or sale of a security denominated in a foreign currency or has been notified of a dividend or interest payment, it may desire to lock
in the price of the security or the amount of the payment, usually in U.S. dollars, although it could desire to lock in the price of the
security in another currency. By entering into a forward contract, the Fund would be able to protect itself against a possible loss resulting
from an adverse change in the relationship between different currencies from the date the security is purchased or sold to the date on
which payment is made or received or when the dividend or interest is actually received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into forward contracts when
management of the Fund believes the currency of a particular foreign country may decline in value relative to another currency. When selling
currencies forward in this fashion, the Fund may seek to hedge the value of foreign securities it holds against an adverse move in exchange
rates. The precise matching of forward contract amounts and the value of securities involved generally will not be possible since the
future value of securities in foreign currencies more than likely will change between the date the forward contract is entered into and
the date it matures. The projection of short-term currency market movements is extremely difficult and successful execution of a short-term
hedging strategy is highly uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This method of protecting the value of the Fund&rsquo;s
securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It
simply establishes a rate of exchange that can be achieved at some point in time. Although forward contracts can be used to minimize the
risk of loss due to a decline in value of hedged currency, they will also limit any potential gain that might result should the value
of such currency increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also enter into forward contracts
when the Fund&rsquo;s portfolio manager believes the currency of a particular country will increase in value relative to another currency.
The Fund may buy currencies forward to gain exposure to a currency without incurring the additional costs of purchasing securities denominated
in that currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, the combination of U.S. dollar-denominated
instruments with long forward currency exchange contracts creates a position economically equivalent to a position in the foreign currency,
in anticipation of an increase in the value of the foreign currency against the U.S. dollar. Conversely, the combination of U.S. dollar-denominated
instruments with short forward currency exchange contracts is economically equivalent to borrowing the foreign currency for delivery at
a specified date in the future, in anticipation of a decrease in the value of the foreign currency against the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unanticipated changes in the currency exchange
results could result in poorer performance for Funds that enter into these types of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At maturity of a forward contract, the Fund may
either deliver (if a contract to sell) or take delivery of (if a contract to buy) the foreign currency or terminate its contractual obligation
by entering into an offsetting contract with the same currency trader, having the same maturity date, and covering the same amount of
foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund engages in an offsetting transaction,
it will incur a gain or loss to the extent there has been movement in forward contract prices. If the Fund engages in an offsetting transaction,
it may subsequently enter into a new forward contract to buy or sell the foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Fund values its assets each business
day in terms of U.S. dollars, it may not intend to convert its foreign currencies into U.S. dollars on a daily basis. However, it will
do so from time to time, and such conversions involve certain currency conversion costs. Although foreign exchange dealers do not charge
a fee for conversion, they do realize a profit based on the difference (spread) between the prices at which they buy and sell various
currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should
the Fund desire to resell that currency to the dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is possible, under certain circumstances, including
entering into forward currency contracts for investment purposes, that the Fund will be required to limit or restructure its forward contract
currency transactions to qualify as a &ldquo;regulated investment company&rdquo; under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options on Foreign Currencies</I>. The Fund
may buy put and call options and write covered call and cash-secured put options on foreign currencies for hedging purposes and to gain
exposure to foreign currencies. For example, a decline in the dollar value of a foreign currency in which securities are denominated will
reduce the dollar value of such securities, even if their value in the foreign currency remains constant. In order to protect against
the diminutions in the value of securities, the Fund may buy put options on the foreign currency. If the value of the currency does decline,
the Fund would have the right to sell the currency for a fixed amount in dollars and would thereby offset, in whole or in part, the adverse
effect on its portfolio that otherwise would have resulted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conversely, where a change in the dollar value
of a currency would increase the cost of securities the Fund plans to buy, or where the Fund would benefit from increased exposure to
the currency, the Fund may buy call options on the foreign currency, giving it the right to purchase the currency for a fixed amount in
dollars. The purchase of the options could offset, at least partially, the changes in exchange rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As in the case of other types of options, however,
the benefit to the Fund derived from purchases of foreign currency options would be reduced by the amount of the premium and related transaction
costs. In addition, where currency exchange rates do not move in the direction or to the extent anticipated, the Fund could sustain losses
on transactions in foreign currency options that would require it to forego a portion or all of the benefits of advantageous changes in
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may write options on foreign currencies
for similar purposes. For example, when the Fund anticipates a decline in the dollar value of foreign-denominated securities due to adverse
fluctuations in exchange rates, it could, instead of purchasing a put option, write a call option on the relevant currency, giving the
option holder the right to purchase that currency from the Fund for a fixed amount in dollars. If the expected decline occurs, the option
would most likely not be exercised and the diminution in value of securities would be offset, at least partially, by the amount of the
premium received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, instead of purchasing a call option
when a foreign currency is expected to appreciate, the Fund could write a put option on the relevant currency, giving the option holder
the right to that currency from the Fund for a fixed amount in dollars. If rates move in the manner projected, the put option would expire
unexercised and allow the Fund to hedge increased cost up to the amount of the premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As in the case of other types of options, however,
the writing of a foreign currency option will constitute only a partial hedge up to the amount of the premium, and only if rates move
in the expected direction. If this does not occur, the option may be exercised and the Fund would be required to buy or sell the underlying
currency at a loss that may not be offset by the amount of the premium. Through the writing of options on foreign currencies, the Fund
also may be required to forego all or a portion of the benefits that might otherwise have been obtained from favorable movements on exchange
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An option written on foreign currencies is covered
if the Fund holds currency sufficient to cover the option or has an absolute and immediate right to acquire that currency without additional
cash consideration upon conversion of assets denominated in that currency or exchange of other currency held in its portfolio. An option
writer could lose amounts substantially in excess of its initial investments, due to the margin and collateral requirements associated
with such positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options on foreign currencies are traded through
financial institutions acting as market-makers, although foreign currency options also are traded on certain national securities exchanges,
such as the Philadelphia Stock Exchange and the Chicago Board Options Exchange, subject to SEC regulation. In an over-the-counter trading
environment, many of the protections afforded to exchange participants will not be available. For example, there are no daily price fluctuation
limits, and adverse market movements could therefore continue to an unlimited extent over a period of time. Although the purchaser of
an option cannot lose more than the amount of the premium plus related transaction costs, this entire amount could be lost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency option positions entered into
on a national securities exchange are cleared and guaranteed by the OCC, thereby reducing the risk of counterparty default. Further, a
liquid secondary market in options traded on a national securities exchange may be more readily available than in the over-the-counter
market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in
the event of adverse market movements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Foreign Currency Futures and Related Options</I>.
The Fund may enter into currency futures contracts to buy or sell currencies. It also may buy put and call options and write covered call
and cash-secured put options on currency futures. Currency futures contracts are similar to currency forward contracts, except that they
are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures
call for payment of delivery in U.S. dollars. The Fund may use currency futures for the same purposes as currency forward contracts, subject
to CFTC limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currency futures and options on futures values
can be expected to correlate with exchange rates, but will not reflect other factors that may affect the value of the Fund&rsquo;s investments.
A currency hedge, for example, should protect a Yen-denominated bond against a decline in the Yen, but will not protect the Fund against
price decline if the issuer&rsquo;s creditworthiness deteriorates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the value of the Fund&rsquo;s investments
denominated in foreign currency will change in response to many factors other than exchange rates, it may not be possible to match the
amount of a forward contract to the value of the Fund&rsquo;s investments denominated in that currency over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Guaranteed Investment Contracts (Funding Agreements)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guaranteed investment contracts, or funding
agreements, are short-term, privately placed debt instruments issued by insurance companies. Pursuant to such contracts, the Fund
may make cash contributions to a deposit fund of the insurance company&rsquo;s general account. The insurance company then credits
to the Fund payments at negotiated, floating or fixed interest rates. The Fund will purchase guaranteed investment contracts only
from issuers that, at the time of purchase, meet certain credit and quality standards. In general, guaranteed investment contracts
are not assignable or transferable without the permission of the issuing insurance companies, and an active secondary market does
not exist for these investments. In addition, the issuer may not be able to pay the principal amount to the Fund on seven
days&rsquo; notice or less, at which time the investment may be considered illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>High-Yield Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">High-yield, or low and below investment grade
securities (below investment grade securities are also known as &ldquo;junk bonds&rdquo;) are debt securities with the lowest investment
grade rating (e.g., BBB by S&amp;P and Fitch or Baa by Moody&rsquo;s), that are below investment grade (e.g., lower than BBB by S&amp;P
and Fitch or Baa by Moody&rsquo;s) or that are unrated but determined by the Fund&rsquo;s portfolio managers to be of comparable quality.
These types of securities may be issued to fund corporate transactions or restructurings, such as leveraged buyouts, mergers, acquisitions,
debt reclassifications or similar events. High-yield securities may be more speculative in nature than securities with higher ratings
and tend to be more sensitive to credit risk, particularly during a downturn in the economy. These types of securities may be issued by
unseasoned companies without long track records of sales and earnings, or by companies or municipalities that have questionable credit
strength. High-yield securities and comparable unrated securities: (i) likely will have some quality and protective characteristics that,
in the judgment of one or more Nationally Recognized Statistical Rating Organizations, are outweighed by large uncertainties or major
risk exposures to adverse conditions; (ii) are speculative with respect to the issuer&rsquo;s capacity to pay interest and repay principal
in accordance with the terms of the obligation; and (iii) may have a less liquid secondary market, potentially making it difficult to
value or sell such securities. Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest
payments of rated securities. They do not, however, evaluate the market value risk of lower-quality securities and, therefore, may not
fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect
changes in the economy or in the condition of the issuer that affect the market value of the securities. Consequently, credit ratings
are used only as a preliminary indicator of investment quality. High-yield securities may be structured as fixed-, variable- or floating-rate
obligations or as zero- coupon, pay-in-kind and step-coupon securities and may be privately placed or publicly offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rates of return on these types of securities
generally are higher than the rates of return available on more highly rated securities, but generally involve greater volatility of price
and risk of loss of principal and income, including the possibility of default by or insolvency of the issuers of such securities. Accordingly,
the Fund may be more dependent on the Adviser&rsquo;s credit analysis with respect to these types of securities than is the case for more
highly rated securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market values of certain high-yield securities
and comparable unrated securities tend to be more sensitive to individual corporate developments and changes in economic conditions than
are the market values of more highly rated securities. In addition, issuers of high-yield and comparable unrated securities often are
highly leveraged and may not have more traditional methods of financing available to them, so that their ability to service their debt
obligations during an economic downturn or during sustained periods of rising interest rates may be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk of loss due to default is greater for
high-yield and comparable unrated securities than it is for higher rated securities because high-yield securities and comparable unrated
securities generally are unsecured and frequently are subordinated to more senior indebtedness. The Fund may incur additional expenses
to the extent that it is required to seek recovery upon a default in the payment of principal or interest on its holdings of such securities.
The existence of limited markets for lower-rated debt securities may diminish the Fund&rsquo;s ability to: (i) obtain accurate market
quotations for purposes of valuing such securities and calculating portfolio net asset value; and (ii) sell the securities at fair market
value either to meet redemption requests or to respond to changes in the economy or in financial markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many lower-rated securities are not registered
for offer and sale to the public under the Securities Act. Investments in these restricted securities may be determined to be liquid (able
to be sold or disposed of in current market conditions in seven days or less without the sales or dispositions significantly changing
the market value of the investment). The Fund is not otherwise subject to any limitation on its ability to invest in restricted securities.
Restricted securities may be less liquid than other lower-rated securities, potentially making it difficult to value or sell such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inflation-Protected Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflation is a general rise in prices of goods
and services. Inflation erodes the purchasing power of an investor&rsquo;s assets. For example, if an investment provides a total return
of 7% in a given year and inflation is 3% during that period, the inflation- adjusted, or real, return is 4%. Inflation-protected securities
are debt securities whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal
and interest payments. One type of inflation-protected debt security is issued by the U.S. Treasury. The principal of these securities
is adjusted for inflation as indicated by the Consumer Price Index (&ldquo;CPI&rdquo;) for urban consumers and interest is paid on the
adjusted amount. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation
and energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the CPI falls, the principal value of inflation-protected
securities will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller
principal amount) will be reduced. Conversely, if the CPI rises, the principal value of inflation-protected securities will be adjusted
upward, and consequently the interest payable on these securities will be increased. Repayment of the original bond principal upon maturity
is guaranteed in the case of U.S. Treasury inflation-protected securities, even during a period of deflation. However, the current market
value of the inflation-protected securities is not guaranteed and will fluctuate. Other inflation-indexed securities include inflation-related
bonds, which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of
the bond repaid at maturity may be less than the original principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other issuers of inflation-protected debt securities
include other U.S. government agencies or instrumentalities, corporations and foreign governments. There can be no assurance that the
CPI or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there
can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.
If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these
securities may not be protected to the extent that the increase is not reflected in the bond&rsquo;s inflation measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any increase in principal for an inflation-protected
security resulting from inflation adjustments is considered by IRS regulations to be taxable income in the year it occurs. For direct
holders of an inflation-protected security, this means that taxes must be paid on principal adjustments even though these amounts are
not received until the bond matures. Similarly, a Fund treated as a regulated investment company under the Code that holds these securities
distributes both interest income and the income attributable to principal adjustments in the form of cash or reinvested shares, which
are taxable to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Money Market Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Money market instruments include cash equivalents
and short-term debt obligations which include: (i) bank obligations, including certificates of deposit (CDs), time deposits and bankers&rsquo;
acceptances, and letters of credit of banks or savings and loan associations having capital surplus and undivided profits (as of the date
of its most recently published annual financial statements) in excess of $100 million (or the equivalent in the instance of a foreign
branch of a U.S. bank) at the date of investment; (ii) funding agreements; (iii) repurchase agreements; (iv) obligations of the United
States, foreign countries and supranational entities, and each of their subdivisions, agencies and instrumentalities; (v) certain corporate
debt securities, such as commercial paper, short-term corporate obligations and extendible commercial notes; (vi) participation interests;
and (vii) municipal securities. Money market instruments may be structured as fixed-, variable- or floating-rate obligations and may be
privately placed or publicly offered. With respect to money market securities, certain U.S. Government obligations are backed or insured
by the U.S. Government, its agencies or its instrumentalities. Other money market securities are backed only by the claims paying ability
or creditworthiness of the issuer. Bankers&rsquo; acceptances are marketable short-term credit instruments used to finance the import,
export, transfer or storage of goods. They are termed &ldquo;accepted&rdquo; when a bank unconditionally guarantees their payment at maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mortgage Related Derivative Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in mortgage-backed securities
(&ldquo;MBS&rdquo;) credit default swaps. MBS credit default swaps include swaps the reference obligation for which is an MBS or related
index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total return
swaps based on CMBS) or the ABX Index (a tradeable index referencing a basket of sub-prime MBS). The Fund may engage in other derivative
transactions related to MBS, including purchasing and selling exchange-listed and over-the-counter put and call options, futures and forwards
on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Municipal Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Standby Commitments</I>. Standby commitments
are securities under which a purchaser, usually a bank or broker-dealer, agrees to purchase, for a fee, an amount of the Fund&rsquo;s
municipal obligations. The amount payable by a bank or broker-dealer to purchase securities subject to a standby commitment typically
will be substantially the same as the value of the underlying municipal securities. The Fund may pay for standby commitments either separately
in cash or by paying a higher price for portfolio securities that are acquired subject to such a commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxable Municipal Obligations</I>. Interest
or other investment return is subject to federal income tax for certain types of municipal obligations for a variety of reasons. These
municipal obligations do not qualify for the federal income tax exemption because (a) they did not receive necessary authorization for
tax-exempt treatment from state or local government authorities, (b) they exceed certain regulatory limitations on the cost of issuance
for tax-exempt financing or (c) they finance public or private activities that do not qualify for the federal income tax exemption. These
non-qualifying activities might include, for example, certain types of multi-family housing, certain professional and local sports facilities,
refinancing of certain municipal debt, and borrowing to replenish a municipality&rsquo;s underfunded pension plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participation Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participation interests (also called pass-through
certificates or securities) represent an interest in a pool of debt obligations, such as municipal bonds or notes that have been &ldquo;packaged&rdquo;
by an intermediary, such as a bank or broker-dealer. Participation interests typically are issued by partnerships or trusts through which
the Fund receives principal and interest payments that are passed through to the holder of the participation interest from the payments
made on the underlying debt obligations. The purchaser of a participation interest receives an undivided interest in the underlying debt
obligations. The issuers of the underlying debt obligations make interest and principal payments to the intermediary, as an initial purchaser,
which are passed through to purchasers in the secondary market, such as the Fund. Participation interests may be structured as fixed-,
variable- or floating-rate obligations or as zero-coupon, pay-in- kind and step-coupon securities and may be privately placed or publicly
offered. Loan participations also are a type of participation interest. Loans, loan participations, and interests in securitized loan
pools are interests in amounts owed by a corporate, governmental, or other borrower to a lender or consortium of lenders (typically banks,
insurance companies, investment banks, government agencies, or international agencies).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Partnership Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in securities issued by publicly
traded partnerships or master limited partnerships or limited liability companies (together referred to as PTPs/MLPs). These entities
are limited partnerships or limited liability companies that may be publicly traded on stock exchanges or markets such as the NYSE, the
NYSE Alternext US LLC (formerly the American Stock Exchange) and NASDAQ. PTPs/MLPs often own businesses or properties relating to energy,
natural resources or real estate, or may be involved in the film industry or research and development activities. Generally, PTPs/MLPs
are operated under the supervision of one or more managing partners or members. Limited partners, unit holders, or members (such as a
fund that invests in a partnership) are not involved in the day-to-day management of the company. Limited partners, unit holders, or members
are allocated income and capital gains associated with the partnership project in accordance with the terms of the partnership or limited
liability company agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At times PTPs/MLPs may potentially offer relatively
high yields compared to common stocks. Because PTPs/MLPs are generally treated as partnerships or similar limited liability &ldquo;pass-through&rdquo;
entities for tax purposes, they do not ordinarily pay income taxes, but pass their earnings on to unit holders (except in the case of
some publicly traded firms that may be taxed as corporations). For tax purposes, unit holders may initially be deemed to receive only
a portion of the distributions attributed to them because certain other portions may be attributed to the repayment of initial investments
and may thereby lower the cost basis of the units or shares owned by unit holders. As a result, unit holders may effectively defer taxation
on the receipt of some distributions until they sell their units. These tax consequences may differ for different types of entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Private Investments in Public Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Private Investments in public equity (or PIPEs)
are equity securities purchased in a private placement that are issued by issuers who have outstanding, publicly traded equity securities
of the same class. Shares issued in PIPEs are not registered with the SEC and may not be sold unless registered with the SEC or pursuant
to an exemption from registration. Generally, an issuer of shares in a PIPE may agree to register the shares after a certain period from
the date of the private sale. This restricted period can last many months. Until the public registration process is completed, the resale
of the PIPE shares is restricted and the Fund may sell the shares after six months, with certain restrictions, if the Fund is not an affiliate
of the issuer (under relevant securities law, a holder of restricted shares may sell the shares after 6 months if the holder is not affiliated
to the issuer). Generally, such restrictions cause the PIPE shares to be illiquid during this time. If the issuer does not agree to register
the PIPE shares, the shares will remain restricted, not be freely tradable and may only be sold pursuant to an exemption from registration.
Even if the PIPE shares are registered for resale, there is no assurance that the registration will be in effect at the time the Fund
elects to sell the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Real Estate Investment Trusts (&ldquo;REITs&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in equity interests and debt
securities issued by REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles
that pool investor&rsquo;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic
areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings). The market value of REIT
shares and the ability of REITs to distribute income may be adversely affected by several factors, including rising interest rates, changes
in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience
and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance, the cost of
complying with the Americans with Disabilities Act, increased competition from new properties, the impact of present or future environmental
legislation and compliance with environmental laws, changes in real estate taxes and other operating expenses, adverse changes in governmental
rules and fiscal policies, adverse changes in zoning laws and other factors beyond the control of the REIT issuers. In addition, distributions
received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate
of dividends (on a pre-tax basis) than operating companies, to the extent application of the Fund&rsquo;s investment strategy results
in the Fund investing in REIT shares, the percentage of the Fund&rsquo;s dividend income received from REIT shares will likely exceed
the percentage of the Fund&rsquo;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs,
mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive
most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development
or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests
in real estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Repurchase Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Repurchase agreements are agreements under which
the Fund acquires a security for a relatively short period of time (usually within seven days) subject to the obligation of a seller to
repurchase and the Fund to resell such security at a fixed time and price (representing the Fund&rsquo;s cost plus interest). The repurchase
agreement specifies the yield during the purchaser&rsquo;s holding period. Repurchase agreements also may be viewed as loans made by the
Fund that are collateralized by the securities subject to repurchase, which may consist of a variety of security types. The Fund typically
will enter into repurchase agreements only with commercial banks, registered broker-dealers and the Fixed Income Clearing Corporation.
Such transactions are monitored to ensure that the value of the underlying securities will be at least equal at all times to the total
amount of the repurchase obligation, including any accrued interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reverse Repurchase Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reverse repurchase agreements are agreements under
which the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return
for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed-upon time (normally within 7 days) and price which
reflects an interest payment. The Fund generally retains the right to interest and principal payments on the security. Reverse repurchase
agreements also may be viewed as borrowings made by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stripped Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stripped securities are the separate income or
principal payments of a debt security and evidence ownership in either the future interest or principal payments on an instrument. There
are many different types and variations of stripped securities. For example, separate trading of registered interest and principal securities
(&ldquo;STRIPS&rdquo;) can be component parts of a U.S. Treasury security where the principal and interest components are traded independently
through DTC, a clearing agency registered pursuant to Section 17A of the Exchange Act and created to hold securities for its participants,
and to facilitate the clearance and settlement of securities transactions between participants through electronic computerized book-entries,
thereby eliminating the need for physical movement of certificates. Treasury Investor Growth Receipts (&ldquo;TIGERs&rdquo;) are U.S.
Treasury securities stripped by brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Structured Investments (Index or Linked Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indexed or linked securities, also often referred
to as &ldquo;structured products,&rdquo; are instruments that may have varying combinations of equity and debt characteristics. These
instruments are structured to recast the investment characteristics of the underlying security or reference asset. If the issuer is a
unit investment trust or other special purpose vehicle, the structuring will typically involve the deposit with or purchase by such issuer
of specified instruments (such as commercial bank loans or securities) and/or the execution of various derivative transactions, and the
issuance by that entity of one or more classes of securities (structured securities) backed by, or representing interests in, the underlying
instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities
with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent
of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Indexed and Inverse Floating Rate Securities</I>.
The Fund may invest in securities that provide a potential return based on a particular index or interest rates. For example, the Fund
may invest in debt securities that pay interest based on an index of interest rates. The principal amount payable upon maturity of certain
securities also may be based on the value of the index. To the extent the Fund invests in these types of securities, the Fund&rsquo;s
return on such securities will rise and fall with the value of the particular index: that is, if the value of the index falls, the value
of the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be based on relative
changes among particular indices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in so-called &ldquo;inverse
floaters&rdquo; or &ldquo;residual interest bonds&rdquo; on which the interest rates vary inversely with a floating rate (which may be
reset periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). The Fund
may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts. A trust funds the purchase of
a bond by issuing two classes of certificates: short-term floating rate notes (typically sold to third parties) and the inverse floaters
(also known as residual certificates). No additional income beyond that provided by the trust&rsquo;s underlying bond is created; rather,
that income is merely divided-up between the two classes of certificates. Generally, income on inverse floating rate bonds will decrease
when interest rates increase, and will increase when interest rates decrease. Such securities can have the effect of providing a degree
of investment leverage, since they may increase or decrease in value in response to changes in market interest rates at a rate that is
a multiple of the actual rate at which fixed rate securities increase or decrease in response to such changes. As a result, the market
values of such securities will generally be more volatile than the market values of fixed-rate securities. To seek to limit the volatility
of these securities, the Fund may purchase inverse floating obligations that have shorter-term maturities or that contain limitations
on the extent to which the interest rate may vary. Certain investments in such obligations may be illiquid. Furthermore, where such a
security includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, the Fund may be
required to pay substantial additional margin to maintain the position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Credit-Linked Securities.</I> Among the income-producing
securities in which the Fund may invest are credit-linked securities. The issuers of these securities frequently are limited purpose trusts
or other special purpose vehicles that, in turn, invest in a derivative instrument or basket of derivative instruments, such as credit
default swaps, interest rate swaps and other securities, in order to provide exposure to certain fixed income markets. For instance, the
Fund may invest in credit-linked securities as a cash management tool in order to gain exposure to a certain market and/or to remain fully
invested when more traditional income producing securities are not available. Like an investment in a bond, investments in these credit-linked
securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end
of the term of the security. However, these payments are conditioned on or linked to the issuer&rsquo;s receipt of payments from, and
the issuer&rsquo;s potential obligations to, the counterparties to the derivative instruments and other securities in which the issuer
invests. For instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of payments
over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon
which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty
the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and/or principal
that the Fund would receive. The Fund&rsquo;s investments in these securities are indirectly subject to the risks associated with derivative
instruments. These securities generally are exempt from registration under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). Accordingly, there may be no established trading market for the securities and they may be illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Equity-Linked Notes</I>. An equity-linked note
(&ldquo;ELN&rdquo;) is a debt instrument whose value is based on the value of a single equity security, basket of equity securities or
an index of equity securities (each, an &ldquo;Underlying Equity&rdquo;). An ELN typically provides interest income, thereby offering
a yield advantage over investing directly in an Underlying Equity. The Fund may purchase ELNs that trade on a securities exchange or those
that trade on the over-the-counter markets, including Rule 144A securities. The Fund may also purchase ELNs in a privately negotiated
transaction with the issuer of the ELNs (or its broker-dealer affiliate). The Fund may or may not hold an ELN until its maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity-linked securities also include issues such
as Structured Yield Product Exchangeable for Stock (&ldquo;STRYPES&rdquo;), Trust Automatic Common Exchange Securities (&ldquo;TRACES&rdquo;),
Trust Issued Mandatory Exchange Securities (&ldquo;TIMES&rdquo;) and Trust Enhanced Dividend Securities (&ldquo;TRENDS&rdquo;). The issuers
of these equity-linked securities generally purchase and hold a portfolio of stripped U.S. Treasury securities maturing on a quarterly
basis through the conversion date, and a forward purchase contract with an existing shareholder of the company relating to the common
stock. Quarterly distributions on such equity-linked securities generally consist of the cash received from the U.S. Treasury securities
and such equity-linked securities generally are not entitled to any dividends that may be declared on the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ELNs also include participation notes issued
by a bank or broker-dealer that entitles the Fund to a return measured by the change in value of an Underlying Equity. Participation
notes are typically used when a direct investment in the Underlying Equity is restricted due to country-specific regulations.
Investment in a participation note is not the same as investment in the constituent shares of the company (or other issuer type) to
which the Underlying Equity is economically tied. A participation note represents only an obligation of the company or other issuer
type to provide the Fund the economic performance equivalent to holding shares of the Underlying Equity. A participation note does
not provide any beneficial or equitable entitlement or interest in the relevant Underlying Equity. In other words, shares of the
Underlying Equity are not in any way owned by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Currency-Linked Securities</I>. Currency-linked
debt securities are short-term or intermediate-term instruments having a value at maturity, and/or an interest rate, determined by reference
to one or more foreign currencies. Payment of principal or periodic interest may be calculated as a multiple of the movement of one currency
against another currency, or against an index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currency-linked securities may entail substantial
risks. Such instruments may be subject to significant price volatility. The company issuing the instrument may fail to pay the amount
due on maturity. The underlying investment may not perform as expected by the Fund&rsquo;s portfolio manager. Markets and underlying investments
and indexes may move in a direction that was not anticipated by the Fund&rsquo;s portfolio manager. Performance of the derivatives may
be influenced by interest rate and other market changes in the United States and abroad, and certain derivative instruments may be illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Linked securities are often issued by unit investment
trusts. Examples of this include such index-linked securities as S&amp;P Depositary Receipts (&ldquo;SPDRs&rdquo;), which is an interest
in a unit investment trust holding a portfolio of securities linked to the S&amp;P 500&reg; Index, and a type of exchange-traded fund.
SPDRs generally closely track the underlying portfolio of securities, trade like a share of common stock and pay periodic dividends proportionate
to those paid by the portfolio of stocks that comprise the S&amp;P 500&reg; Index. As a holder of interests in a unit investment trust,
the Fund would indirectly bear its ratable share of that unit investment trust&rsquo;s expenses. At the same time, the Fund would continue
to pay its own management and advisory fees and other expenses, as a result of which the Fund and its shareholders in effect would be
absorbing levels of fees with respect to investments in such unit investment trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because linked securities typically involve no
credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. Investments in structured products
may be structured as a class that is either subordinated or unsubordinated to the right of payment of another class. Subordinated linked
securities typically have higher rates of return and present greater risks than unsubordinated structured products. Structured products
sometimes are sold in private placement transactions and often have a limited trading market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in linked securities have the potential
to lead to significant losses because of unexpected movements in the underlying financial asset, index, currency or other investment.
The ability of the Fund to utilize linked securities successfully will depend on its ability correctly to predict pertinent market movements,
which cannot be assured. Because currency-linked securities usually relate to foreign currencies, some of which may be currencies from
emerging market countries, there are certain additional risks associated with such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Interest Rate Futures Contracts</I>. Bond prices
are established in both the cash market and the futures market. In the cash market, bonds are purchased and sold with payment for the
full purchase price of the bond being made in cash, generally within five business days after the trade. In the futures market, a contract
is made to purchase or sell a bond in the future for a set price on a certain date. Historically, the prices for bonds established in
the futures markets have tended to move generally in the aggregate in concert with the cash market prices and have maintained fairly predictable
relationships. Accordingly, the Fund may use interest rate futures contracts as a defense, or hedge, against anticipated interest rate
changes. The Fund presently could accomplish a similar result to that which it hopes to achieve through the use of interest rate futures
contracts by selling bonds with long maturities and investing in bonds with short maturities when interest rates are expected to increase,
or conversely, selling bonds with short maturities and investing in bonds with long maturities when interest rates are expected to decline.
However, because of the liquidity that is often available in the futures market, the protection is more likely to be achieved, perhaps
at a lower cost and without changing the rate of interest being earned by the Fund, through using futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate futures contracts are exchange-traded
in an auction environment. Each exchange guarantees performance under contract provisions through a clearing corporation, a nonprofit
organization managed by the exchange membership. A public market exists in futures contracts covering various financial instruments including
long-term U.S. Treasury Bonds and Notes; three-month U.S. Treasury Bills; and ninety-day commercial paper. The Fund may also invest in
exchange-traded Eurodollar contracts, which are interest rate futures on the forward level of a reference rate. These contracts are generally
considered liquid securities and trade on the Chicago Mercantile Exchange. Such Eurodollar contracts are generally used to &ldquo;lock-in&rdquo;
or hedge the future level of short-term rates. The Fund may trade in any interest rate futures contracts for which there exists a public
market, including, without limitation, the foregoing instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Index Futures Contracts</I>. An index futures
contract is a contract to buy or sell units of an index at a specified future date at a price agreed upon when the contract is made. Entering
into a contract to buy units of an index is commonly referred to as buying or purchasing a contract or holding a long position in the
index. Entering into a contract to sell units of an index is commonly referred to as selling a contract or holding a short position in
the index. A unit is the current value of the index. The Fund may enter into stock index futures contracts, debt index futures contracts,
or other index futures contracts appropriate to its objective(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Municipal Bond Index Futures Contracts</I>.
Municipal bond index futures contracts may act as a hedge against changes in market conditions. A municipal bond index assigns values
daily to the municipal bonds included in the index based on the independent assessment of dealer-to-dealer municipal bond brokers. A municipal
bond index futures contract represents a firm commitment by which two parties agree to take or make delivery of an amount equal to a specified
dollar amount multiplied by the difference between the municipal bond index value on the last trading date of the contract and the price
at which the futures contract is originally struck. No physical delivery of the underlying securities in the index is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options on Futures Contracts</I>. The Fund
may purchase and write call and put options on those futures contracts that it is permitted to buy or sell. The Fund may use such options
on futures contracts in lieu of writing options directly on the underlying securities or other assets or purchasing and selling the underlying
futures contracts. Such options generally operate in the same manner as options purchased or written directly on the underlying investments.
A futures option gives the holder, in return for the premium paid, the right, but not the obligation, to buy from (call) or sell to (put)
the writer of the option a futures contract at a specified price at any time during the period of the option. Upon exercise, the writer
of the option is obligated to pay the difference between the cash value of the futures contract and the exercise price. Like the buyer
or seller of a futures contract, the holder or writer of an option has the right to terminate its position prior to the scheduled expiration
of the option by selling or purchasing an option of the same series, at which time the person entering into the closing purchase transaction
will realize a gain or loss. There is no guarantee that such closing purchase transactions can be effected. The Fund will be required
to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers&rsquo;
requirements similar to those described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options on Index Futures Contracts</I>. The
Fund may also purchase and sell options on index futures contracts. Options on index futures give the purchaser the right, in return for
the premium paid, to assume a position in an index futures contract (a long position if the option is a call and a short position if the
option is a put), at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery
of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance
in the writer&rsquo;s futures margin account, which represents the amount by which the market price of the index futures contract, at
exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the index future.
If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in
cash equal to the difference between the exercise price of the option and the closing level of the index on which the future is based
on the expiration date. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium
paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Eurodollar and Yankee Dollar Futures Contracts
and Options Thereon</I>. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to
obtain a fixed rate for borrowings. The Fund may use Eurodollar futures contracts and options thereon to hedge against changes in a reference
rate, such as LIBOR or SOFR, to which many interest rate swaps and fixed income instruments are linked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options on Stocks, Stock Indices and Other
Indices</I>. The Fund may purchase and write (<I>i.e.</I>, sell) put and call options. Such options may relate to particular stocks or
stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be cleared and settled by
the Options Clearing Corporation (&ldquo;OCC&rdquo;). Stock index options are put options and call options on various stock indices. In
most respects, they are identical to listed options on common stocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is a key difference between stock options
and index options in connection with their exercise. In the case of stock options, the underlying security, common stock, is delivered.
However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option
holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based
is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option. This amount of cash is equal
to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified
multiple. A stock index fluctuates with changes in the market value of the securities included in the index. For example, some stock index
options are based on a broad market index, such as the S&amp;P 500&reg; Index or a narrower market index, such as the S&amp;P 100&reg;
Index. Indices may also be based on an industry or market segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may, for the purpose of hedging its portfolio,
subject to applicable securities regulations, purchase and write put and call options on foreign stock indices listed on foreign and domestic
stock exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an alternative to purchasing call and put options
on index futures, the Fund may purchase call and put options on the underlying indices themselves. Such options could be used in a manner
identical to the use of options on index futures. Options involving securities indices provide the holder with the right to make or receive
a cash settlement upon exercise of the option based on movements in the relevant index. Such options must be listed on a national securities
exchange and issued by the OCC. Such options may relate to particular securities or to various stock indices, except that the Fund may
not write covered options on an index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Writing Covered Options</I>. The Fund may write
covered call options and covered put options on securities held in its portfolio. Call options written by the Fund give the purchaser
the right to buy the underlying securities from the Fund at the stated exercise price at any time prior to the expiration date of the
option, regardless of the security&rsquo;s market price; put options give the purchaser the right to sell the underlying securities to
the Fund at the stated exercise price at any time prior to the expiration date of the option, regardless of the security&rsquo;s market
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may write covered options, which means
that, so long as the Fund is obligated as the writer of a call option, it will own the underlying securities subject to the option (or
comparable securities satisfying the cover requirements of securities exchanges). In the case of put options, the Fund will hold liquid
assets equal to the price to be paid if the option is exercised. In addition, the Fund will be considered to have covered a put or call
option if and to the extent that it holds an option that offsets some or all of the risk of the option it has written. The Fund may write
combinations of covered puts and calls (straddles) on the same underlying security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will receive a premium from writing a
put or call option, which increases the Fund&rsquo;s return on the underlying security if the option expires unexercised or is closed
out at a profit. The amount of the premium reflects, among other things, the relationship between the exercise price and the current market
value of the underlying security, the volatility of the underlying security, the amount of time remaining until expiration, current interest
rates, and the effect of supply and demand in the options market and in the market for the underlying security. By writing a call option,
the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of
the option but continues to bear the risk of a decline in the value of the underlying security. By writing a put option, the Fund assumes
the risk that it may be required to purchase the underlying security for an exercise price higher than the security&rsquo;s then-current
market value, resulting in a potential capital loss unless the security subsequently appreciates in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s obligation to sell an instrument
subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to
the expiration date of the option by the Fund&rsquo;s execution of a closing purchase transaction, which is effected by purchasing on
an exchange an offsetting option of the same series (<I>i.e.</I>, same underlying instrument, exercise price and expiration date) as the
option previously written. A closing purchase transaction will ordinarily be effected in order to realize a profit on an outstanding option,
to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new
option containing different terms on such underlying instrument. The Fund realizes a profit or loss from a closing purchase transaction
if the cost of the transaction (option premium plus transaction costs) is less or more than the premium received from writing the option.
Because increases in the market price of a call option generally reflect increases in the market price of the security underlying the
option, any loss resulting from a closing purchase transaction may be offset in whole or in part by unrealized appreciation of the underlying
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund writes a call option but does not
own the underlying security, and when it writes a put option, the Fund may be required to deposit cash or securities with its broker as
&ldquo;margin&rdquo; or collateral for its obligation to buy or sell the underlying security. As the value of the underlying security
varies, the Fund may also have to deposit additional margin with the broker. Margin requirements are complex and are fixed by individual
brokers, subject to minimum requirements currently imposed by the Federal Reserve Board and by stock exchanges and other self-regulatory
organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Purchasing Put Options.</I> The Fund may purchase
put options to protect its portfolio holdings in an underlying security against a decline in market value. Such hedge protection is provided
during the life of the put option since the Fund, as holder of the put option, is able to sell the underlying security at the put exercise
price regardless of any decline in the underlying security&rsquo;s market price. For a put option to be profitable, the market price of
the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs. By using put options
in this manner, the Fund will reduce any profit it might otherwise have realized from appreciation of the underlying security by the premium
paid for the put option and by transaction costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Purchasing Call Options.</I> The Fund may purchase
call options, including call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. Such
hedge protection is provided during the life of the call option since the Fund, as holder of the call option, is able to buy the underlying
security at the exercise price regardless of any increase in the underlying security&rsquo;s market price. In order for a call option
to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and
transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it
purchased the call option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Swap Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Interest Rate Swaps.</I> Interest rate swap
agreements are often used to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument
that yields the desired return or spread. They are financial instruments that involve the exchange of one type of interest rate cash flow
for another type of interest rate cash flow on specified dates in the future. In a standard interest rate swap transaction, two parties
agree to exchange their respective commitments to pay fixed or floating interest rates on a predetermined specified (notional) amount.
The swap agreement&rsquo;s notional amount is the predetermined basis for calculating the obligations that the swap counterparties have
agreed to exchange. Under most swap agreements, the obligations of the parties are exchanged on a net basis. The two payment streams are
netted out, with each party receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps can
be based on various measures of interest rates, including swap rates, Treasury rates, foreign interest rates and other reference rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Municipal Market Data (MMD) Rate Locks<B>.
</B></I>An MMD Rate Lock permits the Fund to lock in a specific municipal interest rate for a portion of its portfolio to preserve a return
on a particular investment or a portion of its portfolio, which in turn protects against any increase in the price of securities to be
purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short duration position. The Fund will ordinarily
use these transactions as a hedge or for duration or risk management, which may not be successful. An MMD Rate Lock is a contract between
the Fund and an MMD Rate Lock provider pursuant to which the parties agree to make a net settlement payment to each other on a notional
and duration amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level
on the expiration date of the contract. For example, if the Fund buys an MMD Rate Lock and the Municipal Market Data AAA General Obligation
Scale is below the specified level on the expiration date, the counterparty to the contract will make a payment to the Fund equal to the
specified level minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation
Scale is above the specified level on the expiration date, the Fund will make a payment to the counterparty equal to the actual level
minus the specified level, multiplied by the notional amount of the contract. In connection with investments in MMD Rate Locks, there
is a risk that municipal yields will move in the opposite direction than anticipated by the Fund, which would cause the Fund to make payments
to its counterparty in the transaction that could adversely affect the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Equity Swaps.</I> Equity swaps allow the parties
to the swap agreement to exchange components of return on one equity investment (<I>e.g.</I>, a basket of equity securities or an index)
for a component of return on another non-equity or equity investment, including an exchange of differential rates of return. Equity swaps
may be used to invest in a market without owning or taking physical custody of securities in circumstances where direct investment may
be restricted for legal reasons or is otherwise impractical. Equity swaps also may be used for other purposes, such as hedging or seeking
to increase total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Total Return Swap Agreements.</I> Total return
swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value
of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified
period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total
return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security
or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund&rsquo;s portfolio because,
in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total return swap agreements are subject to the
risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able
to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (<I>i.e.</I>, the two
payment streams are netted against one another with the Fund receiving or paying, as the case may be, only the net amount of the two payments).
The net amount of the excess, if any, of the Fund&rsquo;s obligations over its entitlements with respect to each total return swap will
be accrued on a daily basis. If the total return swap transaction is entered into on other than a net basis, the full amount of the Fund&rsquo;s
obligations will be accrued on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Variance, Volatility and Correlation Swap Agreements.</I>
Variance and volatility swaps are contracts that provide exposure to increases or decreases in the volatility of certain referenced assets.
Correlation swaps are contracts that provide exposure to increases or decreases in the correlation between the prices of different assets
or different market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cross-Currency Swaps.</I> Cross<B><I>-</I></B>currency
swaps are similar to interest rate swaps, except that they involve multiple currencies. The Fund may enter into a cross-currency swap
when it has exposure to one currency and desires exposure to a different currency. Typically, the interest rates that determine the cross-currency
swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap,
however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. In addition to
paying and receiving amounts at the beginning and termination of the agreements, both sides will have to pay in full periodically based
upon the currency they have borrowed. Changes in foreign exchange currency rates and changes in interest rates, as described above, may
negatively affect cross- currency swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contracts for Differences.</I> Contracts for
differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of
two different groups or baskets of securities. Often, one or both baskets will be an established securities index. The Fund&rsquo;s return
will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face
value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising
the other basket. The Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment
obligations of the two contracts. The Fund typically enters into contracts for differences (and analogous futures positions) when its
portfolio manager believes that the basket of securities constituting the long position will outperform the basket constituting the short
position. If the short basket outperforms the long basket, the Fund will realize a loss - even in circumstances when the securities in
both the long and short baskets appreciate in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Swaptions. </I>A swaption is an options contract
on a swap agreement. These transactions give a party the right (but not the obligation) to enter into new swap agreements or to shorten,
extend, cancel or otherwise modify an existing swap agreement (which are described herein) at some designated future time on specified
terms, in return for payment of the purchase price (the &ldquo;premium&rdquo;) of the option. The Fund may write (sell) and purchase put
and call swaptions to the same extent it may make use of standard options on securities or other instruments. The writer of the contract
receives the premium and bears the risk of unfavorable changes in the market value on the underlying swap agreement. Swaptions can be
bundled and sold as a package. These are commonly called interest rate caps, floors and collars (which are described herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many swaps are complex and often valued subjectively.
Many over-the-counter derivatives are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing
or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values the Fund realizes when
it closes or sells an over-the-counter derivative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valuation risk is more pronounced when the Fund
enters into over-the-counter derivatives with specialized terms because the market value of those derivatives in some cases is determined
in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements
to counterparties, under-collateralization and/or errors in calculation of the Fund&rsquo;s net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title VII of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;) established a framework for the regulation of OTC swap markets; the framework
outlined the joint responsibility of the CFTC and the SEC in regulating swaps. The CFTC is responsible for the regulation of swaps, the
SEC is responsible for the regulation of security-based swaps and they are both jointly responsible for the regulation of mixed swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Variable- and Floating-Rate Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Variable- and floating-rate obligations are debt
instruments that provide for periodic adjustments in the interest rate and, under certain circumstances, varying principal amounts. Unlike
a fixed interest rate, a variable, or floating, rate is one that rises and declines based on the movement of an underlying index of interest
rates and may pay interest at rates that are adjusted periodically according to a specified formula. Variable- or floating-rate securities
frequently include a demand feature enabling the holder to sell the securities to the issuer at par. In many cases, the demand feature
can be exercised at any time. Some securities that do not have variable or floating interest rates may be accompanied by puts producing
similar results and price characteristics. Variable-rate demand notes include master demand notes that are obligations that permit the
investor to invest fluctuating amounts, which may change daily without penalty, pursuant to direct arrangements between the investor (as
lender), and the borrower. The interest rates on these notes fluctuate. The issuer of such obligations normally has a corresponding right,
after a given period, to prepay in its discretion the outstanding principal amount of the obligations plus accrued interest upon a specified
number of days&rsquo; notice to the holders of such obligations. Because these obligations are direct lending arrangements between the
lender and borrower, it is not contemplated that such instruments generally will be traded. There generally is not an established secondary
market for these obligations. Accordingly, where these obligations are not secured by letters of credit or other credit support arrangements,
the lender&rsquo;s right to redeem is dependent on the ability of the borrower to pay principal and interest on demand. Such obligations
frequently are not rated by credit rating agencies and may involve heightened risk of default by the issuer. Asset-backed securities,
bank obligations, convertible securities, corporate debt securities, foreign securities, high-yield securities, money market instruments,
municipal securities, participation interests, stripped securities, U.S. Government and related obligations and other types of debt instruments
may be structured as variable- and floating-rate obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most floating rate loans are acquired
directly from the agent bank or from another holder of the loan by assignment. Most such loans are secured, and most impose
restrictive covenants on the borrower. These loans are typically made by a syndicate of banks and institutional investors,
represented by an agent bank which has negotiated and structured the loan and which is responsible generally for collecting
interest, principal, and other amounts from the borrower on its own behalf and on behalf of the other lending institutions in the
syndicate, and for enforcing its rights and the rights of the syndicate against the borrower. Each of the lending institutions,
including the agent bank, lends to the borrower a portion of the total amount of the loan, and retains the corresponding interest in
the loan. Floating rate loans may include delayed draw term loans and prefunded or synthetic letters of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s ability to receive payments of
principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the borrower.
The failure by the Fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the Fund and
would likely reduce the value of its assets, which would be reflected in a reduction in the Fund&rsquo;s NAV. Banks and other lending
institutions generally perform a credit analysis of the borrower before originating a loan or purchasing an assignment in a loan. In selecting
the loans in which the Fund will invest, however, the Adviser will not rely on that credit analysis of the agent bank, but will perform
its own investment analysis of the borrowers. The Adviser&rsquo;s analysis may include consideration of the borrower&rsquo;s financial
strength and managerial experience, debt coverage, additional borrowing requirements or debt maturity schedules, changing financial conditions,
and responsiveness to changes in business conditions and interest rates. Investments in loans may be of any quality, including &ldquo;distressed&rdquo;
loans, and will be subject to the Fund&rsquo;s credit quality policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans may be structured in different forms, including
assignments and participations. In an assignment, the Fund purchases an assignment of a portion of a lender&rsquo;s interest in a loan.
In this case, the Fund may be required generally to rely upon the assigning bank to demand payment and enforce its rights against the
borrower, but would otherwise be entitled to all of such bank&rsquo;s rights in the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The borrower of a loan may, either at its own
election or pursuant to terms of the loan documentation, prepay amounts of the loan from time to time. There is no assurance that the
Fund will be able to reinvest the proceeds of any loan prepayment at the same interest rate or on the same terms as those of the original
loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate loans in which the Fund may purchase
a loan assignment are made generally to finance internal growth, mergers, acquisitions, recapitalizations, stock repurchases, leveraged
buy-outs, dividend payments to sponsors and other corporate activities. The highly leveraged capital structure of certain borrowers may
make such loans especially vulnerable to adverse changes in economic or market conditions. The Fund may hold investments in loans for
a very short period of time when opportunities to resell the investments that the Fund&rsquo;s portfolio manager believes are attractive
arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the loans acquired by the Fund may
involve revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of
the facility. In such cases, the Fund would have an obligation to advance its portion of such additional borrowings upon the terms specified
in the loan assignment. To the extent that the Fund is committed to make additional loans under such an assignment, it will at all times
designate cash or securities in an amount sufficient to meet such commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding its intention in certain situations
to not receive material, non-public information with respect to its management of investments in floating rate loans, the Adviser may
from time to time come into possession of material, non- public information about the issuers of loans that may be held in the Fund&rsquo;s
portfolio. Possession of such information may in some instances occur despite the Adviser&rsquo;s efforts to avoid such possession, but
in other instances the Adviser may choose to receive such information (for example, in connection with participation in a creditors&rsquo;
committee with respect to a financially distressed issuer). As, and to the extent, required by applicable law, the Adviser&rsquo;s ability
to trade in these loans for the account of the Fund could potentially be limited by its possession of such information. Such limitations
on the Adviser&rsquo;s ability to trade could have an adverse effect on the Fund by, for example, preventing the Fund from selling a loan
that is experiencing a material decline in value. In some instances, these trading restrictions could continue in effect for a substantial
period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some instances, other accounts managed by the
Adviser may hold other securities issued by borrowers whose floating rate loans may be held in the Fund&rsquo;s portfolio. These other
securities may include, for example, debt securities that are subordinate to the floating rate loans held in the Fund&rsquo;s portfolio,
convertible debt or common or preferred equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In certain circumstances, such as if the credit
quality of the issuer deteriorates, the interests of holders of these other securities may conflict with the interests of the holders
of the issuer&rsquo;s floating rate loans. In such cases, the Adviser may owe conflicting fiduciary duties to the Fund and other client
accounts. The Adviser will endeavor to carry out its obligations to all of its clients to the fullest extent possible, recognizing that
in some cases certain clients may achieve a lower economic return, as a result of these conflicting client interests, than if the Adviser&rsquo;s
client accounts collectively held only a single category of the issuer&rsquo;s securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Warrants and Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contingent Value Rights</I>. A contingent
value right (&ldquo;CVR&rdquo;) gives the holder the right to receive an amount, which may be fixed or determined by a formula, in
the event that a specified corporate action or other business event or trigger occurs (or fails to occur) during the term of the
CVR. CVRs may be awarded to investors in the context of a corporate acquisition or major restructuring, such as a reorganization
pursuant to Chapter 11 of the U.S. Bankruptcy Code or other reorganization. For example, investors in an acquired or reorganized
company may receive CVRs that enable the investor to receive additional shares of the acquiring company in the event that the
acquiring company&rsquo;s share price falls below a certain level by a specified date, or to receive cash payments and/or securities
in the event of a future sale or liquidation event involving the company by a specified date. CVRs generally do not entitle a holder
to dividends or voting rights with respect to the issuer and do not represent any rights in the assets of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Zero-Coupon, Pay-in-Kind and Step-Coupon Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zero-coupon, pay-in-kind and step-coupon securities
are types of debt instruments that do not necessarily make payments of interest in fixed amounts or at fixed intervals. Asset-backed securities,
convertible securities, corporate debt securities, foreign securities, high-yield securities, municipal securities, participation interests,
stripped securities, U.S. Government and related obligations and other types of debt instruments may be structured as zero-coupon, pay-in-kind
and step-coupon securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zero-coupon securities do not pay interest on
a current basis but instead accrue interest over the life of the security. These securities include, among others, zero-coupon bonds,
which either may be issued at a discount by a corporation or government entity or may be created by a brokerage firm when it strips the
coupons from a bond or note and then sells the bond or note and the coupon separately. This technique is used frequently with U.S. Treasury
bonds, and zero-coupon securities are marketed under such names as CATS (&ldquo;Certificate of Accrual on Treasury Securities&rdquo;),
TIGERs or STRIPS. Zero-coupon bonds also are issued by municipalities. Buying a municipal zero-coupon bond frees its purchaser of the
obligation to pay regular federal income tax on imputed interest, since the interest is exempt for regular federal income tax purposes.
Zero-coupon certificates of deposit are generally structured in the same fashion as zero-coupon bonds; the certificate of deposit holder
receives face value at maturity and no payments until then.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pay-in-kind securities normally give the issuer
an option to pay cash at a coupon payment date or to give the holder of the security a similar security with the same coupon rate and
a face value equal to the amount of the coupon payment that would have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step-coupon securities trade at a discount from
their face value and pay coupon interest that gradually increases over time. The coupon rate is paid according to a schedule for a series
of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The discount from the face amount
or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived
credit quality of the issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zero-coupon, pay-in-kind and step-coupon securities
holders generally have substantially all the rights and privileges of holders of the underlying coupon obligations or principal obligations.
Holders of these securities typically have the right upon default on the underlying coupon obligations or principal obligations to proceed
directly and individually against the issuer and are not required to act in concert with other holders of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5b004"></A>ADDITIONAL RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of risks of investing
in the Fund and the risk characteristics associated with the various securities, instruments, assets and investments as well as strategies
and techniques that may be available to the Fund for investment. The Fund&rsquo;s risk profile is largely determined by the Fund&rsquo;s
portfolio holdings and principal investment strategies (see the Fund&rsquo;s most recent annual or semiannual report for portfolio holdings
information and see the Fund&rsquo;s Prospectus for the description of the Fund&rsquo;s principal investment strategies and principal
risks). The Funds are allowed to invest in other securities, instruments, assets and investments, and may engage in strategies and techniques
other than those described in the Fund&rsquo;s Prospectus, subjecting the Fund to the risks associated with these other securities, instruments,
assets, investments, strategies and techniques.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund is not a bank deposit
and is not insured or guaranteed by any bank, the FDIC or any other government agency. One or more of the following risks may be associated
with an investment in a Fund at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Allocation Risk. </B>For any Fund that uses
an asset allocation strategy in pursuit of its investment objective, there is a risk that the Fund&rsquo;s allocation among asset classes,
investments, managers, strategies and/or investment styles will cause the Fund&rsquo;s shares to lose value or cause the Fund to underperform
other funds with similar investment objectives and/or strategies, or that the investments themselves will not produce the returns expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Arbitrage Strategies Risk. </B>The Fund may
purchase securities at prices only slightly below the anticipated value to be paid or exchanged for such securities in a merger, exchange
offer or cash tender offer, and substantially above the prices at which such securities traded immediately prior to announcement of the
transaction. If there is a perception that the proposed transaction will not be consummated or will be delayed, the market price of the
security may decline sharply, which would result in a loss to the Fund. In addition, if the portfolio manager(s) determines that the offer
is likely to be increased, either by the original bidder or by another party, the Fund may purchase securities above the offer price;
such purchases are subject to a high degree of risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consummation of mergers and tender and exchange
offers can be prevented or delayed by a variety of factors, including opposition by the management or shareholders of the target company,
private litigation or litigation involving regulatory agencies, and approval or non-action of regulatory agencies. The likelihood of occurrence
of these and other factors, and their impact on an investment, can be very difficult to evaluate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bankruptcy Process and Trade Claims Risk. </B>The
Fund may purchase bankruptcy claims. There are a number of significant risks inherent in the bankruptcy process. The effect of a bankruptcy
filing on a company may adversely and permanently affect the company and cause it to be incapable of restoring itself as a viable business.
Many events in a bankruptcy are the product of contested matters and adversarial proceedings. The duration of a bankruptcy proceeding
is difficult to predict and a creditor&rsquo;s return on investment can be adversely affected by delays while the plan of reorganization
is being finalized. The administrative costs in connection with a bankruptcy proceeding are frequently high and are paid out of the debtor&rsquo;s
estate before any return to creditors. The Fund may also purchase trade claims against companies, including companies in bankruptcy or
reorganization proceedings, which include claims of suppliers for unpaid goods delivered, claims for unpaid services rendered, claims
for contract rejection damages and claims related to litigation. An investment in trade claims is very speculative, illiquid, and carries
a high degree of risk. The markets in trade claims are generally not regulated by U.S. federal securities laws or the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CFTC Regulation Risk. </B>The Fund qualifies
for an exclusion from the definition of a commodity pool under the CEA and has on file a notice of exclusion under CFTC Rule 4.5. Accordingly,
the Adviser is not subject to registration or regulation as a commodity pool operator under the CEA with respect to the Fund, although
the Adviser is a registered commodity pool operator and &ldquo;commodity trading advisor&rdquo;. To remain eligible for the exclusion,
the Fund is limited in its ability to use certain financial instruments regulated under the CEA (&ldquo;commodity interests&rdquo;), including
futures and options on futures and certain swaps transactions. In the event that the Fund&rsquo;s investments in commodity interests are
not within the thresholds set forth in the exclusion, the Fund may be required to register as a commodity pool, which could increase Fund
expenses, adversely affecting the Fund&rsquo;s total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Confidential Information Access Risk</B>. In
many instances, issuers of floating rate loans offer to furnish material, non-public information (&ldquo;Confidential Information&rdquo;)
to prospective purchasers or holders of the issuer&rsquo;s floating rate loans to help potential investors assess the value of the loan.
The portfolio managers may avoid the receipt of Confidential Information about the issuers of floating rate loans being considered for
acquisition by the Fund, or held in the Fund. A decision not to receive Confidential Information from these issuers may disadvantage the
Fund as compared to other floating rate loan investors, and may adversely affect the price the Fund pays for the loans it purchases, or
the price at which the Fund sells the loans. Further, in situations when holders of floating rate loans are asked, for example, to grant
consents, waivers or amendments, the ability to assess the desirability thereof may be compromised. For these and other reasons, it is
possible that the decision not to receive Confidential Information could adversely affect the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contingent Value Rights Risk. </B>Risks associated
with an investment in CVRs are generally similar to risks associated with investing in options, such as the risk that the required trigger
event does not occur prior to a CVR&rsquo;s expiration, causing the CVR to expire with no value. CVRs also present liquidity risk, as
they may be difficult or impossible to transfer. Further, because CVRs are valued based on the likelihood of the occurrence of a trigger
event, valuation often requires subjective modeling and judgment, which increases the risk of mispricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Forward Contracts Risk</B>.
A forward contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying
reference at a specified price (or rate) on a specified date in the future. Forward contracts are negotiated on an individual basis and
are not standardized or traded on exchanges. The market for forward contracts is substantially unregulated (there is no limit on daily
price movements and speculative position limits are not applicable). The principals who deal in certain forward contract markets are not
required to continue to make markets in the underlying references in which they trade and these markets can experience periods of illiquidity,
sometimes of significant duration. There have been periods during which certain participants in forward contract markets have refused
to quote prices for certain underlying references or have quoted prices with an unusually wide spread between the price at which they
were prepared to buy and that at which they were prepared to sell. At or prior to maturity of a forward contract, the Fund may enter into
an offsetting contract and may incur a loss to the extent there has been adverse movement in forward contract prices. The liquidity of
the markets for forward contracts depends on participants entering into offsetting transactions rather than making or taking delivery.
To the extent participants make or take delivery, liquidity in the market for forwards could be reduced. A relatively small price movement
in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase
the Fund&rsquo;s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency
risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage
risk, liquidity risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A <B>forward foreign currency contract</B> is a derivative (forward contract) in which the underlying reference is a country&rsquo;s or region&rsquo;s currency. The Fund may agree to buy or sell a country&rsquo;s or region&rsquo;s currency at a specific price on a specific date in the future. These instruments may fall in value (sometimes dramatically) due to foreign market downswings or foreign currency value fluctuations, subjecting the Fund to foreign currency risk (the risk that Fund performance may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund exposes a significant percentage of its assets to currencies other than the U.S. dollar). The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund&rsquo;s inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. The Fund may use these instruments to gain leveraged exposure to currencies, which is a speculative investment practice that increases the Fund&rsquo;s risk exposure and the possibility of losses. Unanticipated changes in the currency markets could result in reduced performance for the Fund. When the Fund converts its foreign currencies into U.S. dollars, it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A <B>forward interest rate agreement</B> is a derivative whereby the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates (based on the notional value of the agreement). If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates (based on the notional value of the agreement). The Fund may act as a buyer or a seller.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Derivatives Risk - Inverse Floaters
Risk</B>. Inverse variable or floating rate obligations, sometimes referred to as inverse floaters, are a type of over-the-counter derivative
debt instrument with a variable or floating coupon rate that moves in the opposite direction of an underlying reference, typically short-term
interest rates. As short-term interest rates go down, the holders of the inverse floaters receive more income and, as short-term interest
rates go up, the holders of the inverse floaters receive less income. Variable rate securities provide for a specified periodic adjustment
in the coupon rate, while floating rate securities have a coupon rate that changes whenever there is a change in a designated benchmark
index or the issuer&rsquo;s credit rating. While inverse floaters tend to provide more income than similar term and credit quality fixed-rate
bonds, they also exhibit greater volatility in price movement, which could result in significant losses for the Fund. An inverse floater
may have the effect of investment leverage to the extent that its coupon rate varies by a magnitude that exceeds the magnitude of the
change in the index or reference rate of interest, which could result in increased losses for the Fund. There is a risk that the current
interest rate on variable and floating rate instruments may not accurately reflect current market interest rates or adequately compensate
the holder for the current creditworthiness of the issuer. Some inverse floaters are structured with liquidity features and may include
market-dependent liquidity features that may expose the Fund to greater liquidity risk. Inverse floaters can increase the Fund&rsquo;s
risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest
rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity
risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Derivatives Risk - Structured Investments
Risk</B>. Structured investments are over-the-counter derivatives that provide principal and/or interest payments based on the value of
an underlying reference(s). Structured investments typically provide interest income, thereby offering a potential yield advantage over
investing directly in an underlying reference. Structured investments may lack a liquid secondary market and their prices or value can
be volatile which could result in significant losses for the Fund. In some cases, depending on its terms, a structured investment may
provide that principal and/or interest payments may be adjusted below zero resulting in a potential loss of principal and/or interest
payments. Additionally, the particular terms of a structured investment may create economic leverage by requiring payment by the issuer
of an amount that is a multiple of the price change of the underlying reference. Economic leverage will increase the volatility of structured
investment prices, and could result in increased losses for the Fund. The Fund&rsquo;s use of structured instruments may not work as intended.
If structured investments are used to reduce the duration of the Fund&rsquo;s portfolio, this may limit the Fund&rsquo;s return when having
a longer duration would be beneficial (for instance, when interest rates decline). Structured investments can increase the Fund&rsquo;s
risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest
rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity
risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>An equity-linked note </B>(ELN) is a derivative (structured investment) that has principal and/or interest payments based on the value of a single equity security, a basket of equity securities, or an index of equity securities, and generally has risks similar to these underlying equity securities. ELNs may be leveraged or unleveraged. An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an underlying equity. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, as well as in privately negotiated transactions with the issuer of the ELN. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. The liquidity of unlisted ELNs is normally determined by the willingness of the issuer to make a market in the ELN. While the Fund will seek to purchase ELNs only from issuers that it believes to be willing and able to repurchase the ELN at a reasonable price, there can be no assurance that the Fund will be able to sell at such a price. Furthermore, such inability to sell may impair the Fund&rsquo;s ability to enter into other transactions at a time when doing so might be advantageous. The Fund&rsquo;s investments in ELNs have the potential to lead to significant losses, including the amount the Fund invested in the ELN, because ELNs are subject to the market and volatility risks associated with their underlying equity. In addition, because ELNs often take the form of unsecured notes of the issuer, the Fund would be subject to the risk that the issuer may default on its obligations under the ELN, thereby subjecting the Fund to the further risk of being too concentrated in the securities (including ELNs) of that issuer. However, the Fund typically considers ELNs alongside other securities of the issuer in its assessment of issuer concentration risk. In addition, ELNs may exhibit price behavior that does not correlate with the underlying securities. ELNs may also be subject to leverage risk. The Fund may or may not hold an ELN until its maturity. ELNs also include participation notes.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Swaps Risk</B>. In a typical
swap transaction, two parties agree to exchange the return earned on a specified underlying reference for a fixed return or the return
from another underlying reference during a specified period of time. Swaps may be difficult to value and may be illiquid. Swaps could
result in Fund losses if the underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage
such that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The Fund may only close
out a swap with its particular counterparty, and may only transfer a position with the consent of that counterparty. Certain swaps, such
as short swap transactions and total return swaps, have the potential for unlimited losses, regardless of the size of the initial position.
Swaps can increase the Fund&rsquo;s risk exposure to underlying references and their attendant risks, such as credit risk, market risk,
foreign currency risk, and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation
risk, leverage risk, liquidity risk, pricing risk and volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A <B>credit default swap</B> (including a swap on a credit default index, sometimes referred to as a credit default swap index) is a derivative and special type of swap where one party pays, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return upon the occurrence of a particular credit event by one or more third parties, such as bankruptcy, default or a similar event. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps enable an investor to buy or sell protection against such a credit event (such as an issuer&rsquo;s bankruptcy, restructuring or failure to make timely payments of interest or principal). Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as credit default swaps. If such a default were to occur, any contractual remedies that the Fund may have may be subject to bankruptcy and insolvency laws, which could delay or limit the Fund&rsquo;s recovery. Thus, if the counterparty under a credit default swap defaults on its obligation to make payments thereunder, as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether, or collect only a portion thereof, which collection could involve costs or delays. The Fund&rsquo;s return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the Fund&rsquo;s net assets, the terms of the Fund&rsquo;s credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the Fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move.</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An <B>inflation rate swap</B> is a derivative typically used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation rate swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (&ldquo;CPI&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An <B>interest rate swap</B> is a derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be based on various measures of interest rates, including swap rates, treasury rates, foreign interest rates and other reference rates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total return swaps</B> are derivative swap transactions in which one party agrees to pay the other party an amount equal to the total return of a defined underlying reference during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return of a different underlying reference.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivatives Risk - Swaptions Risk</B>. A swaption
is an options contract on a swap agreement. These transactions give the purchasing party the right (but not the obligation) to enter into
new swap agreements or to shorten, extend, cancel or otherwise modify an existing swap agreement at some designated future time on specified
terms, in return for payment of the purchase price (the &ldquo;premium&rdquo;) of the option. The Fund may write (sell) and purchase put
and call swaptions to the same extent it may make use of standard options on securities or other instruments. The writer of the contract
receives the premium and bears the risk of unfavorable changes in the market value on the underlying swap agreement. Swaptions can be
bundled and sold as a package. These are commonly called interest rate caps, floors and collars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Environmental, Social and Governance Investing
Risk</B>. The Fund&rsquo;s consideration of issuer environmental, social and corporate governance data may cause the Fund to invest in,
forego investing in, or sell securities of issuers, including issuers within certain sectors, regions and countries that could negatively
impact Fund performance, including relative to a benchmark or other funds that do not consider environmental, social and corporate governance
data, or funds that do but make different investment decisions based thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Event-Driven Trading Risk</B>. The Fund may
seek to profit from the occurrence of specific corporate or other events. A delay in the timing of these events, or the failure of these
events to occur at all, may have a significant negative effect on the Fund&rsquo;s performance. Event-driven investing requires the portfolio
managers to make predictions about (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of
a company&rsquo;s securities. If the event fails to occur or it does not have the effect foreseen, losses can result. For example, the
adoption of new business strategies, a meaningful change in management or the sale of a division or other significant assets by a company
may not be valued as highly by the market as the portfolio managers had anticipated, resulting in losses. In addition, a company may announce
a plan of restructuring which promises to enhance value and fail to implement it, resulting in losses to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange-Traded Notes Risk</B>. Exchange-traded
notes (ETNs) are unsecured, unsubordinated debt securities that expose the Fund to the risk that an ETN&rsquo;s issuer may be unable to
pay, which means that the Fund is subject to issuer credit risk, including that the value of the ETN may drop due to a downgrade in the
issuer&rsquo;s credit rating, despite the underlying benchmark or strategy remaining unchanged. ETNs do not typically offer principal
protection, so the Fund may lose some or all of its investment. The returns of ETNs are usually linked to the performance of a market
benchmark or strategy, less investor fees and expenses. The Fund will bear its proportionate share of the fees and expenses of the ETN,
which may cause the Fund&rsquo;s returns to be lower. The return on ETNs will typically be lower than the total return on a direct investment
in the components of the underlying index or strategy because of the ETN&rsquo;s investor fees and expenses. The value of an ETN may also
be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market,
changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying benchmark
or strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Currency Risk</B>. The performance
of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar,
particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies
other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number
of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or
abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa. Restrictions
on currency trading may be imposed by foreign countries, which may adversely affect the value of your investment in the Fund. Even though
the currencies of some countries may be pegged to the U.S. dollar, the conversion rate may be controlled by government regulation or intervention
at levels significantly different than what would normally prevail in a free market. Significant revaluations of the U.S. dollar exchange
rate of these currencies could cause substantial reductions in the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Currency-Related Tax Risk</B>. As a
regulated investment company (&ldquo;RIC&rdquo;), the Fund must derive at least 90% of its gross income for each taxable year from sources
treated as &ldquo;qualifying income&rdquo; under the Internal Revenue Code of 1986, as amended. The Fund may gain exposure to local currency
markets through forward currency contracts. Although foreign currency gains currently constitute &ldquo;qualifying income,&rdquo; the
Internal Revenue Service has the authority to issue regulations excluding from the definition of &ldquo;qualifying income&rdquo; a RIC&rsquo;s
foreign currency gains not &ldquo;directly related&rdquo; to its &ldquo;principal business&rdquo; of investing in stock or securities
(or options and futures with respect thereto). Such regulations might treat gains from some of the Fund&rsquo;s foreign currency-denominated
positions as not qualifying income and there is a possibility that such regulations might be applied retroactively, in which case, the
Fund might not qualify as a RIC for one or more years. In the event the Internal Revenue Service issues such regulations, the Fund&rsquo;s
Board may authorize a significant change in investment strategy or the Fund&rsquo;s liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Frontier Market Risk</B>. Frontier market countries
generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have
increased investment risk relative to more developed market countries) and, as a result, the Fund&rsquo;s exposure to risks associated
with investing in emerging market countries are magnified when the Fund invests in frontier market countries. The increased risks include:
the potential for extreme price volatility and illiquidity in frontier market countries; government ownership or control of parts of the
private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other
protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled
securities laws in many frontier market countries. In addition, frontier market countries are more likely to experience instability resulting,
for example, from rapid changes or developments in social, political and economic conditions. Some frontier market countries have a higher
risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates
and may have hostile relations with other countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Geographic Focus Risk</B>. The Fund may be
particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries
within the specific geographic regions in which the Fund invests. Currency devaluations could occur in countries that have not yet experienced
currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the
Fund&rsquo;s NAV may be more volatile than the NAV of a more geographically diversified fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Growth Securities Risk</B>. Growth securities
typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities
may never reach their expected market value and may decline in price. In addition, growth securities, at times, may not perform as well
as value securities or the stock market in general, and may be out of favor with investors for varying periods of time. Growth securities
may also be sensitive to movements in interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Hedging Transactions Risk</B>. The Fund may
utilize financial instruments, both for investment purposes and for risk management purposes in order to (i) protect against possible
changes in the market value of the Fund&rsquo;s investment portfolio resulting from fluctuations in the securities markets and changes
in interest rates; (ii) protect the Fund&rsquo;s unrealized gains in the value of the Fund&rsquo;s investment portfolio; (iii) facilitate
the sale of any such investments; (iv) enhance or preserve returns, spreads or gains on any investment in the Fund&rsquo;s portfolio;
(v) hedge the interest rate or currency exchange rate on any of the Fund&rsquo;s liabilities or assets; (vi) protect against any increase
in the price of any securities the Fund anticipates purchasing at a later date or (vii) for any other reason that the Adviser deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The success of the Fund&rsquo;s hedging strategy
will depend, in part, upon the Adviser&rsquo;s ability to correctly assess the degree of correlation between the performance of the instruments
used in the hedging strategy and the performance of the portfolio investments being hedged. Since the characteristics of many securities
change as markets change or time passes, the success of the Fund&rsquo;s hedging strategy will also be subject to the Adviser&rsquo;s
ability to continually recalculate, readjust and execute hedges in an efficient and timely manner. While the Fund may enter into hedging
transactions to seek to reduce risk, such transactions may result in a poorer overall performance for the Fund than if it had not engaged
in such hedging transactions. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between the hedging
instruments utilized and the portfolio holdings being hedged. Such an imperfect correlation may prevent the Fund from achieving the intended
hedge or expose the Fund to risk of loss. The Adviser may not hedge against a particular risk because it does not regard the probability
of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the
risk. The successful utilization of hedging and risk management transactions requires skills complementary to those needed in the selection
of the Fund&rsquo;s portfolio holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Highly Leveraged Transactions Risk</B>. The
loans or other debt instruments in which the Fund invests may consist of transactions involving refinancings, recapitalizations, mergers
and acquisitions and other financings for general corporate purposes. The Fund&rsquo;s investments also may include senior obligations
of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code (commonly known as &ldquo;debtor-in-possession&rdquo;
financings), provided that such senior obligations are determined by the Fund&rsquo;s portfolio managers to be a suitable investment for
the Fund. In such highly leveraged transactions, the borrower assumes large amounts of debt in order to have the financial resources to
attempt to achieve its business objectives. Such business objectives may include but are not limited to: management&rsquo;s taking over
control of a company (leveraged buy-out); reorganizing the assets and liabilities of a company (leveraged recapitalization); or acquiring
another company. Loans or other debt instruments that are part of highly leveraged transactions involve a greater risk (including default
and bankruptcy) than other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impairment of Collateral Risk</B>. The value
of collateral, if any, securing a loan can decline, and may be insufficient to meet the borrower&rsquo;s obligations or difficult or costly
to liquidate. In addition, the Fund&rsquo;s access to collateral may be limited by bankruptcy or other insolvency laws. Further, certain
floating rate and other loans may not be fully collateralized and may decline in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inflation-Protected Securities Risk</B>. Inflation-protected
debt securities tend to react to changes in real interest rates. Real interest rates can be described as nominal interest rates minus
the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise, and
rises when real interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest
is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no
income at all from such investments. Income earned by a shareholder depends on the amount of principal invested, and that principal will
not grow with inflation unless the shareholder reinvests the portion of Fund distributions that comes from inflation adjustments. A Fund&rsquo;s
investment in certain inflation-protected debt securities may generate taxable income in excess of the interest they pay to the Fund,
which may cause the Fund to sell investments to obtain cash to make income distributions to shareholders, including at times when it may
not be advantageous to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPO Risk</B>. IPOs are subject to many of the
same risks as investing in companies with smaller market capitalizations. To the extent the Fund determines to invest in IPOs, it may
not be able to invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an
IPO are available to the Fund. The investment performance of the Fund during periods when it is unable to invest significantly or at all
in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the Fund increases in size, the impact of IPOs
on the Fund&rsquo;s performance will generally decrease. IPOs sold within 12 months of purchase may result in increased short-term capital
gains, which will be taxable to the Fund&rsquo;s shareholders as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listed Private Equity Fund Investment Risk</B>.
Private equity funds include financial institutions or vehicles whose principal business is to invest in and lend capital to privately
held companies. The Fund is subject to the underlying risks that affect private equity funds in which it invests, which may include increased
liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price), pricing
risk (the risk that the investment may be difficult to value), sector risk (the risk that a significant portion of Fund assets invested
in one or more economic sectors may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more
broadly) and credit risk (the risk that the issuer of a debt instrument will default or otherwise become unable, or be perceived to be
unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due). Limited or incomplete information
about the companies in which private equity funds invest, and relatively concentrated investment portfolios of private equity funds, may
expose the Fund to greater volatility and risk of loss. Fund investment in private equity funds subjects Fund shareholders indirectly
to the fees and expenses incurred by private equity funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Loan Assignment/Loan Participation Risk</B>.
If a bank loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan
and with regard to any associated collateral. If a bank loan is acquired through a participation, the Fund generally will have no right
to enforce compliance by the borrower with the terms of the loan agreement, and the Fund may not benefit from the collateral supporting
the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the
borrower and the institution selling the participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Loan Interests Risk</B>. Loan interests may
not be considered &ldquo;securities,&rdquo; and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud
protections of the federal securities laws. Loan interests generally are subject to restrictions on transfer, and the Fund may be unable
to sell loan interests at a time when it may otherwise be desirable to do so or may be able to sell them only at prices that are less
than what the Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult
to value and typically have extended settlement periods (generally greater than 7 days). This exposes the Fund to the risk that the receipt
of principal and interest payments may be late due to delayed interest settlement. Extended settlement periods during significant Fund
redemption activity could potentially cause increased short-term liquidity demands on the Fund. As a result, the Fund may be forced to
sell investments at unfavorable prices, or borrow money or effect short settlements where possible (at a cost to the Fund), in an effort
to generate sufficient cash to pay redeeming stockholders. The Fund&rsquo;s actions in this regard may not be successful. Interests in
loans created to finance highly leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse
changes in economic or market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests in secured loans have the benefit of
collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets, although many
covenants may be waived or modified with the consent of a certain percentage of the holders of the loans even if the Fund does not consent.
There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral
may not be sufficient to cover the amount owed on the loan. In most loan agreements there is no formal requirement to pledge additional
collateral. In the event the borrower defaults, the Fund&rsquo;s access to the collateral may be limited or delayed by bankruptcy or other
insolvency laws. Further, there is a risk that a court could take action with respect to a loan that is adverse to the holders of the
loan, including the Fund. Such actions may include invalidating the loan, the lien on the collateral, the priority status of the loan,
or ordering the refund of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund&rsquo;s
performance. A default or expected default of a loan could also make it difficult for the Fund to sell the loan at a price approximating
the value previously placed on it. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund
may be required to retain legal or similar counsel. This may increase the Fund&rsquo;s operating expenses and adversely affect its NAV.
Loans that have a lower priority for repayment in an issuer&rsquo;s capital structure may involve a higher degree of overall risk than
more senior loans of the same borrower. In the event of a default, second lien secured loans will generally be paid only if the value
of the collateral exceeds the amount of the borrower&rsquo;s obligations to the first lien secured lenders. The remaining collateral may
not be sufficient to cover the full amount owed on the loan in which the Fund has an interest. In addition, if a secured loan is foreclosed,
the Fund would likely bear the costs and liabilities associated with owning and disposing of the collateral. The collateral may be difficult
to sell and the Fund would bear the risk that the collateral may decline in value while the Fund is holding it. From time to time, disagreements
may arise amongst the holders of loans and debt in the capital structure of an issuer, which may give rise to litigation risks, including
the risk that a court could take action adverse to the holders of the loan, which could negatively impact the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may acquire a loan interest by obtaining
an assignment of all or a portion of the interests in a particular loan that are held by an original lender or a prior assignee. As an
assignee, the Fund will usually succeed to all rights and obligations of its assignor with respect to the portion of the loan that is
being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited
than, those held by the original lenders or the assignor. Alternatively, the Fund may acquire a participation interest in a loan that
is held by another party. When the Fund&rsquo;s loan interest is a participation, the Fund may have less control over the exercise of
remedies than the party selling the participation interest, and the Fund normally would not have any direct rights against the borrower.
As a participant, the Fund would also be subject to the risk that the party selling the participation interest would not remit the Fund&rsquo;s
pro rata share of loan payments to the Fund. It may also be difficult for the Fund to obtain an accurate picture of a lending bank&rsquo;s
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Master Limited Partnership Risk</B>. Investments
in securities (units) of master limited partnerships involve risks that differ from an investment in common stock. Holders of these units
have more limited rights to vote on matters affecting the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These units may be subject to cash flow and dilution
risks. There are also certain tax risks associated with such an investment. In particular, the Fund&rsquo;s investment in master limited
partnerships can be limited by the Fund&rsquo;s intention to qualify as a regulated investment company for U.S. federal income tax purposes,
and can limit the Fund&rsquo;s ability to so qualify. In addition, conflicts of interest may exist between common unit holders, subordinated
unit holders and the general partner of a master limited partnership, including a conflict arising as a result of incentive distribution
payments. In addition, there are risks related to the general partner&rsquo;s right to require unit holders to sell their common units
at an undesirable time or price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Multi-Strategy Risk</B>. The multi-strategy
approach employed by the Fund involves special risks, which include the risk that investment decisions, at the Fund or the underlying
fund level, may conflict with each other; for example, at any particular time, one manager may be purchasing shares of an issuer whose
shares are being sold by another manager. Consequently, the Fund could indirectly incur transaction costs without accomplishing any net
investment result. Also, managers may use proprietary or licensed investment strategies that are based on considerations and factors that
are not fully disclosed to the Fund or other investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, consistent with the Fund&rsquo;s investment
objectives, these proprietary or licensed investment strategies, which may include quantitative mathematical models or systems, may be
changed or refined over time. A manager (or the licensor of the strategies used by the manager) may make certain changes to the strategies
the manager has previously used, may not use such strategies at all (or the manager&rsquo;s license may be revoked), or may use additional
strategies, where such changes or discretionary decisions, and the reasons for such changes or decisions, are also not disclosed to the
Fund or other investors. These strategies may involve risks under some market conditions that are not anticipated by the Adviser or the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opportunistic Investing Risk</B>. Undervalued
securities involve the risk that they may never reach their expected full market value, either because the market fails to recognize the
security&rsquo;s intrinsic worth or the expected value was misgauged. Securities that are believed to be undervalued by the portfolio
managers may decline in price. Turnaround companies may never improve their fundamentals, may take much longer than expected to improve,
or may improve much less than expected. Development stage companies could fail to develop and deplete their assets, resulting in large
percentage losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Qualified Financial Contracts Risk</B>. Qualified
financial contracts include agreements relating to swaps, currency forwards and other derivatives as well as repurchase agreements and
securities lending agreements. Beginning in 2019, regulations adopted by prudential regulators will require certain qualified financial
contracts entered into with certain counterparties that are part of a U.S. or foreign banking organization designated as a global-systemically
important banking organization to include contractual provisions that delay or restrict the rights of counterparties, such as the Funds,
to exercise certain close-out, cross-default and similar rights under certain conditions. Qualified financial contracts are subject to
a stay for a specified time period during which counterparties, such as the Funds, will be prevented from closing out a qualified financial
contract if the counterparty is subject to resolution proceedings and prohibit the Funds from exercising default rights due to a receivership
or similar proceeding of an affiliate of the counterparty. Implementation of these requirements may increase credit and other risks to
the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Repurchase Agreements Risk</B>. Repurchase
agreements are agreements in which the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually
agreed upon price and time. Repurchase agreements carry the risk that the counterparty may not fulfill its obligations under the agreement.
This could cause the Fund&rsquo;s income and the value of your investment in the Fund to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reverse Repurchase Agreements Risk</B>. Reverse
repurchase agreements are agreements in which a Fund sells a security to a counterparty, such as a bank or broker-dealer, in return for
cash and agrees to repurchase that security at a mutually agreed upon price and time. Reverse repurchase agreements carry the risk that
the market value of the security sold by the Fund may decline below the price at which the Fund must repurchase the security. Reverse
repurchase agreements also may be viewed as a form of borrowing, and borrowed assets used for investment creates leverage risk (the risk
that losses may be greater than the amount invested). Leverage can create an interest expense that may lower the Fund&rsquo;s overall
returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund&rsquo;s volatility
and risk of loss. There can be no guarantee that this strategy will be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stripped Securities Risk</B>. Stripped securities
are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest
rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped treasury
securities have greater interest rate risk (the risk of losses attributable to changes in interest rates) than traditional government
securities with identical credit ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Zero-Coupon Bonds Risk</B>. Zero-coupon bonds
are bonds that do not pay interest in cash on a current basis, but instead accrue interest over the life of the bond. As a result, these
securities are issued at a discount and their values may fluctuate more than the values of similar securities that pay interest periodically.
Although these securities pay no interest to holders prior to maturity, interest accrued on these securities is reported as income to
the Fund and affects the amounts distributed to its stockholders, which may cause the Fund to sell investments to obtain cash to make
income distributions to shareholders, including at times when it may not be advantageous to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the risks described above in this SAI
may also apply, directly or indirectly, to the Adviser and its affiliates, which may negatively impact their respective abilities to provide
services to the Fund, potentially resulting in losses to the Fund or other consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="brw424b5b005"></A>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Adviser intends to devote such time
and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the Adviser are not
exclusive and the Adviser provides similar services to other investment companies and other clients and may engage in other activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment management agreement between the
Adviser and the Fund (the &ldquo;Investment Management Agreement&rdquo;) also provides that in the absence of willful misfeasance, bad
faith, gross negligence or reckless disregard of its obligations thereunder, the Adviser (and its officers, managers, agents, employees,
partners, controlling persons, members, and any other persons or entity affiliated with the Adviser) is not be liable to the Fund, the
members of the Board, or any of the Fund&rsquo;s shareholders for any act or omission by the Adviser in the course of, or connected with,
rendering advisory services provided from time to time by the Adviser or for any losses that may be sustained in the purchase, holding
or sale of any security of the Fund. The Investment Management Agreement also provides for indemnification by the Fund of the Adviser,
its officers, managers, employees, agents, partners, controlling persons, members, and any other person affiliated with the Adviser for
all damages, liabilities, costs and expenses incurred by them in connection with their services to the Fund, subject to certain limitations
and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Management Agreement provides
for the Fund to pay a monthly management fee at an annual rate equal to 1.05% of the average daily value of the Fund&rsquo;s Managed
Assets. &ldquo;Managed Assets&rdquo; means the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s
accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal
amount of any borrowings incurred, commercial paper and notes issued by the Fund) and the liquidation preference of any outstanding
preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the Adviser have entered into the
Expense Limitation Agreement, pursuant to which the Adviser has agreed to limit expenses, excluding interest, taxes, investor relations
services, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course
of the Fund&rsquo;s business, and expenses of any counsel or other persons or services retained by the Fund&rsquo;s Independent Trustees,
to 1.05% of Managed Assets plus 0.30% of average daily net assets. For the year ended October 31, 2024, $987,184 fees were waived and
reimbursed. The Adviser may, at a later date, recoup from the Fund fees waived and/or other expenses reimbursed by the Adviser during
the previous 36 months, but only if, after such recoupment, the Fund&rsquo;s expense ratio does not exceed the percentage described above.
For the year ended October 31, 2024, none of the fees waived were recouped. The current Expense Limitation Agreement expires on July 1,
2026 and automatically renews for one-year terms. The Expense Limitation Agreement may be terminated or modified at any time, upon approval
of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Management Agreement will continue
in effect from year to year provided that each continuance is specifically approved at least annually by both (1) the vote of a majority
of the Board or the vote of a majority of the outstanding voting securities of the Fund (as such term is defined in the Investment Company
Act) and (2) by the vote of a majority of the Trustees who are not parties to the Investment Management Agreement or &ldquo;interested
persons&rdquo; (as such term is defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose
of voting on such approval. The Investment Management Agreement may be terminated as a whole at any time by the Fund, without the payment
of any penalty, by action of the Board or by a majority of the Fund&rsquo;s outstanding voting securities or by the Adviser, on 60 days&rsquo;
written notice by either party to the other. The Investment Management Agreement will terminate automatically in the event of any transfer
or &ldquo;assignment&rdquo; (as such term is defined in the Investment Company Act and the rules thereunder) thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth information about the
total management fees paid by the Fund to the Adviser, and the amounts waived and reimbursed by the Adviser, for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Paid to the Adviser</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Waived and Reimbursed</B><BR>
<B>by the Adviser<SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">October 31, 2024</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$4,340,801</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$987,184</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">October 31, 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$4,797,121</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$450,898</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">October 31, 2022</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$5,442,997</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$1,525,184</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Waived and reimbursed fees shown are net of any recoupment by the Adviser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is governed by the Board, which oversees
the Fund&rsquo;s business and affairs. The Board delegates the day-to-day management of the Fund to the Fund&rsquo;s officers and to various
service providers that have been contractually retained to provide such day-to-day services. The Trustees oversee the Fund&rsquo;s activities,
review contractual arrangements with companies that provide services to the Fund, and review the Fund&rsquo;s investment performance.
The following table provides biographical information about the Trustees as of the date of this SAI, including their principal occupations
during the past five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interested Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name, Address<SUP>(1)</SUP>, </B><BR>
<B>Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 11%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Position(s) Held with Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 11%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal Occupations <BR>
in the Past 5 Years</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Funds in the Fund Complex Overseen <BR>
by Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other Directorships Held in the<BR>
 Past 5 Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Andrew Kellerman</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1965)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since July 2020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Served as Partner, President, and Head of Business Development at Saba Capital Management, L.P. since 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Saba Capital Income &amp; Opportunities Fund II</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The mailing address for Andrew Kellerman is 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York, NY 10174.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name, Address<SUP>(1)</SUP>, </B><BR>
<B>Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 11%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Position(s) Held with Fund</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 11%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 30%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal Occupations <BR>
in the Past 5 Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Funds in the Fund Complex Overseen<BR>
 by Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 16%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other Directorships Held in the <BR>
Past 5 Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thomas Bumbolow</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1976)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since January 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Thomas Bumbolow currently serves as Head of Distribution &amp; Business Development at American Life, an insurance company which blends innovative reinsurance capabilities with an elite asset management business. Mr. Bumbolow also serves as advisor to Limitless Ventures, a venture-based social fund and was the co-Founder of protoCapital, a merchant bank that operated from 2017-2020. Mr. Bumbolow has 20 years of experience at JP Morgan Chase, where he held various roles in fixed-income sales and trading from 1997-2017. He has been a board member of Stepping Stones Museum for Children since 2018.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Stepping Stones Museum </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Karen Caldwell<BR>
(1959)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since July 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Karen Caldwell has served as the Chief Financial Officer of Tides since November 2024. Previously, Ms. Caldwell served as the Chief Financial Officer of Reform Alliance from 2019 to November 2024. From 2018 to 2019, Ms. Caldwell served as the Chief Financial Officer and Treasurer of the NHP Foundation, a non-profit dedicated to increasing housing affordability. She has been a board member of Saba Income &amp; Opportunities Fund II since February 2023. </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Saba Capital Income &amp; Opportunities Fund II</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ketu Desai<BR>
(1982)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since July 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ketu Desai has served as the founding partner and Principal of i-squared Wealth Management, Inc., a private wealth investment management firm, since 2016. He has been a board member of Saba Capital Income &amp; Opportunities Fund II since February 2023.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Saba Capital Income &amp; Opportunities Fund II; ASA Gold and Precious Metals Limited Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Anatoly Nakum<BR>
(1974)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since April 2024</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Anatoly Nakum has served as the Head of Capital Markets at ESG Financial from 2021 to present; Mr. Nakum formerly served as the Head of Credit Trading at Americas at Credit Agricole from 2018 to 2020. </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Saba Capital Income &amp; Opportunities Fund II</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The mailing address for each Independent Trustee is 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York, NY 10174.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Leadership Structure and Related Matters </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board consists of five individuals (each,
a &ldquo;Trustee&rdquo;), four of whom are Independent Trustees. Andrew Kellerman, an Interested Trustee, serves as the Chairperson of
the Board. The responsibilities of the Chairperson of the Board include: coordinating with management in the preparation of the agendas
for Board meetings; presiding at Board meetings; between Board meetings, serving as a primary liaison with other Trustees, officers of
the Fund, management personnel, and legal counsel to the Independent Trustees; and such other duties as the Board periodically may determine.
Mr. Kellerman is deemed to be an interested person of the Fund, as defined by the Investment Company Act, because he is a partner of the
Adviser. The designation of an individual as the Chairperson does not impose on such person any duties, obligations, or liabilities greater
than the duties, obligations or liabilities on such person as a member of the Board, generally. The Board does not have a lead independent
Trustee, although Thomas Bumbolow is the Chairperson of the Nominating and Corporate Governance Committee, which oversees the governance
activities of the Board. For the fiscal year ended October 31, 2024, the Board held four (4) meetings (not including committee meetings).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board performs many of its oversight and other
activities through the committee structure described below. Each Committee operates pursuant to a written charter approved by the Board.
The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities. The Board
believes that its committee structure is an effective means of empowering the Trustees to perform their fiduciary and other duties. For
example, the Board&rsquo;s committee structure facilitate, as appropriate, the ability of the individual Board members to receive detailed
presentations on topics under their review and to develop increased familiarity with respect to such topics and with key personnel at
relevant service providers. At least annually, with guidance from its Nominating and Governance Committee, the Board analyzes whether
there are potential means to enhance the efficiency and effectiveness of the Board&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Audit Committee</I></B>. The Board has established
an Audit Committee whose functions include, among other things: the appointment, compensation, retention and oversight of the work of
the Fund&rsquo;s independent registered accounting firm engaged for the purpose of preparing or issuing an audit report or performing
other audit, review or attest services for the Fund. The Audit Committee currently consists of three (3) Independent Trustees. The following
Trustees currently serve as members of the Audit Committee: Ms. Caldwell and Messrs. Bumbolow and Desai. Ms. Caldwell currently serves
as the Chairperson of the Audit Committee. All Audit Committee members have been designated as Audit Committee Financial Experts under
the Sarbanes-Oxley Act of 2002. The Audit Committee held three (3) meetings during the fiscal year ended October 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Nominating and Corporate Governance Committee</I></B>.
The Board has established a Nominating and Corporate Governance Committee (the &ldquo;Nominating Committee&rdquo;), whose functions include
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating Committee will make recommendations for nominations of Independent Trustees of the Board to the incumbent Independent Trustees and to the full Board. The Nominating Committee will evaluate candidates&rsquo; qualifications for Board membership and the independent of such candidates from the Adviser and other principal service providers. The Nominating Committee will also consider the effect of any relationships beyond those delineated in the Investment Company Act, e.g., business, financial or family relationships with investment managers or service providers.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating Committee will evaluate candidates&rsquo; qualifications and make recommendations for Interested Trustees on the Board to the full Board.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating Committee may adopt, from time to time, specific minimum qualifications that the Nominating Committee believes a candidate must meet before being considered as a candidate for Board membership and shall comply with any rules adopted, from time to time, by the SEC regarding investment company nominating committees and the nomination of persons to be considered as candidates for Board membership. In considering a candidate&rsquo;s qualifications, the Nominating Committee generally considers the potential candidate&rsquo;s educational background, business, professional experience, and reputation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating Committee will review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Nominating Committee at the Fund&rsquo;s offices. The Nominating Committee will adopt, by resolution, a policy regarding its procedures for considering candidates for the Board, including any recommended by shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee has established as
minimum qualifications for Board membership as an Independent Trustee: (i) that such candidate be an individual possessing high
standards of character and integrity, relevant experience, a willingness to ask hard questions and the ability to work well with
others; (ii) that such candidate be free of conflicts of interest that would violate applicable law or regulation or interfere with
the proper performance of the responsibilities of a Trustee; (iii) that such candidate be willing and able to devote sufficient time
to the affairs of the Fund and be diligent in fulfilling the responsibilities of a Trustee; and (iv) that such candidate have the
capacity and desire to represent the balanced, and best interests of the Fund&rsquo;s shareholders as a whole, and not a special
interest group or constituency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following Trustees currently serve as members
of the Nominating Committee: Ms. Caldwell and Messrs. Bumbolow and Desai. Mr. Bumbolow currently serves as the Chairperson of the Nominating
Committee. The Nominating Committee typically meets at least once per year, and may hold special meetings by telephone or in person to
discuss specific matters that may require action prior to the next regular meeting. The Nominating Committee held one (1) meeting during
the fiscal year ended October 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee will consider candidates
recommended by shareholders. In considering candidates submitted by shareholders, the Nominating Committee will take into consideration
the needs of the Board, the qualifications of the candidate and the interests of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board&rsquo;s Risk Oversight Role</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board oversees the risk management function
consistent with and as part of its oversight duties. The Board performs this risk management oversight function directly and, with respect
to various matters, through its committees. The following description provides an overview of many, but not all, aspects of the Board&rsquo;s
oversight of risk management for the Fund. In this connection, the Board has been advised that is not practicable to identify all the
risks that may impact the Fund or to develop procedures or controls that are designed to eliminate all such risk exposures, and that applicable
securities law regulations do not contemplate that all risks be identified and addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board, working with management personnel and
other service providers, has endeavored to identify the primary risks that confront the Fund. In general, these risks, include, among
others: (i) investment risks; (ii) valuation risks; (iii) operational risks; (iv) reputational risks; (v) regulatory risks; (vi) risks
related to potential legislative changes; (vii) the risk of conflicts of interest affecting affiliates in managing the Fund; and (viii)
cybersecurity risks. The Board has adopted and periodically reviews various policies and procedures that are designed to address these
and other risks confronting the Fund. In addition, many service providers to the Fund have adopted their own policies, procedures, and
controls designed to address particular risks to the Fund. The Board and persons retained to render advice and service to the Board, including
ALPS Fund Services, Inc., which provides certain administrative, middle office and transfer agency services to the Fund, and Foreside
Fund Officer Services, LLC, which provides third-party compliance officer and treasurer services to the Fund, periodically review and/or
monitor changes to, and developments relating to, the effectiveness of these policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board oversees risk management activities
in part through receipt and review by the Board of regular and special reports, presentations and other information from officers of the
Fund, including the Chief Compliance Officer for the Fund and the Adviser&rsquo;s Chief Risk Officer, and from other service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Trustee Share Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information regarding
each Trustee&rsquo;s beneficial ownership of equity securities of the Fund and the aggregate holdings of share of equity securities of
all registered investment companies overseen by each Trustee within the same family of investment companies as the Fund as of December
31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 45%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; white-space: nowrap; width: 15%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 40%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Aggregate Dollar Range</B><BR>
<B>of Equity Securities in</B><BR>
<B>all Registered</B><BR>
<B>Investment Companies</B><BR>
<B>Overseen by Trustee in </B><BR>
<B>Family of</B><BR>
<B>Investment Companies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Independent Trustees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Karen Caldwell</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ketu Desai</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Anatoly Nakum</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Thomas Bumbolow</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Trustee who is an &ldquo;Interested Person&rdquo;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Andrew Kellerman </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Independent Trustee is compensated for
his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. For serving on the Board, each
Independent Trustee is paid (effective in 2025) a $30,000 annual retainer fee. Additionally, Ms. Caldwell receives an additional fee
of $7,500 per year for her service as Audit Committee Chairperson. Each Trustee is reimbursed for reasonable expenses incurred in
connection with each meeting of the Board, Audit Committee or Nominating Committee meetings attended, as applicable. The Board may,
from time to time, designate other meetings as subject to compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the compensation
paid to the Trustees by the Fund and the aggregate compensation paid to them by other funds managed by the Adviser and its affiliates
for the fiscal year ended October 31, 2024. Mr. Kellerman serves without compensation from the Fund because of his affiliation with the
Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 65%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 15%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Aggregate</B><BR>
<B>Compensation <br>from the Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 20%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Compensation</B><BR>
<B>from the Fund and</B><BR>
<B>Complex Paid to</B><BR>
<B>Trustees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Karen Caldwell</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$22,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$45,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ketu Desai</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$15,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$30,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Thomas Bumbolow</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$15,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$30,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Anatoly Nakum</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$15,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$30,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Andrew Kellerman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Trustee Ownership of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2024, none of the Independent
Trustees of the Fund or their immediate family members owned beneficially or of record any securities of the Adviser or any person controlling,
controlled by or under common control with the Adviser nor did any Independent Trustee of the Fund or their immediate family members have
any material interest in any transaction, or series of similar transactions, during the most recently completed two calendar years involving
the Fund, the Adviser or any person controlling, controlled by or under common control with the Fund or the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this SAI, the officers and Trustees
of the Fund, as a group, beneficially owned less than 1% of the outstanding common shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Pertaining to the Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The officers of the Fund are elected by the Board
and hold office until their successors are chosen and qualified, or until they sooner resign, are removed, or are otherwise disqualified
to serve. The following table provides biographical information about the officers as of the date of this SAI, including their principal
occupations during the past five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 20%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name, Address<SUP>(1)</SUP>, </B><BR>
<B>Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 28%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Position(s) Held with Fund</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 26%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Term of Office and Length <BR>
of Time Served</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 26%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal Occupations <BR>
in the Past 5 Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Boaz Weinstein<BR>
(1973)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since May 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">CIO of Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Paul Kazarian<BR>
(1984)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since November 2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Portfolio Manager at Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Michael D&rsquo;Angelo<BR>
(1978)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Secretary </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since May 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COO and General Counsel at Saba Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Patrick Keniston<SUP>(2)</SUP><BR>
(1964)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since June 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Director, Foreside Fund Services, LLC </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Troy Statczar<SUP>(2)</SUP><BR>
(1971)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Principal Financial Officer, Treasurer </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since June 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Senior Director, Foreside Treasurer Services</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Nitin Sapru<BR>
(1980)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Since May 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise indicated, the mailing address for each officer is 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York, NY 10174.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Patrick Keniston&rsquo;s and Troy Statczar&rsquo;s mailing address is Foreside Fund Services, LLC, 3 Canal Plaza, Suite 100, Portland, ME 04101.</FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Portfolio Manager Assets Under Management</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information about funds and accounts
other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of October 31,
2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>(ii) Number of Other Accounts Managed and Assets by Account Type</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>(iii)
Number of Other Accounts and Assets for Which Advisory Fee is</B><BR>
<B>Performance-Based</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 22%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>(i) Name of </B><BR>
<B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 13%; border-bottom: black 1pt solid; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other</B><BR>
<B>Registered</B><BR>
<B>Investment</B><BR>
<B>Companies</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 13%; border-bottom: black 1pt solid; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other Pooled</B><BR>
<B>Investment</B><BR>
<B>Vehicles</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 13%; border-bottom: black 1pt solid; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other</B><BR>
<B>Accounts</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 13%; border-bottom: black 1pt solid; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other</B><BR>
<B>Registered</B><BR>
<B>Investment</B><BR>
<B>Companies</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 13%; border-bottom: black 1pt solid; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other Pooled</B><BR>
<B>Investment</B><BR>
<B>Vehicles</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; width: 13%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other</B><BR>
<B>Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Boaz Weinstein</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$497,907,503</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$3,844,215,019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$560,614,855</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$3,844,215,019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$560,614,855</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Paul Kazarian</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$497,907,503</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$3,844,215,019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$267,135,250</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$3,844,215,019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$267,135,250</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Portfolio Manager Compensation Overview</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion below describes the portfolio managers&rsquo;
compensation as of October 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio managers are compensated by the
Adviser and do not receive any compensation directly from the Fund. Each portfolio manager receives a base salary and, as a partner in
the firm, earns profit distributions as well as discretionary bonuses from time to time. The availability and amount of any bonus will
be based on factors such as the Adviser&rsquo;s profitability and each portfolio manager&rsquo;s individual performance and team contribution.
No portfolio manager is compensated based on Fund performance or on the value of assets held in the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Securities Ownership of Portfolio Managers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 31, 2024, the dollar range of securities
beneficially owned by each portfolio manager in the Fund is shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 50%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 50%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Dollar Range of Equity </B><BR>
<B>Securities of the Trust </B><BR>
<B>Beneficially Owned</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Boaz Weinstein</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Paul Kazarian</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Material Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain business activities of the Adviser may
lead to potential conflicts of interest. For example, the portfolio managers&rsquo; management of other accounts may give rise to potential
conflicts of interest in connection with the concurrent management of the Fund&rsquo;s investments and the investments of the portfolio
managers&rsquo; other accounts. The other accounts may have similar investment objectives as the Fund. Therefore, a potential conflict
of interest may arise as a result of those similar investment objectives, whereby a portfolio manager could favor one account over another.
Another potential conflict could include the portfolio managers&rsquo; knowledge about the size, timing and possible market impact of
Fund trades, whereby the portfolio managers could use this information to the advantage of other accounts and to the disadvantage of the
Fund. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts
managed by the portfolio managers are fairly and equitably allocated. Other present and future activities of the Adviser may give rise
to additional conflicts of interest. For example, the investment activities of an account that the Adviser manages, or more generally
the activities of the Adviser, may result in another account being required to forgo certain investment or divestment activity or otherwise
restrict the ability of the account to engage in certain activities that would not otherwise be prohibited. In the event that a conflict
of interest arises, the Adviser will attempt to resolve such conflicts in a fair and equitable manner, as measured over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proxy Voting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has delegated the responsibility to
vote proxies for securities held in the Fund&rsquo;s portfolio to the Adviser. Proxies for the portfolio securities are voted in accordance
with the Adviser&rsquo;s proxy voting policies and procedures, which are set forth in Appendix A to this SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information on how the Fund voted proxies relating
to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge on the Fund&rsquo;s website
at www.sabacef.com and (ii) on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Codes of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the Adviser have adopted codes of
ethics (&ldquo;Codes of Ethics&rdquo;) pursuant to Rule 17j-1 under the Investment Company Act governing personal trading activities of
all Trustees, Officers of the Fund and persons who, in connection with their regular functions, play a role in the recommendation of or
obtain information pertaining to any purchase or sale of a security by the Fund. The Codes of Ethics is intended to prohibit fraud against
a Fund that may arise from the personal trading of securities that may be purchased or held by that Fund or of the Fund&rsquo;s shares.
The Codes of Ethics prohibits short-term trading of the Fund&rsquo;s shares by persons subject to the Codes of Ethics. Personal trading
is permitted by such persons subject to certain restrictions; however, such persons are generally required to pre-clear all security transactions
with the Adviser or its affiliates and to report all transactions on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Codes of Ethics is available on the SEC&rsquo;s
website at www.sec.gov and copies may also be obtained at prescribed rates by electronic request at publicinfo@sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b006"></A>PORTFOLIO TRANSACTIONS AND BROKERAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of the Fund regarding purchases and
sales of securities of the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions
of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund&rsquo;s policy is
to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid
in all circumstances. The Fund believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio
management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine
the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding
commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting
the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services
is not ascertainable. The Fund has adopted policies and procedures that prohibit the consideration of sales of the Fund&rsquo;s shares
as a factor in the selection of a broker or dealer to execute its portfolio transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser owes a fiduciary duty to its clients
to seek to provide best execution on trades effected. In selecting a broker or dealer for each specific transaction, the Adviser chooses
the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. Best execution is generally
understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage
services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to:
liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to
position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge
of other buyers or sellers, arbitrage skills, administrative ability, underwriting and provision of information on a particular security
or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market
in which it is executed, and the extent to which it is possible to select from among multiple brokers or dealers. The Adviser may also
use electronic crossing networks (&ldquo;ECNs&rdquo;) when appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may use the Fund&rsquo;s assets
for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full
service brokers, the cost of which is bundled with the cost of the broker&rsquo;s execution services. The Adviser does not
&ldquo;pay up&rdquo; for the value of any such proprietary research. Section 28(e) of the Exchange Act permits the Adviser, under
certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount
of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and
research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many
topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it
exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order
management systems, portfolio attribution and monitoring services and computer software and access charges which are directly
related to investment research. Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of
the broker&rsquo;s provision of such services to the Adviser, but only if the Adviser determines the total commission (including the
soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount
of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest
exists because there is an incentive to: (1) cause clients to paya higher commission than the firm might otherwise be able to
negotiate; (2) cause clients to engage in more securities transactions than would otherwise be optimal; and (3) only recommend
brokers that provide soft dollar benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser faces a potential conflict of interest
when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser is able to use the brokerage
or research services to manage client accounts without paying cash for such services, which reduces the Adviser&rsquo;s expenses to the
extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to
use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft
dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser, effectively cross-subsidizing
the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage
or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser is responsible for placing orders
on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and
one or more other investment companies or clients supervised by the Adviser are considered at or about the same time, transactions in
such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its
fiduciary obligations to all by the Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the
security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions
and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at
the most favorable net price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may deal with affiliates in principal
transactions to the extent permitted by exemptive order or applicable rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about the brokerage commissions paid
by the Fund, including commissions paid to affiliates, for the last three fiscal years, is set forth in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate</B><BR>
<B>Brokerage</B><BR>
<B>Commissions</B><BR>
<B>Paid</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commissions</B><BR>
<B>Paid to</B><BR>
<B>Affiliates</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 10pt">October 31, 2024</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">120,257</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">October 31, 2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">162,579</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">October 31, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">260,239</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended October 31, 2024, the
brokerage commissions paid to affiliates by the Fund represented 0% of the aggregate brokerage commissions paid and involved 0% of the
dollar amount of transactions involving payment of commissions during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the dollar amount of
brokerage commissions paid to brokers for providing third-party research services and the approximate dollar amount of the transactions
involved for the fiscal year ended October 31, 2024. The provision of third-party research services was not necessarily a factor in the
placement of all brokerage business with such brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Commissions Paid to Brokers for</B><BR>
<B>Providing Research Services</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Brokerage <BR>
Transactions Involved</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 31, 2024, the Fund did not hold
securities of its &ldquo;regular brokers or dealers&rdquo; (as defined in Rule 10b-1 under the Investment Company Act) whose shares were
purchased during the fiscal year ended October 31, 2024.<B>..</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b007"></A>PORTFOLIO TURNOVER RATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Portfolio turnover may vary from year to year,
as well as within a year. The portfolio turnover rates for the specified periods are set forth in the table below. Significant variations
in portfolio turnover from year-to-year are generally the result of fluctuations in the size of the Fund or changes to the Fund&rsquo;s
portfolio holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fiscal Year Ended October 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fiscal Year Ended October 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">129.43%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76.16%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b008"></A>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Certain activities of the Adviser and its directors,
officers or employees, with respect to the Fund and/or other accounts managed by the Adviser, may give rise to actual or perceived conflicts
of interest such as those described below. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser, its personnel and its affiliates,
serve as investment advisers, management companies, general partners, managing members, and/or special shareholders to multiple clients.
The Adviser will devote as much of its time to the activities of each of its clients as it deems necessary and appropriate. The Adviser
is not restricted from forming additional investment funds, from entering into other investment advisory or sub-advisory relationships
or from engaging in other business activities, even though such activities may be in direct competition with existing clients, including
the Fund, and may involve substantial time and resources of the Adviser. These activities could be viewed as creating a conflict of interest
in that the time and effort of the members and partners of the Adviser and its officers and employees will not be devoted exclusively
to the business of the Fund, but will be allocated between the business of the Fund and the management of the monies of other advisees
of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain business activities of the Adviser may
lead to potential conflicts of interest. The management of multiple clients may give rise to potential conflicts of interest in connection
with the concurrent management of the investments for the Fund and the investments in other clients of the Adviser. For example, a potential
conflict of interest may arise as a result of clients with similar investment objectives, whereby the Adviser could favor one account
over another. Another potential conflict could include the Adviser&rsquo;s knowledge about the size, timing and possible market impact
of certain trades, whereby the Adviser could use this information to the advantage of other accounts and to the disadvantage of the Fund.
However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts managed
by the Adviser are fairly and equitably allocated. Other present and future activities of the Adviser may give rise to additional conflicts
of interest. For example, the investment activities of an account that the Adviser manages, or more generally the activities of the Adviser,
may result in the Fund being required to forgo certain investment or divestment activity or otherwise restrict the ability of the Fund
to engage in certain activities that would not otherwise be prohibited. In the event that a conflict of interest arises, the Adviser will
attempt to resolve such conflicts in a fair and equitable manner, as measured over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain employees of the Adviser currently serve
as directors or advisory board members of portfolio companies or other entities, and will continue to do so in the future. In connection
with such services, the Adviser or its employees may either receive directors&rsquo; fees or other similar compensation attributable to
such employees&rsquo; services or waive such fees. If the Adviser receives any such fees or compensation with such employees providing
services to one or more portfolio companies in which its clients invests, all of such fees or compensation ratably attributable to the
clients&rsquo; investments in such portfolio companies (net of taxes and other expenses related thereto) will be applied as an offset
to the management fee on a dollar-for-dollar basis. Such amounts are not expected to be material. Employees of the Adviser must have such
arrangements pre-approved by its Chief Compliance Officer (&ldquo;CCO&rdquo;). Similarly, employees are required to seek pre-approval
from the CCO and their relevant supervisor prior to serving as a director of any company, or engaging in any similar outside business
activities that are not related to an investment by the clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser, from time to time, engages service
providers on behalf of itself and/or its clients in which certain clients, partners, directors, officers, consultants deemed by compliance
to be access persons, and employees of the Adviser (together, the &ldquo;Employees&rdquo;), affiliates, and/or other personnel of the
Adviser have a financial interest in, participate in the management of, and/or serve on the advisory board of such service providers (each,
an &ldquo;Affiliated Service Provider&rdquo;). Clients engaging an Affiliated Service Provider are expected to bear the Affiliated Service
Provider&rsquo;s fees, terms and conditions, and expenses (including with respect to terms and compensation), which are expected to be
competitive, when taken as a whole, with the compensation paid to, quality and quantity of the service provided by, and terms and conditions
of the engagement with third parties for comparable services that could reasonably be made available to such clients. No management fee
or expense offset is expected to be applied to the Affiliated Service Provider for such services. The Adviser may be viewed as having
an incentive to direct clients, including the Fund, to engage the Affiliated Service Provider because of the financial or other business
interests of certain clients, Employees, affiliates and/or other personnel of the Adviser. The Adviser seeks to mitigate any such conflict
by, among other things, periodically evaluating as a whole, using commercially reasonable means, the pricing of, quality and quantity
of the services provided by, and terms and conditions of engagements with alternative unaffiliated service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser will provide discretionary and
may provide non-discretionary investment management services to other clients, as well as managed accounts and other investment
partnerships or funds, which may have similar investment objectives to those of the Fund. The Adviser has in the past, and will in
the future, give advice and recommend securities to other clients which may differ from advice given to, or securities recommended
or bought for, the Fund, even though their investment objectives may be the same or similar to those of the Fund. The Fund, for
example, may make an investment at the same time that one or more of the other accounts managed by the Adviser is disposing of the
same or a similar investment. Likewise, the Fund may make an investment in a position which is already held by one or more of the
other accounts managed by the Adviser. It is possible that the activities or strategies used for the other accounts could conflict
with the activities and strategies employed in managing the assets of the Fund and affect the prices and availability of the
securities and instruments in which the Fund invests. Decisions about what action should be taken in a troubled situation, raise
conflicts of interest. If additional capital is necessary as a result of financial or other difficulties, other accounts may or may
not provide such additional capital as each determines in their sole discretion. The Adviser will seek to resolve such conflicts of
interest in a fair and equitable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser has applied for an exemptive order
from the SEC (the &ldquo;Order&rdquo;) that would grant the funds managed by the Adviser or certain affiliates, the ability to fully negotiate
terms of co-investment transactions with other funds managed by the Adviser or certain affiliates, subject to the conditions included
therein. Until the Adviser receives the Order, the Fund will not be permitted to participate in certain investments with the Adviser&rsquo;s
other funds or its affiliates. Even if the Order is granted, in certain situations, such as when there is an opportunity to invest in
different securities of the same issuer, the personnel of the Adviser or its affiliates will need to decide which client will proceed
with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably
ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent
with applicable laws, rules and regulations. When the Fund participates in a co-investment transaction, the personnel of the Adviser allocates
a portion of the investment to the Fund based on the Fund&rsquo;s investment objective and strategies, investment policies, investment
positions, capital available for investment, and other pertinent factors. Any co-investment is made on equal footing with the funds managed
by the Adviser or its affiliates, including identical terms, conditions, price, class of securities purchased, timing, and registration
rights. In addition, a majority of the Independent Trustees generally must make certain conclusions in connection with a co-investment
transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair
to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned and
(2) the transaction is consistent with the interests of the Fund&rsquo;s shareholders and is consistent with the Fund&rsquo;s investment
objective and strategies. To the extent the Fund is able to make co-investments with the Adviser&rsquo;s affiliates, these co-investment
transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and the other participating accounts.
Moreover, except in certain circumstances, when relying on the Order, the Fund is unable to invest in any issuer in which one or more
funds managed by the Adviser or its affiliates has previously invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest alongside the Adviser&rsquo;s
and its affiliates&rsquo; other clients, including other entities they manage, which are referred to as affiliates&rsquo; other clients,
in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations and guidance as well as the Adviser&rsquo;s
allocation policies. However, the Fund can offer no assurance that investment opportunities will be allocated to it fairly or equitably
in the short-term or over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In situations where co-investment with affiliates&rsquo;
other clients is not permitted under the Investment Company Act and related rules, existing or future staff guidance, or the terms and
conditions of any exemptive relief granted to the Fund by the SEC, the Adviser will need to decide which client or clients will proceed
with the investment. Generally, the Fund will not have an entitlement to make a co-investment in these circumstances and, to the extent
that another client elects to proceed with the investment, the Fund will not be permitted to participate. Moreover, except in certain
circumstances, the Fund is unable to invest in any issuer in which an affiliates&rsquo; other client holds a controlling interest. These
restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Adviser and/or one or more
of its affiliates have in the past, and may in the future, come into possession of material, non-public information, and such information
may limit the ability of the Fund to buy and sell investments, even if such information was obtained in the context of the investment
activities of other accounts. The Fund will not be free to act upon any such information. Due to these restrictions and/or contractual
restrictions imposed on any affiliate of the Adviser in connection with the management of other accounts, the Fund may not be able to
initiate a transaction that they otherwise might have initiated and may not be able to sell an investment that they otherwise might have
sold. Orders may be combined for all such accounts, and if any order is not filled at the same price, they may be allocated on an average
price basis. Similarly, if an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities
may be allocated among the different accounts on a basis which the Adviser considers equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods in which the assets of the Fund
are not treated as &ldquo;plan assets&rdquo; for purposes of the Employee Retirement Income Security Act of 1973, the Adviser may determine
that it would not be in the best interests of the Fund and one or more funds and investment accounts managed by the Adviser to transfer
certain assets held by one or more such funds and investment accounts managed by the Adviser to other funds and investment accounts managed
by the Adviser, including for the purpose of rebalancing portfolios of such funds and investment accounts. For example, certain &ldquo;cross&rdquo;
trades may occur between clients as may be necessary to rebalance cash or various portfolio positions. Such transactions will be conducted
in accordance with, and subject to, the Adviser&rsquo;s fiduciary obligations to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other present and future activities of the Adviser
may give rise to additional conflicts of interest. In the event that a conflict of interest arises, the Adviser will attempt to resolve
such conflicts in a fair and equitable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b009"></A>DESCRIPTION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to hold annual meetings of shareholders
so long as the common shares are listed on a national securities exchange and such meetings are required as a condition to such listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund currently does not intend to issue preferred
shares. The terms of any preferred shares that the Fund might issue in the future, including dividend rate, liquidation preference and
redemption provisions, will be determined by the Board, subject to applicable law and the Declaration of Trust. The Board, without the
approval of the holders of common shares, may authorize an offering of preferred shares or may determine not to authorize such an offering,
and may fix the terms of the preferred shares to be offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board (subject to applicable law and the Declaration
of Trust) may authorize an offering, without the approval of the holders of common shares and, depending on their terms, any preferred
shares outstanding at that time, of other classes of shares, or other classes or series of shares, as they determine to be necessary,
desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Board sees fit. The
Board currently does not expect to issue any other classes of shares, or series of shares, except for the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b010"></A>REPURCHASE OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has approved an open market share repurchase
program to authorize the Fund to purchase up to 10% of the Fund&rsquo;s common shares for the fiscal year in open market transactions,
at the discretion of the Adviser. The share repurchase program is intended to increase the Fund&rsquo;s NAV to the benefit of all shareholders
and help create further value for shareholders by reducing the Fund&rsquo;s discount to NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the 10% limitation in a fiscal year,
the timing and amount of repurchases will be at the discretion of the Adviser. In exercising its discretion consistent with its portfolio
management responsibilities, the Adviser will take into account various other factors, including, but not limited to, the level of discount,
the Fund&rsquo;s performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive
investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale
might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing
market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases. If and when the Fund&rsquo;s
10% threshold is reached for a fiscal year, no further repurchases will be made (unless otherwise authorized by the Board) for such fiscal
year. The share repurchase program will require reauthorization by the Board for each new fiscal year. Until the 10% threshold in a fiscal
year is reached, the Adviser will have the flexibility to commence share repurchases if and when it is determined to be appropriate in
light of prevailing circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b011"></A>TAX MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of certain U.S.
federal income tax consequences to a shareholder of acquiring, holding and disposing of common shares of the Fund. Except as otherwise
noted, this discussion assumes you are a taxable U.S. holder (as defined below). This discussion is based upon current provisions of the
Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), the regulations promulgated thereunder and judicial and administrative
authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service, possibly with
retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and
its shareholders, and the discussions set forth here do not constitute tax advice. This discussion assumes that investors hold common
shares of the Fund as capital assets for U.S. federal income tax purposes (generally, assets held for investment). The Fund has not sought
and will not seek any ruling from the Internal Revenue Service regarding any matters discussed herein. No assurance can be given that
the Internal Revenue Service would not assert, or that a court would not sustain, a position contrary to those set forth below. This summary
does not discuss any aspects of non-U.S., state or local tax. Prospective investors must consult their own tax advisers as to the U.S.
federal income tax consequences (including the alternative minimum tax consequences) of acquiring, holding and disposing of the Fund&rsquo;s
common shares, as well as the effects of state, local and non-U.S. tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, no attempt is made to address tax
considerations applicable to an investor with a special tax status, such as a financial institution, REIT, insurance company, regulated
investment company, individual retirement account, other tax-exempt organization, dealer in securities or currencies, person holding shares
of the Fund as part of a hedging, integrated, conversion or straddle transaction, trader in securities that has elected the mark-to-market
method of accounting for its securities, U.S. holder (as defined below) whose functional currency is not the U.S. dollar, investor with
&ldquo;applicable financial statements&rdquo; within the meaning of Section 451(b) of the Code, or non-U.S. investor. Furthermore, this
discussion does not reflect possible application of the alternative minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. holder is a beneficial owner that is for
U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a citizen or individual resident of the United States (including certain former citizens and former long-term residents)&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an estate, the income of which is subject to U.S. federal income taxation regardless of its source&#894; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to elect to be treated and to
qualify to be taxed as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy
certain requirements relating to the sources of its income, diversification of its assets, and distribution of its income to its shareholders.
First, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans,
gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains
from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies,
or net income derived from interests in &ldquo;qualified publicly traded partnerships&rdquo; (as defined in the Code) (the &ldquo;90%
gross income test&rdquo;). Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)
at least 50% of the value of its total assets consists of cash, cash items, U.S. Government securities, securities of other RICs and other
securities, with such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of
the Fund&rsquo;s total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25%
of the market value of the total assets is invested in the securities (other than U.S. Government securities and securities of other RICs)
of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or
any one or more &ldquo;qualified publicly traded partnerships.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As long as the Fund qualifies as a RIC, the Fund
will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to
its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i) its net tax-exempt interest income,
if any, and (ii) its &ldquo;investment company taxable income&rdquo; (which includes, among other items, dividends, taxable interest,
taxable original issue discount and market discount income, income from securities lending, net short-term capital gain in excess of net
long-term capital loss, and any other taxable income other than &ldquo;net capital gain&rdquo; (as defined below) and is reduced by deductible
expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment its net capital gain (which
consists of the excess of its net long-term capital gain over its net short-term capital loss). However, if the Fund retains any net capital
gain or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code imposes a 4% nondeductible excise tax
on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income
(not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss
(adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is
made to use the Fund&rsquo;s fiscal year, which ends on October 31). In addition, the minimum amounts that must be distributed in any
year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be,
from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal
income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4%
nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&rsquo;s taxable income and capital gain will be
distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the
amount by which it does not meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If in any taxable year the Fund should fail
to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income
tax upon all of its taxable income for that year, and all distributions to its shareholders (including distributions of net capital
gain) would be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of the
Fund&rsquo;s earnings and profits. Provided that certain holding period and other requirements were met, such dividends would be
eligible (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends
received deduction in the case of corporate shareholders. In addition, to qualify again to be taxed as a RIC in a subsequent year,
the Fund would be required to distribute to shareholders its earnings and profits attributable to non-RIC years. In addition, if the
Fund failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent
year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including
items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to
taxation on such built-in gain recognized for a period of five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remainder of this discussion assumes that
the Fund qualifies for taxation as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Fund&rsquo;s Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Fund&rsquo;s investment practices
are subject to special and complex U.S. federal income tax provisions (including mark-to-market, constructive sale, straddle, wash sale,
short sale and other rules) that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or
deductions, (ii) convert lower taxed long-term capital gains or qualified dividend income into higher taxed short-term capital gains or
ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause
the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale
of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii)
produce income that will not be &ldquo;qualified&rdquo; income for purposes of the 90% annual gross income requirement described above.
These U.S. federal income tax provisions could therefore affect the amount, timing and character of distributions to common shareholders.
The Fund intends to monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate
the effect of these provisions and prevent disqualification of the Fund as a RIC. Additionally, the Fund may be required to limit its
activities in derivative instruments in order to enable it to maintain its RIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest a portion of its net assets
in below investment grade securities, commonly known as &ldquo;junk&rdquo; securities. Investments in these types of securities may present
special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to
accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless
securities, how payments received on obligations in default should be allocated between principal and income and whether modifications
or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&rsquo;s
ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain debt securities acquired by the Fund may
be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated
as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and avoid
U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment of that amount
is not received until a later time, usually when the debt security matures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund purchases a debt security on a secondary
market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &ldquo;market
discount.&rdquo; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on the disposition
of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain,
or principal payment, does not exceed the &ldquo;accrued market discount&rdquo; on the debt security. Market discount generally accrues
in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase price plus the market discount
previously included in income, the Fund may not be able to benefit from any offsetting loss deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in preferred securities or
other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal
Revenue Service. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment
expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase
or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss on the sale of securities by the
Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss
on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund may invest in foreign securities,
its income from such securities may be subject to non-U.S. taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency gain or loss on foreign currency
exchange contracts, non-U.S. dollar-denominated securities contracts, and non-U.S. dollar-denominated futures contracts, options and forward
contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from options on individual securities
written by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject
to a &ldquo;closing transaction&rdquo; (as defined by applicable regulations) pursuant to which the Fund&rsquo;s obligations with
respect to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the
writing of such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction,
the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as
short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying
security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of
the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying
security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales
of the underlying securities may cause the Fund to realize gains or losses at inopportune times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options on indices of securities and sectors of
securities that qualify as &ldquo;section 1256 contracts&rdquo; will generally be &ldquo;marked-to-market&rdquo; for U.S. federal income
tax purposes. As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference
between the value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently
be increased by such gain or decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify as &ldquo;section
1256 contracts&rdquo; will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital
gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Fund to recognize gain in advance
of the receipt of cash, the Fund may be required to dispose of investments in order to meet its distribution requirements. &ldquo;Mark-to-market&rdquo;
losses may be suspended or otherwise limited if such losses are part of a straddle or similar transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of Common Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund distributions of its tax-exempt interest
on municipal securities, if properly reported by the Fund to its shareholders (&ldquo;exempt-interest dividends&rdquo;), will generally
be exempt from regular federal income tax. In order for the Fund to pay exempt-interest dividends, at least 50% of the value of the Fund&rsquo;s
total assets must consist of tax-exempt obligations on a quarterly basis. Although the Fund intends to meet this requirement, no assurance
can be given in this regard. If the Fund failed to do so, it would not be able to pay tax-exempt dividends, and your distributions attributable
to interest received by the Fund from any source (including distributions of tax-exempt interest income) would be taxable as ordinary
income to the extent of the Fund&rsquo;s earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will either distribute or retain for
reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on
such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a notice to its common
shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income
for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit
its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that
the credit exceeds such liability and (iii) will increase its basis in its common shares by the amount of undistributed capital gains
included in the shareholder&rsquo;s income less the tax deemed paid by the shareholder under clause (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions paid to you by the Fund from its
net capital gain, if any, that the Fund properly reports as capital gain dividends (&ldquo;capital gain dividends&rdquo;) are taxable
as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the Fund (including
dividends from net short-term capital gains) from its current or accumulated earnings and profits, other than exempt-interest dividends
(&ldquo;ordinary income dividends&rdquo;), are generally subject to tax as ordinary income. Provided that certain holding period and other
requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i) for the dividends received deduction
in the case of corporate shareholders to the extent that the Fund&rsquo;s income consists of dividend income from U.S. corporations, and
(ii) in the case of individual shareholders, as &ldquo;qualified dividend income&rdquo; eligible to be taxed at long-term capital gains
rates to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable
domestic corporations and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of
the United States or in certain countries with a qualifying comprehensive tax treaty with the United States, or whose stock with respect
to which such dividend is paid is readily tradable on an established securities market in the United States). There can be no assurance
as to what portion, if any, of the Fund&rsquo;s distributions will constitute qualified dividend income or be eligible for the dividends
received deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any distributions you receive that are in excess
of the Fund&rsquo;s current and accumulated earnings and profits will be treated as a return of capital to the extent of your adjusted
tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund distribution that
is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or
reducing your potential loss on any subsequent sale or other disposition of your common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common shareholders may be entitled to offset
their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when capital losses may
be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly, common shareholders
that have capital losses are urged to consult their tax advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and other taxable distributions are
taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions paid by the
Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays
you a dividend in the first month of the taxable year that was declared sometime in the last three months of the previous taxable year
to common shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income
tax purposes as being paid by the Fund and received by you on the last day of the taxable year in which the dividend was declared. In
addition, certain other distributions made after the close of the Fund&rsquo;s taxable year may be &ldquo;spilled back&rdquo; and treated
as paid by the Fund (except for purposes of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated
as having received such dividends in the taxable year in which the distributions were actually made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest on certain &ldquo;private activity bonds&rdquo;
is an item of tax preference subject to the alternative minimum tax on individuals. The Fund may invest a portion of its assets in municipal
bonds subject to this provision so that a portion of its exempt-interest dividends is an item of tax preference to the extent such dividends
represent interest received from these private activity bonds. Accordingly, investment in the Fund could cause a holder of common shares
to be subject to, or result in an increased liability under, the alternative minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exempt-interest dividends are included in determining
what portion, if any, of a person&rsquo;s Social Security and railroad retirement benefits will be includable in gross income subject
to federal income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of common shares purchased at any time
may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date for a distribution
will receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will send you information after the end
of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale or other disposition of common shares
will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such common shares for
more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months or less will
be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed
capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares
will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise) within a
61-day period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your tax basis
in the common shares acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund conducts a tender offer for its shares,
a repurchase by the Fund of a shareholder&rsquo;s shares pursuant to such tender offer generally will be treated as a sale or exchange
of the shares by a shareholder provided that either (i) the shareholder tenders, and the Fund repurchases, all of such shareholder&rsquo;s
shares, thereby reducing the shareholder&rsquo;s percentage ownership of the Fund, whether directly or by attribution under Section 318
of the Code, to 0%, (ii) the shareholder meets numerical safe harbors under the Code with respect to percentage voting interest and reduction
in ownership of the Fund following completion of the tender offer, or (iii) the tender offer otherwise results in a &ldquo;meaningful
reduction&rdquo; of the shareholder&rsquo;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&rsquo;s
facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a tendering shareholder&rsquo;s proportionate
ownership of the Fund (determined after applying the ownership attribution rules under Section 318 of the Code) is not reduced to the
extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section
301 of the Code with respect to the shares held (or deemed held under Section 318 of the Code) by the shareholder after the tender offer
(a &ldquo;Section 301 distribution&rdquo;). The amount of this distribution will equal the price paid by the Fund to such shareholder
for the shares sold, and will be taxable as a dividend, i.e., as ordinary income, to the extent of the Fund&rsquo;s current or accumulated
earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder&rsquo;s tax
basis in the shares held after the tender offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a tender
offer will be subject to basis adjustments in accordance with the provisions of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that no tendering shareholder is treated
as receiving a Section 301 distribution as a result of selling shares pursuant to a particular tender offer, shareholders who do not sell
shares pursuant to that tender offer will not realize constructive distributions on their shares as a result of other shareholders selling
shares in the tender offer. In the event that any tendering shareholder is deemed to receive a Section 301 distribution, it is possible
that shareholders whose proportionate ownership of the Fund increases as a result of that tender offer, including shareholders who do
not tender any shares, will be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount equal to the
increase in their percentage ownership of the Fund as a result of the tender offer. Such constructive distribution will be treated as
a dividend to the extent of current or accumulated earnings and profits allocable to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use of the Fund&rsquo;s cash to repurchase shares
may adversely affect the Fund&rsquo;s ability to satisfy the distribution requirements for treatment as a regulated investment company
described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which
case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund liquidates, shareholders generally
will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or other property
received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&rsquo;s
adjusted tax basis in its shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period in
Fund shares of greater than one year, and otherwise will be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing discussion does not address the
tax treatment of shareholders who do not hold their shares as a capital asset. Such shareholders should consult their own tax advisors
on the specific tax consequences to them of participating or not participating in the tender offer or upon liquidation of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current U.S. federal income tax law taxes both
long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term
capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum
rate. The deductibility of capital losses is subject to limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. holders who are individuals, estates
or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their &ldquo;net
investment income,&rdquo; which includes dividends received from the Fund and capital gains from the sale or other disposition of the
Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A common shareholder that is a nonresident alien
individual or a foreign corporation (a &ldquo;foreign investor&rdquo;) generally will be subject to U.S. federal withholding tax at the
rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below).
In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized by a foreign investor
in respect of any distribution of exempt-interest dividends or net capital gain (including amounts credited as an undistributed capital
gain dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign
investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for
183 days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding
the tax consequences of investing in the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary income dividends properly reported by
the RIC are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the RIC&rsquo;s &ldquo;qualified
net interest income&rdquo; (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations
of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income)
or (ii) are paid in respect of the RIC&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the excess of the RIC&rsquo;s
net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report
all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains,
and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption
from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including,
in general, furnishing an IRS Form W-8BEN, W-8BEN-E, or substitute Form). In the case of common shares held through an intermediary, the
intermediary may have withheld tax even if the Fund reported the payment as qualified net interest income or qualified short-term capital
gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can
be no assurance as to what portion of the Fund&rsquo;s distributions would qualify for favorable treatment as qualified net interest income
or qualified short-term capital gains if the provision is extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the Foreign Account Tax Compliance
Act, or FATCA, withholding at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain
foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report,
on an annual basis, information with respect to shares in, and accounts maintained by, the institution to the extent such shares or accounts
are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on
certain payments. Accordingly, the entity through which common shares of the Fund are held will affect the determination of whether such
withholding is required. Similarly, dividends paid in respect of common shares of the Fund held by an investor that is a non-financial
foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either
(i) certifies that such entity does not have any &ldquo;substantial United States owners&rdquo; or (ii) provides certain information regarding
the entity&rsquo;s &ldquo;substantial United States owners,&rdquo; which the applicable withholding agent will in turn provide to the
Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury
regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to common shareholders in respect
of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these
rules on their investment in the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. federal backup withholding tax may be required
on dividends, distributions and sale proceeds payable to certain non-exempt common shareholders who fail to supply their correct taxpayer
identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who
are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited
against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the Internal Revenue
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary income dividends, capital gain dividends,
and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local, and/or foreign taxes. Common
shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign tax
consequences to them of investing in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under U.S. Treasury regulations, if a common shareholder
recognizes a loss with respect to common shares of $2 million or more for an individual shareholder in a single taxable year (or $4 million
or more in any combination of taxable years in which the transaction is entered into and the five succeeding taxable years) or $10 million
or more for a corporate shareholder in any single taxable year (or $20 million or more in any combination of taxable years in which the
transaction is entered into and the five succeeding taxable years), the shareholder must file with the Internal Revenue Service a disclosure
statement on Internal Revenue Service Form 8886. The fact that a loss is reportable under these regulations does not affect the legal
determination of whether the taxpayer&rsquo;s treatment of the loss is proper. Common shareholders should consult their tax advisors to
determine the applicability of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing is a general and abbreviated summary
of certain provisions of the Code and the Treasury Regulations presently in effect as they directly govern the taxation of the Fund and
its shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury Regulations. The Code
and the Treasury Regulations are subject to change by legislative or administrative action, and any such change may be retroactive with
respect to Fund transactions. Holders of common shares are advised to consult their own tax advisers for more detailed information concerning
the U.S. federal income taxation of the Fund and the income tax consequences to its holders of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b012"></A>CUSTODIAN AND TRANSFER AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The custodian of the assets of the Fund is Bank
of New York Mellon, whose principal business address is 240 Greenwich Street, New York, NY 10286. The custodian is responsible for, among
other things, receipt of and disbursement of funds from the Fund&rsquo;s accounts, establishment of segregated accounts as necessary,
and transfer, exchange and delivery of Fund portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ALPS Fund Services, Inc., whose principal business
address is 1290 Broadway Suite 1000, Denver, CO 80203, serves as the Fund&rsquo;s transfer agent with respect to the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b013"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ernst &amp; Young LLP, whose principal business
address is One Manhattan West, 395 9<SUP>th</SUP> Ave, New York, NY 10001, is the independent registered public accounting firm of the
Fund and is expected to render an opinion annually on the financial statements of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b014"></A>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A control person is a person who beneficially
owns, either directly or indirectly, more than 25% of the voting securities of a company. As of March 31, 2025, the Fund did not know
of any person or entity who &ldquo;controlled&rdquo; the Fund. As of March 31, 2025, the following shareholders beneficially owned 5%
or more of the outstanding common shares of any class of the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 50%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name and Address of </B><BR>
<B>Shareholder<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 25%; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of </B><BR>
<B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 25%; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percentage</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Fund</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RiverNorth Capital Management, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">325 N. LaSalle Street, Suite 645<BR>
    Chicago, Illinois 60654-7030</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3,084,196</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Relative Value Partners Group, LL5C</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1033 Skokie Blvd. Suite 470</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Northbrook, IL 60062</P></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2,314,254</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.44%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This entity is the shareholder of record and may be deemed to be the beneficial owner of the shares listed for certain purposes under the securities laws, although in certain instances may not have an economic interest in these shares and would, therefore, ordinarily disclaim any beneficial ownership therein.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b015"></A>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This SAI is part of a registration statement that
we have filed with the SEC. We are allowed to &ldquo;incorporate by reference&rdquo; the information that we file with the SEC, which
means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this SAI
the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including
any filings on or after the date of this SAI from the date of filing (excluding any information furnished, rather than filed), until we
have sold all of the offered securities to which this SAI, the Prospectus and any accompanying prospectus supplement relates or the offering
is otherwise terminated. The information incorporated by reference is an important part of this SAI. Any statement in a document incorporated
by reference into this SAI will be deemed to be automatically modified or superseded to the extent a statement contained in (1) this SAI
or (2) any other subsequently filed document that is incorporated by reference into this SAI modifies or supersedes such statement. The
documents incorporated by reference herein include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">the Fund&rsquo;s
<A HREF="#a_002">Prospectus, dated September 23, 2025</A>, filed with this SAI&#894; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Fund&rsquo;s <A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425000241/fp0091519-1_ncsr.htm">annual
report on Form N-CSR for the fiscal year ended October 31, 2024</A>, filed with the SEC on January 6, 2025 and the Fund&rsquo;s <A HREF="http://www.sec.gov/Archives/edgar/data/826020/000139834425012580/fp0094105-1_ncsrs.htm">semi-annual
report on Form N-CSRS for the semi-annual period ended April 30, 2025</A>, filed with the SEC on July 2, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will provide without charge to each person,
including any beneficial owner, to whom this SAI is delivered, upon written or oral request, a copy of any and all of the documents that
have been or may be incorporated by reference in this SAI, the Prospectus or the accompanying prospectus supplement. You should direct
requests for documents by contacting the Adviser at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Saba Capital Management, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10174</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212)-542-4644</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund makes available the Prospectus, SAI and
the Fund&rsquo;s annual and semi-annual reports, free of charge, at www.sabacef.com. You may also obtain this SAI, the Prospectus, other
documents incorporated by reference and other information the Fund files electronically, including reports and proxy statements, on the
SEC website (http://www.sec.gov) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov. Information contained
in, or that can be accessed through, the Fund&rsquo;s website is not part of this SAI, the Prospectus or the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b016"></A>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited financial statements and financial
highlights included in the annual report to the Fund&rsquo;s shareholders for the fiscal year ended October 31, 2024 (the &ldquo;2024
Annual Report&rdquo;), together with the report of Ernst &amp; Young LLP, the independent registered public accounting firm for the Fund,
on the financial statements and financial highlights included in the Fund&rsquo;s 2024 Annual Report, are incorporated herein by reference.
The financial statements and financial highlights included in the semi-annual report for the period ended April 30, 2025 (the &ldquo;April
2025 Semi-Annual Report&rdquo;) are incorporated herein by reference.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="brw424b5b017"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Saba Capital Management, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Voting and Class Action Policies and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm makes investments on behalf of the Clients
it advises in securities of public and private issuers. The Firm has authority to vote proxies relating to such securities on behalf of
the Clients. Rule 206(4)-6 of the Advisers Act places a variety of requirements on advisers who have such authority. The Firm has adopted
these policies and procedures to ensure proxies are voted in compliance with the Advisers Act and in the best interest of the Clients
(the &ldquo;Policy&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>General Policy</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm&rsquo;s general policy is to vote proxy
proposals, amendments, consents or resolutions relating to Client securities, including interests in Private Funds, if any (collectively
&ldquo;proxies&rdquo;), in a manner that it believes serves the best interests of the Clients. The Firm has engaged BroadRidge Financial
Solutions, Inc. to compile and vote all proxy ballots on behalf of the Firm, using specific guidelines and recommendations provided by
Glass, Lewis &amp;Co., LLC (&ldquo;Glass Lewis&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, with respect to
the proxy proposals relating to closed-end funds, the Firm will (1) generally vote in favor of liquidation, open-ending, tender offers,
against entrenched boards of directors, and in favor of other similar votes that the Firm, in its good faith discretion, believes can
potentially positively impact (i.e., narrow) a closed-end funds&rsquo; discount (collectively, &ldquo;Discount Recommendations&rdquo;)
and (2)for all other closed-end fund-related matters, in accordance with Glass Lewis or, in the Firm&rsquo;s good faith discretion, vote
in accordance with the recommendation adopted by a majority of the Independent Directors of any Client invested in the closed-end fund
(the &ldquo;Independent Board&rdquo;). In certain situations, an abstention is the only method to vote against a proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event the Firm believes that it may have
a conflict of interest relative to a specific proxy vote for a Client portfolio holding (including a CEF holding), the Firm shall vote
such proxies, on behalf of its Clients in accordance with any of the following, in the Firm&rsquo;s good faith discretion: (i) the recommendation
of Glass Lewis; (ii) the recommendation adopted by an Independent Board (even if such Board made its determination only on behalf of the
Client which it serves and not on behalf of the other Clients invested in the holding with the proxy at issue); or (iii) in the case of
the Registered Funds, the Mirror Vote (as defined below)(the foregoing is hereby referred to as the &ldquo;Conflicts Voting Procedure&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Overrides</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm may, from time to time, determine that
it is in the best interests of its Clients to depart from (i) specific Glass Lewis recommendations and(ii) Discount Recommendations, such
as where a portfolio manager has a view on a particular issuer or corporate action that deviates from such recommendations. Investment
professionals deviating from these recommendations must provide Compliance with a written explanation of the reason for the deviation,
except with respect to proxy proposals relating to CEFs that are in favor of liquidation, open-ending or tender offers, or against entrenched
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Registered Fund Proxy Policy</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm has undertaken the responsibility to
vote proxies for securities held by the Registered Funds. Proxies for the portfolio securities are voted in accordance with the Registered
Funds&rsquo; proxy voting guidelines, which are set forth in the applicable governing documents. When one of the Registered Funds exercises
voting rights, by proxy or otherwise, with respect to investment companies owned by the Registered Funds (and in the case of ETF, pursuant
to Section 12(d)(1)(F) of the Investment Company Act), the Firm will generally (i) seek instruction from the applicable Registered Fund&rsquo;s
shareholders with regard to the voting of all proxies and vote in accordance with such instructions, (ii) vote the shares held by the
Registered Funds in the same proportion as the vote of all other holders of the securities of the investment company (&ldquo;Mirror Vote&rdquo;),
or (iii) elect to not submit a proxy vote. However, under certain circumstances (including when the Firm believes voting the shares in
a particular manner is in the best interests of the Registered Funds) and only to the extent permitted by law, the Firm may vote the shares
of an investment company in the same manner as would be voted for other Clients holding such shares in accordance with Section A above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Record of Proxy Voting</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm will maintain, or have available, (i)
written or electronic copies of each proxy statement received and of each executed proxy, (ii) a record of all Firm proxy votes, (iii)
a record of any Firm determination to follow the Conflicts Voting Procedure and the rationale therefor: and (iv) a record of any override
to Glass Lewis recommendations and documented rationale and analysis that were material to making the voting decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm will also maintain a record of each written
request from an investor for proxy voting information and the Firm&rsquo;s written response to any request (oral or written) from an investor
for proxy voting information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Glass Lewis is the Firm&rsquo;s proxy voting
vendor, Compliance performs a review, at least annually, of potential conflicts of interest related to Glass Lewis consistent with SEC
guidance<SUP>(1)(2)</SUP>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An explanation of the methodology underlying the voting advice, including material deviations from the proxy advisory firm&rsquo;s publicly announced guidelines or standard methodologies, if omitting such an explanation would make the voting advice materially false or misleading; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To the extent the proxy voting advice is based on third-party sources or is otherwise not solely based on the issuer&rsquo;s public disclosures, disclosure about these sources and the extent to which the information differs from the issuer&rsquo;s public disclosures, if the differences are material and failure to disclose would make the voting advice false or misleading; and </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice, Exchange Act Release No. 34-86721 (Aug. 21, 2019), available at https://www.sec.gov/rules/interp/2019/34-86721.pdf.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers, Investment Advisers Act Release No. IA-5325 and Investment Company Act Release No. IC-33605 (Aug. 21, 2019), available at https://www.sec.gov/rules/interp/2019/ia-5325.pdf</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclosures about material conflicts of interest associated with providing the proxy voting advice sufficient to enable an assessment of the conflicts. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Class Actions</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm does not commit to participate in all
class actions that may arise with regard to Client portfolio securities. Upon receipt of class action information, Compliance should evaluate
the costs versus the benefits of participation in the suit for each pertinent Client. Unless Compliance determines that it would be in
the best interests of its Clients, the Firm will not participate in the class action on behalf of the Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees must notify Compliance if they are aware
of any material conflict of interest associated with Clients&rsquo; participation in class actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm generally does not serve as the lead
plaintiff in class actions because the costs of such participation typically exceed any extra benefits that accrue to lead plaintiffs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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