<SEC-DOCUMENT>0000902664-24-003924.txt : 20240530
<SEC-HEADER>0000902664-24-003924.hdr.sgml : 20240530
<ACCEPTANCE-DATETIME>20240529215948
ACCESSION NUMBER:		0000902664-24-003924
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240530
DATE AS OF CHANGE:		20240529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Income & Opportunities Fund II
		CENTRAL INDEX KEY:			0000828803
		ORGANIZATION NAME:           	
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15561
		FILM NUMBER:		241000572

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND
		DATE OF NAME CHANGE:	20041029

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>p24-1949form40appa.htm
<DESCRIPTION>SABA CAPITAL INCOME & OPPORTUNITIES FUND II
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right"><B>EXPEDITED REVIEW REQUESTED UNDER
17 CFR 270.0-<FONT STYLE="letter-spacing: -0.2pt">5(d)</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">UNITED STATES
OF AMERICA BEFORE THE</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">SECURITIES AND
EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">WASHINGTON, D.C.
20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">IN THE MATTER OF:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Saba Capital Income &amp; Opportunities
    Fund ii</FONT> AND SABA CAPITAL MANAGEMENT, L.P.</P></TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.9pt 0 9.2pt; text-align: justify">AMENDED AND RESTATED APPLICATION
    PURSUANT TO SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &#8220;ACT&#8221;) FOR AN ORDER GRANTING EXEMPTIONS FROM
    SECTION 19(b) OF THE ACT AND RULE 19b-1 THEREUNDER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0; margin-left: 7.7pt">Investment Company Act of 1940 File No. 812-[
]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center"><B>PLEASE SEND ALL COMMUNICATIONS
AND ORDERS <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center">Michael S. Didiuk</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center">Schulte Roth &amp; Zabel
LLP</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center">919 Third Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center">New York, NY <FONT STYLE="letter-spacing: -0.1pt">10022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 199.25pt">(212) 756-2405, <FONT STYLE="letter-spacing: -0.05pt">Michael.didiuk@srz.com</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; text-align: center"><B>WITH A COPY <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; text-align: center">Michael D&#8217;Angelo</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center">Saba Capital Management,
L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center">New York, NY 10174</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">This Amended and Restated Application (including
Exhibits) consists of <FONT STYLE="letter-spacing: -0.3pt">51 </FONT>pages</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0 161.1pt 0 163.45pt; text-align: center">The Exhibit Index is on page
14</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the U.S. Securities and Exchange
Commission on May 29, 2024</P>

<P STYLE="font: 11pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 41.85pt">I.</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">INTRODUCTION</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Saba
Capital Income &amp; Opportunities Fund II (the <I>&#8220;Fund&#8221;) </I>and Saba Capital Management, L.P. <I>(&#8220;Saba&#8221; </I>and
together with the Fund (the <I>&#8220;Applicants&#8221;</I>) hereby submit this amended and restated application for an order (the <I>&#8220;Order</I>&#8221;)
of the Securities and Exchange Commission (the <I>&#8220;Commission</I>&#8221;) pursuant to Section 6(c) of the Investment Company Act
of 1940, as amended (the <I>&#8220;1940 Act&#8221;</I>)<I>, </I>providing the Fund, and each other closed-end management investment company
registered under the 1940 Act advised or to be advised in the future by Saba, or by an entity controlling, controlled by or under common
control (within the meaning of Section <FONT STYLE="letter-spacing: -0.2pt">2(a)</FONT>(9) of the 1940 Act) with Saba (including any successor
in interest</FONT><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT><FONT STYLE="font-size: 10pt">) (each such entity, including Saba, the
<I>&#8220;Adviser&#8221;) </I>that in the future seeks to rely on the Order (such investment companies, together with the Fund, are collectively
referred to herein as the <I>&#8220;Funds&#8221; </I>and each separately as a <I>&#8220;Future Fund&#8221;</I>)<I>, </I>an exemption from
the provisions of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder, as more fully set forth below (the <I>&#8220;Application&#8221;</I>).</FONT><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 10pt">The Fund and the Future Funds are hereinafter collectively referred to as the &#8220;Funds&#8221; and separately
as a &#8220;Fund.&#8221;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
<FONT STYLE="letter-spacing: -0.1pt">APPLICANTS</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 12pt 7.7pt; text-align: justify; text-indent: 0.5in">The
Fund (formerly, Templeton Global Income Fund) is organized as a Delaware statutory trust, which is registered under the 1940 Act as a
non-diversified, closed-end management investment company and commenced operations on January 28, 1988. Effective January 1, 2024, the
Fund changed its name to Saba Capital Income &amp; Opportunities Fund II. The Fund&#8217;s common shares are listed on the New York Stock
Exchange (&#8220;<I>NYSE</I>&#8221;), a national securities exchange as defined in Section 2(a)(26) of the 1940 Act. <FONT STYLE="background-color: white">Although
the Fund does not currently intend to issue preferred shares, the board of trustees of the Fund may authorize the issuance of preferred
shares in the future.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 12pt 7.7pt; text-align: justify; text-indent: 0.5in">The
Fund&#8217;s investment objective is to provide investors with high current income, with a secondary goal of capital appreciation. The
Fund seeks to achieve its investment objective by investing globally in debt and equity securities of public and private companies, which
includes, among other things, investments in closed-end funds, special purpose acquisition companies, reinsurance, public and private
debt instruments. The Fund may also utilize derivatives, including but not limited to total return swaps, credit default swaps, options
(including but not limited to index options) and futures, in seeking to enhance returns and/or to reduce portfolio risk. In addition,
on an opportunistic basis, the Fund may also invest up to 15% of its total assets in private funds that focus on debt, equity or other
investments consistent with the Fund&#8217;s investment objective.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Saba, with
offices at 405 Lexington Avenue, 58<SUP>th</SUP> Floor, New York, NY 10174, serves as the investment adviser to the Fund. Saba is registered
with the Commission as an investment adviser under the Investment Advisers Act of 1940, as amended<FONT STYLE="color: #1F1F1F">. </FONT>Subject
to the oversight of the board of trustees of the Fund, Saba is responsible for managing the investment activities of the Fund and the
Fund&#8217;s business affairs<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 7.7pt; text-align: justify; text-indent: 0.5in">On October 15, 2023
shareholders of the Fund voted to approve a new investment management agreement between the Fund and Saba (such new investment management
agreement, the &#8220;<I>New Management Agreement</I>&#8221;). The New Management Agreement, which was effective January 1, 2024, replaced
the previously effective amended and restated investment management agreement, dated June 1, 2014, as amended on May 13, 2020, between
the Fund and Franklin Advisers, Inc. (&#8220;<I>Franklin</I>&#8221;), the Fund&#8217;s previous investment adviser.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">____________________</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><SUP>1</SUP> For the purposes of the requested order, &#8220;successor&#8221;
is limited to an entity that results from a reorganization into another jurisdiction or a change in the type of business organization.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> The only registered closed-end investment company that currently
intends to rely on the Order has been named as an Applicant. Any Fund that may rely on the Order in the future will comply with the terms
and conditions of the Application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-right: 0; margin-left: 7.7pt">Franklin
and the Fund have previously relied on an exemptive order (IC Rel. No. 30499) granting an exemption from Section 19(b) to allow the Fund
to make periodic distributions of long-term capital gains (&#8220;<I>Existing Order</I>&#8221;).&nbsp; As Saba has succeeded in the role
of investment adviser of the Fund, replacing Franklin, the Fund and Saba cannot rely on the Existing Order.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 48.2pt">III.</TD><TD>REQUEST FOR EXEMPTIVE <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Section
19(b) of the 1940 Act provides that it shall be unlawful in contravention of such rules, regulations, or orders as the Commission may
prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company
to distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, as amended (the <I>&#8220;Code&#8221;</I>)<I>,
</I>more often than once every twelve months. Rule 19b-1 under the 1940 Act provides that no registered investment company which is a
&#8220;regulated investment company&#8221; as defined in Section 851 of the Code may make more than (i) one &#8220;capital gain dividend,&#8221;
as defined in Section 852(b)(3)(C) of the Code, in any one taxable year of the company, (ii) one additional capital gain distribution
made in whole or in part to avoid payment of excise tax under Section 4982 of the Code plus (iii) one supplemental capital gain dividend
pursuant to Section 855 of the Code <I>(provided </I>that it does not exceed 10% of the total amount distributed for the taxable year)<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
believe that Rule 19b-1 should be interpreted to permit a Fund to pay an unlimited number of distributions on its common and preferred
shares (if any) so long as it makes the designation necessary under the Code and Rule 19b-1 to characterize those distributions as &#8220;capital
gain dividends&#8221; restricted by Rule 19b-1 only as often as is permitted by Rule 19b-1, even if the Code would then require retroactively
spreading the capital gain resulting from that designation over more than the permissible number of distributions. However, to obtain
certainty for a Fund&#8217;s proposed distribution policies (each, a <I>&#8220;Distribution Policy&#8221;</I>)<I>, </I>in the absence
of such an interpretation, Applicants hereby request an order pursuant to Section 6(c) of the 1940 Act granting an exemption from Section
19(b) of the 1940 Act and Rule 19b-1 thereunder<FONT STYLE="color: #1F1F1F">. </FONT>The Order would permit each Fund to make periodic
capital gain dividends (as defined in Section 852(b)(3)(C) of the Code) that include long-term capital gains as frequently as twelve times
in any one taxable year in respect of its shares of beneficial interest (&#8220;<I>common shares</I>&#8221;) and as often as specified
by, or determined in accordance with the terms of, any preferred shares issued by the Fund<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 47.8pt">IV.</TD><TD><FONT STYLE="letter-spacing: -0.1pt">REPRESENTATIONS OF APPLICANTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Prior to
a Fund&#8217;s implementing a Distribution Policy in reliance on the Order, the board of directors or trustees (the <I>&#8220;Board&#8221;</I>)
of each Fund seeking to rely on the Order, including a majority of the directors or trustees who are not interested persons of the Fund,
as defined in Section 2(a)(19) of the 1940 Act (the <I>&#8220;Independent Board Members&#8221;</I>), will request, and the Adviser will
provide, such information as is reasonably necessary to make an informed determination of whether the Board should adopt a proposed Distribution
Policy<FONT STYLE="color: #1F1F1F">. </FONT>In particular, the Board and the Independent Board Members will review information regarding
(i) the purpose and terms of the proposed Distribution Policy; (ii) the likely effects of the proposed Distribution Policy on the Fund&#8217;s
long-term total return (in relation to market price and net asset value per share of common shares (<I>&#8220;NAV&#8221;</I>)); (iii)
the expected relationship between the Fund&#8217;s distribution rate on its <FONT STYLE="letter-spacing: -0.15pt">common </FONT>shares
under the proposed Distribution Policy and the Fund&#8217;s total return (in relation to NAV); (iv) whether the rate of distribution is
anticipated to exceed the Fund&#8217;s expected total return in relation to its NAV; and (v) any foreseeable material effects of the proposed
Distribution Policy on the Fund&#8217;s long-term total return (in relation to market price and NAV).</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The Independent
Board Members will also consider what <FONT STYLE="color: #171717">conflicts </FONT>of interest the Adviser and the affiliated persons
of the Adviser and the Fund might have with respect to the adoption or implementation of the proposed Distribution Policy<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">_____________________</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> In reliance on the Commission staff no-action letter
issued to Innovator Capital Management, LLC, et al. (pub. avail. October 6, 2017) and oral discussions with the Commission staff,
the Applicants intend to rely on the Existing Order as if the Existing Order extended to the Adviser until the earlier of the
receipt of the Order or 150 days from January 1, 2024, the date of the New Management Agreement between the Fund and the Adviser.
During such time, the Adviser will comply with the terms and conditions in the Existing Order imposed on Franklin as though such
terms and conditions were imposed directly on the Adviser. When and if the Order is granted by the Commission, the Applicants would
then rely on the Order, rather than continuing to rely on the Existing Order.</P>

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

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

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Following this
review, the Board, including the Independent Board Members, of each Fund will, before adopting or implementing any proposed Distribution
Policy, make a determination that the proposed Distribution Policy is consistent with the Fund&#8217;s investment objective(s) and in
the best interests of the holders of the Fund&#8217;s common shares. The Distribution Policy will be consistent with the Fund&#8217;s
policies and procedures and will be described in the Fund&#8217;s registration statement.</P>

<P STYLE="font: 8.5pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 9pt; text-align: justify">In addition, prior to implementation
of a Distribution Policy for any Fund pursuant to the Order requested by this Application, the Board of the Fund shall have adopted policies
and procedures (the <FONT STYLE="color: #171717"><I>&#8220;Section</I></FONT><I> 19 Compliance Policies&#8221;</I>) pursuant to Rule 38a-1
under the 1940 Act that:</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 9.85pt 0 7.7pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
reasonably designed to ensure that all notices required to be sent to the Fund&#8217;s shareholders pursuant to Section 19(a) of the 1940
Act, Rule 19a-1 thereunder and by condition 4 below (each, a <FONT STYLE="color: #171717"><I>&#8220;19(a) </I></FONT><I>Notice&#8221;</I>)
include the disclosure required by Rule 19a-1 and by condition 2(a) below, and that all other written communications by the Fund or its
agents regarding distributions under the Distribution Policy include the disclosure required by condition 3(a) below; and</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.65pt 0 7.7pt; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;require
the Fund to keep records that demonstrate its compliance with all of the conditions of the Order and that are necessary for the Fund to
form the basis for, or demonstrate the calculation of, the amounts disclosed in its 19(a) Notices<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The records
of the actions of the Board of each Fund will summarize the basis for the Board&#8217;s approval of the Distribution Policy, including
its consideration of the factors described above<FONT STYLE="color: #3F3F3F">. </FONT>These records will be maintained for a period of
at least six years from the date of the applicable meeting, the first two years in an easily accessible place, or for such longer period
as may otherwise be required by law<FONT STYLE="color: #282828">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Generally,
the purpose of a Distribution Policy would be to permit a Fund to distribute periodically, over the course of each year, an amount closely
approximating the total taxable income of the Fund during the year through distributions in relatively equal amounts (plus any required
special distributions) that are composed of payments received from portfolio companies, supplemental amounts generally representing realized
capital gains or, possibly, returns of capital that may represent unrealized capital gains<FONT STYLE="color: #575757">. </FONT>The Fund
seeks to establish a distribution rate that approximates the Fund&#8217;s projected total return that can reasonably be expected to be
generated by the Fund over an extended period of time, although the distribution rate will not be solely dependent on the amount of income
earned or capital gains realized by the Fund for the year. Under the Distribution Policy of a Fund, the Fund would distribute periodically
(as frequently as twelve times in any taxable year) to its respective common shareholders a fixed percentage of the market price of the
Fund&#8217;s common shares at a particular point in time or a fixed percentage of NAV at a particular time or a fixed amount per share
of common shares, any of which may be adjusted from time to time. It is anticipated that under a Distribution Policy, the minimum annual
distribution rate with respect to the Fund&#8217;s common shares would be independent of the Fund&#8217;s performance during any particular
period but would be expected to correlate with the Fund&#8217;s performance over time<FONT STYLE="color: #3F3F3F">. </FONT>Except for
extraordinary distributions and potential increases or decreases in the final dividend periods in light of the Fund&#8217;s performance
for an entire calendar year and to enable the Fund to comply with the distribution requirements of Subchapter M of the Code for the calendar
year, each distribution on the Fund&#8217;s common shares would be at the stated rate then in effect. The Board will periodically review
the amount of potential distributions in light of the investment experience of the Fund, and may modify or terminate a Distribution Policy
at any time<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 44.45pt">V.</TD><TD>JUSTIFICATION FOR REQUESTED <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 13.3pt 0 7.7pt; text-align: justify; text-indent: 0.5in; color: #030303">Section
6(c) of the 1940 Act provides that the Commission may exempt any person, security or transaction from any provision of the 1940 Act or
of any rule or regulation thereunder, if and to the extent that the exemption is necessary or appropriate in the public interest and consistent
with the protection of investors and the purposes fairly intended by the policy and provisions of the 1940 Act. For the reasons set forth
below, Applicants submit that the requested exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder would be consistent
with the standards set forth in Section 6(c) of the 1940 Act and in the best interests of the Funds and their respective shareholders.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.7pt"><I>A.</I></TD><TD><I>Receipt of the Order would serve shareholder <FONT STYLE="letter-spacing: -0.1pt">interests</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 13.7pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">Applicants
believe that closed-end fund investors may prefer an investment vehicle that provides regular </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">urrent
income through fixed distribution policies that would be available through a Distribution Policy</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Allowing a Distribution Policy to operate in the manner described in this Application would help fill current
investor demand and foster competition in the registered fund <FONT STYLE="letter-spacing: -0.1pt">market.</FONT></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 12.95pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">An
exemption from Rule 19b-1 would benefit shareholders in another way</FONT><FONT STYLE="color: #444444">. Common </FONT><FONT STYLE="color: #030303">shares
of closed-end funds often trade in the marketplace at a discount to their NAV. Applicants believe that this discount may be reduced if
a Fund is permitted to pay relatively frequent dividends on its </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">ommon
shares at a consistent rate, whether or not those dividends contain an element of long-term capital gains</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Any reduction in the discount at which the Fund&#8217;s common shares trade in the market would benefit the
holders of the Fund&#8217;s common shares along with the Fund</FONT><FONT STYLE="color: #313131">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.75pt"><I>B.</I></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><I>The Fund&#8217;s shareholders would receive information sufficient to clearly
inform them of the nature of the distributions they are <FONT STYLE="letter-spacing: -0.1pt">receiving</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">One of the
concerns leading to the enactment of Section 19(b) and adoption of Rule 19b-1 was that shareholders might be unable to distinguish between
frequent distributions of capital gains and dividends from investment income.<SUP>4</SUP> However<FONT STYLE="color: #1B1B1B">, </FONT>Rule
19a-1 under the 1940 Act effectively addresses this concern by requiring that distributions (or the confirmation of the reinvestment thereof)
estimated to be sourced in part from capital gains or capital be accompanied by a separate statement showing the sources of the distribution
(e<FONT STYLE="color: #1B1B1B">.</FONT>g., estimated net income, net short-term capital gains<FONT STYLE="color: #1B1B1B">, </FONT>net
long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gains and/or return of capital)<FONT STYLE="color: #444444">. </FONT>The same information
will be included in each Fund&#8217;s annual report to shareholders and on its Internal Revenue Service (<I>&#8220;IRS&#8221;</I>) Form
1099-DIV<FONT STYLE="color: #1B1B1B">, </FONT>which will be sent to each common and preferred shareholder who received distributions during
a particular year (including shareholders who have sold shares during the year)<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 13.7pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">In
addition, each of the Funds will make the additional disclosures required by the conditions set forth in Part VI below</FONT><FONT STYLE="color: #1B1B1B">,
</FONT><FONT STYLE="color: #030303">and each of them will adopt compliance policies and procedures in accordance with Rule 38a-1 under
the 1940 Act to ensure that all required notices and disclosures are sent to shareholders</FONT><FONT STYLE="color: #525252">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.05pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The information
required by Section 19(a), Rule 19a-1, the Distribution Policy, the Section 19 Compliance Policies and the conditions listed below will
help to ensure that each Fund&#8217;s shareholders are provided sufficient information to understand that their periodic distributions
are not tied to the Fund&#8217;s net investment income (which for this purpose is the Fund&#8217;s taxable income other than from capital
gains) and realized capital gains to date, and may not represent yield or investment return<FONT STYLE="color: #525252">. </FONT>Accordingly,
subjecting the Funds to Section 19(b) and Rule 19b-1 would afford shareholders no extra protection<FONT STYLE="color: #1B1B1B">. </FONT>In
addition, the Funds will undertake to request intermediaries, or their agent(s), to forward 19(a) Notices to their customers and to reimburse
them for the costs of forwarding<FONT STYLE="color: #1B1B1B">. </FONT>Such forwarding may occur in any manner permitted by statute, rule
or order or by the staff of the Commission<FONT STYLE="color: #1B1B1B">.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">_______________________</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> See Securities and Exchange Commission 1966 Report to Congress
on Investment Company Growth (H.R. Rep. No. 2337, 89th Cong. 2d Sess. 190-95 (1966)); S. Rep. No. 91-184, 91st Cong., 1st Sess. 29 (1969);
H.R. Rep. No. 91-1382, 91st Cong., 2d Sess. 29 (1970).</P>

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.75pt"><I>C.</I></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><I>Under certain circumstances, Rule 19b-1 gives rise to improper influence on
portfolio management decisions, with no offsetting benefit to shareholders</I></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Rule 19b-1,
when applied to a Distribution Policy, actually gives rise to one of the concerns that Rule 19b<FONT STYLE="color: #1B1B1B">-1 </FONT>was
intended to avoid: inappropriate influence on portfolio management decisions<FONT STYLE="color: #1B1B1B">. </FONT>Funds that pay long-term
capital gains distributions only once per year in accordance with Rule 19b-1 impose no pressure on management to realize capital gains
at any time when purely investment considerations do not dictate doing so<FONT STYLE="color: #1B1B1B">. </FONT>In the absence of an exemption
from Rule 19b-1, the adoption of a periodic distribution plan imposes pressure on management (i) not to realize any net long-term capital
gains until the point in the year that the fund can pay all of its remaining distributions in accordance with Rule 19b-1 and (ii) not
to realize any long-term capital gains during any particular year in excess of the amount of the aggregate pay<FONT STYLE="color: #1B1B1B">-</FONT>out
for the year (since as a practical matter excess gains must be distributed and accordingly would not be available to satisfy pay-out requirements
in following years), notwithstanding that purely investment considerations might favor realization of long-term gains at different times
or in different amounts<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">No purpose
is served by the distortion in the normal operation of a periodic distribution plan required in order to comply with Rule 19b-1. There
is no benefit in requiring any fund that adopts a periodic distribution plan either to retain (and pay taxes on) long<FONT STYLE="color: #1B1B1B">-</FONT>term
capital gains (with the resulting additional tax return complexities for the fund&#8217;s shareholders) or to avoid designating its distributions
of long<FONT STYLE="color: #1B1B1B">-</FONT>term gains as capital gains dividends for tax purposes (thereby avoiding a Rule 19b-1 problem
but providing distributions taxable at ordinary income rates rather than the much lower long-term capital gains rates)<FONT STYLE="color: #1B1B1B">.
</FONT>The desirability of avoiding these anomalous results creates pressure to limit the realization of long-term capital gains that
otherwise would be taken for purely investment considerations<FONT STYLE="color: #4A4A4A">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The Order
requested by Applicants would minimize these anomalous effects of Rule 19b-1 by enabling the Funds to realize long-term capital gains
as often as investment considerations dictate without fear of violating Rule 19b-1<FONT STYLE="color: #4A4A4A">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.7pt"><I>D.</I></TD><TD><I>Other concern<FONT STYLE="color: #1B1B1B">s</FONT> leading to adoption of Rule 19b-1 are not <FONT STYLE="letter-spacing: -0.1pt">applicable</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Another
concern that led to the enactment of Section 19(b) of the 1940 Act and adoption of Rule 19b-1 was that frequent capital gains distributions
could facilitate improper fund share sales practices, including, in particular, the practice of urging an investor to purchase shares
of a fund on the basis of an upcoming capital gains dividend (<I>&#8220;<FONT STYLE="color: #1B1B1B">s</FONT>elling the dividend&#8221;</I>)<I>,
</I>where the dividend would result in an immediate corresponding reduction in NAV and would be in effect a taxable return of the investor&#8217;s
capital. Applicants submit that this concern should not apply to closed-end investment companies, such as the Funds, that do not continuously
distribute shares<FONT STYLE="color: #1B1B1B">. </FONT>Furthermore, if the underlying concern extends to secondary market purchases of
shares of closed-end funds that are subject to a large upcoming capital gains dividend, adoption of a periodic distribution plan may help
minimize the concern by avoiding, through periodic distributions, any buildup of large end-of-the-year distributions<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
also submit that the &#8220;selling the dividend&#8221; concern is not applicable to preferred <FONT STYLE="color: #030303">shares</FONT>,
which entitles a holder to no more than a specified periodic dividend and, like a debt security, is initially sold at a price based upon
its liquidation preference<FONT STYLE="color: #1B1B1B">, </FONT>credit quality, dividend rate and frequency of payment. Investors buy
preferred <FONT STYLE="color: #030303">shares</FONT> for the purpose of receiving specific payments at the frequency bargained for, and
any application of Rule 19b-1 to preferred <FONT STYLE="color: #030303">shares</FONT> would be contrary to the expectation of investors<FONT STYLE="color: #1B1B1B">.
</FONT>There is also currently a tax rule that provides that any loss realized by a shareholder upon sale of shares of a regulated investment
company that were held for six months or less will be treated as a long-term capital loss, to the extent of any long-term capital gains
paid on such shares, to avoid the selling of dividends.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 17.95pt"><I>E.</I></TD><TD><I>Further limitations of Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 13.2pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Subparagraphs
(a) and (f) of Rule 19b-1 limit the number of capital gains dividends, as defined in Section 852(b)(3)(C) of the Code, that a fund may
make with respect to any one taxable year to one, plus a supplemental distribution made pursuant to Section 855 of the Code not exceeding
10% of the total amount distributed for the year, plus one additional capital gain dividend made in whole or in part to avoid the excise
tax under Section 4982 of the Code.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Applicants
assert that by limiting the number of capital gain dividends that a Fund may make with respect to any one year, Rule 19b-1 may prevent
the normal and efficient operation of a periodic distribution plan whenever that Fund&#8217;s realized net long-term capital gains in
any year exceed the total of the periodic distributions that may include such capital gains under the rule. Rule 19b-1 thus may force
the fixed regular periodic distributions to be funded with returns of capital<SUP>5</SUP> (to the extent net investment income and realized
short term capital gains are insufficient to fund the distribution), even though realized net long-term capital gains otherwise would
be available. To distribute all of a Fund&#8217;s long-term capital gains within the limits in Rule 19b-1, a Fund may be required to make
total distributions in excess of the annual amount called for by its periodic distribution plan or to retain and pay taxes on the excess
amount. Applicants believe that the application of Rule 19b-1 to a Fund&#8217;s periodic distribution plan may create pressure to limit
the realization of long-term capital gains based on considerations unrelated to investment goals<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 13.7pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Revenue
Ruling 89-81<SUP>6</SUP> under the Code requires that a fund that seeks to qualify as a regulated investment company under the Code and
that has both common <FONT STYLE="color: #030303">shares</FONT> and preferred <FONT STYLE="color: #030303">shares</FONT> outstanding designate
the types of income, <I>e<FONT STYLE="color: #1B1B1B">.</FONT>g.,</I> investment income and capital gains, in the same proportion as the
total distributions distributed to each class for the tax year. To satisfy the proportionate designation requirements of Revenue Ruling
89-81, whenever a fund has realized a long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gain with respect to a given tax year, the
fund must designate the required proportionate share of such capital gain to be included in common and preferred <FONT STYLE="color: #030303">shares</FONT>
dividends<FONT STYLE="color: #1B1B1B">. </FONT>Although Rule 19b-1 allows a fund some flexibility with respect to the frequency of capital
gains distributions, a fund might use all of the exceptions available under Rule 19b-1 for a tax year and still need to distribute additional
capital gains allocated to the preferred <FONT STYLE="color: #030303">shares</FONT> to comply with Revenue Ruling 89-81<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The potential
abuses addressed by Section 19(b) and Rule 19b-1 do not arise with respect to preferred <FONT STYLE="color: #030303">shares</FONT> issued
by a closed-end fund<FONT STYLE="color: #525252">. </FONT>Such distributions generally are either fixed or are determined in periodic
auctions or remarketings or are periodically reset by reference to short-term interest rates rather than by reference to performance of
the issuer, and Revenue Ruling 89-81 determines the proportion of such distributions that are comprised of the long-term capital gains<FONT STYLE="color: #3C3C3C">.
</FONT>The Applicants also submit that the &#8220;selling the dividend&#8221; concern is not applicable to preferred <FONT STYLE="color: #030303">shares</FONT>,
which entitles a holder to no more than a periodic dividend at a fixed rate or the rate determined by the market, and, like a debt security,
is priced based upon its liquidation value, dividend rate, credit quality, and frequency of payment. Investors buy preferred <FONT STYLE="color: #030303">shares</FONT>
for the purpose of receiving payments at the frequency bargained for and do not expect the liquidation value of their shares to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.8pt; color: #030303">The proposed Order will assist the Funds in
avoiding these Rule 19b-1 <FONT STYLE="letter-spacing: -0.1pt">problems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 18pt"><I>F.</I></TD><TD><FONT STYLE="letter-spacing: -0.1pt"><I>General</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The relief
requested is that the Commission permit the Funds to make periodic distributions in respect of their common <FONT STYLE="color: #030303">shares</FONT>
as frequently as twelve times in any one taxable year and in respect of their preferred <FONT STYLE="color: #030303">shares</FONT> as
specified by or determined in accordance with the terms thereof. Granting this relief would provide the Funds with flexibility in meeting
investor interest in receiving more frequent distributions. Implementation of the relief would actually ameliorate the concerns that gave
rise to Section 19(b) and Rule 19b-1 and help avoid the &#8220;selling of dividends&#8221; problem, which Section 19(b) and Rule 19b-1
are not effective in preventing.</P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The potential
issues under Rule 19b-1 are not relevant to distributions on preferred <FONT STYLE="color: #030303">shares</FONT> . Not only are such
distributions fixed or determined by the market rather than by reference to the performance of the issuer but also the long-term capital
gain component is mandated by the IRS to be the same proportion as the proportion of long-term gain dividends bears to the total distributions
in respect of the common <FONT STYLE="color: #030303">shares</FONT> and consequently the long-term gain component cannot even be known
until the end of the fund&#8217;s fiscal year. In these circumstances it would be very difficult for any of the potential abuses reflected
in Rule 19b-1&#8217;s restrictions to occur.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 3pt"><SUP>5</SUP> These would be returns of capital for financial accounting
purposes and not for tax accounting <FONT STYLE="letter-spacing: -0.1pt">purposes.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><SUP>6</SUP></FONT> 1989-1 C.B. <FONT STYLE="letter-spacing: -0.2pt">226.</FONT></P>


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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">In summary,
Rule 19b-1, in the circumstances referred to above, is likely to distort the effective and proper functioning of a Fund&#8217;s Distribution
Policy and gives rise to the very pressures on portfolio management decisions that Rule 19b-1 was intended to avoid. These distortions
forced by Rule 19b-1 serve no purpose and are not in the best interests of shareholders.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPLICANTS&#8217;
<FONT STYLE="letter-spacing: -0.1pt">CONDITIONS</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
agree that, with respect to each Fund seeking to rely on the Order, the Order will be subject to each of the following conditions:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">1.</TD><TD><I>Compliance Review and <FONT STYLE="letter-spacing: -0.1pt">Reporting</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The Fund&#8217;s
chief compliance officer will: (a) report to the Fund&#8217;s Board, no less frequently than once every three months or at the next regularly
scheduled quarterly Board meeting, whether (i) the Fund and its Adviser have complied with the conditions of the Order and (ii) a material
compliance matter (as defined in Rule 38a-1(e)(2) under the 1940 Act) has occurred with respect to such conditions; and (b) review the
adequacy of the policies and procedures adopted by the Board no less frequently than annually<FONT STYLE="color: #2D2D2D">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">2.</TD><TD><I>Disclosures to Fund <FONT STYLE="letter-spacing: -0.1pt">Shareholders</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.8pt 0 7.7pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
19(a) Notice disseminated to the holders of the Fund&#8217;s common <FONT STYLE="letter-spacing: -0.15pt">shares</FONT>, in addition to
the information required by Section 19(a) and Rule 19a-1:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 45.45pt">(i)</TD><TD>will provide, in a tabular or graphical <FONT STYLE="letter-spacing: -0.1pt">format:</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 0 7.7pt; text-align: justify; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of the distribution, on a per share of common shares basis, together with the amounts of such distribution amount, on a per share
of common <FONT STYLE="letter-spacing: -0.1pt">shares </FONT>basis and as a percentage of such distribution amount, from <FONT STYLE="color: #030303">estimated:
(A) net investment income; (B) net realized short-term capital gains; (C) net realized long-term capital gains; and (D) return of capital
or other capital source;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: #030303">the
fiscal year-to-date cumulative amount of distributions, on a per share of common <FONT STYLE="letter-spacing: -0.15pt">shares </FONT>basis,
together with the amounts of such cumulative amount, on a per share of common shares basis and as a percentage of such cumulative amount
of distributions, from estimated: (A) net investment income; (B) net realized short-term capital gains; (C) net realized long-term capital
gains; and (D) return of capital or other capital source;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #030303">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
average annual total return in relation to the change in NAV for the 5-year period (or, if </FONT>the <FONT STYLE="color: #030303">Fund&#8217;s
history of operations is less than five years, the time period commencing immediately following the Fund&#8217;s first public offering)
ending on the last day of the month ended immediately prior to the most recent distribution record date compared to the current fiscal
period&#8217;s annualized distribution rate expressed as a percentage of NAV as of the last day of the month prior to the most recent
distribution record date; and</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in; color: #030303">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cumulative total return in relation to the change in NAV from the last completed fiscal year to the last day of the month prior to the
most recent distribution record date compared to the fiscal year-to-date cumulative distribution rate expressed as a percentage of NAV
as of the last day of the month prior to the most recent distribution record date.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0.5in">Such disclosure shall be made in a type
size at least as large and as prominent as the estimate of the sources of the current distribution; and</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt">(ii)</TD><TD>will include the following <FONT STYLE="letter-spacing: -0.1pt">disclosure:</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in; color: #030303">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;You
should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of
the Fund&#8217;s Distribution Policy.&#8221;;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #030303">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;The
Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution
may be a return of capital. A</FONT> return <FONT STYLE="color: #030303">of capital may occur, for example, when some or all of the money
that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment
performance and should not be confused with </FONT><FONT STYLE="color: #1B1B1B">&#8216;yield&#8217;</FONT> <FONT STYLE="color: #030303">or
&#8216;income&#8217;&#8221;;<SUP>7</SUP> and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: #030303">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;The
amounts and sources of distributions reported in this 19(a) Notice are only </FONT>estimates <FONT STYLE="color: #030303">and are not
being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the
Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The
Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.&#8221;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.65pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Such disclosure
shall be made in a type size at least as large as and as prominent as any other information in the 19(a) Notice and placed on the same
page in close proximity to the amount and the sources of the distribution.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 47.7pt">(b)</TD><TD STYLE="text-align: justify">On the inside front cover of each report to shareholders under Rule 30e-1 under the 1940 Act, the Fund
<FONT STYLE="letter-spacing: -0.1pt">will:</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(i)</TD><TD STYLE="text-align: justify">describe
the terms of the Distribution Policy (including the fixed amount or fixed percentage of the distributions and the frequency of the distributions);</TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt">(ii)</TD><TD STYLE="text-align: justify">include the disclosure required by condition 2(a)(ii)(1) <FONT STYLE="letter-spacing: -0.1pt">above;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(iii)</TD><TD STYLE="text-align: justify">state,
if applicable, that the Distribution Policy provides that the Board may amend or terminate the Distribution Policy at any time without
prior notice to Fund shareholders; and</TD></TR>
                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(iv)</TD><TD STYLE="text-align: justify">describe
any reasonably foreseeable circumstances that might cause the Fund to terminate the Distribution Policy and any reasonably foreseeable
consequences of such termination.</TD></TR>
                                                                                                                                                                                                                        </TABLE>

<P STYLE="font: 4.5pt/103% Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
report provided to shareholders of a Fund under Rule 30e-1 under the 1940 Act and each prospectus filed with the Commission on Form N-2
under the 1940 Act, will provide the Fund&#8217;s total return in relation to changes in NAV in the financial highlights table and in
any discussion about the Fund&#8217;s total return.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">3.</TD><TD STYLE="text-align: justify"><I>Disclosure to Shareholders, Prospective Shareholders and Third <FONT STYLE="letter-spacing: -0.1pt">Parties</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 10.45pt 0 7.7pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will include the information contained in the relevant 19(a) Notice, including the disclosure required by condition 2(a)(ii) above,
in any written communication (other than a communication on Form 1099) about the Distribution Policy or distributions under the Distribution
Policy by the Fund, or agents that the Fund has authorized to make such communication on the Fund&#8217;s behalf, to any Fund shareholder,
prospective shareholder or third-party information provider;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 4.5pt 0 7.7pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will issue, contemporaneously with the issuance of any 19(a) Notice, a press release containing the information in the 19(a) Notice
and will file with the Commission the information contained in such 19(a) Notice, including the disclosure required by condition 2(a)(ii)
above, as an exhibit to its next filed Form N-CSR; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">___________________</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> The disclosure in this condition 2(a)(ii)(2) will be included
only if the current distribution or the fiscal year-to-date cumulative distributions are estimated to include a return of capital.</P>


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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will post prominently a statement on its (or the Adviser&#8217;s) website containing the information in each 19(a) Notice, including
the disclosure required by condition 2(a)(ii) above, and maintain such information on such website for at least 24 months<FONT STYLE="color: #363636">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">4.</TD><TD><I>Delivery of 19(a) Notices to Beneficial <FONT STYLE="letter-spacing: -0.1pt">Owners</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt">If a broker, dealer, bank or other person (<I>&#8220;financial
intermediary&#8221;</I>) holds common <FONT STYLE="color: #030303">shares</FONT> issued by the Fund in nominee name, or otherwise, on
behalf of a beneficial owner, the Fund:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 21.4pt 0 7.7pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
request that the financial intermediary, or its agent, forward the 19(a) Notice to all beneficial owners of the Fund&#8217;s shares held
through such financial intermediary;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 29pt 0 7.7pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
provide, in a timely manner, to the financial intermediary, or its agent, enough copies of the 19(a) Notice assembled in the form and
at the place that the financial intermediary, or its agent, reasonably requests to facilitate the financial intermediary&#8217;s sending
of the 19(a) Notice to each beneficial owner of the Fund&#8217;s shares; and</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
the request of any financial intermediary, or its agent, that receives copies of the 19(a) Notice, will pay the financial intermediary,
or its agent, the reasonable expenses of sending the 19(a) Notice to such beneficial owners<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">5.</TD><TD STYLE="text-align: justify"><I>Additional Board Determinations for Funds Whose Common <FONT STYLE="letter-spacing: -0.15pt">Shares
</FONT>Trade at a <FONT STYLE="letter-spacing: -0.1pt">Premium</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.7pt">If <FONT STYLE="color: #1C1C1C; letter-spacing: -0.5pt">:</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.75pt; text-align: justify; text-indent: 37.25pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund<FONT STYLE="color: #1C1C1C">&#8217;</FONT>s common <FONT STYLE="letter-spacing: -0.15pt">shares </FONT>have traded on the stock exchange
that they primarily trade on at the time in question at an average premium to NAV equal to or greater than 10%, as determined on the basis
of the average of the discount or premium to NAV of the Fund&#8217;s common shares as of the close of each trading day over a 12-week
rolling period (each such 12-week rolling period ending on the last trading day of each week); and</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 14.6pt 0 7.7pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund&#8217;s annualized distribution rate for such 12<FONT STYLE="color: #1C1C1C">-</FONT>week rolling period, expressed as a percentage
of NAV as of the ending date of such 12-week rolling period, is greater than the Fund&#8217;s average annual total return in relation
to the change in NAV over the 2-year period ending on the last day of such 12-week rolling period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 43.9pt"><FONT STYLE="letter-spacing: -0.1pt">then:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 5.4pt">At the earlier of the next regularly scheduled meeting or within four months of
the last day of such 12-week rolling period, the Board, including a majority of its Independent Board Members:</TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 79.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 5.4pt">will request and evaluate, and the Fund&#8217;s Adviser will furnish, such information
as may be reasonably necessary to make an informed determination of whether the Distribution Policy should be continued or continued after
amendment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="color: #030303">will </FONT>determine <FONT STYLE="color: #030303">whether
continuation, or continuation after amendment, of the Distribution Policy is consistent with the Fund&#8217;s investment objective(s)
and policies and is in the best interests of the Fund and its </FONT>shareholders<FONT STYLE="color: #030303">, after considering the
information in condition 5(b)(i)(1) above; including, without limitation:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 115.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #030303"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.7pt"></TD><TD STYLE="width: 36pt">(A)</TD><TD>whether the Distribution Policy is accomplishing its <FONT STYLE="letter-spacing: -0.1pt">purpose(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0; color: #030303"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.7pt"></TD><TD STYLE="width: 36pt">(B)</TD><TD STYLE="text-align: justify; padding-right: 5.4pt">the reasonably foreseeable material effects of the Distribution Policy on the Fund&#8217;s
long-term total return in relation to the market price and NAV of the Fund&#8217;s common shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; color: #030303"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 35.75pt">(C)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt">the Fund&#8217;s current distribution rate, as described in condition 5(b)
                                                                    above, compared with the Fund&#8217;s average annual taxable income or total return over the 2-year period, as described in
                                                                    condition 5(b), or such longer period as the Board deems appropriate; and</TD></TR></TABLE>


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<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 151.9pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.75pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="color: #030303">based upon that determination, will approve or disapprove
the continuation, or continuation after amendment, of the Distribution Policy; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 5.4pt">The Board will record the information considered by it, including its consideration
of the factors listed in condition 5(b)(i)(2) above, and the basis for its approval or disapproval of the continuation, or continuation
after amendment, of the Distribution Policy in its meeting minutes, which must be made and preserved for a period of not less than six
years from the date of such meeting, the first two years in an easily accessible place.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt">6.</TD><TD><I>Public <FONT STYLE="letter-spacing: -0.1pt">Offerings</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 43.9pt; text-align: justify">The Fund will not make a public offering
of the Fund&#8217;s common <FONT STYLE="letter-spacing: -0.1pt">shares </FONT>other <FONT STYLE="letter-spacing: -0.1pt">than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.15pt"></TD><TD STYLE="width: 46.65pt">(a)</TD><TD STYLE="text-align: justify">a rights offering below NAV to holders of the Fund&#8217;s common <FONT STYLE="letter-spacing: -0.2pt">shares</FONT><FONT STYLE="letter-spacing: -0.1pt">;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(b)</TD><TD STYLE="text-align: justify">an
offering in connection with a dividend reinvestment plan, merger, <FONT STYLE="color: #1A1A1A">consolidation,</FONT> acquisition, spin
off or reorganization of the Fund; or</TD></TR>
                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(c)</TD><TD STYLE="text-align: justify">an
offering other than an offering described in conditions 6(a) and 6(b) above, <I>provided </I>that, with respect to such other offering:</TD></TR>
                                                                                                                                                                                                                                                                              </TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 0 0pt 7.9pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="margin: 0 0 6pt 7.9pt; font: 10pt/102% Times New Roman, Times, Serif; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Fund&#8217;s annualized distribution rate for the six months ending on the last day of the month ended immediately prior to the most recent
distribution record date<SUP>8</SUP>, expressed as a percentage of NAV as of such date, is no more than one percentage point greater than
the Fund&#8217;s average annual total return for the 5-year period ending on such date;<SUP>9</SUP> and</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
transmittal letter accompanying any registration statement filed with the Commission in connection with such offering discloses that the
Fund has received an order under Section 19(b) to permit it to make periodic distributions of long- term capital gains with respect to
its <FONT STYLE="letter-spacing: -0.1pt">common </FONT>shares as frequently as twelve times each year, and as frequently as distributions
are specified by or determined in accordance with the terms of any outstanding shares of preferred shares as the Fund may issue<FONT STYLE="color: #3A3A3A">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.15pt"></TD><TD STYLE="width: 43.05pt">7.</TD><TD STYLE="text-align: justify"><I>Amendments to Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 6pt 0 0 7.7pt; text-align: justify; text-indent: 0.5in">The requested Order
will expire on the effective date of any amendment to Rule 19b-1 that provides relief permitting certain closed-end investment companies
to make periodic distributions of long-term capital gains with respect to their outstanding common shares as frequently as twelve times
each year.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 3pt"><SUP>8</SUP> If the Fund has been in operation fewer than six months, the
measured period will begin immediately following the Fund&#8217;s first public offering.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>9</SUP> If the Fund has been in operation fewer than five years, the
measured period will begin immediately following the Fund&#8217;s first public offering.</P>

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

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 52.4pt">VII.</TD><TD>APPLICABLE <FONT STYLE="letter-spacing: -0.1pt">PRECEDENT</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The Commission
has recently granted substantially the same relief as that sought herein in <I>High Income Securities Fund, et al., </I>Investment Company
Act Release Nos. 34373 (September 9, 2021) (notice) and 34395 (October 5, 2021) (order); <I>First Eagle Global Opportunities Fund and
First Eagle Investment Management, LLC</I>, Investment Company Act Release Nos. 34397 (October 12, 2021) (notice) and 34416 (November
9, 2021) (order); <I>Mainstay CBRE Global Infrastructure Megatrends Fund, et al.</I>, Investment Company Act Release Nos. 34372 (September
3, 2021) (notice) and 34390 (September 29, 2021) (order); <I>DoubleLine Opportunistic Credit, et al., </I>Investment Company Act Release
Nos<FONT STYLE="color: #3A3A3A">. </FONT>34328 (July 13, 2021) (notice) and 34353 (August 9, 2021) (order); <I>Vertical Capital Income
Fund and Oakline Advisors, LLC, </I>Investment Company Act Release Nos<FONT STYLE="color: #3A3A3A">. </FONT>33505 (June 12, 2019) (notice)
and 33548 (July 9, 2019) (order); <I>Putnam Managed Municipal Income Trust, et al., </I>Investment Company Act Release Nos. 33449 (April
17, 2019) (notice) and 33474 (May 14, 2019) (order); <I>Macquarie Global Infrastructure Total Return Fund Inc., et al., </I>Investment
Company Act Release Nos. 33389 (March 5, 2019) (notice) and 33436 (April 2, 2019) (order); <I>Special Opportunities Fund, Inc. and <FONT STYLE="letter-spacing: -0.1pt">Bulldog</FONT>
Investors, LLC, Investment Company Act Release Nos. 33367 (February 4, 2019) and 33386 (March 4, 2019); Vivaldi Opportunities Fund and
Vivaldi Asset Management, LLC, </I>Investment Company Act Release Nos. 33147 (July 3, 2018)(notice) and 33185 (July 31, 2018) (order);
<I>The Swiss Helvetia Fund, Inc., et al., </I>Investment Company Act Release Nos<FONT STYLE="color: #3A3A3A">. </FONT>33075 (April 23,
2018)(notice) and 33099 (May 21, 2018)(order); <I>The Mexico Equity&amp; Income Fund, Inc. and Pichardo Asset Management, S.A. de </I>C.<I>V.,
</I>Investment Company Act Release Nos. 32640 (May 18, 2017)(notice) and 32676 (June 13, 2017)(order); <I>RiverNorth DoubleLine Strategic
Opportunity Fund, Inc. and RiverNorth Capital Management LLC,</I> Investment Company Act Release Nos. 32635 (May 12, 2017)(notice) and
32673 (June 7, 2017)(order); <I>Brookfield Global Listed Infrastructure Income Fund Inc., et al., </I>Investment Company Act Release Nos.
31802 (September 1, 2015) (notice) and 31855 (September 30, 2015)(order); and <I>Ares Dynamic Credit Allocation Fund, Inc., et al., Investment
Company Act Release Nos. 31665 (June 9, 2015) (notice) and 31708 (July </I>7, <I>2015)(order).</I></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.1pt"></TD><TD STYLE="width: 55.35pt">VIII.</TD><TD>PROCEDURAL <FONT STYLE="letter-spacing: -0.1pt">MATTERS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">All of the
requirements for execution and filing of this Application on behalf of the Applicants have been complied with in accordance with the applicable
organizational documents of the Applicants, and the undersigned officers of the Applicants are fully authorized to execute this Application.
The resolutions of the Board of Trustees of the Fund, authorizing the filing of this Application, required by Rule 0-2(c) under the 1940
Act, are included as Exhibit A to this Application<FONT STYLE="color: #313131">. </FONT>The verifications required by Rule 0-2(d) under
the 1940 Act are included as Exhibit B to this Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Pursuant to
Rule 0-2(f) under the 1940 Act, Applicants state that their address is 405 Lexington Avenue, 58th Floor, New York, NY 10174 and that all
written communications regarding this Application should be directed to the individuals and addresses indicated on the cover page of this
Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #414141">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Applicants
desire that the Commission issue the requested Order pursuant to Rule 0-5 under the 1940 Act without conducting <FONT STYLE="letter-spacing: -0.5pt">a
</FONT><FONT STYLE="letter-spacing: -0.1pt">hearing.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.55pt 0 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 7.7pt">IX.&#9;&#9;<FONT STYLE="letter-spacing: -0.1pt">CONCLUSION</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">For the foregoing
reasons, Applicants respectfully request that the Commission issue an order under Section 6(c) of the 1940 Act exempting the Funds from
the provisions of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit each Fund to make distributions on its common shares
consisting in whole or in part of capital gain dividends as frequently as twelve times in any one taxable year so long as it complies
with the conditions of the Order and maintains in effect a Distribution Policy with respect to its common shares as described in this
Application. In addition, Applicants request that the Order permit each Fund to make distributions on its preferred <FONT STYLE="color: #030303">shares</FONT>
(if any) that it has issued or may issue in the future consisting in whole or in part of capital gain dividends as frequently as specified
by or determined in accordance with the terms thereof. Applicants submit that the requested exemption is necessary or appropriate in the
public interest, consistent with the protection of investors and consistent with the purposes fairly intended by the policy and provisions
of the 1940 Act.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated: May 29, 2024</FONT></TD>
    <TD COLSPAN="2" STYLE="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="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Pierre Weinstein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Pierre Weinstein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief
    Executive Officer and Chairman of the Board of Trustees</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated: May 29, 2024</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Saba Capital Management, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Michael D&#8217;
    Angelo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Michael D&#8217;Angelo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;General
    Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.45pt 109.35pt 0 111.55pt; text-align: center">EXHIBITS TO <FONT STYLE="letter-spacing: -0.1pt">APPLICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0 9.2pt; text-align: justify">The following materials are made a part
of the Application and are attached <FONT STYLE="letter-spacing: -0.1pt">hereto:</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DESIGNATION</FONT></TD>
    <TD STYLE="width: 65%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DOCUMENT</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Resolutions of the Board of Trustees of Saba Capital Income &amp; Opportunities Fund II</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Verifications</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Marked copy of the Applicants&#8217; application
    showing changes from the application of First Eagle Global Opportunities Fund, et al. (File No. 812-15260), an application identified
    by the Applicants as substantially identical under Rule 0-5(e)(3).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Marked copy of the Applicants&#8217; application showing
    changes from the application of DoubleLine Opportunistic Credit, et al. (File No. 812-15240), an application identified by the Applicants
    as substantially identical under Rule 0-5(e)(3)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 172.35pt; text-align: justify">&nbsp;</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: 3.95pt 109.35pt 0 111.55pt; text-align: center"><B>EXHIBIT <FONT STYLE="letter-spacing: -0.5pt">A</FONT></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center"><B>Resolutions of the Board
of Trustees of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center"><B>Saba Capital Income &amp;
Opportunities Fund II</B></P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.55pt 0 0 7.7pt"><B><I>Exemptive <FONT STYLE="letter-spacing: -0.1pt">Application</FONT></I></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that the officers of Saba Capital Income &amp; Opportunities Fund II (the &#8220;Fund&#8221;) be, and each hereby is, authorized to prepare,
execute and submit, on behalf of the Fund, an exemptive application to the Securities and Exchange Commission for an order pursuant to
Section 6(c) of the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), for an exemption from Section 19(b) of the Act
and Rule 19b-1 under the Act to permit the Fund to make periodic capital gain dividends (as defined in Section 852(b)(3)(C) of the Internal
Revenue Code of 1986, as amended) that include long-term capital gains as frequently as twelve times in any one taxable year in respect
of its common shares of beneficial interest and as often as specified by, or determined in accordance with the terms of, any preferred
shares of beneficial interest issued by the Fund; and be it further</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that the appropriate officers of the Fund be, and each hereby is, empowered and directed to prepare, execute and file such documents,
including any amendments thereof, and to take such other actions as he or she may deem necessary, appropriate or convenient to carry out
the intent and purpose of the foregoing resolution, such determination to be conclusively evidenced by the doing of such acts and the
preparation, execution, and filing of such documents.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt"><B><I>General <FONT STYLE="letter-spacing: -0.1pt">Authorization</FONT></I></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that all actions taken by the appropriate officers of the Fund in furtherance of the actions authorized by the foregoing resolutions hereby
are expressly ratified, adopted and approved.</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: 3.95pt 109.35pt 0 111.2pt; text-align: center; color: #030303"><B>EXHIBIT
<FONT STYLE="letter-spacing: -0.5pt">B</FONT></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 59.1pt 0 61.3pt; text-align: center"><B>Verifications of Saba Capital
Income &amp; Opportunities Fund II and Saba Capital Management, L.P.</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The undersigned
states that he has duly executed the attached amended and restated application dated May 29, 2024 for and on behalf of Saba Capital Income
&amp; Opportunities Fund II in his capacity as <FONT STYLE="letter-spacing: -0.1pt">Chief Executive Officer and Chairman of the Board
of Trustees</FONT> of such entity and that all actions by the holders and other bodies necessary to authorize the undersigned to execute
and file such instrument have been taken. The undersigned further states that he is familiar with such instrument, and the contents thereof,
and that the facts therein set forth are true to the best of his knowledge, information and belief.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Pierre Weinstein</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Pierre Weinstein</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and Chairman of the Board of Trustees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 7.75pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The undersigned
states that he has duly executed the attached amended and restated application dated May 29, 2024 for and on behalf of Saba Capital Management,
L.P. in his capacity as General Counsel of such entity and that all actions by the holders and other bodies necessary to authorize the
undersigned to execute and file such instrument have been taken<FONT STYLE="color: #4F4F4F">. </FONT>The undersigned further states that
he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge,
information and belief.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Michael D&#8217; Angelo</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Michael D&#8217;Angelo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.6pt 109.35pt 0 111.55pt; text-align: center">&nbsp;</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: 3.95pt 109.35pt 0 111.55pt; text-align: center"><B>EXHIBIT <FONT STYLE="letter-spacing: -0.5pt">C</FONT></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt"><B>Marked copies of the Application showing changes
from the final versions of the two applications identified as substantially identical under Rule 0-5(e)(3).</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: top; width: 34%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> of 51 Pages</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <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: 0 109.35pt 0 111.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; color: blue"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right">EXPEDITED REVIEW REQUESTED UNDER
17 CFR 270.0-<FONT STYLE="letter-spacing: -0.2pt">5(d)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">UNITED STATES
OF AMERICA BEFORE THE</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">SECURITIES AND
EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">WASHINGTON, D.C.
20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">IN THE MATTER OF:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>FIRST EAGLE GLOBAL</STRIKE></FONT><FONT STYLE="text-decoration: underline double; text-transform: uppercase; color: blue">Saba
    Capital Income &amp;</FONT> <FONT STYLE="text-transform: uppercase">Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">ii</FONT></FONT>
    AND <FONT STYLE="color: red"><STRIKE>FIRST EAGLE INVESTMENT</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">SABA
    CAPITAL</FONT> MANAGEMENT, <FONT STYLE="color: red"><STRIKE>LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">L.P.</FONT></P></TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.9pt 0 9.2pt; text-align: justify"><FONT STYLE="text-decoration: underline double; color: blue">AMENDED
    AND RESTATED </FONT>APPLICATION PURSUANT TO SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &ldquo;ACT&rdquo;) FOR
    AN ORDER GRANTING EXEMPTIONS FROM SECTION 19(b) OF THE ACT AND RULE 19b-1 THEREUNDER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 7.7pt">Investment Company Act of 1940</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0; margin-left: 7.7pt">File No. 812-<FONT STYLE="text-decoration: underline double; color: blue">[
]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center"><B>PLEASE SEND ALL COMMUNICATIONS
AND ORDERS <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center">Michael <FONT STYLE="color: red"><STRIKE>W</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">S</FONT>.
<FONT STYLE="color: red"><STRIKE>Mundt, Esq.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Didiuk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: red"><STRIKE>Stradley Ronon Stevens &amp;
Young, LLP</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: red"><STRIKE>2000 K Street, N.W. Suite
700</STRIKE></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Schulte
Roth &amp; Zabel LLP </FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">919
Third Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">New
York, NY <FONT STYLE="letter-spacing: -0.1pt">10022</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 199.25pt; color: blue"><FONT STYLE="text-decoration: underline double">(212)
756-2405, <FONT STYLE="letter-spacing: -0.05pt">Michael.didiuk@srz.com</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: center; color: red"><STRIKE>Washington, DC 20006</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: red"><STRIKE>(202) 419-8403, mmundt@stradley.com</STRIKE></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; text-align: center">WITH A COPY <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; color: blue; text-align: center"><FONT STYLE="font-weight: normal; text-decoration: underline double">Michael
D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center"><FONT STYLE="color: red"><STRIKE>David
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital Management, L.</FONT>P. <FONT STYLE="color: red"><STRIKE>O'Connor</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: red"><STRIKE>First Eagle Investment Management,
LLC</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center"><FONT STYLE="color: red"><STRIKE>1345</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405
Lexington</FONT> Avenue <FONT STYLE="color: red"><STRIKE>of the Americas</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
58<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center">New York, NY <FONT STYLE="color: red"><STRIKE>10105</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">10174</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">This <FONT STYLE="text-decoration: underline double; color: blue">Amended
and Restated</FONT> Application (including Exhibits) consists of <FONT STYLE="color: red"><STRIKE>58</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.3pt">51</FONT>
pages</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0 161.1pt 0 163.45pt; text-align: center">The Exhibit Index is on page
14</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the U.S. Securities and Exchange
Commission on <FONT STYLE="color: red"><STRIKE>September 10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May
29</FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT></P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<TD STYLE="text-align: left">I.</TD><TD STYLE="text-align: justify"><FONT STYLE="color: red"><STRIKE>I. </STRIKE></FONT><FONT STYLE="letter-spacing: -0.1pt">INTRODUCTION</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>First
Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital Income &amp;</FONT> Opportunities
Fund <FONT STYLE="text-decoration: underline double; color: blue">II </FONT>(the <I>&ldquo;Fund&rdquo;) </I>and <FONT STYLE="color: red"><STRIKE>First
Eagle Investment</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital</FONT> Management, <FONT STYLE="color: red"><STRIKE>LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">L.P.
</FONT><I>(&ldquo;<FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>&rdquo;
</I>and together with the Fund (the <I>&ldquo;Applicants&rdquo;</I>) hereby submit this <FONT STYLE="text-decoration: underline double; color: blue">amended
and restated </FONT>application for an order (the <I>&ldquo;Order</I>&rdquo;) of the Securities and Exchange Commission (the <I>&ldquo;Commission</I>&rdquo;)
pursuant to Section 6(c) of the Investment Company Act of 1940, as amended (the <I>&ldquo;1940 Act&rdquo;</I>)<I>, </I>providing the
Fund, and each other closed-end management investment company registered under the 1940 Act advised or to be advised in the future by
<FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>, or by
an entity controlling, controlled by or under common control (within the meaning of Section <FONT STYLE="letter-spacing: -0.2pt">2(a)</FONT>(9)
of the 1940 Act) with <FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
</FONT>(including any successor in interest<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1</SUP></FONT>)
(each such entity, including <FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>,
<FONT STYLE="color: red"><STRIKE>an</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the</FONT> <I>&ldquo;Adviser&rdquo;)
</I>that in the future seeks to rely on the Order (such investment companies, together with the Fund, are collectively referred to herein
as the <I>&ldquo;Funds&rdquo; </I>and each separately as a <I>&ldquo;Future Fund&rdquo;</I>)<I>, </I>an exemption from the provisions
of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder, as more fully set forth below (the <I>&ldquo;Application&rdquo;</I>).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP></FONT>The Fund and the Future Funds are hereinafter collectively referred to as the &ldquo;Funds&rdquo; and separately as a &ldquo;Fund.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">II.</TD>
  <TD STYLE="width: 90%">THE APPLICANTS</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
Fund <FONT STYLE="text-decoration: underline double; color: blue">(formerly, Templeton Global Income Fund) </FONT>is organized as a Delaware
statutory trust, which is registered under the 1940 Act as a <FONT STYLE="text-decoration: underline double; color: blue">non-</FONT>diversified,
<FONT STYLE="color: red"><STRIKE>limited term </STRIKE></FONT>closed-end management investment company<FONT STYLE="color: red"><STRIKE>,
</STRIKE></FONT> and <FONT STYLE="color: red"><STRIKE>has no</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">commenced</FONT>
operati<FONT STYLE="color: red"><STRIKE>ng</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">ons</FONT> <FONT STYLE="color: red"><STRIKE>history.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">on
January 28, 1988. Effective January 1, 2024,</FONT> the Fund <FONT STYLE="color: red"><STRIKE>anticipates that its</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">changed
its name to Saba Capital Income &amp; Opportunities Fund II. The Fund&rsquo;s</FONT> common shares <FONT STYLE="color: red"><STRIKE>will
be</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">are</FONT> listed on the New York Stock Exchange<FONT STYLE="color: red"><STRIKE>,
subject to notice of issuance. </STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">(&ldquo;<I>NYSE</I>&rdquo;),
a national securities exchange as defined in Section 2(a)(26) of the 1940 Act. <FONT STYLE="background-color: white">Although the Fund
does not currently intend to issue preferred shares, the board of trustees of the Fund may authorize the issuance of preferred shares
in the future.</FONT></FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
Fund&rsquo;s investment objective is to provide <FONT STYLE="color: red"><STRIKE>total return through a combination of</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">investors
with high</FONT> current income, <FONT STYLE="color: red"><STRIKE>current gains and long-term growth</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">with
a secondary goal</FONT> of capital <FONT STYLE="text-decoration: underline double; color: blue">appreciation</FONT>. The Fund <FONT STYLE="color: red"><STRIKE>will
typically </STRIKE></FONT>seek<FONT STYLE="text-decoration: underline double; color: blue">s</FONT> to achieve its investment objective
by investing<FONT STYLE="color: red"><STRIKE>, under normal circumstances, primarily in</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">globally
in debt and</FONT> equity securities of <FONT STYLE="color: red"><STRIKE>U.S. and foreign companies that FEIM believes are undervalued
based upon its bottom-up, fundamental investment approach. The Fund will be actively managed and may invest in any size company, including
large, medium and smaller companies. The Fund may also invest in debt instruments (such as notes and bonds) without regard to credit rating
or time to maturity, short-term debt instruments, gold and other precious metals, and futures contracts related to precious metals. Under
normal circumstances, the Fund anticipates it will allocate a substantial amount of its assets to foreign investments (including American
Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">public
and private companies, which includes, among other things, investments in closed-end funds, special purpose acquisition companies, reinsurance,
public and private debt instruments. The Fund may also utilize derivatives, including but not limited to total return swaps, credit default
swaps, options (including but not limited to index options) and futures, in seeking to enhance returns and/or to reduce portfolio risk.
In addition, on an opportunistic basis, the Fund may also invest up to 15% of its total assets in private funds that focus on debt, equity
or other investments consistent with the Fund&rsquo;s investment objective.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>,
with offices at <FONT STYLE="color: red"><STRIKE>1345</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405
Lexington</FONT> Avenue <FONT STYLE="color: red"><STRIKE>of the Americas</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
58<SUP>th</SUP> Floor</FONT>, New York, <FONT STYLE="color: red"><STRIKE>New York 10105</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">NY
10174</FONT>, serves as the investment adviser to the Fund. <FONT STYLE="color: red"><STRIKE>FEIM</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>
is registered with the Commission as an investment adviser under the Investment Advisers Act of 1940, as amended<FONT STYLE="color: #1F1F1F">.
</FONT>Subject to the oversight of the board of trustees<FONT STYLE="color: red"><STRIKE>, FEIM</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">of
the Fund, Saba</FONT> is responsible for managing<FONT STYLE="color: red"><STRIKE>, either directly or through others selected by it,
</STRIKE></FONT> the investment activities of the Fund and the Fund&rsquo;s business affairs<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: #1F1F1F">___________________________</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #1F1F1F"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 10pt; color: #1F1F1F">For the purposes of the requested order, &ldquo;successor&rdquo; is limited
to an entity that results from a reorganization into another jurisdiction or a change in the type of business organization.&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #1F1F1F"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 10pt; color: #1F1F1F">&nbsp;The only registered closed-end investment company that currently intends
to rely on the Order has been named as an Applicant. Any Fund that may rely on the Order in the future will comply with the terms and
conditions of the Application.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #1F1F1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1F1F1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1F1F1F"></FONT></P>

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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1F1F1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">On
October 15, 2023 shareholders of the Fund voted to approve a new investment management agreement between the Fund and Saba (such new investment
management agreement, the &ldquo;<I>New Management Agreement</I>&rdquo;). The New Management Agreement, which was effective January 1,
2024, replaced the previously effective amended and restated investment management agreement, dated June 1, 2014, as amended on May 13,
2020, between the Fund and Franklin Advisers, Inc. (&ldquo;<I>Franklin</I>&rdquo;), the Fund&rsquo;s previous investment adviser. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>The
Fund will enter into an investment management agreement pursuant to which FEIM, in accordance with the Fund's stated investment objective,
policies and limitations, and subject to the supervision of the Fund's Board of Trustees, provides investment management services for
the Fund's portfolio and supervises and oversees the investment and reinvestment of the Fund's assets. The portfolio of a Fund may be
managed by one or more investment sub-advisers (each, a &quot;<I>Future Sub-Adviser</I>&quot;). A Future Sub-Adviser may be an affiliate
of FEIM. Any Future Sub-Adviser will be registered under the Advisers Act.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">Franklin
and the Fund have previously relied on an exemptive order (IC Rel. No. 30499) granting an exemption from Section 19(b) to allow the Fund
to make periodic distributions of long-term capital gains (&ldquo;<I>Existing Order</I>&rdquo;).&nbsp; As Saba has succeeded in the role
of investment adviser of the Fund, replacing Franklin, the Fund and Saba cannot rely on the Existing Order.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3</SUP></FONT></FONT></P>

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<TD STYLE="width: 48.25pt">III.</TD><TD>REQUEST FOR EXEMPTIVE <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Section
19(b) of the 1940 Act provides that it shall be unlawful in contravention of such rules, regulations, or orders as the Commission may
prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company
to distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, as amended (the <I>&ldquo;Code&rdquo;</I>)<I>,
</I>more often than once every twelve months. Rule 19b-1 under the 1940 Act provides that no registered investment company which is a
&ldquo;regulated investment company&rdquo; as defined in Section 851 of the Code may make more than (i) one &ldquo;capital gain dividend,&rdquo;
as defined in Section 852(b)(3)(C) of the Code, in any one taxable year of the company, (ii) one additional capital gain distribution
made in whole or in part to avoid payment of excise tax under Section 4982 of the Code plus (iii) one supplemental capital gain dividend
pursuant to Section 855 of the Code <I>(provided </I>that it does not exceed 10% of the total amount distributed for the taxable year)<FONT STYLE="color: #1F1F1F">.&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Applicants
believe that Rule 19b-1 should be interpreted to permit a Fund to pay an unlimited number of distributions on its common and preferred
<FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT> (if
any) so long as it makes the designation necessary under the Code and Rule 19b-1 to characterize those distributions as &ldquo;capital
gain dividends&rdquo; restricted by Rule 19b-1 only as often as is permitted by Rule 19b-1, even if the Code would then require retroactively
spreading the capital gain resulting from that designation over more than the permissible number of distributions. However, to obtain
certainty for a Fund&rsquo;s proposed distribution policies (each, a <I>&ldquo;Distribution Policy&rdquo;</I>)<I>, </I>in the absence
of such an interpretation, Applicants hereby request an order pursuant to Section 6(c) of the 1940 Act granting an exemption from Section
19(b) of the 1940 Act and Rule 19b-1 thereunder<FONT STYLE="color: #1F1F1F">. </FONT>The Order would permit each Fund to make periodic
capital gain dividends (as defined in Section 852(b)(3)(C) of the Code) that include long-term capital gains as frequently as twelve
times in any one taxable year in respect of its shares of beneficial interest (&ldquo;<I>common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT></I>&rdquo;)
and as often as specified by, or determined in accordance with the terms of, any preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>issued by the Fund<FONT STYLE="color: #1F1F1F">.&nbsp;</FONT></P>

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<TD STYLE="width: 47.8pt">IV.</TD><TD><FONT STYLE="letter-spacing: -0.1pt">REPRESENTATIONS OF APPLICANTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Prior to
a Fund&rsquo;s implementing a Distribution Policy in reliance on the Order, the board of directors or trustees (the <I>&ldquo;Board&rdquo;</I>)
of each Fund seeking to rely on the Order, including a majority of the directors or trustees who are not interested persons of the Fund,
as defined in Section 2(a)(19) of the 1940 Act (the <I>&ldquo;Independent Board Members&rdquo;</I>), will request, and the Adviser will
provide, such information as is reasonably necessary to make an informed determination of whether the Board should adopt a proposed Distribution
Policy<FONT STYLE="color: #1F1F1F">. </FONT>In particular, the Board and the Independent Board Members will review information regarding
(i) the purpose and terms of the proposed Distribution Policy; (ii) the likely effects of the proposed Distribution Policy on the Fund&rsquo;s
long-term total return (in relation to market price and net asset value per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
(<I>&ldquo;NAV&rdquo;</I>)); (iii) the expected relationship between the Fund&rsquo;s distribution rate on its <FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">common
</FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>under the proposed Distribution Policy and the Fund&rsquo;s
total return (in relation to NAV); (iv) whether the rate of distribution is anticipated to exceed the Fund&rsquo;s expected total return
in relation to its NAV; and (v) any foreseeable material effects of the proposed Distribution Policy on the Fund&rsquo;s long-term total
return (in relation to market price and NAV).</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify">___________________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; color: blue">In reliance on the Commission staff no-action
letter issued to Innovator Capital Management, LLC, et al. (pub. avail. October 6, 2017) and oral discussions with the Commission staff,
the Applicants intend to rely on the Existing Order as if the Existing Order extended to the Adviser until the earlier of the receipt
of the Order or 150 days from January 1, 2024, the date of the New Management Agreement between the Fund and the Adviser. During such
time, the Adviser will comply with the terms and conditions in the Existing Order imposed on Franklin as though such terms and conditions
were imposed directly on the Adviser. When and if the Order is granted by the Commission, the Applicants would then rely on the Order,
rather than continuing to rely on the Existing Order.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"></P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify"></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The Independent
Board Members will also consider what <FONT STYLE="color: #171717">conflicts </FONT>of interest the Adviser and the affiliated persons
of the Adviser and the Fund might have with respect to the adoption or implementation of the proposed Distribution Policy<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Following
this review, the Board, including the Independent Board Members, of each Fund will, before adopting or implementing any proposed Distribution
Policy, make a determination that the proposed Distribution Policy is consistent with the Fund&rsquo;s investment objective(s) and in
the best interests of the holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>.
The Distribution Policy will be consistent with the Fund&rsquo;s policies and procedures and will be described in the Fund&rsquo;s registration
statement.</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify">In addition, prior to implementation
of a Distribution Policy for any Fund pursuant to the Order requested by this Application, the Board of the Fund shall have adopted policies
and procedures (the <FONT STYLE="color: #171717"><I>&ldquo;Section</I></FONT><I> 19 Compliance Policies&rdquo;</I>) pursuant to Rule 38a-1
under the 1940 Act that:</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">are reasonably designed to ensure that all notices required to be sent to the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
pursuant to Section 19(a) of the 1940 Act, Rule 19a-1 thereunder and by condition 4 below (each, a <FONT STYLE="color: #171717"><I>&ldquo;19(a)
</I></FONT><I>Notice&rdquo;</I>) include the disclosure required by Rule 19a-1 and by condition 2(a) below, and that all other written
communications by the Fund or its agents regarding distributions under the Distribution Policy include the disclosure required by condition
3(a) below; and</FONT>&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">require the Fund to keep records that demonstrate its compliance with all of the conditions of the
Order and that are necessary for the Fund to form the basis for, or demonstrate the calculation of, the amounts disclosed in its 19(a)
Notices<FONT STYLE="color: #3F3F3F">.</FONT></FONT>&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
records of the actions of the Board of each Fund will summarize the basis for the Board&rsquo;s approval of the Distribution Policy,
including its consideration of the factors described above<FONT STYLE="color: #3F3F3F">. </FONT>These records will be maintained for
a period of at least six years from the date of the applicable meeting, the first two years in an easily accessible place, or for such
longer period as may otherwise be required by law<FONT STYLE="color: #282828">.</FONT>&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Generally,
the purpose of a Distribution Policy would be to permit a Fund to distribute periodically, over the course of each year, an amount closely
approximating the total taxable income of the Fund during the year through distributions in relatively equal amounts (plus any required
special distributions) that are composed of payments received from portfolio companies, supplemental amounts generally representing realized
capital gains or, possibly, returns of capital that may represent unrealized capital gains<FONT STYLE="color: #575757">. </FONT>The Fund
seeks to establish a distribution rate that approximates the Fund&rsquo;s projected total return that can reasonably be expected to be
generated by the Fund over an extended period of time, although the distribution rate will not be solely dependent on the amount of income
earned or capital gains realized by the Fund for the year. Under the Distribution Policy of a Fund, the Fund would distribute periodically
(as frequently as twelve times in any taxable year) to its respective common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
a fixed percentage of the market price of the Fund&rsquo;s <FONT STYLE="text-decoration: underline double; color: blue">common </FONT>shares
<FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>at a particular point in time or a fixed percentage of NAV at a particular
time or a fixed amount per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
any of which may be adjusted from time to time. It is anticipated that under a Distribution Policy, the minimum annual distribution rate
with respect to the Fund&rsquo;s <FONT STYLE="text-decoration: underline double; color: blue">common </FONT>shares <FONT STYLE="color: red"><STRIKE>of
common stock </STRIKE></FONT>would be independent of the Fund&rsquo;s performance during any particular period but would be expected to
correlate with the Fund&rsquo;s performance over time<FONT STYLE="color: #3F3F3F">. </FONT>Except for extraordinary distributions and
potential increases or decreases in the final dividend periods in light of the Fund&rsquo;s performance for an entire calendar year and
to enable the Fund to comply with the distribution requirements of Subchapter M of the Code for the calendar year, each distribution on
the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
would be at the stated rate then in effect. The Board will periodically review the amount of potential distributions in light of the investment
experience of the Fund, and may modify or terminate a Distribution Policy at any time<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #3F3F3F">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 6pt 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #3F3F3F"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 6pt">&nbsp;</P>

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<TD STYLE="width: 44.45pt">V.</TD><TD>JUSTIFICATION FOR REQUESTED <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">Section
6(c) of the 1940 Act provides that the Commission may exempt any person, security or transaction from any provision of the 1940 Act or
of any rule or regulation thereunder, if and to the extent that the exemption is necessary or appropriate in the public interest and
consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the 1940 Act. For the reasons
set forth below, Applicants submit that the requested exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder would be
consistent with the standards set forth in Section 6(c) of the 1940 Act and in the best interests of the Funds and their respective </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders.&nbsp;</FONT></P>

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<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>A.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Receipt of the Order would serve <FONT STYLE="color: red"><STRIKE>stockholders</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>
<FONT STYLE="letter-spacing: -0.1pt">interests</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">Applicants
believe that closed-end fund investors may prefer an investment vehicle that provides regular </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">urrent
income through fixed distribution policies that would be available through a Distribution Policy</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Allowing a Distribution Policy to operate in the manner described in this Application would help fill current
investor demand and foster competition in the registered fund <FONT STYLE="letter-spacing: -0.1pt">market.</FONT></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">An
exemption from Rule 19b-1 would benefit </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders
in another way</FONT><FONT STYLE="color: #444444">. </FONT><FONT STYLE="text-decoration: underline double; color: blue">Common </FONT><FONT STYLE="color: #030303">shares
</FONT><FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT><FONT STYLE="color: #030303">of closed-end funds often trade in
the marketplace at a discount to their NAV. Applicants believe that this discount may be reduced if a Fund is permitted to pay relatively
frequent dividends on its </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">ommon </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
<FONT STYLE="color: #030303">at a consistent rate, whether or not those dividends contain an element of long-term capital gains</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Any reduction in the discount at which </FONT><FONT STYLE="text-decoration: underline double; color: blue">the
</FONT><FONT STYLE="color: #030303">Fund</FONT><FONT STYLE="text-decoration: underline double; color: blue">&rsquo;s common </FONT><FONT STYLE="color: #030303">shares
</FONT><FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT><FONT STYLE="color: #030303">trade in the market would benefit
the holders of the Fund&rsquo;s common </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
<FONT STYLE="color: #030303">along with the Fund</FONT><FONT STYLE="color: #313131">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt"><I>The Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
would receive information sufficient to clearly inform them of the nature of the distributions they are <FONT STYLE="letter-spacing: -0.1pt">receiving</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">One
of the concerns leading to the enactment of Section 19(b) and adoption of Rule 19b-1 was that <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
might be unable to distinguish between frequent distributions of capital gains and dividends from investment income.<FONT STYLE="font-size: 8pt; color: red"><STRIKE><SUP>3</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">4
</FONT></SUP>However<FONT STYLE="color: #1B1B1B">, </FONT>Rule 19a-1 under the 1940 Act effectively addresses this concern by requiring
that distributions (or the confirmation of the reinvestment thereof) estimated to be sourced in part from capital gains or capital be
accompanied by a separate statement showing the sources of the distribution (e<FONT STYLE="color: #1B1B1B">.</FONT>g., estimated net
income, net short-term capital gains<FONT STYLE="color: #1B1B1B">, </FONT>net long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gains
and/or return of capital)<FONT STYLE="color: #444444">. </FONT>The same information will be included in each Fund&rsquo;s annual report
to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
and on its Internal Revenue Service (<I>&ldquo;IRS&rdquo;</I>) Form 1099-DIV<FONT STYLE="color: #1B1B1B">, </FONT>which will be sent
to each common and preferred <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder
</FONT>who received distributions during a particular year (including <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
who have sold shares during the year)<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">In
addition, each of the Funds will make the additional disclosures required by the conditions set forth in Part VI below</FONT><FONT STYLE="color: #1B1B1B">,
</FONT><FONT STYLE="color: #030303">and each of them will adopt compliance policies and procedures in accordance with Rule 38a-1 under
the 1940 Act to ensure that all required notices and disclosures are sent to </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders</FONT><FONT STYLE="color: #525252">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The information
required by Section 19(a), Rule 19a-1, the Distribution Policy, the Section 19 Compliance Policies and the conditions listed below will
help to ensure that each Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
are provided sufficient information to understand that their periodic distributions are not tied to the Fund&rsquo;s net investment income
(which for this purpose is the Fund&rsquo;s taxable income other than from capital gains) and realized capital gains to date, and may
not represent yield or investment return<FONT STYLE="color: #525252">. </FONT>Accordingly, subjecting the Funds to Section 19(b) and Rule
19b-1 would afford <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
no extra protection<FONT STYLE="color: #1B1B1B">. </FONT>In addition, the Funds will undertake to request intermediaries, or their agent(s),
to forward 19(a) Notices to their customers and to reimburse them for the costs of forwarding<FONT STYLE="color: #1B1B1B">. </FONT>Such
forwarding may occur in any manner permitted by statute, rule or order or by the staff of the Commission<FONT STYLE="color: #1B1B1B">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt"><I>Under certain circumstances, Rule 19b-1 gives
rise to improper influence on portfolio management decisions, with no offsetting benefit to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Rule 19b-1,
when applied to a Distribution Policy, actually gives rise to one of the concerns that Rule 19b<FONT STYLE="color: #1B1B1B">-1 </FONT>was
intended to avoid: inappropriate influence on portfolio management decisions<FONT STYLE="color: #1B1B1B">. </FONT>Funds that pay long-term
capital gains distributions only once per year in accordance with Rule 19b-1 impose no pressure on management to realize capital gains
at any time when purely investment considerations do not dictate doing so<FONT STYLE="color: #1B1B1B">. </FONT>In the absence of an exemption
from Rule 19b-1, the adoption of a periodic distribution plan imposes pressure on management (i) not to realize any net long-term capital
gains until the point in the year that the fund can pay all of its remaining distributions in accordance with Rule 19b-1 and (ii) not
to realize any long-term capital gains during any particular year in excess of the amount of the aggregate pay<FONT STYLE="color: #1B1B1B">-</FONT>out
for the year (since as a practical matter excess gains must be distributed and accordingly would not be available to satisfy pay-out requirements
in following years), notwithstanding that purely investment considerations might favor realization of long-term gains at different times
or in different amounts<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: #1B1B1B">____________________</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: Red"><STRIKE><SUP>3
</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">4
</FONT></SUP><SUP><FONT STYLE="font-size: 8pt">&#9;</FONT></SUP>See Securities and Exchange Commission 1966 Report to Congress on Investment
Company Growth (H.R. Rep. No. 2337, 89th Cong. 2d Sess. 190-95 (1966)); S. Rep. No. 91-184, 91st Cong., 1st Sess. 29 (1969); H.R. Rep.
No. 91-1382, 91st Cong., 2d Sess. 29 (1970).</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: #1B1B1B">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify"><FONT STYLE="color: #1B1B1B"></FONT>&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">No purpose
is served by the distortion in the normal operation of a periodic distribution plan required in order to comply with Rule 19b-1. There
is no benefit in requiring any fund that adopts a periodic distribution plan either to retain (and pay taxes on) <FONT STYLE="color: red"><STRIKE>long-
term</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">long-term</FONT> capital gains (with the resulting additional
tax return complexities for the fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders)
or to avoid designating its distributions of long<FONT STYLE="color: #1B1B1B">-</FONT>term gains as capital gains dividends for tax purposes
(thereby avoiding a Rule 19b-1 problem but providing distributions taxable at ordinary income rates rather than the much lower long-term
capital gains rates)<FONT STYLE="color: #1B1B1B">. </FONT>The desirability of avoiding these anomalous results creates pressure to limit
the realization of long-term capital gains that otherwise would be taken for purely investment considerations<FONT STYLE="color: #4A4A4A">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The Order
requested by Applicants would minimize these anomalous effects of Rule 19b-1 by enabling the Funds to realize long-term capital gains
as often as investment considerations dictate without fear of violating Rule 19b-1<FONT STYLE="color: #4A4A4A">.</FONT></P>

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<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>D.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Other concern<FONT STYLE="color: #1B1B1B">s</FONT> leading to adoption of Rule 19b-1 are not <FONT STYLE="letter-spacing: -0.1pt">applicable</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Another
concern that led to the enactment of Section 19(b) of the 1940 Act and adoption of Rule 19b-1 was that frequent capital gains distributions
could facilitate improper fund share sales practices, including, in particular, the practice of urging an investor to purchase shares
of a fund on the basis of an upcoming capital gains dividend (<I>&ldquo;<FONT STYLE="color: #1B1B1B">s</FONT>elling the dividend&rdquo;</I>)<I>,
</I>where the dividend would result in an immediate corresponding reduction in NAV and would be in effect a taxable return of the investor&rsquo;s
capital. Applicants submit that this concern should not apply to closed-end investment companies, such as the Funds, that do not continuously
distribute shares<FONT STYLE="color: #1B1B1B">. </FONT>Furthermore, if the underlying concern extends to secondary market purchases of
shares of closed-end funds that are subject to a large upcoming capital gains dividend, adoption of a periodic distribution plan may help
minimize the concern by avoiding, through periodic distributions, any buildup of large end-of-the-year distributions<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Applicants
also submit that the &ldquo;selling the dividend&rdquo; concern is not applicable to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
which entitles a holder to no more than a specified periodic dividend and, like a debt security, is initially sold at a price based upon
its liquidation preference<FONT STYLE="color: #1B1B1B">, </FONT>credit quality, dividend rate and frequency of payment. Investors buy
preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
for the purpose of receiving specific payments at the frequency bargained for, and any application of Rule 19b-1 to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>would be contrary to the expectation of investors<FONT STYLE="color: #1B1B1B">. </FONT>There is also currently a tax rule that
provides that any loss realized by a <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder
</FONT>upon sale of shares of a regulated investment company that were held for six months or less will be treated as a long-term capital
loss, to the extent of any long-term capital gains paid on such shares, to avoid the selling of dividends.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 10pt"><I>E.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Further limitations of Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Subparagraphs
(a) and (f) of Rule 19b-1 limit the number of capital gains dividends, as defined in Section 852(b)(3)(C) of the Code, that a fund may
make with respect to any one taxable year to one, plus a supplemental distribution made pursuant to Section 855 of the Code not exceeding
10% of the total amount distributed for the year, plus one additional capital gain dividend made in whole or in part to avoid the excise
tax under Section 4982 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Applicants
assert that by limiting the number of capital gain dividends that a Fund may make with respect to any one year, Rule 19b-1 may prevent
the normal and efficient operation of a periodic distribution plan whenever that Fund&rsquo;s realized net long-term capital gains in
any year exceed the total of the periodic distributions that may include such capital gains under the rule. Rule 19b-1 thus may force
the fixed regular periodic distributions to be funded with returns of capital<FONT STYLE="font-size: 8pt; color: red"><STRIKE><SUP>4</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">5
</FONT></SUP>(to the extent net investment income and realized short term capital gains are insufficient to fund the distribution), even
though realized net long-term capital gains otherwise would be available. To distribute all of a Fund&rsquo;s long-term capital gains
within the limits in Rule 19b-1, a Fund may be required to make total distributions in excess of the annual amount called for by its
periodic distribution plan or to retain and pay taxes on the excess amount. Applicants believe that the application of Rule 19b-1 to
a Fund&rsquo;s periodic distribution plan may create pressure to limit the realization of long-term capital gains based on considerations
unrelated to investment goals<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Revenue
Ruling 89-81<FONT STYLE="font-size: 8pt; color: red"><STRIKE><SUP>5</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">6
</FONT></SUP>under the Code requires that a fund that seeks to qualify as a regulated investment company under the Code and that has
both common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>and preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>outstanding designate the types of income, <I>e<FONT STYLE="color: #1B1B1B">.</FONT>g.,</I> investment income and capital gains,
in the same proportion as the total distributions distributed to each class for the tax year. To satisfy the proportionate designation
requirements of Revenue Ruling 89-81, whenever a fund has realized a long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gain with
respect to a given tax year, the fund must designate the required proportionate share of such capital gain to be included in common and
preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares </FONT>dividends<FONT STYLE="color: #1B1B1B">.
</FONT>Although Rule 19b-1 allows a fund some flexibility with respect to the frequency of capital gains distributions, a fund might
use all of the exceptions available under Rule 19b-1 for a tax year and still need to distribute additional capital gains allocated to
the preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>to comply with Revenue Ruling 89-81<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The potential
abuses addressed by Section 19(b) and Rule 19b-1 do not arise with respect to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
issued by a closed-end fund<FONT STYLE="color: #525252">. </FONT>Such distributions generally are either fixed or are determined in periodic
auctions or remarketings or are periodically reset by reference to short<FONT STYLE="text-decoration: underline double; color: blue">-term</FONT>
<FONT STYLE="color: red"><STRIKE>term </STRIKE></FONT>interest rates rather than by reference to performance of the issuer, and Revenue
Ruling 89-81 determines the proportion of such distributions that are comprised of the long-term capital gains<FONT STYLE="color: #3C3C3C">.
</FONT>The Applicants also submit that the &ldquo;selling the dividend&rdquo; concern is not applicable to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
which entitles a holder to no more than a periodic dividend at a fixed rate or the rate determined by the market, and, like a debt security,
is priced based upon its liquidation value, dividend rate, credit quality, and frequency of payment. Investors buy preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
for the purpose of receiving payments at the frequency bargained for and do not expect the liquidation value of their shares to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; color: #030303">The proposed Order will assist
the Funds in avoiding these Rule 19b-1 <FONT STYLE="letter-spacing: -0.1pt">problems.&nbsp;</FONT></P>

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<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>F.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><I>General</I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
relief requested is that the Commission permit the Funds to make periodic distributions in respect of their common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>as frequently as twelve times in any one taxable year and in respect of their preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>as specified by or determined in accordance with the terms thereof. Granting this relief would provide the Funds with flexibility
in meeting investor interest in receiving more frequent distributions. Implementation of the relief would actually ameliorate the concerns
that gave rise to Section 19(b) and Rule 19b-1 and help avoid the &ldquo;selling of dividends&rdquo; problem, which Section 19(b) and
Rule 19b-1 are not effective in preventing.&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
potential issues under Rule 19b-1 are not relevant to distributions on preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>. Not only are such distributions fixed or determined by the market rather than by reference to the performance of the issuer
but also the long-term capital gain component is mandated by the IRS to be the same proportion as the proportion of long-term gain dividends
bears to the total distributions in respect of the common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>and consequently the long-term gain component cannot even be known until the end of the fund&rsquo;s fiscal year. In these circumstances
it would be very difficult for any of the potential abuses reflected in Rule 19b-1&rsquo;s restrictions to occur.&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">In summary,
Rule 19b-1, in the circumstances referred to above, is likely to distort the effective and proper functioning of a Fund&rsquo;s Distribution
Policy and gives rise to the very pressures on portfolio management decisions that Rule 19b-1 was intended to avoid. These distortions
forced by Rule 19b-1 serve no purpose and are not in the best interests of <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify">____________________</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: Red"><STRIKE><SUP>4</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">5
</FONT></SUP> These would be returns of capital for financial accounting purposes and not for tax accounting <FONT STYLE="letter-spacing: -0.1pt">purposes.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: Red; letter-spacing: -0.1pt"><STRIKE><SUP>5</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">6
</FONT></SUP> 1989-1 C.B. <FONT STYLE="letter-spacing: -0.2pt">226.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 13%">VI.</TD>
  <TD STYLE="width: 87%">APPLICANTS&rsquo; CONDITIONS</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Applicants
agree that, with respect to each Fund seeking to rely on the Order, the Order will be subject to each of the following conditions:&nbsp;</P>

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<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Compliance Review and <FONT STYLE="letter-spacing: -0.1pt">Reporting</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">The
Fund&rsquo;s chief compliance officer will: (a) report to the Fund&rsquo;s Board, no less frequently than once every three months or
at the next regularly scheduled quarterly Board meeting, whether (i) the Fund and its Adviser have complied with the conditions of the
Order and (ii) a material compliance matter (as defined in Rule 38a-1(e)(2) under the 1940 Act) has occurred with respect to such conditions;
and (b) review the adequacy of the policies and procedures adopted by the Board no less frequently than annually<FONT STYLE="color: #2D2D2D">.&nbsp;</FONT></P>

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<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Disclosures to Fund <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Share</FONT></I></FONT><I><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">holders</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"><I>&nbsp;</I></P>

<P STYLE="text-align: justify; font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
19(a) Notice disseminated to the holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares</FONT>,
in addition to the information required by Section 19(a) and Rule 19a-1:&nbsp;</FONT></P>

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<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 45.45pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">will provide, in a tabular or graphical <FONT STYLE="letter-spacing: -0.1pt">format:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
  <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the amount of the distribution, on a per share of common
  <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares </FONT>basis,
  together with the amounts of such distribution amount, on a per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">shares
  </FONT>basis and as a percentage of such distribution amount, from <FONT STYLE="color: #030303">estimated: (A) net investment income;
  (B) net realized short-term capital gains; (C) net realized long-term capital gains; and (D) return of capital or other capital source;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
  <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #030303">the fiscal year-to-date cumulative amount
  of distributions, on a per share of common </FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares
  </FONT><FONT STYLE="font-size: 10pt; color: #030303">basis, together with the amounts of such cumulative amount, on a per share of
  common </FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">shares
  </FONT><FONT STYLE="font-size: 10pt; color: #030303">basis and as a percentage of such cumulative amount of distributions, from estimated:
  (A) net investment income; (B) net realized short-term capital gains; (C) net realized long-term capital gains; and (D) return of capital
  or other capital source;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
  <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the average annual total return in relation to the change
  in NAV for the 5-year period (or, if the <FONT STYLE="color: #030303">Fund&rsquo;s history of operations is less than five years, the
  time period commencing immediately following the Fund&rsquo;s first public offering) ending on the last day of the month ended immediately
  prior to the most recent distribution record date compared to the current fiscal period&rsquo;s annualized distribution rate expressed
  as a percentage of NAV as of the last day of the month prior to the most recent distribution record date; and</FONT>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
  <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the cumulative total return in relation to the change in
  NAV from the last completed fiscal year to the last day of the month prior to the most recent distribution record date compared to
  the fiscal year-to-date cumulative distribution rate expressed as a percentage of NAV as of the last day of the month prior to the
  most recent distribution record date.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 21%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">&nbsp;Such disclosure shall be made in a type size at least as
large and as prominent as the estimate of the sources of the current distribution; and&nbsp;</P>

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<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">will include the following <FONT STYLE="letter-spacing: -0.1pt">disclosure:</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 21%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
  <TD STYLE="text-align: justify; width: 74%"><FONT STYLE="font-size: 10pt">&ldquo;You should not draw any conclusions about the Fund&rsquo;s
  investment performance from the amount of this distribution or from the terms of the Fund&rsquo;s Distribution Policy.&rdquo;;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;The Fund estimates that it has distributed more than its income
  and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return <FONT STYLE="color: #030303">of
  capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
  distribution does not necessarily reflect the Fund&rsquo;s investment performance and should not be confused with </FONT><FONT STYLE="color: #1B1B1B">&lsquo;yield&rsquo;
  </FONT><FONT STYLE="color: #030303">or &lsquo;income&rsquo;&rdquo;;</FONT><FONT STYLE="color: red"><STRIKE><SUP>6</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double; color: blue">7
  </FONT></SUP><FONT STYLE="color: #030303">and</FONT>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #030303">&ldquo;The amounts and sources of distributions reported
  in this 19(a) Notice are only </FONT><FONT STYLE="font-size: 10pt">estimates <FONT STYLE="color: #030303">and are not being provided
  for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s
  investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will
  send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.&rdquo;</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 1.5in; color: #030303"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 3pt; margin-left: 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><FONT STYLE="color: Red"><STRIKE><SUP>6</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">7
</FONT></SUP>The disclosure in this condition 2(a)(ii)(2) will be included only if the current distribution or the fiscal year-to-date
cumulative distributions are estimated to include a return of capital<FONT STYLE="text-decoration: underline double; color: blue">.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="margin-top: 0pt; font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in">Such
disclosure shall be made in a type size at least as large as and as prominent as any other information in the 19(a) Notice and placed
on the same page in close proximity to the amount and the sources of the distribution.&nbsp;</P>

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<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 47.7pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On the inside front cover of each report to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
under Rule 30e-1 under the 1940 Act, the Fund <FONT STYLE="letter-spacing: -0.1pt">will:</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"></FONT></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">describe
                                            the terms of the Distribution Policy (including the fixed amount or fixed percentage of the
                                            distributions and the frequency of the distributions);</FONT></TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">include
                                            the disclosure required by condition 2(a)(ii)(1) <FONT STYLE="letter-spacing: -0.1pt">above;</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">state,
                                            if applicable, that the Distribution Policy provides that the Board may amend or terminate
                                            the Distribution Policy at any time without prior notice to Fund <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders;
                                            and</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">describe any reasonably foreseeable circumstances
                            that might cause the Fund to terminate the Distribution Policy and any reasonably foreseeable consequences
                            of such termination.</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  </TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
report provided to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
of a Fund under Rule 30e-1 under the 1940 Act and each prospectus filed with the Commission on Form N-2 under the 1940 Act, will provide
the Fund&rsquo;s total return in relation to changes in NAV in the financial highlights table and in any discussion about the Fund&rsquo;s
total return.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Disclosure to <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Share</FONT>holders,
Prospective <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Share</FONT>holders
and Third <FONT STYLE="letter-spacing: -0.1pt">Parties</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will include the information contained in the relevant 19(a) Notice, including the disclosure
required by condition 2(a)(ii) above, in any written communication (other than a communication on Form 1099) about the Distribution Policy
or distributions under the Distribution Policy by the Fund, or agents that the Fund has authorized to make such communication on the
Fund&rsquo;s behalf, to any Fund <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>,
prospective <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder
</FONT>or third-party information provider;&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will issue, contemporaneously with the issuance of any 19(a) Notice, a press release containing
the information in the 19(a) Notice and will file with the Commission the information contained in such 19(a) Notice, including the disclosure
required by condition 2(a)(ii) above, as an exhibit to its next filed Form N-CSR; and</FONT>&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will post prominently a statement on its (or the Adviser&rsquo;s) website containing the
information in each 19(a) Notice, including the disclosure required by condition 2(a)(ii) above, and maintain such information on such
website for at least 24 months<FONT STYLE="color: #363636">.</FONT></FONT>&nbsp;</P>

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<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Delivery of 19(a) Notices to Beneficial <FONT STYLE="letter-spacing: -0.1pt">Owners</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">If a broker, dealer, bank or other person (<I>&ldquo;financial
intermediary&rdquo;</I>) holds common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>issued by the Fund in nominee name, or otherwise, on behalf of a beneficial owner, the Fund:&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">will request that the financial intermediary, or its agent, forward the 19(a) Notice to all beneficial
owners of the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>held through such financial intermediary;</FONT>&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">will provide, in a timely manner, to the financial intermediary, or its agent, enough copies of
the 19(a) Notice assembled in the form and at the place that the financial intermediary, or its agent, reasonably requests to facilitate
the financial intermediary&rsquo;s sending of the 19(a) Notice to each beneficial owner of the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>;
and</FONT>&nbsp;</P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">upon the request of any financial intermediary, or its agent, that receives copies of the 19(a) Notice,
will pay the financial intermediary, or its agent, the reasonable expenses of sending the 19(a) Notice to such beneficial owners<FONT STYLE="color: #414141">.</FONT></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Additional Board Determinations for Funds Whose Common <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">Shares</FONT>
Trade<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT> at a <FONT STYLE="letter-spacing: -0.1pt">Premium</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 37.25pt"><FONT STYLE="font-size: 10pt">If:&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 37.25pt"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund<FONT STYLE="color: #1C1C1C">&rsquo;</FONT>s common <FONT STYLE="color: red"><STRIKE>stock
has</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares </FONT></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">have
</FONT><FONT STYLE="font-size: 10pt">traded on the stock exchange that they primarily trade on at the time in question at an average
premium to NAV equal to or greater than 10%, as determined on the basis of the average of the discount or premium to NAV of the Fund&rsquo;s
<FONT STYLE="text-decoration: underline double; color: blue">common </FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>as
of the close of each trading day over a 12-week rolling period (each such 12-week rolling period ending on the last trading day of each
week); and&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; font: 11pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund&rsquo;s annualized distribution rate for such 12<FONT STYLE="color: #1C1C1C">-</FONT>week
rolling period, expressed as a percentage of NAV as of the ending date of such 12-week rolling period, is greater than the Fund&rsquo;s
average annual total return in relation to the change in NAV over the 2-year period ending on the last day of such 12-week rolling period;</FONT></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt"><FONT STYLE="letter-spacing: -0.1pt">then:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">At the earlier of the next regularly scheduled meeting
or within four months of the last day of such 12-week rolling period, the Board, including a majority of its Independent Board Members:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">will request and evaluate, and the Fund&rsquo;s Adviser
will furnish, such information as may be reasonably necessary to make an informed determination of whether the Distribution Policy should
be continued or continued after amendment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #030303">will </FONT><FONT STYLE="font-size: 10pt">determine
<FONT STYLE="color: #030303">whether continuation, or continuation after amendment, of the Distribution Policy is consistent with the
Fund&rsquo;s investment objective(s) and policies and is in the best interests of the Fund and its </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders<FONT STYLE="color: #030303">,
after considering the information in condition 5(b)(i)(1) above; including, without limitation:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #030303"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether
                                            the Distribution Policy is accomplishing its <FONT STYLE="letter-spacing: -0.1pt">purpose(s);</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #030303">the reasonably foreseeable
                                            material effects of the Distribution Policy on the Fund&rsquo;s long-term total return in
                                            relation to the market price and NAV of the Fund&rsquo;s common </FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">shares</FONT><FONT STYLE="font-size: 10pt; color: #030303">;
                                            and</FONT></TD></TR>
                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Fund&rsquo;s current distribution
                                            rate, as described in condition 5(b) above, compared with the Fund&rsquo;s average annual
                                            taxable income or total return over the 2-year period, as described in condition 5(b), or
                                            such longer period as the Board deems appropriate; and</FONT></TD></TR>
                                                                                                                                                                                                                                                                    </TABLE>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt; color: #030303">based upon that determination, will
approve or disapprove the continuation, or continuation after amendment, of the Distribution Policy; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">The Board will record the information considered by
it, including its consideration of the factors listed in condition 5(b)(i)(2) above, and the basis for its approval or disapproval of
the continuation, or continuation after amendment, of the Distribution Policy in its meeting minutes, which must be made and preserved
for a period of not less than six years from the date of such meeting, the first two years in an easily accessible place.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Public <FONT STYLE="letter-spacing: -0.1pt">Offerings</FONT></I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify">The Fund will not make a public offering
of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">shares</FONT>
other <FONT STYLE="letter-spacing: -0.1pt">than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 46.8pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a rights offering below NAV to holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">shares</FONT><FONT STYLE="letter-spacing: -0.1pt">;</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an offering in connection with a dividend reinvestment
                           plan, merger, <FONT STYLE="color: #1A1A1A">consolidation,</FONT> acquisition, spin off or reorganization of
                           the Fund; or</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            offering other than an offering described in conditions 6(a) and 6(b) above, <I>provided
                                            </I>that, with respect to such other offering<FONT STYLE="color: #3A3A3A">:</FONT></FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            </TABLE>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Fund&rsquo;s annualized distribution rate for the six months ending on the last day of the month
ended immediately prior to the most recent distribution record date</FONT><FONT STYLE="font-size: 8pt; color: red"><STRIKE><SUP>7</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">8</FONT></SUP><FONT STYLE="font-size: 10pt">,
expressed as a percentage of NAV as of such date, is no more than <FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">one
</FONT>percentage point greater than the Fund&rsquo;s average annual total return for the 5-year period ending on such date;<FONT STYLE="color: red"><STRIKE><SUP>8</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double; color: blue">9
</FONT></SUP>and</FONT></P>

<P STYLE="margin-top: 0pt; font: 11pt/104% Times New Roman, Times, Serif; margin-bottom: 6pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the transmittal letter accompanying any registration statement filed with the Commission in connection
with such offering discloses that the Fund has received an order under Section 19(b) to permit it to make periodic distributions of <FONT STYLE="color: red"><STRIKE>long-term</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">long-
term</FONT> capital gains with respect to its <FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">common
</FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>as frequently as twelve times each year, and as frequently
as distributions are specified by or determined in accordance with the terms of any outstanding shares of preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as the Fund may issue<FONT STYLE="color: #3A3A3A">.</FONT></FONT></P>


<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify">&nbsp;____________________</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: Red"><STRIKE><SUP>7</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">8</FONT></SUP> If the Fund has been in operation fewer than six months, the measured period
will begin immediately following the Fund&rsquo;s first public offering.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3pt; text-align: justify"><FONT STYLE="color: Red"><STRIKE><SUP>8</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double; color: blue">9
</FONT></SUP> If the Fund has been in operation fewer than five years, the measured period will begin immediately following the Fund&rsquo;s
first public offering.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Amendments to Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The requested Order
will expire on the effective date of any amendment to Rule 19b-1 that provides relief permitting certain closed-end investment companies
to make periodic distributions of long-term capital gains with respect to their outstanding common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as frequently as twelve times each year.</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.4pt">VII.</TD><TD>APPLICABLE <FONT STYLE="letter-spacing: -0.1pt">PRECEDENT</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 0; text-align: justify; text-indent: 0.5in">The Commission
has recently granted substantially the same relief as that sought herein in <FONT STYLE="text-decoration: underline double; color: blue"><I>High
Income Securities Fund, et al., </I>Investment Company Act Release Nos. 34373 (September 9, 2021) (notice) and 34395 (October 5, 2021)
(order); <I>First Eagle Global Opportunities Fund and First Eagle Investment Management, LLC</I>, Investment Company Act Release Nos.
34397 (October 12, 2021) (notice) and 34416 (November 9, 2021) (order); <I>Mainstay CBRE Global Infrastructure Megatrends Fund, et al.</I>,
Investment Company Act Release Nos. 34372 (September 3, 2021) (notice) and 34390 (September 29, 2021) (order); </FONT><I>DoubleLine Opportunistic
Credit, et al., </I>Investment Company Act Release Nos<FONT STYLE="color: #3A3A3A">. </FONT>34328 (July 13, 2021) (notice) and 34353 (August
9, 2021) (order); <I>Vertical Capital Income Fund and Oakline Advisors, LLC, </I>Investment Company Act Release Nos<FONT STYLE="color: #3A3A3A">.
</FONT>33505 (June 12, 2019) (notice) and 33548 (July 9, 2019) (order); <I>Putnam Managed Municipal Income Trust, et al., </I>Investment
Company Act Release Nos. 33449 (April 17, 2019) (notice) and 33474 (May 14, 2019) (order); <I>Macquarie Global Infrastructure Total Return
Fund Inc., et al., </I>Investment Company Act Release Nos. 33389 (March 5, 2019) (notice) and 33436 (April 2, 2019) (order); <I>Special
Opportunities Fund, Inc. and <FONT STYLE="letter-spacing: -0.1pt">Bulldog</FONT> Investors, LLC, Investment Company Act Release Nos. 33367
(February 4, 2019) and 33386 (March 4, 2019); Vivaldi Opportunities Fund and Vivaldi Asset Management, LLC, </I>Investment Company Act
Release Nos. 33147 (July 3, 2018)(notice) and 33185 (July 31, 2018) (order); <I>The Swiss Helvetia Fund, Inc., et al., </I>Investment
Company Act Release Nos<FONT STYLE="color: #3A3A3A">. </FONT>33075 (April 23, 2018)(notice) and 33099 (May 21, 2018)(order); <I>The Mexico
Equity&amp; Income Fund, Inc. and Pichardo Asset Management, S.A. de </I>C.<I>V., </I>Investment Company Act Release Nos. 32640 (May 18,
2017)(notice) and 32676 (June 13, 2017)(order); <I>RiverNorth DoubleLine Strategic Opportunity Fund, Inc. and RiverNorth Capital Management
LLC,</I> Investment Company Act Release Nos. 32635 (May 12, 2017)(notice) and 32673 (June 7, 2017)(order); <I>Brookfield Global Listed
Infrastructure Income Fund Inc., et al., </I>Investment Company Act Release Nos. 31802 (September 1, 2015) (notice) and 31855 (September
30, 2015)(order); and <I>Ares Dynamic Credit Allocation Fund, Inc., et al., Investment Company Act Release Nos. 31665 (June 9, 2015) (notice)
and 31708 (July </I>7, <I>2015)(order).</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.45pt">VIII.</TD><TD>PROCEDURAL <FONT STYLE="letter-spacing: -0.1pt">MATTERS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in">All of the
requirements for execution and filing of this Application on behalf of the Applicants have been complied with in accordance with the applicable
organizational documents of the Applicants, and the undersigned officers of the Applicants are fully authorized to execute this Application.
The resolutions of the Board of Trustees of the Fund, authorizing the filing of this Application, required by Rule 0-2(c) under the 1940
Act, are included as Exhibit A to this Application<FONT STYLE="color: #313131">. </FONT>The verifications required by Rule 0-2(d) under
the 1940 Act are included as Exhibit B to this Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in">Pursuant to
Rule 0-2(f) under the 1940 Act, Applicants state that their address is <FONT STYLE="color: red"><STRIKE>1345</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405
Lexington</FONT> Avenue <FONT STYLE="color: red"><STRIKE>of the Americas</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
58th Floor</FONT>, New York, <FONT STYLE="color: red"><STRIKE>New York 10105</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">NY
10174</FONT> and that all written communications regarding this Application should be directed to the individuals and addresses indicated
on the cover page of this Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Applicants
desire that the Commission issue the requested Order pursuant to Rule 0-5 under the 1940 Act without conducting <FONT STYLE="letter-spacing: -0.5pt">a
</FONT><FONT STYLE="letter-spacing: -0.1pt">hearing.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: auto"><FONT STYLE="color: Black">&nbsp;IX.</FONT></TD>
  <TD STYLE="width: 87%">CONCLUSION&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 12pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 0; text-align: justify; text-indent: 0.5in">For the foregoing
reasons, Applicants respectfully request that the Commission issue an order under Section 6(c) of the 1940 Act exempting the Funds from
the provisions of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit each Fund to make distributions on its common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
consisting in whole or in part of capital gain dividends as frequently as twelve times in any one taxable year so long as it complies
with the conditions of the Order and maintains in effect a Distribution Policy with respect to its common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as described in this Application. In addition, Applicants request that the Order permit each Fund to make distributions on its preferred
<FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT> (if any)
that it has issued or may issue in the future consisting in whole or in part of capital gain dividends as frequently as specified by or
determined in accordance with the terms thereof. Applicants submit that the requested exemption is necessary or appropriate in the public
interest, consistent with the protection of investors and consistent with the purposes fairly intended by the policy and provisions of
the 1940 Act.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double">&nbsp;&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="color: red"><STRIKE>September 10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May 29</FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><FONT STYLE="color: red"><STRIKE>First Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
    Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ </U><FONT STYLE="color: red"><U><STRIKE>David P. O'Connor</STRIKE></U></FONT><FONT STYLE="text-decoration: underline double; color: blue">Pierre
    Weinstein</FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: <FONT STYLE="color: red"><STRIKE>David P. O'Connor</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Pierre
    Weinstein</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in">Title: <FONT STYLE="color: red"><STRIKE>President</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Chief
    Executive Officer and Chairman of the Board of Trustees</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="color: red"><STRIKE>September 10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May 29</FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in"><FONT STYLE="color: red"><STRIKE>First Eagle Investment</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
    Capital</FONT> Management, <FONT STYLE="color: red"><STRIKE>LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">L.P.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ </U><FONT STYLE="color: red"><U><STRIKE>David P. O'Connor</STRIKE></U></FONT><FONT STYLE="text-decoration: underline double; color: blue">Michael
    D&rsquo; Angelo</FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: <FONT STYLE="color: red"><STRIKE>David P. O'Connor</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Michael
    D&rsquo;Angelo</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: General Counsel</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.45pt 109.35pt 0 111.55pt; text-align: center">EXHIBITS TO <FONT STYLE="letter-spacing: -0.1pt">APPLICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0 9.2pt; text-align: justify">The following materials are made a part
of the Application and are attached <FONT STYLE="letter-spacing: -0.1pt">hereto:</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DESIGNATION</FONT></TD>
    <TD STYLE="width: 65%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DOCUMENT</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: lavender">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Resolutions of the Board of Trustees of <FONT STYLE="color: red"><STRIKE>First Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Verifications</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Marked copy of the Applicants&rsquo; application
    showing changes from the application of <FONT STYLE="color: red"><STRIKE>DoubleLine</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">First
    Eagle Global</FONT> Opportuni<FONT STYLE="color: red"><STRIKE>stic</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">ties</FONT>
    <FONT STYLE="color: red"><STRIKE>Credit</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Fund</FONT>, et al.
    (File No. 812-152<FONT STYLE="color: red"><STRIKE>4</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">6</FONT>0),
    an application identified by the Applicants as substantially identical under Rule 0-5(e)(3).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Marked copy of the Applicants&rsquo; application showing
    changes from the application of <FONT STYLE="color: red"><STRIKE>Vertical Capital Income Fund and Oakline Advisors, LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">DoubleLine
    Opportunistic Credit, et al.</FONT> (File No. 812-15<FONT STYLE="color: red"><STRIKE>000</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">240</FONT>),
    an application identified by the Applicants as substantially identical under Rule 0-5(e)(3)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 172.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.55pt; text-align: center">EXHIBIT <FONT STYLE="letter-spacing: -0.5pt">A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center">Resolutions of the Board
of Trustees of <FONT STYLE="color: red"><STRIKE>First Eagle Global </STRIKE></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center"><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Income &amp; </FONT>Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-bottom: 12pt">Exemptive <FONT STYLE="letter-spacing: -0.1pt">Application</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that the officers of <FONT STYLE="color: red"><STRIKE>First Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II </FONT>(the &ldquo;Fund&rdquo;)
be, and each hereby is, authorized to prepare, execute and submit, on behalf of the Fund, an exemptive application to the Securities
and Exchange Commission for an order pursuant to Section 6(c) of the Investment Company Act of 1940, as amended (the &ldquo;Act&rdquo;),
for an exemption from Section 19(b) of the Act and Rule 19b-1 under the Act to permit the Fund to make periodic capital gain dividends
(as defined in Section 852(b)(3)(C) of the Internal Revenue Code of 1986, as amended) that include long-term capital gains as frequently
as twelve times in any one taxable year in respect of its common shares of beneficial interest and as often as specified by, or determined
in accordance with the terms of, any preferred shares of beneficial interest issued by the Fund; and be it further&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that the appropriate officers of the Fund be, and each hereby is, empowered and directed to prepare, execute and file such documents,
including any amendments thereof, and to take such other actions as he or she may deem necessary, appropriate or convenient to carry
out the intent and purpose of the foregoing resolution, such determination to be conclusively evidenced by the doing of such acts and
the preparation, execution, and filing of such documents.&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-bottom: 12pt">General <FONT STYLE="letter-spacing: -0.1pt">Authorization</FONT><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in"><B>RESOLVED</B>,
that all actions taken by the appropriate officers of the Fund in furtherance of the actions authorized by the foregoing resolutions hereby
are expressly ratified, adopted and approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 12pt; color: red">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.2pt; text-align: center; color: #030303"><B>EXHIBIT
<FONT STYLE="letter-spacing: -0.5pt">B</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 59.1pt 0 61.3pt; text-align: center">Verifications of <FONT STYLE="color: red"><STRIKE>First
Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital Income &amp;</FONT> Opportunities
Fund <FONT STYLE="text-decoration: underline double; color: blue">II</FONT> and <FONT STYLE="color: red"><STRIKE>First Eagle Investment</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital</FONT> Management, <FONT STYLE="color: red"><STRIKE>LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">L.P.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in">The undersigned
states that he has duly executed the attached <FONT STYLE="text-decoration: underline double; color: blue">amended and restated </FONT>application
dated <FONT STYLE="color: red"><STRIKE>September 10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May 29</FONT>,
202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT> for and on
behalf of <FONT STYLE="color: red"><STRIKE>First Eagle Global</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II </FONT>in his capacity
as <FONT STYLE="color: red"><STRIKE>President</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Chief
Executive Officer and Chairman of the Board of Trustees</FONT> of such entity and that all actions by the holders and other bodies necessary
to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar with
such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and
belief.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>By:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><U><STRIKE>/s/
    David P. O'Connor</STRIKE></U></FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>Name:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><STRIKE>David
    P. O'Connor</STRIKE></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="color: red"><STRIKE>Title:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><STRIKE>President</STRIKE></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin: 0 422.2pt 0 7.7pt">__________________________________</P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">By:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">/s/
Pierre Weinstein</FONT></P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Name:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">Pierre
Weinstein</FONT></P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Title:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Chief
Executive Officer and Chairman of the Board of Trustees</FONT></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: justify; text-indent: 0.5in">The undersigned
states that he has duly executed the attached <FONT STYLE="text-decoration: underline double; color: blue">amended and restated </FONT>application
dated <FONT STYLE="color: red"><STRIKE>September 10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May 29</FONT>,
202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT> for and on
behalf of <FONT STYLE="color: red"><STRIKE>First Eagle Investment</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital</FONT> Management, <FONT STYLE="color: red"><STRIKE>LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">L.P.</FONT>
in his capacity as General Counsel of such entity and that all actions by the holders and other bodies necessary to authorize the undersigned
to execute and file such instrument have been taken<FONT STYLE="color: #4F4F4F">. </FONT>The undersigned further states that he is familiar
with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information
and belief.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>By:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><U><STRIKE>/s/
    David P. O'Connor</STRIKE></U></FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>Name:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><STRIKE>David
    P. O'Connor</STRIKE></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="color: red"><STRIKE>Title:</STRIKE></FONT>&#9;<FONT STYLE="color: red"><STRIKE>General
    Counsel </STRIKE></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 422.2pt 0 7.7pt">__________________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">By:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">/s/
Michael D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Name:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">Michael
D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Title:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">General
Counsel</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.6pt 109.35pt 0 111.55pt; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.55pt; text-align: center">EXHIBIT <FONT STYLE="letter-spacing: -0.5pt">C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt">Marked copies of the Application showing changes
from the final versions of the two applications identified as substantially identical under Rule 0-5(e)(3).&nbsp;</P>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></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: 0.45pt 0 0; color: blue"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.05pt; text-align: right">EXPEDITED REVIEW REQUESTED UNDER
17 CFR 270.0-<FONT STYLE="letter-spacing: -0.2pt">5(d)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">UNITED STATES
OF AMERICA <FONT STYLE="color: red"><STRIKE><BR>
</STRIKE></FONT>BEFORE THE</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">SECURITIES AND
EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: center; text-indent: -0.05pt">WASHINGTON, D.C.
20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; color: red"><STRIKE>IN THE MATTER OF:</STRIKE></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: blue"><FONT STYLE="text-decoration: underline double">IN
    THE MATTER OF:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><STRIKE>DOUBLELINE OPPORTUNISTIC CREDIT FUND; </STRIKE></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><STRIKE>DOUBLELINE INCOME SOLUTIONS FUND; </STRIKE></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><STRIKE>DOUBLELINE YIELD OPPORTUNITIES FUND; </STRIKE></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>DOUBLELINE SHILLER CAPE&reg; ENHANCED
    INCOME FUND; DOUBLELINE CAPITAL LP; AND DOUBLELINE ALTERNATIVES LP</STRIKE></FONT><FONT STYLE="text-decoration: underline double; text-transform: uppercase; color: blue">Saba
    Capital Income &amp; Opportunities Fund ii</FONT> <FONT STYLE="text-decoration: underline double; color: blue">AND SABA CAPITAL MANAGEMENT,
    L.P.</FONT></P></TD>
    <TD STYLE="width: 4%; background-color: #FF99CC; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 6.9pt 0 9.2pt; text-align: justify"><FONT STYLE="text-decoration: underline double; color: blue">AMENDED
    AND RESTATED </FONT>APPLICATION PURSUANT TO SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &ldquo;ACT&rdquo;) FOR
    AN ORDER GRANTING EXEMPTIONS FROM SECTION 19(b) OF THE ACT AND RULE 19b-1 THEREUNDER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; margin-left: 7.7pt">Investment Company Act of 1940</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0; margin-left: 7.7pt">File No. 812-<FONT STYLE="text-decoration: underline double; color: blue">[
]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center"><B>PLEASE SEND ALL COMMUNICATIONS
AND ORDERS <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Michael
S. Didiuk</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Schulte
Roth &amp; Zabel LLP </FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">919
Third Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">New
York, NY <FONT STYLE="letter-spacing: -0.1pt">10022</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 199.25pt; color: blue"><FONT STYLE="text-decoration: underline double">(212)
756-2405, <FONT STYLE="letter-spacing: -0.05pt">Michael.didiuk@srz.com</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: center; color: red"><STRIKE>Jeremy C. Smith<BR>
Ropes &amp; Gray LLP<BR>
1211 Avenue of the Americas<BR>
New York, New York 10036</STRIKE></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; text-align: center">WITH A COPY <FONT STYLE="letter-spacing: -0.25pt">TO:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><STRIKE>Ronald R. Redell</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 109.35pt 0 111.55pt; color: blue; text-align: center"><FONT STYLE="font-weight: normal; text-decoration: underline double">Michael
D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.5pt 192.75pt 0 195.1pt; text-align: center"><FONT STYLE="color: red"><STRIKE>c/o
DoubleLine</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT> Capital <FONT STYLE="color: red"><STRIKE>LP</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Management,
L.P.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center"><FONT STYLE="color: red"><STRIKE>333
South Grand</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405 Lexington</FONT> Avenue, <FONT STYLE="color: red"><STRIKE>Suite
1800<BR>
Los Angeles, California 90071</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">58<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">New
York, NY 10174</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: center; color: red"><STRIKE>Jeffrey J. Sherman</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><STRIKE>c/o DoubleLine Alternatives LP<BR>
333 South Grand Avenue, Suite 1800</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: red"><STRIKE>Los Angeles, California
90071</STRIKE></P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">This <FONT STYLE="text-decoration: underline double; color: blue">Amended
and Restated</FONT> Application (including Exhibits) consists of <FONT STYLE="color: red"><STRIKE>62</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.3pt">51</FONT>
pages</P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0 161.1pt 0 163.45pt; text-align: center">The Exhibit Index is on page
14<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT></P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">As
filed with the U.S. Securities and Exchange Commission on May 29, 2024 </FONT></P>

<P STYLE="font: 10pt/208% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 41.85pt">I.</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">INTRODUCTION</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>DoubleLine
Opportunistic Credit Fund (&ldquo;<I>DBL</I>&rdquo;), DoubleLine Income Solutions Fund (&ldquo;<I>DSL</I>&rdquo;), DoubleLine Yield</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="color: red"><STRIKE>(&ldquo;<I>DLY</I>&rdquo;), DoubleLine Shiller CAPE&reg;
Enhanced Income Fund (&ldquo;<I>DSC</I>&rdquo;), DoubleLine Capital LP (&ldquo;<I>DoubleLine Capital</I>&rdquo;), and DoubleLine Alternatives
LP (&ldquo;<I>DoubleLine Alternatives</I></STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">II (the <I>&ldquo;Fund&rdquo;)
</I>and Saba Capital Management, L.P. <I>(&ldquo;Saba</I></FONT><I>&rdquo; </I>and together with <FONT STYLE="color: red"><STRIKE>DoubleLine
Capital, &ldquo;DoubleLine&rdquo; and together with each of the aforementioned</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the
Fund</FONT> (the <I>&ldquo;Applicants&rdquo;</I>) hereby submit this <FONT STYLE="text-decoration: underline double; color: blue">amended
and restated </FONT>application for an order (the <I>&ldquo;Order</I>&rdquo;) of the Securities and Exchange Commission (the <I>&ldquo;Commission</I>&rdquo;)
pursuant to Section 6(c) of the Investment Company Act of 1940, as amended (the <I>&ldquo;1940 Act&rdquo;</I>)<I>, </I>providing <FONT STYLE="color: red"><STRIKE>DBL,
DSL, DLY, DSC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the Fund</FONT>, and each other closed-end
management investment company registered under the 1940 Act advised or to be advised in the future by <FONT STYLE="color: red"><STRIKE>DoubleLine</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>,
or by an entity controlling, controlled by or under common control (within the meaning of Section <FONT STYLE="letter-spacing: -0.2pt">2(a)</FONT>(9)
of the 1940 Act) with <FONT STYLE="color: red"><STRIKE>DoubleLine Capital or DoubleLine Alternatives</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
</FONT>(including any successor in interest<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1</SUP></FONT>)
(each such entity, including <FONT STYLE="color: red"><STRIKE>DoubleLine Capital and DoubleLine Alternatives, an</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba,
the</FONT> <I>&ldquo;Adviser&rdquo;) </I>that in the future seeks to rely on the Order (such investment companies, together with <FONT STYLE="color: red"><STRIKE>DBL,
DSL, DLY, and DSC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the Fund</FONT>, are collectively referred
to herein as the <I>&ldquo;Funds&rdquo; </I>and each separately as a <I>&ldquo;<FONT STYLE="text-decoration: underline double; color: blue">Future
</FONT>Fund&rdquo;</I>)<I>, </I>an exemption from the provisions of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder, as more
fully set forth below (the <I>&ldquo;Application&rdquo;</I>).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP></FONT><FONT STYLE="text-decoration: underline double; color: blue">The Fund and the Future Funds are hereinafter collectively
referred to as the &ldquo;Funds&rdquo; and separately as a &ldquo;Fund.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify; text-indent: 0in">II.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE <FONT STYLE="letter-spacing: -0.1pt">APPLICANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>DBL
is organized as a Massachusetts business trust, which is registered under the 1940 Act as a diversified, closed-end management investment
company, and commenced operations on January 27, 2012. Shares of common stock of DBL are currently listed and traded on the New York Stock
Exchange, a national securities exchange as defined in Section 2(a)(26) of the 1940 Act, under the symbol &ldquo;DBL.&rdquo; As of March
31, 2021, DBL has total net assets of $291,591,508. DBL&rsquo;s investment objective is to seek high total investment return by providing
a high level of current income and the potential for capital appreciation. DBL intends to achieve its objective by investing in a portfolio
of investments selected for their potential to provide high current income, growth of capital, or both. DBL has not issued any preferred
shares.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; color: red"><STRIKE>DSL is organized as a Massachusetts business
trust, which is registered under the 1940 Act as a diversified, closed-end management investment company, and commenced operations on
April 26, 2013. Shares of common stock of DSL are currently listed and traded on the New York Stock Exchange under the symbol &ldquo;DSL.&rdquo;
As of March 31, 2021, DSL has total net assets of $1,860,231,504. DSL&rsquo;s investment objective is to seek high current income; its
secondary objective is to seek capital appreciation. It pursues these objectives by investing in a portfolio of investments selected for
their potential to provide high current income, growth of capital, or both. DSL has not issued any preferred shares.</STRIKE></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 12pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">The
Fund (formerly, Templeton Global Income Fund) is organized as a Delaware statutory trust, which is registered under the 1940 Act as a
non-diversified, closed-end management investment company and commenced operations on January 28, 1988. Effective January 1, 2024, the
Fund changed its name to Saba Capital Income &amp; Opportunities Fund II. The Fund&rsquo;s common shares are listed on the New York Stock
Exchange (&ldquo;<I>NYSE</I>&rdquo;), a national securities exchange as defined in Section 2(a)(26) of the 1940 Act. <FONT STYLE="background-color: white">Although
the Fund does not currently intend to issue preferred shares, the board of trustees of the Fund may authorize the issuance of preferred
shares in the future.</FONT></FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 12pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">The
Fund&rsquo;s investment objective is to provide investors with high current income, with a secondary goal of capital appreciation. The
Fund seeks to achieve its investment objective by investing globally in debt and equity securities of public and private companies, which
includes, among other things, investments in closed-end funds, special purpose acquisition companies, reinsurance, public and private
debt instruments. The Fund may also utilize derivatives, including but not limited to total return swaps, credit default swaps, options
(including but not limited to index options) and futures, in seeking to enhance returns and/or to reduce portfolio risk. In addition,
on an opportunistic basis, the Fund may also invest up to 15% of its total assets in private funds that focus on debt, equity or other
investments consistent with the Fund&rsquo;s investment objective.</FONT></P>

<P STYLE="margin-right: 5.4pt; font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 3pt; text-align: justify; color: blue; margin-left: 7.7pt"><FONT STYLE="color: Black">_____________________&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-right: 5.4pt; margin-bottom: 3pt; text-align: justify; color: blue; margin-left: 7.7pt"><FONT STYLE="font-size: 8pt; color: Black"><SUP>1
</SUP></FONT><FONT STYLE="color: Black">&nbsp;For the purposes of the requested order, &ldquo;successor&rdquo; is limited to an entity
that results from a reorganization into another jurisdiction or a change in the type of business organization.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-right: 5.4pt; margin-bottom: 3pt; text-align: justify; color: blue; margin-left: 7.7pt"><FONT STYLE="font-size: 8pt; color: Black"><SUP>2
</SUP></FONT><FONT STYLE="color: Black">&nbsp;The only registered closed-end investment compan</FONT><FONT STYLE="color: red"><STRIKE>ies</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">y
</FONT><FONT STYLE="color: Black">that currently intend</FONT><FONT STYLE="text-decoration: underline double; color: blue">s</FONT> <FONT STYLE="color: Black">to
rely on the Order </FONT><FONT STYLE="color: red"><STRIKE>have</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">has
</FONT><FONT STYLE="color: Black">been named as </FONT><FONT STYLE="text-decoration: underline double; color: blue">an </FONT><FONT STYLE="color: Black">Applicant</FONT><FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT><FONT STYLE="color: Black">.
Any Fund that may rely on the Order in the future will comply with the terms and conditions of the Application.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin-bottom: 3pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double"></FONT></P>

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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 12pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>DLY
is organized as a Massachusetts business trust, which is registered under the 1940 Act as a non-diversified, limited term closed-end management
investment company, and commenced operations on February 26, 2020. Shares of common stock of DLY are currently listed and traded on the
New York Stock Exchange under the symbol &ldquo;DLY.&rdquo; As of March 31, 2021, DLY has total net assets of $975,205,534. DLY&rsquo;s
investment objective is to seek a high level of total return, with an emphasis on current income. DLY intends to achieve its objective
by investing in a portfolio of investments selected for its potential to provide a high level of total return, with an emphasis on current
income. DLY has not issued any preferred shares.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>DSC
is organized as a Massachusetts business trust, which is registered under the 1940 Act as a non-diversified, limited term closed-end management
investment company, and has no operating history. DSC anticipates that its common shares will be listed on the New York Stock Exchange,
subject to notice of issuance. DSC&rsquo;s investment objective is to seek total return and income through a combination of current income,
current gains and long-term capital appreciation. DSC will typically seek to achieve its investment objective by using a variety of strategies,
including investing a portion of its assets in derivatives, or a combination of derivatives and direct investments, to provide a return
(before fees and expenses) that approximates the return of the Shiller Barclays CAPE&reg; US Sector TR USD Index; by actively allocating
direct investments in debt instruments across the global fixed income universe; and by generating current gains from option premiums earned
by writing (selling) call options on the S&amp;P 500&reg; Index DSC has not issued any preferred shares.</STRIKE></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>DoubleLine
Capital</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba</FONT>, with offices at <FONT STYLE="color: red"><STRIKE>333
South Grand</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405 Lexington</FONT> Avenue, <FONT STYLE="color: red"><STRIKE>Suite
1800, Los Angeles, California 90071</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">58<SUP>th</SUP> Floor,
New York, NY 10174</FONT>, serves as the investment adviser to <FONT STYLE="color: red"><STRIKE>each of </STRIKE></FONT>the Fund<FONT STYLE="color: red"><STRIKE>s
other than DSC and as investment sub-adviser to DSC. DoubleLine Alternatives, also with offices at 333 South Grand Avenue, Suite 1800,
Los Angeles, California 90071, serves as the investment adviser to DSC. Each of DoubleLine Capital and DoubleLine Alternatives</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.
Saba</FONT> is registered <FONT STYLE="text-decoration: underline double; color: blue">with the Commission </FONT>as an investment adviser
under the Investment Advisers Act of 1940, as amended<FONT STYLE="color: #1F1F1F">. </FONT>Subject to the oversight of the board of trustees<FONT STYLE="color: red"><STRIKE>,
DoubleLine</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">of the Fund, Saba</FONT> is responsible for managing<FONT STYLE="color: red"><STRIKE>,
either directly or through others selected by it, </STRIKE></FONT> the investment activities of the Fund<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT>
and the Fund<FONT STYLE="text-decoration: underline double; color: blue">&rsquo;</FONT>s<FONT STYLE="color: red"><STRIKE>&rsquo; </STRIKE></FONT>
business affairs<FONT STYLE="color: #1F1F1F">.</FONT> <FONT STYLE="color: red"><STRIKE>Jeffrey E. Gundlach serves as the Chief Executive
Officer and Chief Investment Officer of DoubleLine Capital. Jeffrey Sherman serves as the President of DoubleLine Alternatives. As of
December 31, 2020, DoubleLine Capital had approximately $135 billion of assets under management and DoubleLine Alternatives had approximately
$613 million of assets under management.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">On
October 15, 2023 shareholders of the Fund voted to approve a new investment management agreement between the Fund and Saba (such new investment
management agreement, the &ldquo;<I>New Management Agreement</I>&rdquo;). The New Management Agreement, which was effective January 1,
2024, replaced the previously effective amended and restated investment management agreement, dated June 1, 2014, as amended on May 13,
2020, between the Fund and Franklin Advisers, Inc. (&ldquo;<I>Franklin</I>&rdquo;), the Fund&rsquo;s previous investment adviser. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>DBL,
DSL, and DLY have each, and DSC will enter into an investment management agreement pursuant to which DoubleLine, in accordance with the
Fund&rsquo;s stated investment objective, policies and limitations, and subject to the supervision of the Fund&rsquo;s Board of Trustees,
provides investment management services for the Fund&rsquo;s portfolio and supervises and oversees the investment and reinvestment of
the Fund&rsquo;s assets. The portfolio of a Fund may be managed by one or more investment sub-advisers (each, a &ldquo;<I>Future Sub-Adviser</I>&rdquo;).
A Future Sub-Adviser may be an affiliate of DoubleLine. Any Future Sub-Adviser will be registered under the Advisers Act.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double">Franklin
and the Fund have previously relied on an exemptive order (IC Rel. No. 30499) granting an exemption from Section 19(b) to allow the Fund
to make periodic distributions of long-term capital gains (&ldquo;<I>Existing Order</I>&rdquo;).&nbsp; As Saba has succeeded in the role
of investment adviser of the Fund, replacing Franklin, the Fund and Saba cannot rely on the Existing Order.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 7.7pt; text-align: justify; color: blue"><FONT STYLE="color: Black">____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 7.7pt; text-align: justify; color: blue"><FONT STYLE="text-decoration: double; color: Blue"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="text-align: right; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue"><SUP>3</SUP></FONT>&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; color: blue">In reliance on the Commission staff no-action
letter issued to Innovator Capital Management, LLC, et al. (pub. avail. October 6, 2017) and oral discussions with the Commission staff,
the Applicants intend to rely on the Existing Order as if the Existing Order extended to the Adviser until the earlier of the receipt
of the Order or 150 days from January 1, 2024, the date of the New Management Agreement between the Fund and the Adviser. During such
time, the Adviser will comply with the terms and conditions in the Existing Order imposed on Franklin as though such terms and conditions
were imposed directly on the Adviser. When and if the Order is granted by the Commission, the Applicants would then rely on the Order,
rather than continuing to rely on the Existing Order.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 7.7pt; text-align: justify; color: blue"><FONT STYLE="text-decoration: double; color: Blue"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.9pt"></TD><TD STYLE="width: 48.25pt">III.</TD><TD>REQUEST FOR EXEMPTIVE <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Section
19(b) of the 1940 Act provides that it shall be unlawful in contravention of such rules, regulations, or orders as the Commission may
prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company
to distribute long-term capital gains, as defined in the Internal Revenue Code of 1986, as amended (the <I>&ldquo;Code&rdquo;</I>)<I>,
</I>more often than once every twelve months. Rule 19b-1 under the 1940 Act provides that no registered investment company which is a
&ldquo;regulated investment company&rdquo; as defined in Section 851 of the Code may make more than (i) one &ldquo;capital gain dividend,&rdquo;
as defined in Section 852(b)(3)(C) of the Code, in any one taxable year of the company, (ii) one additional capital gain distribution
made in whole or in part to avoid payment of excise tax under Section 4982 of the Code plus (iii) one supplemental capital gain dividend
pursuant to Section 855 of the Code <I>(provided </I>that it does not exceed 10% of the total amount distributed for the taxable year)<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
believe that Rule 19b-1 should be interpreted to permit a Fund to pay an unlimited number of distributions on its common and preferred
<FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT> (if any)
so long as it makes the designation necessary under the Code and Rule 19b-1 to characterize those distributions as &ldquo;capital gain
dividends&rdquo; restricted by Rule 19b-1 only as often as is permitted by Rule 19b-1, even if the Code would then require retroactively
spreading the capital gain resulting from that designation over more than the permissible number of distributions. However, to obtain
certainty for a Fund&rsquo;s proposed distribution policies (each, a <I>&ldquo;Distribution Policy&rdquo;</I>)<I>, </I>in the absence
of such an interpretation, Applicants hereby request an order pursuant to Section 6(c) of the 1940 Act granting an exemption from Section
19(b) of the 1940 Act and Rule 19b-1 thereunder<FONT STYLE="color: #1F1F1F">. </FONT>The Order would permit each Fund to make periodic
capital gain dividends (as defined in Section 852(b)(3)(C) of the Code) that include long-term capital gains as frequently as twelve times
in any one taxable year in respect of its shares of beneficial interest (&ldquo;<I>common </I><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue"><I>shares</I></FONT>&rdquo;)
and as often as specified by, or determined in accordance with the terms of, any preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
issued by the Fund<FONT STYLE="color: #1F1F1F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 47.8pt">IV.</TD><TD><FONT STYLE="letter-spacing: -0.1pt">REPRESENTATIONS OF APPLICANTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Prior to
a Fund&rsquo;s implementing a Distribution Policy in reliance on the Order, the board of directors or trustees (the <I>&ldquo;Board&rdquo;</I>)
of each Fund seeking to rely on the Order, including a majority of the directors or trustees who are not interested persons of the Fund,
as defined in Section 2(a)(19) of the 1940 Act (the <I>&ldquo;Independent Board Members&rdquo;</I>), will request, and the Adviser will
provide, such information as is reasonably necessary to make an informed determination of whether the Board should adopt a proposed Distribution
Policy<FONT STYLE="color: #1F1F1F">. </FONT>In particular, the Board and the Independent Board Members will review information regarding
(i) the purpose and terms of the proposed Distribution Policy; (ii) the likely effects of the proposed Distribution Policy on the Fund&rsquo;s
long-term total return (in relation to market price and net asset value per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
(<I>&ldquo;NAV&rdquo;</I>)); (iii) the expected relationship between the Fund&rsquo;s distribution rate on its <FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">common
</FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>under the proposed Distribution Policy and the Fund&rsquo;s
total return (in relation to NAV); (iv) whether the rate of distribution is anticipated to exceed the Fund&rsquo;s expected total return
in relation to its NAV; and (v) any foreseeable material effects of the proposed Distribution Policy on the Fund&rsquo;s long-term total
return (in relation to market price and NAV).</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The Independent
Board Members will also consider what <FONT STYLE="color: #171717">conflicts </FONT>of interest the Adviser and the affiliated persons
of the Adviser and the Fund might have with respect to the adoption or implementation of the proposed Distribution Policy<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Following this
review, the Board, including the Independent Board Members, of each Fund will, before adopting or implementing any proposed Distribution
Policy, make a determination that the proposed Distribution Policy is consistent with the Fund&rsquo;s investment objective(s) and in
the best interests of the holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>.
The Distribution Policy will be consistent with the Fund&rsquo;s policies and procedures and will be described in the Fund&rsquo;s registration
statement.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 9pt; text-align: justify">In addition, prior to implementation
of a Distribution Policy for any Fund pursuant to the Order requested by this Application, the Board of the Fund shall have adopted policies
and procedures (the <FONT STYLE="color: #171717"><I>&ldquo;Section</I></FONT><I> 19 Compliance Policies&rdquo;</I>) pursuant to Rule 38a-1
under the 1940 Act that:</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">are reasonably designed to ensure that all notices required to be sent to the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
pursuant to Section 19(a) of the 1940 Act, Rule 19a-1 thereunder and by condition 4 below (each, a <FONT STYLE="color: #171717"><I>&ldquo;19(a)
</I></FONT><I>Notice&rdquo;</I>) include the disclosure required by Rule 19a-1 and by condition 2(a) below, and that all other written
communications by the Fund or its agents regarding distributions under the Distribution Policy include the disclosure required by condition
3(a) below; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 7.65pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">require the Fund to keep records that demonstrate its compliance with all of the conditions of the
Order and that are necessary for the Fund to form the basis for, or demonstrate the calculation of, the amounts disclosed in its 19(a)
Notices<FONT STYLE="color: #3F3F3F">.</FONT></FONT></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The records
of the actions of the Board of each Fund will summarize the basis for the Board&rsquo;s approval of the Distribution Policy, including
its consideration of the factors described above<FONT STYLE="color: #3F3F3F">. </FONT>These records will be maintained for a period of
at least six years from the date of the applicable meeting, the first two years in an easily accessible place, or for such longer period
as may otherwise be required by law<FONT STYLE="color: #282828">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Generally,
the purpose of a Distribution Policy would be to permit a Fund to distribute periodically, over the course of each year, an amount closely
approximating the total taxable income of the Fund during the year through distributions in relatively equal amounts (plus any required
special distributions) that are composed of payments received from portfolio companies, supplemental amounts generally representing realized
capital gains or, possibly, returns of capital that may represent unrealized capital gains<FONT STYLE="color: #575757">. </FONT>The Fund
seeks to establish a distribution rate that approximates the Fund&rsquo;s projected total return that can reasonably be expected to be
generated by the Fund over an extended period of time, although the distribution rate will not be solely dependent on the amount of income
earned or capital gains realized by the Fund for the year. Under the Distribution Policy of a Fund, the Fund would distribute periodically
(as frequently as twelve times in any taxable year) to its respective common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
a fixed percentage of the market price of the Fund&rsquo;s <FONT STYLE="text-decoration: underline double; color: blue">common </FONT>shares
<FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>at a particular point in time or a fixed percentage of NAV at a particular
time or a fixed amount per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
any of which may be adjusted from time to time. It is anticipated that under a Distribution Policy, the minimum annual distribution rate
with respect to the Fund&rsquo;s <FONT STYLE="text-decoration: underline double; color: blue">common </FONT>shares <FONT STYLE="color: red"><STRIKE>of
common stock </STRIKE></FONT>would be independent of the Fund&rsquo;s performance during any particular period but would be expected to
correlate with the Fund&rsquo;s performance over time<FONT STYLE="color: #3F3F3F">. </FONT>Except for extraordinary distributions and
potential increases or decreases in the final dividend periods in light of the Fund&rsquo;s performance for an entire calendar year and
to enable the Fund to comply with the distribution requirements of Subchapter M of the Code for the calendar year, each distribution on
the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
would be at the stated rate then in effect. The Board will periodically review the amount of potential distributions in light of the investment
experience of the Fund, and may modify or terminate a Distribution Policy at any time<FONT STYLE="color: #3F3F3F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 44.45pt">V.</TD><TD>JUSTIFICATION FOR REQUESTED <FONT STYLE="letter-spacing: -0.1pt">RELIEF</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">Section
6(c) of the 1940 Act provides that the Commission may exempt any person, security or transaction from any provision of the 1940 Act or
of any rule or regulation thereunder, if and to the extent that the exemption is necessary or appropriate in the public interest and consistent
with the protection of investors and the purposes fairly intended by the policy and provisions of the 1940 Act. For the reasons set forth
below, Applicants submit that the requested exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder would be consistent
with the standards set forth in Section 6(c) of the 1940 Act and in the best interests of the Funds and their respective </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 13.3pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303"></FONT></P>

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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 13.3pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>A.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Receipt of the Order would serve <FONT STYLE="color: red"><STRIKE>stockholders</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>
<FONT STYLE="letter-spacing: -0.1pt">interests</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 13.7pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">Applicants
believe that closed-end fund investors may prefer an investment vehicle that provides regular </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">urrent
income through fixed distribution policies that would be available through a Distribution Policy</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Allowing a Distribution Policy to operate in the manner described in this Application would help fill current
investor demand and foster competition in the registered fund <FONT STYLE="letter-spacing: -0.1pt">market.</FONT></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 12.95pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">An
exemption from Rule 19b-1 would benefit </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders
in another way</FONT><FONT STYLE="color: #444444">. </FONT><FONT STYLE="text-decoration: underline double; color: blue">Common </FONT><FONT STYLE="color: #030303">shares
</FONT><FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT><FONT STYLE="color: #030303">of closed-end funds often trade in
the marketplace at a discount to their NAV. Applicants believe that this discount may be reduced if a Fund is permitted to pay relatively
frequent dividends on its </FONT><FONT STYLE="color: #1B1B1B">c</FONT><FONT STYLE="color: #030303">ommon </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
<FONT STYLE="color: #030303">at a consistent rate, whether or not those dividends contain an element of long-term capital gains</FONT><FONT STYLE="color: #1B1B1B">.</FONT>
<FONT STYLE="color: #030303">Any reduction in the discount at which </FONT><FONT STYLE="text-decoration: underline double; color: blue">the
</FONT><FONT STYLE="color: #030303">Fund</FONT><FONT STYLE="text-decoration: underline double; color: blue">&rsquo;s common </FONT><FONT STYLE="color: #030303">shares
</FONT><FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT><FONT STYLE="color: #030303">trade in the market would benefit
the holders of the Fund&rsquo;s common </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
<FONT STYLE="color: #030303">along with the Fund</FONT><FONT STYLE="color: #313131">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>B.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt"><I>The Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
would receive information sufficient to clearly inform them of the nature of the distributions they are <FONT STYLE="letter-spacing: -0.1pt">receiving</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">One of
the concerns leading to the enactment of Section 19(b) and adoption of Rule 19b-1 was that <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
might be unable to distinguish between frequent distributions of capital gains and dividends from investment income.<FONT STYLE="font-size: 8pt; color: red"><STRIKE>3</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">4
</FONT>However<FONT STYLE="color: #1B1B1B">, </FONT>Rule 19a-1 under the 1940 Act effectively addresses this concern by requiring that
distributions (or the confirmation of the reinvestment thereof) estimated to be sourced in part from capital gains or capital be accompanied
by a separate statement showing the sources of the distribution (e<FONT STYLE="color: #1B1B1B">.</FONT>g., estimated net income, net
short-term capital gains<FONT STYLE="color: #1B1B1B">, </FONT>net long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gains and/or
return of capital)<FONT STYLE="color: #444444">. </FONT>The same information will be included in each Fund&rsquo;s annual report to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
and on its Internal Revenue Service (<I>&ldquo;IRS&rdquo;</I>) Form 1099-DIV<FONT STYLE="color: #1B1B1B">, </FONT>which will be sent
to each common and preferred <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder
</FONT>who received distributions during a particular year (including <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
who have sold shares during the year)<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.4pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #030303">In
addition, each of the Funds will make the additional disclosures required by the conditions set forth in Part VI below</FONT><FONT STYLE="color: #1B1B1B">,
</FONT><FONT STYLE="color: #030303">and each of them will adopt compliance policies and procedures in accordance with Rule 38a-1 under
the 1940 Act to ensure that all required notices and disclosures are sent to </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT><FONT STYLE="color: #030303">holders</FONT><FONT STYLE="color: #525252">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.05pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The information
required by Section 19(a), Rule 19a-1, the Distribution Policy, the Section 19 Compliance Policies and the conditions listed below will
help to ensure that each Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
are provided sufficient information to understand that their periodic distributions are not tied to the Fund&rsquo;s net investment income
(which for this purpose is the Fund&rsquo;s taxable income other than from capital gains) and realized capital gains to date, and may
not represent yield or investment return<FONT STYLE="color: #525252">. </FONT>Accordingly, subjecting the Funds to Section 19(b) and Rule
19b-1 would afford <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
no extra protection<FONT STYLE="color: #1B1B1B">. </FONT>In addition, the Funds will undertake to request intermediaries, or their agent(s),
to forward 19(a) Notices to their customers and to reimburse them for the costs of forwarding<FONT STYLE="color: #1B1B1B">. </FONT>Such
forwarding may occur in any manner permitted by statute, rule or order or by the staff of the Commission<FONT STYLE="color: #1B1B1B">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>C.</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt"><I>Under certain circumstances, Rule 19b-1 gives
rise to improper influence on portfolio management decisions, with no offsetting benefit to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Rule 19b-1,
when applied to a Distribution Policy, actually gives rise to one of the concerns that Rule 19b<FONT STYLE="color: #1B1B1B">-1 </FONT>was
intended to avoid: inappropriate influence on portfolio management decisions<FONT STYLE="color: #1B1B1B">. </FONT>Funds that pay long-term
capital gains distributions only once per year in accordance with Rule 19b-1 impose no pressure on management to realize capital gains
at any time when purely investment considerations do not dictate doing so<FONT STYLE="color: #1B1B1B">. </FONT>In the absence of an exemption
from Rule 19b-1, the adoption of a periodic distribution plan imposes pressure on management (i) not to realize any net long-term capital
gains until the point in the year that the fund can pay all of its remaining distributions in accordance with Rule 19b-1 and (ii) not
to realize any long-term capital gains during any particular year in excess of the amount of the aggregate pay<FONT STYLE="color: #1B1B1B">-</FONT>out
for the year (since as a practical matter excess gains must be distributed and accordingly would not be available to satisfy pay-out requirements
in following years), notwithstanding that purely investment considerations might favor realization of long-term gains at different times
or in different amounts<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 3pt 7.9pt; text-align: justify"><FONT STYLE="color: #1B1B1B">____________________</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: Red"><STRIKE><SUP>3</SUP></STRIKE></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; text-decoration: underline double; color: blue">4
</FONT> </SUP>See Securities and Exchange Commission 1966 Report to Congress on Investment Company Growth (H.R. Rep. No. 2337, 89th Cong.
2d Sess. 190-95 (1966)); S. Rep. No. 91-184, 91st Cong., 1st Sess. 29 (1969); H.R. Rep. No. 91-1382, 91st Cong., 2d Sess. 29 (1970).</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1B1B1B"></FONT></P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1B1B1B">&nbsp;</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">No purpose
is served by the distortion in the normal operation of a periodic distribution plan required in order to comply with Rule 19b-1. There
is no benefit in requiring any fund that adopts a periodic distribution plan either to retain (and pay taxes on) long<FONT STYLE="color: #1B1B1B">-</FONT>term
capital gains (with the resulting additional tax return complexities for the fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders)
or to avoid designating its distributions of long<FONT STYLE="color: #1B1B1B">-</FONT>term gains as capital gains dividends for tax purposes
(thereby avoiding a Rule 19b-1 problem but providing distributions taxable at ordinary income rates rather than the much lower long-term
capital gains rates)<FONT STYLE="color: #1B1B1B">. </FONT>The desirability of avoiding these anomalous results creates pressure to limit
the realization of long-term capital gains that otherwise would be taken for purely investment considerations<FONT STYLE="color: #4A4A4A">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The Order
requested by Applicants would minimize these anomalous effects of Rule 19b-1 by enabling the Funds to realize long-term capital gains
as often as investment considerations dictate without fear of violating Rule 19b-1<FONT STYLE="color: #4A4A4A">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>D.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Other concern<FONT STYLE="color: #1B1B1B">s</FONT> leading to adoption of Rule 19b-1 are not <FONT STYLE="letter-spacing: -0.1pt">applicable</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Another
concern that led to the enactment of Section 19(b) of the 1940 Act and adoption of Rule 19b-1 was that frequent capital gains distributions
could facilitate improper fund share sales practices, including, in particular, the practice of urging an investor to purchase shares
of a fund on the basis of an upcoming capital gains dividend (<I>&ldquo;<FONT STYLE="color: #1B1B1B">s</FONT>elling the dividend&rdquo;</I>)<I>,
</I>where the dividend would result in an immediate corresponding reduction in NAV and would be in effect a taxable return of the investor&rsquo;s
capital. Applicants submit that this concern should not apply to closed-end investment companies, such as the Funds, that do not continuously
distribute shares<FONT STYLE="color: #1B1B1B">.</FONT><FONT STYLE="color: red"><STRIKE><SUP>4</SUP></STRIKE></FONT> Furthermore, if the
underlying concern extends to secondary market purchases of shares of closed-end funds that are subject to a large upcoming capital gains
dividend, adoption of a periodic distribution plan may help minimize the concern by avoiding, through periodic distributions, any buildup
of large end-of-the-year distributions<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
also submit that the &ldquo;selling the dividend&rdquo; concern is not applicable to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
which entitles a holder to no more than a specified periodic dividend and, like a debt security, is initially sold at a price based upon
its liquidation preference<FONT STYLE="color: #1B1B1B">, </FONT>credit quality, dividend rate and frequency of payment. Investors buy
preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
for the purpose of receiving specific payments at the frequency bargained for, and any application of Rule 19b-1 to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
would be contrary to the expectation of investors<FONT STYLE="color: #1B1B1B">. </FONT>There is also currently a tax rule that provides
that any loss realized by a <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>
upon sale of shares of a regulated investment company that were held for six months or less will be treated as a long-term capital loss,
to the extent of any long-term capital gains paid on such shares, to avoid the selling of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 10pt"><I>E.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Further limitations of Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Subparagraphs
(a) and (f) of Rule 19b-1 limit the number of capital gains dividends, as defined in Section 852(b)(3)(C) of the Code, that a fund may
make with respect to any one taxable year to one, plus a supplemental distribution made pursuant to Section 855 of the Code not exceeding
10% of the total amount distributed for the year, plus one additional capital gain dividend made in whole or in part to avoid the excise
tax under Section 4982 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Applicants
assert that by limiting the number of capital gain dividends that a Fund may make with respect to any one year, Rule 19b-1 may prevent
the normal and efficient operation of a periodic distribution plan whenever that Fund&rsquo;s realized net long-term capital gains in
any year exceed the total of the periodic distributions that may include such capital gains under the rule. Rule 19b-1 thus may force
the fixed regular periodic distributions to be funded with returns of capital<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5
</SUP></FONT>(to the extent net investment income and realized short term capital gains are insufficient to fund the distribution), even
though realized net long-term capital gains otherwise would be available. To distribute all of a Fund&rsquo;s long-term capital gains
within the limits in Rule 19b-1, a Fund may be required to make total distributions in excess of the annual amount called for by its
periodic distribution plan or to retain and pay taxes on the excess amount. Applicants believe that the application of Rule 19b-1 to
a Fund&rsquo;s periodic distribution plan may create pressure to limit the realization of long-term capital gains based on considerations
unrelated to investment goals<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 3pt 7.9pt; text-align: justify"><FONT STYLE="color: #1B1B1B">____________________</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 3pt 7.9pt; text-align: justify"><FONT STYLE="color: Red"><STRIKE><SUP>4
</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">DBL and DSL have effective registration statements and their common shares
may be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 subject to Condition 6 of Section
VI below.</FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 3pt 7.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><SUP>5
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;These would be returns of capital for financial
accounting purposes and not for tax accounting <FONT STYLE="letter-spacing: -0.1pt">purposes.</FONT></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 3pt 7.9pt; text-align: justify"><FONT STYLE="color: Red"><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1B1B1B"></FONT></P>

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<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1B1B1B">&nbsp;</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 13.7pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">Revenue
Ruling 89-81<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6</SUP></FONT> under the Code requires that
a fund that seeks to qualify as a regulated investment company under the Code and that has both common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>and preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>outstanding designate the types of income, <I>e<FONT STYLE="color: #1B1B1B">.</FONT>g.,</I> investment income and capital gains,
in the same proportion as the total distributions distributed to each class for the tax year. To satisfy the proportionate designation
requirements of Revenue Ruling 89-81, whenever a fund has realized a long<FONT STYLE="color: #1B1B1B">-</FONT>term capital gain with
respect to a given tax year, the fund must designate the required proportionate share of such capital gain to be included in common and
preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
dividends<FONT STYLE="color: #1B1B1B">. </FONT>Although Rule 19b-1 allows a fund some flexibility with respect to the frequency of capital
gains distributions, a fund might use all of the exceptions available under Rule 19b-1 for a tax year and still need to distribute additional
capital gains allocated to the preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares
</FONT>to comply with Revenue Ruling 89-81<FONT STYLE="color: #1B1B1B">.</FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">The potential
abuses addressed by Section 19(b) and Rule 19b-1 do not arise with respect to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
issued by a closed-end fund<FONT STYLE="color: #525252">. </FONT>Such distributions generally are either fixed or are determined in periodic
auctions or remarketings or are periodically reset by reference to short<FONT STYLE="text-decoration: underline double; color: blue">-term</FONT>
<FONT STYLE="color: red"><STRIKE>term </STRIKE></FONT>interest rates rather than by reference to performance of the issuer, and Revenue
Ruling 89-81 determines the proportion of such distributions that are comprised of the long-term capital gains<FONT STYLE="color: #3C3C3C">.
</FONT>The Applicants also submit that the &ldquo;selling the dividend&rdquo; concern is not applicable to preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>,
which entitles a holder to no more than a periodic dividend at a fixed rate or the rate determined by the market, and, like a debt security,
is priced based upon its liquidation value, dividend rate, credit quality, and frequency of payment. Investors buy preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
for the purpose of receiving payments at the frequency bargained for and do not expect the liquidation value of their shares to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.8pt; color: #030303">The proposed Order will assist the Funds in
avoiding these Rule 19b-1 <FONT STYLE="letter-spacing: -0.1pt">problems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

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<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><I>F.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><I>General</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The relief
requested is that the Commission permit the Funds to make periodic distributions in respect of their common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as frequently as twelve times in any one taxable year and in respect of their preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as specified by or determined in accordance with the terms thereof. Granting this relief would provide the Funds with flexibility in meeting
investor interest in receiving more frequent distributions. Implementation of the relief would actually ameliorate the concerns that gave
rise to Section 19(b) and Rule 19b-1 and help avoid the &ldquo;selling of dividends&rdquo; problem, which Section 19(b) and Rule 19b-1
are not effective in preventing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The potential
issues under Rule 19b-1 are not relevant to distributions on preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
.. Not only are such distributions fixed or determined by the market rather than by reference to the performance of the issuer but also
the long-term capital gain component is mandated by the IRS to be the same proportion as the proportion of long-term gain dividends bears
to the total distributions in respect of the common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
and consequently the long-term gain component cannot even be known until the end of the fund&rsquo;s fiscal year. In these circumstances
it would be very difficult for any of the potential abuses reflected in Rule 19b-1&rsquo;s restrictions to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">In summary,
Rule 19b-1, in the circumstances referred to above, is likely to distort the effective and proper functioning of a Fund&rsquo;s Distribution
Policy and gives rise to the very pressures on portfolio management decisions that Rule 19b-1 was intended to avoid. These distortions
forced by Rule 19b-1 serve no purpose and are not in the best interests of <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0in">VI.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>APPLICANTS&rsquo; <FONT STYLE="letter-spacing: -0.1pt">CONDITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Applicants
agree that, with respect to each Fund seeking to rely on the Order, the Order will be subject to each of the following conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Compliance Review and <FONT STYLE="letter-spacing: -0.1pt">Reporting</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s
chief compliance officer will: (a) report to the Fund&rsquo;s Board, no less frequently than once every three months or at the next regularly
scheduled quarterly Board meeting, whether (i) the Fund and its Adviser have complied with the conditions of the Order and (ii) a material
compliance matter (as defined in Rule 38a-1(e)(2) under the 1940 Act) has occurred with respect to such conditions; and (b) review the
adequacy of the policies and procedures adopted by the Board no less frequently than annually<FONT STYLE="color: #2D2D2D">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #2D2D2D">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 3pt 7.7pt; text-align: justify"><FONT STYLE="color: #2D2D2D">____________________</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: #2D2D2D"><SUP>6
</SUP></FONT><FONT STYLE="color: #2D2D2D">1989-1 C.B. <FONT STYLE="letter-spacing: -0.2pt">226.</FONT></FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify"><FONT STYLE="color: #2D2D2D">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #2D2D2D"></FONT></P>

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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #2D2D2D">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Disclosures to Fund <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Share</FONT></I></FONT><I><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">holders</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 6.8pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each 19(a) Notice disseminated to the holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares</FONT>,
in addition to the information required by Section 19(a) and Rule 19a-1:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 45.45pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">will provide, in a tabular or graphical <FONT STYLE="letter-spacing: -0.1pt">format:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0pt 5.35pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the amount of the distribution, on a per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
basis, together with the amounts of such distribution amount, on a per share of common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">shares</FONT>
basis and as a percentage of such distribution amount, from <FONT STYLE="color: #030303">estimated: (A) net investment income; (B) net
realized short-term capital gains; (C) net realized long-term capital gains; and (D) return of capital or other capital source;</FONT></FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; color: #030303">the fiscal year-to-date cumulative amount of distributions, on a per share of common</FONT>
<FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares</FONT>
<FONT STYLE="font-size: 10pt; color: #030303">basis, together with the amounts of such cumulative amount, on a per share of common </FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">shares</FONT>
<FONT STYLE="font-size: 10pt; color: #030303">basis and as a percentage of such cumulative amount of distributions, from estimated: (A)
net investment income; (B) net realized short-term capital gains; (C) net realized long-term capital gains; and (D) return of capital
or other capital source;</FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #030303">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #030303">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; color: #030303">the average annual total return in relation to the change in NAV for the 5-year period
(or, if </FONT><FONT STYLE="font-size: 10pt">the <FONT STYLE="color: #030303">Fund&rsquo;s history of operations is less than five years,
the time period commencing immediately following the Fund&rsquo;s first public offering) ending on the last day of the month ended immediately
prior to the most recent distribution record date compared to the current fiscal period&rsquo;s annualized distribution rate expressed
as a percentage of NAV as of the last day of the month prior to the most recent distribution record date; and</FONT></FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in; color: #030303"><FONT STYLE="font-size: 10pt">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the cumulative total return in relation to the change in NAV from the last completed fiscal year
to the last day of the month prior to the most recent distribution record date compared to the fiscal year-to-date cumulative distribution
rate expressed as a percentage of NAV as of the last day of the month prior to the most recent distribution record date.</FONT></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: 0.5in">Such disclosure shall be made in a type
size at least as large and as prominent as the estimate of the sources of the current distribution; and</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">will include the following <FONT STYLE="letter-spacing: -0.1pt">disclosure:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in; color: #030303"><FONT STYLE="font-size: 10pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">&ldquo;You should not draw any conclusions about the Fund&rsquo;s investment performance from the
amount of this distribution or from the terms of the Fund&rsquo;s Distribution Policy.&rdquo;;</FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.35pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #030303">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #030303">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; color: #030303">&ldquo;The Fund estimates that it has distributed more than its income and net realized
capital gains; therefore, a portion of your distribution may be a return of capital. A</FONT> <FONT STYLE="font-size: 10pt">return <FONT STYLE="color: #030303">of
capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
distribution does not necessarily reflect the Fund&rsquo;s investment performance and should not be confused with </FONT><FONT STYLE="color: #1B1B1B">&lsquo;yield&rsquo;
</FONT><FONT STYLE="color: #030303">or &lsquo;income&rsquo;&rdquo;;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #030303"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 10pt; color: #030303">and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #030303">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #030303">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; color: #030303">&ldquo;The amounts and sources of distributions reported in this 19(a) Notice are
only </FONT><FONT STYLE="font-size: 10pt">estimates <FONT STYLE="color: #030303">and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment experience during
the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the
calendar year that will tell you how to report these distributions for federal income tax purposes.&rdquo;</FONT></FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #030303">&nbsp;</FONT></FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 3pt 7.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #030303">&nbsp;____________________</FONT></FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #030303">&nbsp;</FONT><FONT STYLE="font-size: 8pt; color: #030303"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 10pt; color: #030303">The disclosure in this condition 2(a)(ii)(2) will be included only if the
current distribution or the fiscal year-to-date cumulative distributions are estimated to include a return of capital.</FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #030303">&nbsp;</FONT></FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #030303"></FONT></FONT></P>

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<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #030303">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.65pt 0 7.7pt; text-align: justify; text-indent: 0.5in">Such disclosure
shall be made in a type size at least as large as and as prominent as any other information in the 19(a) Notice and placed on the same
page in close proximity to the amount and the sources of the distribution.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 47.7pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On the inside front cover of each report to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
under Rule 30e-1 under the 1940 Act, the Fund <FONT STYLE="letter-spacing: -0.1pt">will:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">describe the terms of the Distribution Policy
                           (including the fixed amount or fixed percentage of the distributions and the frequency of the distributions);</FONT></TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 48.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">include
                                            the disclosure required by condition 2(a)(ii)(1) <FONT STYLE="letter-spacing: -0.1pt">above;</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">state, if applicable, that the Distribution
                             Policy provides that the Board may amend or terminate the Distribution Policy at any time without prior
                             notice to Fund <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders;
                             and</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">describe any reasonably foreseeable circumstances
                            that might cause the Fund to terminate the Distribution Policy and any reasonably foreseeable consequences
                            of such termination.</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                  </TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 47.7pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
report provided to <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders
of a Fund under Rule 30e-1 under the 1940 Act and each prospectus filed with the Commission on Form N-2 under the 1940 Act, will provide
the Fund&rsquo;s total return in relation to changes in NAV in the financial highlights table and in any discussion about the Fund&rsquo;s
total return.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 3.95pt 28.85pt 0 7.7pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Disclosure to <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Share</FONT>holders,
Prospective <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Share</FONT>holders
and Third <FONT STYLE="letter-spacing: -0.1pt">Parties</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 10.45pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will include the information contained in the relevant 19(a) Notice, including the disclosure
required by condition 2(a)(ii) above, in any written communication (other than a communication on Form 1099) about the Distribution Policy
or distributions under the Distribution Policy by the Fund, or agents that the Fund has authorized to make such communication on the Fund&rsquo;s
behalf, to any Fund <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>,
prospective <FONT STYLE="color: red"><STRIKE>stockholder</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shareholder</FONT>
or third-party information provider;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 4.5pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will issue, contemporaneously with the issuance of any 19(a) Notice, a press release containing
the information in the 19(a) Notice and will file with the Commission the information contained in such 19(a) Notice, including the disclosure
required by condition 2(a)(ii) above, as an exhibit to its next filed Form N-CSR; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund will post prominently a statement on its (or the Adviser&rsquo;s) website containing the
information in each 19(a) Notice, including the disclosure required by condition 2(a)(ii) above, and maintain such information on such
website for at least 24 months<FONT STYLE="color: #363636">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Delivery of 19(a) Notices to Beneficial <FONT STYLE="letter-spacing: -0.1pt">Owners</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt">If a broker, dealer, bank or other person (<I>&ldquo;financial
intermediary&rdquo;</I>) holds common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
issued by the Fund in nominee name, or otherwise, on behalf of a beneficial owner, the Fund:</P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 21.4pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">will request that the financial intermediary, or its agent, forward the 19(a) Notice to all beneficial
owners of the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
held through such financial intermediary;</FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 29pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">will provide, in a timely manner, to the financial intermediary, or its agent, enough copies of the
19(a) Notice assembled in the form and at the place that the financial intermediary, or its agent, reasonably requests to facilitate the
financial intermediary&rsquo;s sending of the 19(a) Notice to each beneficial owner of the Fund&rsquo;s <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>;
and</FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">upon the request of any financial intermediary, or its agent, that receives copies of the 19(a) Notice,
will pay the financial intermediary, or its agent, the reasonable expenses of sending the 19(a) Notice to such beneficial owners<FONT STYLE="color: #414141">.</FONT></FONT></P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #414141"></FONT></FONT></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: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 7.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #414141">&nbsp;</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Additional Board Determinations for Funds Whose Common <FONT STYLE="color: red"><STRIKE>Stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">Shares</FONT>
Trade<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT> at a <FONT STYLE="letter-spacing: -0.1pt">Premium</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.7pt">If <FONT STYLE="color: #1C1C1C; letter-spacing: -0.5pt">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.75pt; text-align: justify; text-indent: 37.25pt"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund<FONT STYLE="color: #1C1C1C">&rsquo;</FONT>s common <FONT STYLE="color: red"><STRIKE>stock
has</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.15pt">shares </FONT></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">have</FONT>
<FONT STYLE="font-size: 10pt">traded on the stock exchange that they primarily trade on at the time in question at an average premium
to NAV equal to or greater than 10%, as determined on the basis of the average of the discount or premium to NAV of the Fund&rsquo;s <FONT STYLE="text-decoration: underline double; color: blue">common
</FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>as of the close of each trading day over a 12-week rolling
period (each such 12-week rolling period ending on the last trading day of each week); and</FONT></P>

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

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 14.6pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Fund&rsquo;s annualized distribution rate for such 12<FONT STYLE="color: #1C1C1C">-</FONT>week
rolling period, expressed as a percentage of NAV as of the ending date of such 12-week rolling period, is greater than the Fund&rsquo;s
average annual total return in relation to the change in NAV over the 2-year period ending on the last day of such 12-week rolling period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 43.9pt"><FONT STYLE="letter-spacing: -0.1pt">then:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">At the earlier of the next regularly scheduled meeting
or within four months of the last day of such 12-week rolling period, the Board, including a majority of its Independent Board Members:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 79.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">will request and evaluate, and the Fund&rsquo;s Adviser
will furnish, such information as may be reasonably necessary to make an informed determination of whether the Distribution Policy should
be continued or continued after amendment;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #030303">will </FONT><FONT STYLE="font-size: 10pt">determine
<FONT STYLE="color: #030303">whether continuation, or continuation after amendment, of the Distribution Policy is consistent with the
Fund&rsquo;s investment objective(s) and policies and is in the best interests of the Fund and its </FONT><FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">share</FONT>holders<FONT STYLE="color: #030303">,
after considering the information in condition 5(b)(i)(1) above; including, without limitation:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 115.7pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #030303"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether
                                            the Distribution Policy is accomplishing its <FONT STYLE="letter-spacing: -0.1pt">purpose(s);</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #030303">the reasonably foreseeable
                                            material effects of the Distribution Policy on the Fund&rsquo;s long-term total return in
                                            relation to the market price and NAV of the Fund&rsquo;s common </FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">shares</FONT><FONT STYLE="font-size: 10pt; color: #030303">;
                                            and</FONT></TD></TR>
                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Fund&rsquo;s current distribution
                                            rate, as described in condition 5(b) above, compared with the Fund&rsquo;s average annual
                                            taxable income or total return over the 2-year period, as described in condition 5(b), or
                                            such longer period as the Board deems appropriate; and</FONT></TD></TR>
                                                                                                                                                                                                                                                                    </TABLE>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.4pt 0 151.7pt; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt"><FONT STYLE="font-size: 10pt; color: #030303">based
                                            upon that determination, will approve or disapprove the continuation, or continuation after
                                            amendment, of the Distribution Policy; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">The Board will record the information considered by
it, including its consideration of the factors listed in condition 5(b)(i)(2) above, and the basis for its approval or disapproval of
the continuation, or continuation after amendment, of the Distribution Policy in its meeting minutes, which must be made and preserved
for a period of not less than six years from the date of such meeting, the first two years in an easily accessible place.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.7pt"></TD><TD STYLE="width: 43.5pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Public <FONT STYLE="letter-spacing: -0.1pt">Offerings</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 43.9pt; text-align: justify">The Fund will not make a public offering
of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">shares</FONT>
other <FONT STYLE="letter-spacing: -0.1pt">than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 46.8pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            rights offering below NAV to holders of the Fund&rsquo;s common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">shares</FONT><FONT STYLE="letter-spacing: -0.1pt">;</FONT></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an offering in connection with a dividend reinvestment
                           plan, merger, <FONT STYLE="color: #1A1A1A">consolidation,</FONT> acquisition, spin off or reorganization of
                           the Fund; or</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an offering other than an offering described
                           in conditions 6(a) and 6(b) above, <I>provided </I>that, with respect to such other offering<FONT STYLE="color: #3A3A3A">:</FONT></FONT></TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                            </TABLE>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 0pt 7.9pt; text-align: justify"></P>

<P STYLE="font: 11pt/102% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Fund&rsquo;s annualized distribution rate for the six months ending on the last day of the month
ended immediately prior to the most recent distribution record date<FONT STYLE="color: red"><STRIKE>,</STRIKE></FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>8</SUP></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">,
</FONT><FONT STYLE="font-size: 10pt">expressed as a percentage of NAV as of such date, is no more than <FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">one
</FONT>percentage point greater than the Fund&rsquo;s average annual total return for the 5-year period ending on such date;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 10pt">and</FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the transmittal letter accompanying any registration statement filed with the Commission in connection
with such offering discloses that the Fund has received an order under Section 19(b) to permit it to make periodic distributions of <FONT STYLE="color: red"><STRIKE>long-term</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">long-
term</FONT> capital gains with respect to its <FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">common
</FONT>shares <FONT STYLE="color: red"><STRIKE>of common stock </STRIKE></FONT>as frequently as twelve times each year, and as frequently
as distributions are specified by or determined in accordance with the terms of any outstanding shares of preferred <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as the Fund may issue<FONT STYLE="color: #3A3A3A">.</FONT></FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 3pt 7.9pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">____________________</FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 3pt 7.9pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><SUP>8
</SUP></FONT><FONT STYLE="font-size: 10pt; color: Black">&nbsp;If the Fund has been in operation fewer than six months, the measured
period will begin immediately following the Fund&rsquo;s first public offering.</FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 3pt 7.9pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 10pt; color: Black">&nbsp;If the Fund has been in operation fewer than five years, the measured
period will begin immediately following the Fund&rsquo;s first public offering.</FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #3A3A3A">&nbsp;</FONT></FONT></P>

<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #3A3A3A"></FONT></FONT></P>

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<P STYLE="font: 11pt/104% Times New Roman, Times, Serif; margin: 0 0 6pt 7.9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #3A3A3A">&nbsp;</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Amendments to Rule 19b-<FONT STYLE="letter-spacing: -0.5pt">1</FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-align: justify; text-indent: 0.5in">The requested Order
will expire on the effective date of any amendment to Rule 19b-1 that provides relief permitting certain closed-end investment companies
to make periodic distributions of long-term capital gains with respect to their outstanding common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as frequently as twelve times each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

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<TD STYLE="width: 7.7pt"></TD><TD STYLE="width: 52.4pt">VII.</TD><TD>APPLICABLE <FONT STYLE="letter-spacing: -0.1pt">PRECEDENT</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The Commission
has recently granted substantially the same relief as that sought herein in <FONT STYLE="text-decoration: underline double; color: blue"><I>High
Income Securities Fund, et al., </I>Investment Company Act Release Nos. 34373 (September 9, 2021) (notice) and 34395 (October 5, 2021)
(order); <I>First Eagle Global Opportunities Fund and First Eagle Investment Management, LLC</I>, Investment Company Act Release Nos.
34397 (October 12, 2021) (notice) and 34416 (November 9, 2021) (order); <I>Mainstay CBRE Global Infrastructure Megatrends Fund, et al.</I>,
Investment Company Act Release Nos. 34372 (September 3, 2021) (notice) and 34390 (September 29, 2021) (order); <I>DoubleLine Opportunistic
Credit, et al., </I>Investment Company Act Release Nos. 34328 (July 13, 2021) (notice) and 34353 (August 9, 2021) (order); </FONT><I>Vertical
Capital Income Fund and Oakline Advisors, LLC, </I>Investment Company Act Release Nos<FONT STYLE="color: #3A3A3A">. </FONT>33505 (June
12, 2019) (notice) and 33548 (July 9, 2019) (order); <I>Putnam Managed Municipal Income Trust, et al., </I>Investment Company Act Release
Nos. 33449 (April 17, 2019) (notice) and 33474 (May 14, 2019) (order); <I>Macquarie Global Infrastructure Total Return Fund Inc., et al.,
</I>Investment Company Act Release Nos. 33389 (March 5, 2019) (notice) and 33436 (April 2, 2019) (order); <I>Special Opportunities Fund,
Inc. and <FONT STYLE="letter-spacing: -0.1pt">Bulldog</FONT> Investors, LLC, Investment Company Act Release Nos. 33367 (February 4, 2019)
and 33386 (March 4, 2019); Vivaldi Opportunities Fund and Vivaldi Asset Management, LLC, </I>Investment Company Act Release Nos. 33147
(July 3, 2018)(notice) and 33185 (July 31, 2018) (order); <I>The Swiss Helvetia Fund, Inc., et al., </I>Investment Company Act Release
Nos<FONT STYLE="color: #3A3A3A">. </FONT>33075 (April 23, 2018)(notice) and 33099 (May 21, 2018)(order); <I>The Mexico Equity&amp; Income
Fund, Inc. and Pichardo Asset Management, S.A. de </I>C.<I>V., </I>Investment Company Act Release Nos. 32640 (May 18, 2017)(notice) and
32676 (June 13, 2017)(order); <I>RiverNorth DoubleLine Strategic Opportunity Fund, Inc. and RiverNorth Capital Management LLC,</I> Investment
Company Act Release Nos. 32635 (May 12, 2017)(notice) and 32673 (June 7, 2017)(order); <I>Brookfield Global Listed Infrastructure Income
Fund Inc., et al., </I>Investment Company Act Release Nos. 31802 (September 1, 2015) (notice) and 31855 (September 30, 2015)(order); and
<I>Ares Dynamic Credit Allocation Fund, Inc., et al., Investment Company Act Release Nos. 31665 (June 9, 2015) (notice) and 31708 (July
</I>7, <I>2015)(order).</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.9pt"></TD><TD STYLE="width: 55.45pt">VIII.</TD><TD>PROCEDURAL <FONT STYLE="letter-spacing: -0.1pt">MATTERS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 7.9pt; text-align: justify; text-indent: 0.5in">All of the
requirements for execution and filing of this Application on behalf of the Applicants have been complied with in accordance with the applicable
organizational documents of the Applicants, and the undersigned officers of the Applicants are fully authorized to execute this Application.
The resolutions of the Board of Trustees of <FONT STYLE="color: red"><STRIKE>DBL, DSL, DLY, and DSC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the
Fund</FONT>, authorizing the filing of this Application, required by Rule 0-2(c) under the 1940 Act, are included as Exhibit A to this
Application<FONT STYLE="color: #313131">. </FONT>The verifications required by Rule 0-2(d) under the 1940 Act are included as Exhibit
B to this Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 6pt 7.7pt; text-align: justify; text-indent: 0.5in">Pursuant to
Rule 0-2(f) under the 1940 Act, Applicants state that their address is <FONT STYLE="color: red"><STRIKE>333 South Grand</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">405
Lexington</FONT> Avenue, <FONT STYLE="color: red"><STRIKE>Suite 1800, Los Angeles, California 90071</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">58th
Floor, New York, NY 10174</FONT> and that all written communications regarding this Application should be directed to the individuals
and addresses indicated on the cover page of this Application<FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.55pt 5.4pt 0 7.5pt; text-align: justify; text-indent: 45pt">Applicants desire that
the Commission issue the requested Order pursuant to Rule 0-5 under the 1940 Act without conducting <FONT STYLE="letter-spacing: -0.5pt">a</FONT>
<FONT STYLE="letter-spacing: -0.1pt">hearing<FONT STYLE="color: #414141">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.55pt 0 0; text-align: justify; text-indent: 45pt"></P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 7.9pt"></TD><TD STYLE="width: 55.45pt">IX.</TD><TD>CONCLUSION</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 7.7pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">For the foregoing
reasons, Applicants respectfully request that the Commission issue an order under Section 6(c) of the 1940 Act exempting the Funds from
the provisions of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit each Fund to make distributions on its common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
consisting in whole or in part of capital gain dividends as frequently as twelve times in any one taxable year so long as it complies
with the conditions of the Order and maintains in effect a Distribution Policy with respect to its common <FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT>
as described in this Application. In addition, Applicants request that the Order permit each Fund to make distributions on its preferred
<FONT STYLE="color: red"><STRIKE>stock</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">shares</FONT> (if any)
that it has issued or may issue in the future consisting in whole or in part of capital gain dividends as frequently as specified by or
determined in accordance with the terms thereof. Applicants submit that the requested exemption is necessary or appropriate in the public
interest, consistent with the protection of investors and consistent with the purposes fairly intended by the policy and provisions of
the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in; color: red"><STRIKE>[Signature
Page Follows]</STRIKE></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="text-decoration: double; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>DoubleLine Opportunistic Credit Fund</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="color: red"><STRIKE>June</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May
    <FONT STYLE="text-decoration: blue">29</FONT></FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT></FONT></TD>
    <TD STYLE="width: 35%; background-color: #FF99CC; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; color: blue"><FONT STYLE="text-decoration: underline double">Saba
    Capital Income &amp; Opportunities Fund II</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-decoration: underline double; color: blue">By: </FONT><U>/s/
    </U><FONT STYLE="color: red"><STRIKE>Ronald R. Redell</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Pierre
    Weinstein</FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-decoration: underline double">Name: Pierre
    Weinstein</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; color: blue"><FONT STYLE="text-decoration: underline double">Title:
    Chief Executive Officer and Chairman of the Board of Trustees</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Dated: May 29, 2024</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; color: blue"><FONT STYLE="text-decoration: underline double">Saba
    Capital Management, L.P.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-decoration: underline double; color: blue">By: /s/ Michael
    D&rsquo; Angelo</FONT><U>&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-decoration: underline double">Name: Michael
    D&rsquo;Angelo</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: red"><STRIKE>DoubleLine Income Solutions Fund</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Title:
    General Counsel</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Dated: June 22, 2021</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>DoubleLine Yield Opportunities Fund</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Dated: June 22, 2021</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>DoubleLine Shiller CAPE&reg; Enhanced Income Fund</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Dated: June 22, 2021</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>DoubleLine Capital LP</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Dated: June 22, 2021</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Henry V. Chase</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Henry V. Chase</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: Authorized Signer</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>DoubleLine Alternatives LP</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Dated: June 22, 2021</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Jeffrey J. Sherman</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Jeffrey J. Sherman</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.45pt 109.35pt 0 111.55pt; text-align: center">EXHIBITS TO <FONT STYLE="letter-spacing: -0.1pt">APPLICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0 9.2pt; text-align: justify">The following materials are made a part
of the Application and are attached <FONT STYLE="letter-spacing: -0.1pt">hereto:</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DESIGNATION</FONT></TD>
    <TD STYLE="width: 65%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DOCUMENT</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: lavender">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Resolutions of the Board of Trustees of <FONT STYLE="color: red"><STRIKE>DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba Capital Income &amp;</FONT> Opportunities Fund<FONT STYLE="color: red"><STRIKE>, and DoubleLine Shiller CAPE&reg; Enhanced Income Fund</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">II</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Verifications</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Marked copy of the Applicants&rsquo; application
    showing changes from the application of <FONT STYLE="color: red"><STRIKE>Vertical Capital Income Fund and Oakline Advisors, LLC</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">First
    Eagle Global Opportunities Fund, et al.</FONT> (File No. 812-15<FONT STYLE="color: red"><STRIKE>000</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">260</FONT>),
    an application identified by the Applicants as substantially identical under Rule 0-5(e)(3).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="text-decoration: underline double">Marked
    copy of the Applicants&rsquo; application showing changes from the application of DoubleLine Opportunistic Credit, et al. (File No. 812-15240),
    an application identified by the Applicants as substantially identical under Rule 0-5(e)(3)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Exhibit D</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Marked copy of the Applicants&rsquo; application showing changes from Putnam Managed Municipal Income Trust, et al (File No. 812-14970), an application identified by the Applicants as substantially identical under Rule 0-5(e)(3).</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3pt 24.25pt 0 172.35pt; text-align: justify">&nbsp;</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: bold 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.55pt; text-align: center">EXHIBIT <FONT STYLE="letter-spacing: -0.5pt">A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; color: red"><B><STRIKE>Votes of the Board of Trustees of DoubleLine
Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund, and DoubleLine Shiller CAPE&reg; Enhanced
Income Fund</STRIKE></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Resolutions
of the Board of Trustees of</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 109.35pt 0 111.55pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Saba
Capital Income &amp; Opportunities Fund II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 4.55pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">Exemptive
<FONT STYLE="letter-spacing: -0.1pt">Application</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>Voted
that:</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue"><B>RESOLVED</B>,</FONT> that the officers <FONT STYLE="color: red"><STRIKE>and
agents of DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">of
Saba Capital Income &amp;</FONT> Opportunities Fund<FONT STYLE="color: red"><STRIKE>, and DoubleLine Shiller CAPE&reg; Enhanced Income
Fund (collectively, </STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">II (</FONT>the &ldquo;Fund<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT>&rdquo;)
be, and <FONT STYLE="color: red"><STRIKE>they are</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each hereby
is</FONT>, authorized <FONT STYLE="color: red"><STRIKE>and directed to file with</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">to
prepare, execute and submit, on behalf of the Fund, an exemptive application to</FONT> the Securities and Exchange Commission <FONT STYLE="color: red"><STRIKE>the
Application </STRIKE></FONT>for an order <FONT STYLE="color: red"><STRIKE>under</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">pursuant
to</FONT> Section 6(c) of the <FONT STYLE="color: red"><STRIKE>1940</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Investment
Company</FONT> Act <FONT STYLE="text-decoration: underline double; color: blue">of 1940, as amended (the &ldquo;Act&rdquo;), </FONT>for
an exemption from Section 19(b) <FONT STYLE="text-decoration: underline double; color: blue">of the Act </FONT>and Rule 19b-1 <FONT STYLE="color: red"><STRIKE>there</STRIKE></FONT>under<FONT STYLE="color: red"><STRIKE>,
in substantially the form presented to the Board of Trustees, and that each of the officers and agents of the Funds, acting alone, is
authorized, empowered, and directed on behalf of the Funds to cause to be prepared, executed and filed with the Securities and Exchange
Commission any and all amendments of and exhibits to the Application, to be in such form as the officers or agents of the Funds shall
approve, such approval to be conclusively evidenced by their filing thereof.</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">the
Act to permit the Fund to make periodic capital gain dividends (as defined in Section 852(b)(3)(C) of the Internal Revenue Code of 1986,
as amended) that include long-term capital gains as frequently as twelve times in any one taxable year in respect of its common shares
of beneficial interest and as often as specified by, or determined in accordance with the terms of, any preferred shares of beneficial
interest issued by the Fund; and be it further</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>Voted
that: That each officer and agent of the Funds, acting with advice of counsel, be, and is, authorized and empowered to make such changes
as may be necessary by reason of any comment on such materials by the Securities and Exchange Commission or for any other reason deemed
appropriate by the officers or agents of the Funds.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: red"><STRIKE>Voted
that: That each</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue"><B>RESOLVED</B>, that the appropriate</FONT>
officer<FONT STYLE="text-decoration: underline double; color: blue">s</FONT> <FONT STYLE="color: red"><STRIKE>and agent </STRIKE></FONT>of
the Fund<FONT STYLE="color: red"><STRIKE>s, acting alone, </STRIKE></FONT> be, and <FONT STYLE="text-decoration: underline double; color: blue">each
hereby </FONT>is<FONT STYLE="color: red"><STRIKE>, authorized</STRIKE></FONT>, empowered and directed to <FONT STYLE="color: red"><STRIKE>take
any and all additional acts and to </STRIKE></FONT>prepare, execute and <FONT STYLE="color: red"><STRIKE>deliver any and all other agreements,
documents, instruments and certificates, as they, or any of them acting alone</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">file
such documents, including any amendments thereof, and to take such other actions as he or she may</FONT> deem<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT>
necessary, appropriate or convenient to carry out the intent and purpose<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT> of the foregoing
resolution<FONT STYLE="color: red"><STRIKE>s</STRIKE></FONT>, such determination to be conclusively evidenced by the <FONT STYLE="color: red"><STRIKE>taking</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">doing</FONT>
of such <FONT STYLE="color: red"><STRIKE>actions</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">acts</FONT>
and the preparation, execution<FONT STYLE="text-decoration: underline double; color: blue">,</FONT> and <FONT STYLE="color: red"><STRIKE>delivery</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">filing</FONT>
of such <FONT STYLE="color: red"><STRIKE>agreements, </STRIKE></FONT>documents<FONT STYLE="color: red"><STRIKE>, instruments and certificates</STRIKE></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">General
<FONT STYLE="letter-spacing: -0.1pt">Authorization</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in; color: blue"><FONT STYLE="text-decoration: underline double"><B>RESOLVED</B>,
that all actions taken by the appropriate officers of the Fund in furtherance of the actions authorized by the foregoing resolutions hereby
are expressly ratified, adopted and approved.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.2pt; text-align: center; color: #030303"><B>EXHIBIT
<FONT STYLE="letter-spacing: -0.5pt">B</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; color: red"><B><STRIKE>Verifications of DoubleLine Opportunistic
Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund, and DoubleLine Shiller CAPE&reg; Enhanced Income Fund,
DoubleLine Capital LP, and DoubleLine Alternatives LP</STRIKE></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 59.1pt 0 61.3pt; text-align: center; color: blue"><FONT STYLE="text-decoration: underline double">Verifications
of Saba Capital Income &amp; Opportunities Fund II and Saba Capital Management, L.P.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; color: red"><STRIKE>The undersigned states that he has duly executed
the attached application dated June 22, 2021 for and on behalf of DoubleLine Opportunistic Credit Fund in his capacity as President of
such entity and that all actions by the holders and other bodies necessary to authorize the undersigned to execute and file such instrument
have been taken. The undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts
therein set forth are true to the best of his knowledge, information and belief.</STRIKE></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>The
undersigned states that he has duly executed the attached application dated June 22, 2021 for and on behalf of DoubleLine Income Solutions
Fund in his capacity as President of such entity and that all actions by the holders and other bodies necessary to authorize the undersigned
to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument, and the
contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</STRIKE></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="text-decoration: double Blue; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The
undersigned states that he has duly executed the attached <FONT STYLE="text-decoration: underline double; color: blue">amended and restated
</FONT>application dated <FONT STYLE="color: red"><STRIKE>June 22</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May
29</FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT>&nbsp;for
and on behalf of <FONT STYLE="color: red"><STRIKE>DoubleLine Yield</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Income &amp;</FONT> Opportunities Fund <FONT STYLE="text-decoration: underline double; color: blue">II </FONT>in his capacity
as <FONT STYLE="color: red"><STRIKE>President</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Chief
Executive Officer and Chairman of the Board of Trustees</FONT> of such entity and that all actions by the holders and other bodies necessary
to authorize the undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar
with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information
and belief.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: red"><STRIKE>The undersigned
states that he has duly executed the attached application dated June 22, 2021 for and on behalf of DoubleLine Shiller CAPE&reg; Enhanced
Income Fund in his capacity as President of such entity and that all actions by the holders and other bodies necessary to authorize the
undersigned to execute and file such instrument have been taken. The undersigned further states that he is familiar with such instrument,
and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</STRIKE></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Ronald R. Redell</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; color: red"><STRIKE>The undersigned states that he has duly executed
the attached application dated June 22, 2021 for and on behalf of DoubleLine Capital LP in his capacity as Authorized Signer of such entity
and that all actions by the holders and other bodies necessary to authorize the undersigned to execute and file such instrument have been
taken. The undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set
forth are true to the best of his knowledge, information and belief.</STRIKE></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Henry V. Chase</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Henry V. Chase</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: Authorized Signer</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin: 0 422.2pt 0 7.7pt">________________________________</P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">By:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">/s/
Pierre Weinstein</FONT></P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Name:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">Pierre
Weinstein</FONT></P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Title:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Chief
Executive Officer and Chairman of the Board of Trustees</FONT></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 7.75pt 5.4pt 0 7.7pt; text-align: justify; text-indent: 0.5in">The undersigned
states that he has duly executed the attached <FONT STYLE="text-decoration: underline double; color: blue">amended and restated </FONT>application
dated <FONT STYLE="color: red"><STRIKE>June 22</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">May
29</FONT>, 202<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4</FONT> for and on
behalf of <FONT STYLE="color: red"><STRIKE>DoubleLine Alternatives LP</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Saba
Capital Management, L.P.</FONT> in his capacity as <FONT STYLE="color: red"><STRIKE>President</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">General
Counsel</FONT> of such entity and that all actions by the holders and other bodies necessary to authorize the undersigned to execute
and file such instrument have been taken<FONT STYLE="color: #4F4F4F">. </FONT>The undersigned further states that he is familiar with
such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and
belief.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>By:</STRIKE></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Jeffrey J. Sherman</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Name: Jeffrey J. Sherman</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FF99CC">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Title: President</STRIKE></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;________________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.2pt">By:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">/s/
Michael D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Name:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">Michael
D&rsquo;Angelo</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 7.7pt"><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.1pt">Title:</FONT>&#9;<FONT STYLE="text-decoration: underline double; color: blue">General
Counsel</FONT></P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.95pt 109.35pt 0 111.55pt; text-align: center">EXHIBIT <FONT STYLE="color: red"><STRIKE>D</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue; letter-spacing: -0.5pt">C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">Marked
copies of the Application showing changes from the final versions of the two applications identified as substantially identical under
Rule 0-5(e)(3).</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.7pt; color: blue"><FONT STYLE="text-decoration: underline double">&nbsp;</FONT></P>

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