<SEC-DOCUMENT>0001104659-25-030197.txt : 20250401
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<ACCEPTANCE-DATETIME>20250401064731
ACCESSION NUMBER:		0001104659-25-030197
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		27
FILED AS OF DATE:		20250401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellington Credit Co
		CENTRAL INDEX KEY:			0001560672
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				460687599
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-24071
		FILM NUMBER:		25796512

	BUSINESS ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
		BUSINESS PHONE:		(203) 698-1200

	MAIL ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ellington Residential Mortgage REIT
		DATE OF NAME CHANGE:	20121018
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<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N
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        <ix:header><ix:hidden><ix:footnote id="FN20250331220117087" xml:lang="en-US">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</ix:footnote>
<ix:footnote id="FN20250331204452112" xml:lang="en-US">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose any applicable sales load.</ix:footnote>
<ix:footnote id="FN20250331204514552" xml:lang="en-US">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund&#8217;s behalf), the offering price and the offering expenses borne by the Fund as a percentage of the offering price.</ix:footnote>
<ix:footnote id="FN20250331204529565" xml:lang="en-US">The expenses of administering the Dividend Reinvestment Plan (the &#8220;DRP&#8221;) are included in &#8220;Other Expenses.&#8221; You may pay brokerage charges if you direct your broker or the Plan Agent (as defined herein) to sell your Common Shares that you acquired pursuant to the DRP. See &#8220;Dividend Reinvestment Plan.&#8221;</ix:footnote>
<ix:footnote id="FN20250331204559912" xml:lang="en-US">The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#8217;s &#8220;Net Asset Value,&#8221; which means the figure that is equal to the total assets of the Fund minus its total liabilities.</ix:footnote>
<ix:footnote id="FN20250331204616485" xml:lang="en-US">Under the terms of the Investment Advisory Agreement, the Fund pays the Adviser a Performance Fee calculated and payable quarterly in arrears based upon the Fund&#8217;s &#8220;Pre-Performance Fee Net Investment Income&#8221; for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund&#8217;s common equity, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a &#8220;catch-up&#8221; feature. For this purpose, &#8220;Pre-Performance Fee Net Investment Income&#8221; for any fiscal quarter means interest income (including accretions of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income) earned or accrued by the Fund during such fiscal quarter, minus the Fund&#8217;s operating expenses for such quarter (which, for this purpose, will not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether positive or negative) associated with a total return swap, which is the difference between (a) the interest income and transaction fees related to the reference assets and (b) all interest and other expenses paid by the Fund to the total return swap counterparty. In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic payments.</ix:footnote>
<ix:footnote id="FN20250331204642656" xml:lang="en-US">The Fund may issue preferred shares or debt securities. The expenses shown in the table above assume that the Fund has average borrowings of $121 million with an average interest rate of 5.44% per annum. If the Fund issues debt securities, its interest expense, and correspondingly its total annual expenses, would increase.</ix:footnote>
<ix:footnote id="FN20250331204700996" xml:lang="en-US">	&#8220;Other expenses&#8221; includes the Fund&#8217;s overhead expenses, including payments under the Administration Agreement based on the Fund&#8217;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#8220;Other expenses&#8221; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.</ix:footnote>
<ix:footnote id="FN20250331204720848" xml:lang="en-US">&#8220;Total annual fund expenses&#8221; is presented as a percentage of average Net Asset Value of Common Equity, because the holders of shares of the Fund&#8217;s common stock (and not the holders of its preferred stock or debt securities, if any) bear all of the fees and expenses included in the table above.  The indirect expenses associated with the Fund&#8217;s CLO equity investments are not included in the table above, but if such expenses were included in the fee table presentation, the Fund&#8217;s total annual expenses would be 15.95% of the average Net Asset Value of Common Equity.</ix:footnote>
<ix:footnote id="FN20250401064041098" xml:lang="en-US">For the fiscal year ending December 31, 2023, as reported on the Fund&#8217;s 2023 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.5952 per common share.</ix:footnote>
<ix:footnote id="FN20250401004050057" xml:lang="en-US">Calculated as of the respective high or low closing sales price divided by the Net Asset Value on the final day of the applicable quarter.</ix:footnote>
<ix:footnote id="FN20250331222217295" xml:lang="en-US">For the fiscal year ending December 31, 2024, as reported on the Fund&#8217;s 2024 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.7290 per common share.</ix:footnote>
<ix:footnote id="FN20250401004252774" xml:lang="en-US">For the fiscal year ending December 31, 2025, distributions of $0.24 per common share were made, a portion of which may consist, in part, of a return of capital, as calculated on a per common share basis.</ix:footnote>
<ix:footnote id="FN20250401063850717" xml:lang="en-US">Net asset value per common share is determined as of the final day of the quarter and is based on outstanding common shares at the end of each period. As such, it does not reflect the net asset value per common share on each of the dates of the high and low sales prices. For all preceding periods, &#8220;net asset value&#8221; represents a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share.</ix:footnote>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong><i>WITH COPIES TO:</i></strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Richard Horowitz</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Matthew Barsamian</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Dechert LLP</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>1095 6th Avenue</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Ellington Credit Company</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Ellington Credit Company (the &#8220;<strong>Fund</strong>&#8221;) is a non-diversified, closed-end management investment company that has registered as an investment company under the Investment Company Act of 1940, as amended (the &#8220;<strong>1940 Act</strong>&#8221;). Prior to April&#160;1, 2025 (the &#8220;<strong>Conversion Date</strong>&#8221;) the Fund was not registered as an investment company under the 1940 Act and, prior to tax year 2024, had elected to be taxed as a real estate investment trust (&#8220;<strong>REIT</strong>&#8221;) that specialized in acquiring, investing in, and managing residential mortgage-backed securities (&#8220;<strong>RMBS</strong>&#8221;).</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">On August&#160;13, 2024, the Fund&#8217;s Board of Trustees (the &#8220;<strong>Board</strong>&#8221;) approved the Fund&#8217;s Investment Advisory Agreement (the &#8220;<strong>Investment Advisory Agreement</strong>&#8221;) with Ellington Credit Company Management LLC (the &#8220;<strong>Adviser</strong>&#8221;), subject to approval by the shareholders of the Fund at a special meeting of the Fund&#8217;s shareholders (the &#8220;<strong>Special Meeting</strong>&#8221;). At the Special Meeting, the Fund&#8217;s shareholders voted in favor of the Fund entering into the Investment Advisory Agreement with the Adviser, as well as other related matters, which allowed the Fund to convert to a registered closed-end investment company under that 1940 Act that would be treated as a regulated investment company (a &#8220;<strong>RIC</strong>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<strong>Code</strong>&#8221;) (such actions, together, the &#8220;<strong>Conversion</strong>&#8221;) and therefore complete the Fund&#8217;s CLO Strategic Transformation (as defined herein). The Investment Advisory Agreement between the Fund and the Adviser was executed on the Conversion Date.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Investment Objective</i></span>. The Fund&#8217;s primary investment objectives are to generate attractive current yields and risk-adjusted total returns.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Principal Investment Strategies</i></span>. The Fund seeks to achieve its investment objectives by investing primarily in mezzanine debt and equity tranches of corporate collateralized loan obligations (&#8220;<strong>CLOs</strong>&#8221;), which are securitizations that are collateralized by portfolios of corporate credit assets. These assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and/or secured or unsecured corporate bonds. Each CLO is structured as multiple tranches which offer investors varying degrees of credit risk, maturity and yield characteristics. CLO tranches are typically categorized as either senior debt, mezzanine debt, or subordinated/equity according to their relative seniority, payment priority and degree of risk. If the collateral underlying a given CLO defaults or otherwise underperforms, scheduled payments to senior tranches of such CLO securitization take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s investment strategy. The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal. The Fund may also invest in other related securities and instruments that the Adviser believes are consistent with its investment objectives, including senior debt tranches of CLOs, loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221; or &#8220;<strong>warehouses</strong>&#8221;) and securities issued by other securitization vehicles, such as collateralized bond obligations (&#8220;<strong>CBOs</strong>&#8221;). LAFs are entities that acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. The Fund may also engage in &#8220;Derivative Transactions,&#8221; as described herein, from time to time to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments.</p>
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    <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>Investment Adviser</i></span>. The investment adviser to the Fund is Ellington Credit Company Management LLC (the &#8220;<strong>Adviser</strong>&#8221;). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the &#8220;<strong>SEC</strong>&#8221;) under the Investment Advisers Act of 1940, as amended (the &#8220;<strong>Advisers Act</strong>&#8221;). The Adviser is a wholly owned subsidiary of Ellington Management Group, L.L.C. (&#8220;<strong>EMG</strong>&#8221; and, together with the Adviser, &#8220;<strong>Ellington</strong>&#8221;).</span></span></div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The&#160;Fund&#8217;s common shares are traded on the New York Stock Exchange (&#8220;<strong>NYSE</strong>&#8221;) under the symbol &#8220;EARN.&#8221; As of March&#160;31, 2025, the last reported sales price of its common shares on the NYSE was $5.41 per share and as of December&#160;31, 2024, the last reported sales price of its common shares on the NYSE was $6.62 per share.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The net asset value per common share at December&#160;31, 2024 (the last date prior to the date of this registration statement for which the Fund reported a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share) was $6.53.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Common shares of closed-end management investment companies that are listed on an exchange frequently trade at a discount to their Net Asset Value. If the Fund&#8217;s common shares trade at a discount to Net Asset Value, it will likely increase the risk of loss for purchasers of its securities.</strong></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Investing in the Fund&#8217;s securities involves a high degree of risk, including the risk of a substantial loss of investment. Investors should read the discussion of the principal risks of investing in the Fund&#8217;s securities, which are summarized in &#8220;</strong></span><strong><i><span style="text-decoration:underline">Risk Factors</span></i></strong>&#8221; <strong>beginning on page&#160;18 of this registration statement.</strong></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>This registration statement contains important information you should know before investing in the Fund&#8217;s securities. Please read this registration statement and retain it for future reference. The Fund files annual and semi-annual shareholder reports, proxy statements and other information with the Securities and Exchange Commission, or the &#8220;SEC.&#8221; To obtain this information free of charge or make other inquiries, please visit <i>www.ellingtoncredit.com </i>or call (203) 698-1200. You may also obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s website (<i>www.sec.gov</i>). Information on the Fund&#8217;s website and the SEC&#8217;s website is not incorporated into or a part of this registration statement.</strong></p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined that this registration statement is truthful or complete. Any representation to the contrary is a criminal offense.</strong></p>
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  </div>
<div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"> <strong>TABLE OF CONTENTS</strong></p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>




<table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse;border-spacing:0px">
  <tr style="vertical-align:bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td style="width:90%"><a href="#n2_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SUMMARY</span></a></td>
    <td style="width:2%">&#160;</td>
    <td style="text-align:right;width:8%"><a href="#n2_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">1</span></a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SUMMARY
    OF FEES AND EXPENSES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">15</span></a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_003"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">RISK
    FACTORS</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_003"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">18</span></a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_004"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE
    FUND</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_004">57</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_005"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">INVESTMENT
    OBJECTIVE, OPPORTUNITIES AND PRINCIPAL STRATEGIES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_005">58</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_006"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE
    ADVISER</span> AND THE ADMINISTRATOR</a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_006">64</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_007"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE
    INVESTMENT ADVISORY AGREEMENT</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_007">64</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_008"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE
    ADMINISTRATION AGREEMENT</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_008">71</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_009"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">MANAGEMENT
    OF THE FUND</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_009">73</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_010"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DETERMINATION
    OF NET ASSET VALUE</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_010">83</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_011"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">CONFLICTS
    OF INTEREST</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_011"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">85</span></a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_012"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">PRICE
    RANGE OF COMMON SHARES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_012"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">88</span></a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_013"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DESCRIPTION
    OF THE FUND&#8217;S SECURITIES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_013">90</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_014"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DESCRIPTION
    OF THE FUND&#8217;S COMMON SHARES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_014">91</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_015"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">U.S.
    FEDERAL INCOME TAX MATTERS</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_015">93</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_016"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DIVIDEND
    REINVESTMENT PLAN</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_016">102</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_017"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">REGULATION
    AS A CLOSED-END MANAGEMENT INVESTMENT COMPANY</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_017">103</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_018"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">BROKERAGE
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    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_018">107</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_019"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">CONTROL
    PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_019">107</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_020"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_020">107</a></td>
    </tr>
  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
    <td><a href="#n2_021"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">LEGAL
    COUNSEL</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_021">107</a></td>
    </tr>
  <tr style="vertical-align:bottom">
    <td><a href="#n2_022"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">ADDITIONAL
    INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align:right"><a href="#n2_022">107</a></td>
    </tr>
  </table>
<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>




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




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    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid"><p style="margin:0pt">&#160;</p></div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"><p style="margin:0pt">&#160;</p></div>





<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>ABOUT THIS REGISTRATION STATEMENT</strong></p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">This registration statement may contain estimates and information
concerning the industry, including market size and growth rates of the markets in which the Fund participates, that are based on industry
publications and other third-party reports. This information involves many assumptions and limitations, and you are cautioned not to
give undue weight to these estimates. The Fund has not independently verified the accuracy or completeness of the data contained in these
industry publications and reports. The industry in which the Fund operates is subject to a high degree of uncertainty and risk due to
a variety of factors, including those described or referenced in the section titled &#8220;Risk Factors,&#8221; that could cause results
to differ materially from those expressed in these publications and reports.</p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">This registration statement includes summaries of certain provisions
contained in some of the documents described in this registration statement, but reference is made to the actual documents for complete
information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to
herein have been filed or incorporated by reference, or will be filed or incorporated by reference, as exhibits to the registration statement
of which this registration statement is a part, and you may obtain copies of those documents as described in the section titled &#8220;Additional
Information.&#8221;</p>




<p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>












    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid"><p style="margin:0pt">&#160;</p></div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"><p style="margin:0pt">&#160;</p></div>





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</div><div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><span id="n2_001"></span><strong>SUMMARY</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><i>The following summary highlights some of the information contained in this registration statement. It is not complete and may not contain all the information that is important to a decision to invest in the Fund&#8217;s securities. You should read carefully the more detailed information set forth under &#8220;<strong>Risk Factors</strong>&#8221; and the other information included in this registration statement. Except where the context suggests otherwise, the terms:</i></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"><tr style="vertical-align:top"><td style="width:0"/><td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td><td><i>The &#8220;<strong>Fund</strong>&#8221; refers to Ellington Credit Company, a Delaware statutory trust, registered under the Investment Company Act of 1940, as amended (the &#8220;<strong>1940 Act</strong>&#8221;), as a non-diversified, closed-end management investment company.</i></td></tr></table><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"><tr style="vertical-align:top"><td style="width:0"/><td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td><td>The &#8220;<strong><i>Adviser</i></strong><i>&#8221; refers to Ellington Credit Company Management LLC; and is an SEC-registered investment adviser</i>.</td></tr></table><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"><tr style="vertical-align:top"><td style="width:0"/><td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td><td><i>The &#8220;<strong>Administrator</strong>&#8221; refers to Ellington Credit Company Administration LLC.</i></td></tr></table><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong><span style="text-decoration:underline">Ellington Credit Company</span></strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Effective April&#160;1, 2025 (the &#8220;<strong>Conversion Date</strong>&#8221;), the Fund became a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the 1940 Act. The Fund intends to elect to be treated, and intends to qualify annually, as a regulated investment company (a &#8220;<strong>RIC</strong>&#8221;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;<strong>Code</strong>&#8221;). Prior to the Conversion Date, the Fund was not registered as an investment company under the 1940 Act and, for tax years ended before January&#160;1, 2024, had elected to be taxed as a real estate investment trust (&#8220;<strong>REIT</strong>&#8221;).</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund was initially organized in August&#160;2012 as a Maryland real estate investment trust that specialized in acquiring, investing in, and managing residential mortgage-backed securities (&#8220;<strong>RMBS</strong>&#8221;).</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">On March&#160;29, 2024, the Board of Trustees (the &#8220;<strong>Board</strong>&#8221;) approved a strategic transformation (the &#8220;<strong>CLO Strategic Transformation</strong>&#8221;) of the Fund&#8217;s investment strategy to focus on corporate CLOs. In connection with the CLO Strategic Transformation, the Fund revoked its REIT election for tax year 2024, rebranded as Ellington Credit Company (from Ellington Residential Mortgage REIT), and operated as a taxable C-Corporation during the interim period from January&#160;1, 2024 until the Conversion Date. During this interim period, in addition to accumulating a CLO portfolio, the Fund continued to hold a core portfolio of liquid Agency MBS pools so that neither the Fund nor any of its subsidiaries were required to register as an investment company under the 1940 Act. The Fund also took advantage of its significant existing net operating loss carryforwards during this period to offset the majority of its U.S. federal taxable income. On August&#160;13, 2024, the Board approved the Investment Advisory Agreement (the &#8220;<strong>Investment Advisory Agreement</strong>&#8221;) with Ellington Credit Company Management LLC (the &#8220;<strong>Adviser</strong>&#8221;) subject to the further approval by the Fund&#8217;s shareholders, which was obtained at a special meeting of the Fund's shareholders held on January&#160;17, 2025 (the &#8220;<strong>Special Meeting</strong>&#8221;). The Fund&#8217;s shareholders voted in favor of the Fund entering into the Investment Advisory Agreement with the Adviser, as well as other related matters set forth at the Special Meeting that would allow the Fund to convert to a registered closed-end investment company under the 1940 Act and therefore complete the CLO Strategic Transformation. Effective as of the Conversion Date, the Investment Advisory Agreement between the Fund and the Adviser was executed, and the Fund became a Delaware statutory trust that is a non-diversified, closed-end management investment company registered as an investment company under the 1940 Act (such actions, together, the &#8220;<strong>Conversion</strong>&#8221;). Prior to the Conversion Date, the Fund liquidated a significant amount of its mortgage-related assets, with the vast majority of its remaining mortgage-related assets to be liquidated shortly after the Conversion Date.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Effective as of the Conversion Date, the Fund intends to operate so as to qualify as a RIC under subchapter M of the Code for federal income tax purposes. To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March&#160;31). As a RIC, the Fund expects to be generally not subject to corporate income tax. <i>See <strong>&#8220;U.S. Federal Income Tax Matters&#8221; for more information.</strong></i></p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid"><table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px"><tr style="vertical-align:top;text-align:left"><td style="width:33%">&#160;</td><td style="width:34%;text-align:center">1</td><td style="width:33%;text-align:right">&#160;</td></tr></table></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"><p style="margin:0pt">&#160;</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s primary investment objectives are to generate attractive current yields and risk-adjusted total returns for its shareholders. The Fund seeks to achieve its investment objectives by investing primarily in mezzanine debt and equity tranches of corporate collateralized loan obligations (&#8220;<strong>CLOs</strong>&#8221;), which are securitizations that are collateralized by portfolios of corporate credit assets. These assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and/or secured or unsecured corporate bonds. Each CLO is structured as multiple tranches which offer investors varying degrees of credit risk, maturity and yield characteristics. CLO tranches are typically categorized as either senior debt, mezzanine debt, or subordinated/equity according to their relative seniority, payment priority and degree of risk. If the collateral underlying a given CLO defaults or otherwise underperforms, scheduled payments to senior tranches of such CLO securitization take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s investment strategy. The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal. The Fund may also invest in other related securities and instruments that the Adviser believes are consistent with its investment objectives, including senior debt tranches of CLOs, loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221; or &#8220;<strong>warehouses</strong>&#8221;) and securities issued by other securitization vehicles, such as collateralized bond obligations (&#8220;<strong>CBOs</strong>&#8221;). LAFs are entities that acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. The Fund may also engage in &#8220;Derivative Transactions,&#8221; as described herein, from time to time to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">For a further discussion of the Fund&#8217;s principal investment strategies, see &#8220;<strong><i>Investment Objective, Opportunities and Principal Strategies</i></strong>.&#8221; There can be no assurance that the Fund will achieve its investment objective. These investment objectives and strategies may be changed by the Board without prior approval of shareholders. 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The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal. The Fund may also invest in other related securities and instruments that the Adviser believes are consistent with its investment objectives, including senior debt tranches of CLOs, loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221; or &#8220;<strong>warehouses</strong>&#8221;) and securities issued by other securitization vehicles, such as collateralized bond obligations (&#8220;<strong>CBOs</strong>&#8221;). 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As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#8217;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#8217;s outstanding CLO debt securities to be repaid at a sub-optimal time.</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>Financing and Hedging Strategy</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>Leverage by the Fund</i></strong></span>. 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Subject to the limitations under the 1940 Act, the Fund may incur additional leverage opportunistically and may choose to increase or decrease its leverage. In addition, the Fund may borrow for temporary, emergency or other purposes as permitted under the 1940 Act, which indebtedness would be in addition to the asset coverage requirements described above. By leveraging its investment portfolio, the Fund may create an opportunity for increased net income and capital appreciation. However, the use of leverage also involves significant risks and expenses, which will be borne entirely by its shareholders, and its leverage strategy may not be successful. For example, the more leverage is employed, the more likely a substantial negative change will occur in the Fund&#8217;s net asset value per common share. 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To the extent the Fund engages in Derivative Transactions, the Fund expects to do so to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. The Fund may use Derivative Transactions for investment purposes to the extent consistent with its investment objectives if the Adviser deems it appropriate to do so. The Fund may purchase and sell a variety of derivative instruments, including exchange-listed and over-the-counter (&#8220;<strong>OTC</strong>&#8221;) options, futures, options on futures, swaps and similar instruments, various interest rate-related products, such as fixed-to-floating interest rate swaps, caps, floors or collars, and credit transactions and credit default swaps. The Fund also may purchase and sell derivative instruments that combine features of these instruments. Collectively, the Fund refers to these financial management techniques as &#8220;<strong>Derivative Transactions</strong>.&#8221; The use of Derivative Transactions, if any, will generally be deemed to create leverage for the Fund and involves significant risks. 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The Fund has currently elected to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions,&#8221; subject to the requirements of the 1940 Act under the Derivatives Rule, but alternatively may elect to treat such transactions as borrowings subject to the asset coverage requirements discussed above. Further, the Fund is permitted under the Derivatives Rule&#160;to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. 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As the CLOs and other assets in which the Fund invests are generally illiquid in nature, the Fund may not be able to dispose of such investments and take a defensive position. 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  <div style="font:10pt Times New Roman, Times, Serif">
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following table is intended to assist in understanding the costs and expenses that an investor in the Fund&#8217;s common shares will bear, directly or indirectly, based on the assumptions set forth below. The expenses shown in the table under &#8220;Annual Expenses&#8221; are based on estimated amounts for the first full year of operations following the Conversion Date, and assumes that the Fund sells all of its remaining Agency RMBS investments and acquires additional CLO investments during the first quarter of such operations. The expense estimates below also assume that the Fund has an average assets-to-equity ratio of 1.5:1. The percentages indicated in the table below are estimates and may vary in practice. Except where the context suggests otherwise, whenever this table contains a reference to fees or expenses, the Fund will pay such fees and expenses out of its net assets and, consequently, shareholders will indirectly bear such fees or expenses as investors in the Fund.</p>
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              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Under the terms of the Investment Advisory Agreement, the Fund pays the Adviser a Performance Fee calculated and payable quarterly in arrears based upon the Fund&#8217;s &#8220;Pre-Performance Fee Net Investment Income&#8221; for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund&#8217;s common equity, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a &#8220;catch-up&#8221; feature. For this purpose, &#8220;Pre-Performance Fee Net Investment Income&#8221; for any fiscal quarter means interest income (including accretions of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income) earned or accrued by the Fund during such fiscal quarter, minus the Fund&#8217;s operating expenses for such quarter (which, for this purpose, will not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether positive or negative) associated with a total return swap, which is the difference between (a)&#160;the interest income and transaction fees related to the reference assets and (b)&#160;all interest and other expenses paid by the Fund to the total return swap counterparty. In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic payments.</span></td>
            </tr>

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        <div>&#160;</div>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <tr style="vertical-align:top;text-align:left">
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    <ix:continuation id="F20250331204809728">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The calculation of the Performance Fee for each calendar quarter is as follows:</p>
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            <tr style="vertical-align:top">
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              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter does not exceed the Hurdle Amount for such quarter, then no Performance Fee is payable to the Fund&#8217;s Adviser with respect to such quarter;</td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <tr style="vertical-align:top">
              <td style="width:0"/>
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              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#8217;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount (the &#8220;Catch-Up&#8221;) is payable to the Fund&#8217;s Adviser as the Performance Fee with respect to such quarter.</td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in">Therefore, once the Fund&#8217;s Pre-Performance Fee Net Investment Income for such quarter exactly reaches 121.21% of the Hurdle Amount, the Fund&#8217;s Adviser will have accrued a Performance Fee with respect to such quarter that is exactly equal to 17.5% of the Pre-Performance Fee Net Investment Income (because 21.21% of the Hurdle Amount (which is the Pre-Performance Fee Net Investment Income captured by the Adviser during the Catch-Up phase) is equal to 17.5% of 121.21% of the Hurdle Amount (which is the entire Pre-Performance Fee Net Investment Income at the end of the Catch-Up phase)); and</p>
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            <tr style="vertical-align:top">
              <td style="width:0"/>
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              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds 121.21% of the Hurdle Amount for such quarter, then 17.5% of Pre-Performance Fee Net Investment Income is payable to the Fund&#8217;s Adviser as the Performance Fee with respect to such quarter.</td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"/>
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              <td>With respect to the Performance Fee, there will be no accumulation of the Hurdle Amount from quarter to quarter, no claw back of amounts previously paid if the Pre-Performance Fee Net Investment Income in any subsequent quarter is below the Hurdle Amount for such subsequent quarter, and no delay or adjustment of payment if the Pre-Performance Fee Net Investment Income in any prior quarter was below the Hurdle Amount for such prior quarter.</td>
            </tr>

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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in">The fees shown in the expense table above assume a level of Pre-performance Fee Net Investment Income that exceeds 121.21% of the Hurdle Amount for each quarter in the annual period.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <tr style="vertical-align:top">
              <td style="width:0"/>
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              <td>The Fund may issue preferred shares or debt securities. The expenses shown in the table above assume that the Fund has average borrowings of $121 million with an average interest rate of 5.44% per annum. If the Fund issues debt securities, its interest expense, and correspondingly its total annual expenses, would increase.</td>
            </tr>

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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <ix:nonNumeric id="Fxbrl_20250331205945897" name="cef:OtherExpensesNoteTextBlock" contextRef="C_20250401to20250401" escape="true">
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              <tr style="vertical-align:top">
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">&#8220;Other expenses&#8221; includes the Fund&#8217;s overhead expenses, including payments under the Administration Agreement based on the Fund&#8217;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#8220;Other expenses&#8221; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.</span></td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <tr style="vertical-align:top">
              <td style="width:0"/>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(9)</span></td>
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                <p>&#8220;Total annual fund expenses&#8221; is presented as a percentage of average Net Asset Value of Common Equity, because the holders of shares of the Fund&#8217;s common stock (and not the holders of its preferred stock or debt securities, if any) bear all of the fees and expenses included in the table above.&#160;&#160;The indirect expenses associated with the Fund&#8217;s CLO equity investments are not included in the table above, but if such expenses were included in the fee table presentation, the Fund&#8217;s total annual expenses would be 15.57% of the average Net Asset Value of Common Equity.</p>
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            </tr>

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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">3<br/>Years</td>
              <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">5<br/>Years</td>
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              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">10<br/>Years</td>
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              <td style="text-indent:-0.125in;padding-left:0.125in;width:55%;font:10pt Times New Roman, Times, Serif;text-align:left">A shareholder would pay the following expenses on a $1,000 investment, assuming a 5% annual return</td>
              <td style="width:2%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331205810134" name="cef:ExpenseExampleYears1to3" contextRef="C_20250401to20250401" unitRef="USD" scale="0" decimals="0" format="ixt:num-dot-decimal">291</ix:nonFraction></td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331205813011" name="cef:ExpenseExampleYears1to5" contextRef="C_20250401to20250401" unitRef="USD" scale="0" decimals="0" format="ixt:num-dot-decimal">509</ix:nonFraction></td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331205816198" name="cef:ExpenseExampleYears1to10" contextRef="C_20250401to20250401" unitRef="USD" scale="0" decimals="0" format="ixt:num-dot-decimal">1,160</ix:nonFraction></td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The example and the expenses in the tables above should not be considered a representation of the Fund&#8217;s future expenses, and actual expenses may be greater or less than those shown. While the example assumes a 5.0% annual return, as required by the SEC, the Fund&#8217;s performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see &#8220;<strong><i>Fund Expenses</i></strong>&#8221; and &#8220;<strong><i>The Investment Advisory Agreement&#8212;Management Fees</i></strong>.&#8221;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px">

          <tr style="vertical-align:top;text-align:left">
            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">17</td>
            <td style="width:33%;text-align:right">&#160;</td>
          </tr>

      </table>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="n2_003"></span></p>
  </div>


  <div style="font:10pt Times New Roman, Times, Serif">
    <ix:nonNumeric id="Fxbrl_20250331204841176" name="cef:RiskFactorsTableTextBlock" contextRef="C_20250401to20250401" continuedAt="F20250331233222780" escape="true">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>RISK FACTORS</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><i>Investors should carefully consider the risk factors described below before deciding on whether to make an investment in the Fund. If any of the following risks actually materialize, the Fund&#8217;s business, financial condition and results of operations could be materially adversely affected. In such case, the Net Asset Value and/or market price of the Fund&#8217;s common shares could decline substantially, in which case investors could lose all or part of their investment in the Fund. Investors should also be aware that during times of increased uncertainty, volatility and distress in economies, financial markets, and labor and health conditions, the risks to which the Fund is subject may also increase significantly compared to normal conditions. Finally, the risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to it, or not presently deemed material by it, may also impair its operations and performance, as well as the Net Asset Value and/or market price of the Fund&#8217;s shares.</i></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Principal Risks of the Fund</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Investments in corporate CLO securities involve certain risks. Corporate CLOs are securitizations that are typically backed by a pool of corporate loans or similar corporate credit-related assets that serve as collateral. The assets underlying the Fund&#8217;s CLO investments generally consist of lower-rated first-lien corporate loans, although certain CLO structures may also allow for limited exposure to other asset classes including unsecured loans, second-lien loans, or corporate bonds. To the extent that the assets underlying the Fund&#8217;s CLO investments are rated for creditworthiness by any nationally recognized statistical ratings organizations, they generally carry lower credit ratings, and certain assets may not be rated by any nationally recognized statistical ratings organization. As a result, the assets underlying the Fund&#8217;s CLO investments are considered to bear significant credit risks. Corporate issuers of lower-rated debt securities may be highly leveraged and may not have access to more traditional methods of financing. During economic downturns or sustained periods of rising interest rates, issuers of lower-rated debt securities may be likely to experience financial stress, especially if such issuers are highly leveraged, and in such periods the market for lower-rated debt securities could be severely disrupted, adversely affecting the value of such securities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The risk of loss for lower-rated debt securities is also magnified to the extent that such securities are unsecured or subordinated to more senior creditors. Lower-rated debt securities generally have limited liquidity and limited secondary market support. These risks are further exacerbated in the case of second-lien loans, as they are subordinated to first-lien loans and have weaker recovery prospects in the event of borrower distress or default. Further, ratings downgrades on the Fund&#8217;s CLO debt investments may result in its investments being viewed as riskier than they were previously thought to be. This perception of increased riskiness resulting from a downgrade can result in adverse impacts to the market value and liquidity of the Fund&#8217;s CLO debt investments, as well as reduce the availability or increase the cost of financing for the Fund&#8217;s CLO debt investments.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests, may acquire loans to smaller companies (&#8220;<strong>middle-market</strong>&#8221; loans), which may carry more inherent risks than loans to larger, publicly traded entities. Compared to larger companies, these middle-market companies tend to have more limited access to capital, weaker financial positions, narrower product lines, and tend to be more vulnerable to competitors&#8217; actions and market conditions, as well as to general economic downturns. As a result, the securities issued by CLOs that hold significant investments in middle-market loans are generally considered riskier than securities issued by CLOs that primarily invest in broadly syndicated loans.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The corporate loans that underlie the Fund&#8217;s CLO investments may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructurings that may result in significant delays in repayment, a significant reduction in the interest rate, and/or a significant write-down of the principal of the loan. A wide range of factors could adversely affect the ability of an underlying corporate borrower to make interest or other payments on its loan. The corporate issuers of the loans or securities underlying the Fund&#8217;s CLO investments may be highly leveraged and may be subject to an increased risk of default depending on certain micro- or macro-economic conditions, such as economic recessions, heightened interest rates and/or inflation, tariffs, and other conditions. The risk of economic recession and declining creditworthiness of corporate borrowers would be amplified by rising corporate default rates, tightening credit conditions, and potential credit downgrades in leveraged loan markets. Accordingly, the subordinated and lower-rated (or unrated) CLO securities in which the Fund invests may experience significant price and performance volatility relative to more senior or higher-rated CLO securities, and they are subject to greater risk of loss than more senior or higher-rated CLO securities which, if realized, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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          <ix:continuation id="F20250401003010467" continuedAt="F20250331223841449">
            <div>&#160;</div>
          </ix:continuation>
        </div>
      </div>
    </ix:nonNumeric>
    <div style="display:none">
      <ix:continuation id="F20250331233222780" continuedAt="F20250331232606731">
        <div>&#160;</div>
      </ix:continuation>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px">

          <tr style="vertical-align:top;text-align:left">
            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">18</td>
            <td style="width:33%;text-align:right">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331232606731" continuedAt="F20250331233215087">
      <div>
        <ix:continuation id="F20250331223841449">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Such defaults and losses, especially those in excess of the market&#8217;s or the Fund&#8217;s expectations, would have a negative impact on the value of the Fund&#8217;s CLO investments, and reduce the cash flows that the Fund receives from its CLO investments, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If an underlying borrower is unable to generate sufficient cash flow to meet principal and/or interest payments on its indebtedness, it may be forced to take other actions to satisfy its obligations under its indebtedness. These alternative actions may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund. Furthermore, if the borrower is unable to meet its scheduled debt service obligations even after taking these actions, the borrower may be forced into liquidation, dissolution or insolvency, and the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund, could decline significantly or even be rendered worthless.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their relative seniority and degree of risk. If the relevant collateral defaults or otherwise underperforms, payments to the more senior tranches of such securitizations take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s corporate CLO investment strategy. CLOs present risks similar to those of other types of credit investments, including credit, interest rate and prepayment risks. See "<strong><i>&#8212;The Fund invests in corporate CLOs, which exposes it to risks associated with corporate loans.</i></strong>&#8221;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Even though the Fund expects that most of its CLO mezzanine debt investments will have floating rate coupons, these and other of the Fund&#8217;s CLO investments are still exposed to interest rate risk. There can be significant mismatches between the timing and frequency of coupon resets on the floating rate CLO debt tranches and the underlying floating rate corporate loans, and furthermore some of the underlying corporate loans may bear fixed coupon rates. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. This reduction in excess interest could adversely impact the Fund&#8217;s CLO equity cashflows and valuations, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">CLOs have at times experienced negative credit events in their constituent loans, credit rating downgrades of constituent loans and issued debt tranches, and failures of certain deal metrics. The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of its mezzanine debt and equity tranches.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As discussed under &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests</i></strong>,&#8221; CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. This may reduce a CLO collateral manager&#8217;s incentives to prioritize the interests of CLO investors, including the Fund, increase the risk of default as a result of less stringent credit or underwriting standards with respect to the underlying portfolios, and limit investor confidence in the CLOs.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments in the primary corporate CLO market involve certain additional risks.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Between the pricing date and the closing date of a corporate CLO, the collateral manager generally purchases additional assets for the CLO. During this period, the price and availability of these assets may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of assets that will satisfy specified concentration limitations and allow the CLO to reach the target initial principal amount of collateral prior to the effective date. An inability or delay in reaching the target initial principal amount of collateral may adversely affect the timing and amount of payments received by the holders of CLO mezzanine debt securities and equity securities and could result in early redemptions which could cause significant principal losses on the CLO mezzanine debt and equity securities, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund and its investments are subject to prepayment and reinvestment risk.</i></strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund operates as a non-diversified investment company under the 1940 Act. Therefore, the Fund does not have any limitations on the ability to invest in any one CLO, and its investments may be concentrated in relatively few CLOs, CLOs that have similar risk profiles (including by being concentrated in a limited number of industries), CLOs where there is an overlap of underlying corporate issuers, or CLOs that are managed by the same collateral manager. The overlap of underlying corporate issuers is often more prevalent across CLOs of the same year of origination, as well as across CLOs managed by the same asset manager or collateral manager.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To the extent that the Fund&#8217;s CLO investments are more concentrated, the Fund is susceptible to a greater risk of loss if one or more of the CLOs in which the Fund is invested performs poorly, or in the event a CLO collateral manager were to fail, experience the loss of key employees or sell its business. To the extent the Fund invests in CLOs that have a high level of overlap of underlying corporate obligors, there is a greater likelihood of experiencing multiple defaults in the Fund&#8217;s CLO portfolio. In general, to the extent that the Fund&#8217;s CLO portfolio is less diversified, the Fund may have a greater likelihood of experiencing large overall losses, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#8217;s investments in such CLO.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of the Fund&#8217;s mezzanine debt and equity tranches. In a typical corporate CLO, nonperforming assets, or performing assets rated &#8220;CCC+&#8221; or lower (or their equivalent) in excess of applicable limits, typically do not receive full par credit for purposes of calculation of the CLO&#8217;s overcollateralization tests. As a result, if an asset were to default, or an asset&#8217;s credit rating were to decrease to a lower credit rating level, also known as &#8220;negative rating migration,&#8221; it could cause a CLO to move out of compliance with some or all of its overcollateralization tests. CLOs are also generally subject to interest coverage tests, under each of which the interest income generated by the underlying assets is compared to the interest owed to a given CLO tranche and all tranches more senior to it. To the extent that any overcollateralization tests or interest coverage tests are breached, cash flows could be diverted away from the CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">A portion of the Fund&#8217;s CLO investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates may materially adversely affect the value of these investments.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLO issuers in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure that the CLO is not treated for U.S. federal income tax purposes as engaged in a U.S. trade or business. If a CLO issuer fails to comply with the investment guidelines, or if the Internal Revenue Service otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business, such CLO could be subject to U.S. federal income tax, which could reduce the amount available to distribute to mezzanine debt and equity holders in such CLO, including the Fund.</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331232703345" continuedAt="F20250331233329681">
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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                  <td>Liquidity and Market Risks in Liquidating Pools and TBAs &#8211; In connection with the Conversion, the Fund intends to liquidate its remaining holdings of mortgage-backed securities, including agency pools and long To-Be-Announced (&#8220;<strong>TBA</strong>&#8221;) positions, as well as its related hedges, including short TBA positions and interest-rate swaps. Market conditions at the time of liquidation of any of these positions could result in unfavorable pricing, increased transaction costs, and/or execution delays, any of which could adversely impact the Fund&#8217;s Net Asset Value and performance.</td>
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                  <td>Regulatory and Compliance Risks Related to Bank Custody Rules&#160;&#8211; Following the Conversion, the Fund will be subject to new regulatory requirements, including bank custody rules&#160;that were not previously applicable. Compliance with these rules&#160;necessitated changes in the Fund&#8217;s operational processes, including its custodial arrangements and its master trade agreements with its counterparties, potentially leading to additional costs, operational burdens, or constraints on its available executing counterparties for certain transactions.</td>
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                  <td>Risks Related to the Change in the Fund&#8217;s Tax Year &#8211; To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31, 2025). The Fund expects that it will qualify for an automatic change but if it does not qualify for the automatic change, the Fund will request approval from the IRS to effectuate such change. In that scenario, if the IRS does not approve the application, the Fund may not qualify for a March 31 tax-year end, which could delay the Fund&#8217;s qualification as a RIC to a later date and force the Fund to keep its tax year of December 31 and operate as a taxable C-Corporation until that later date. It is also possible that the IRS may approve such application provided that the Fund recognizes additional income as a RIC in connection with its change of tax year.&#160;&#160;</td>
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                  <td>Tax and Structural Uncertainties &#8211; The Conversion may result in unanticipated tax liabilities, including potential recognition of taxable gains or other inefficiencies that could impact the Fund. Additionally, changes in tax laws,&#160;IRS interpretations, or regulatory guidance before or after the Conversion could further affect the Fund&#8217;s tax treatment and require further adjustments to its structure.</td>
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                  <td>Accounting, Operational and Systems Transition &#8211; The Fund will prospectively apply investment company accounting and, accordingly, it has modified its internal systems, reporting processes, and third-party service provider arrangements as a result of the Conversion. Any delays, errors, or other challenges in transitioning to investment company accounting could result in operational disruptions, compliance issues, or increased administrative costs.</td>
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                  <td>Legal and Regulatory &#8211; Upon Conversion, the Fund became subject to the 1940 Act, implicating a new regulatory reporting regime, including a new schedule, and new reporting forms, and additional compliance obligations, including the implementation of the Derivatives Risk Management Program. Adapting to this new regime may require enhancements to internal compliance protocols, additional personnel, and increased oversight, all of which could increase costs and regulatory risks and there may be delays, errors, or other challenges in adapting to the rules, regulations and requirements of the 1940 Act.</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Actions by the Federal Reserve (and similar actions by other central banks), including tightening or easing of monetary policy, increases or decreases in short-term interest rates, balance sheet liquidations or runoff, or other actions, or the perception that the Federal Reserve or other central banks are failing to take actions deemed necessary or advisable by the market, could cause elevated market volatility and adversely impact the value and performance of the Fund&#8217;s assets and the ability of the Fund to borrow money or otherwise access capital to fund its operations. See also &#8220;<strong><i>&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets</i></strong>&#8221; for the impact of changing interest rates on the Fund&#8217;s business.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Although most of the assets underlying the Fund&#8217;s CLO investments carry floating rate coupons, some may have fixed rate coupons or have a fixed rate component, which is most apparent when a given CLO is backed by corporate bonds, rather than loans, since bonds generally are issued with a fixed coupon. The fixed coupons on assets of this nature present some risk of cashflow mismatch between the Fund&#8217;s liabilities and its assets, since the Fund&#8217;s primary short term liabilities are expected to be reverse repurchase agreements. Reverse repurchase agreement borrowings typically bear a floating rate, and so are typically sensitive to changes in short term interest rates, since maturing reverse repurchase agreements will typically be replaced by new reverse repurchase agreements bearing interest rates based on short term interest rates at the time of the replacement transaction. If the income from the Fund&#8217;s assets is insufficient to support the interest payments on its liabilities due to a rise in short term interest rates, the Fund may be forced to reduce its positions, potentially during an inopportune time in the market, which could force it to realize losses or be unable to hold its desired amount of assets.</p>
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            <td style="width:34%;text-align:center">27</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While increases in interest rates will typically increase the interest income on the Fund&#8217;s CLO debt investments, which are generally floating rate in nature, they could also place pressure on the ability of the corporate borrowers underlying the Fund&#8217;s CLO investments to cover their interest expenses or to refinance their debt, potentially resulting in higher credit losses on the Fund&#8217;s CLO investments. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. Finally, assets held directly or indirectly by the Fund that pay a fixed rate coupon typically decline in value when interest rates increase, and if interest rates were to increase significantly, not only would the market value of these assets be expected to decline, but these assets could lengthen in duration because borrowers would be less likely to prepay their fixed rate corporate borrowings, both of which would be expected to have an adverse impact on the Fund&#8217;s financial results.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Interest rates can change quickly and are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond the Fund&#8217;s control. Moreover, concerns over the United States&#8217; debt ceiling and budget-deficit increase the possibility of downgrades by rating agencies to the U.S. government&#8217;s credit rating, which could cause interest rates and borrowing costs to rise. Interest rate movements are highly uncertain and notoriously difficult to predict. For example, from February&#160;28, 2022 to October&#160;31, 2023, the lower bound of the Federal Reserve&#8217;s Federal Funds Target Rate rose from 0.00% to 5.25%, while the yield on the ten-year U.S. Treasury rose from 1.83% to 4.93%. While the Fund may opportunistically hedge its exposure to changes in interest rates, such hedging may be limited by the tax rules&#160;governing RICs, and the Fund can provide no assurance that its hedges will be successful or that the Fund will be able to enter into or maintain such hedges. As a result, interest rate fluctuations can cause significant losses, reductions in income, and can limit the cash available to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s portfolio is expected to be concentrated in CLO mezzanine debt and equity tranches. These tranches are subordinated in cash flow priority to other more &#8220;senior&#8221; securities of the same CLO securitization and therefore absorb losses from CLO asset defaults before senior tranches are at risk. The CLO equity tranche typically represents less than 15% of the overall principal balance of a CLO, but it absorbs 100% of the CLO&#8217;s credit losses until its principal balance has been written off, after which the mezzanine debt absorbs all losses. As a result, the CLO equity and mezzanine securities that the Fund targets are deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Such securities are therefore considered to be highly speculative investments. When a CLO underlying corporate borrower defaults, the Fund generally has the right to receive payments only from the CLOs and has no direct rights against the underlying borrowers or the entity that sponsored the CLO transaction. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund&#8217;s overall exposure and capital at risk to such CLO. The value and performance of CLO securities are subject to the same types of political and economic factors and risks that affect corporate issuers and capital markets generally, but, for all of the foregoing reasons, these risks are amplified in the case of CLO mezzanine debt and equity tranches.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Before making an investment, the Adviser may decide to conduct (either directly or using third parties) certain due diligence on a potential investment. There can be no assurance that the Adviser will conduct any specific level of due diligence, or that, among other things, the Adviser&#8217;s due diligence processes will uncover all relevant facts or that any purchase will be successful, which could result in losses on these assets, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#8217;s expectations or to make asset management decisions that are not in line with its strategy.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund relies on the Adviser and the Adviser relies on the analytical models used by Ellington (both proprietary and third-party models) and information and data supplied by third parties. These models and data may be used to value assets or potential asset acquisitions and dispositions and also in connection with the Fund&#8217;s asset management activities. If Ellington&#8217;s models (including the data utilized by the models) and/or third party models or data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon could expose the Fund to potential risks. The Adviser&#8217;s reliance on the models and data used by Ellington may induce it to purchase certain assets at prices that are too high, to sell certain other assets at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging activities that are based on faulty models and data may prove to be unsuccessful.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Some of the risks of relying on analytical models and third-party data include the following:</p>
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                  <td>collateral cash flows and/or liability structures may be incorrectly modeled in all or only certain scenarios, or may be modeled based on simplifying assumptions that lead to errors;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>asset, collateral, or CLO historical performance (such as historical prepayments, defaults, cash flows,&#160;etc.) may be incorrectly reported, or subject to interpretation (e.g., different CLO issuers may report delinquency and default statistics based on different definitions of what constitutes a delinquent or defaulted loan); and</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The determination of market value or fair value and, consequently, the amount of unrealized gains and losses in the Fund&#8217;s portfolio, are to a certain degree subjective and dependent on a valuation process conducted by the Adviser and overseen by the Board. Because such valuations are inherently uncertain, may fluctuate over short periods of time, especially during periods of elevated market volatility, and may be based on estimates, the Adviser&#8217;s determinations of fair value may differ from the values that would have been used if a ready market for these assets existed or from the prices at which trades occur. Furthermore, the Fund may not obtain third-party valuations for all of its assets. Changes in the fair value of the Fund&#8217;s assets directly impact its net income through recording unrealized appreciation or depreciation of its investments and derivative instruments, and so the determination of fair value has a material impact on its net income.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While in many cases the Adviser&#8217;s determination of the fair value of its assets is based on valuations provided by third-party dealers and pricing services, the Adviser can and does value assets based upon its judgment, and such valuations may differ from those provided by third-party dealers and pricing services. Valuations of certain assets are often difficult to obtain or are unreliable, and many or all of the Fund&#8217;s CLO investments may trade infrequently and are illiquid. In general, dealers and pricing services heavily disclaim their valuations. Additionally, dealers and pricing services may claim to furnish valuations only as an accommodation and without special compensation, and they may disclaim any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations, including any act of negligence or breach of any warranty. Depending on the complexity and illiquidity of an asset, valuations of the same asset can vary substantially from one dealer or pricing service to another. Higher valuations of the Fund&#8217;s assets have the effect of increasing the amount of management fees the Fund pays to the Adviser. Therefore, conflicts of interest exist because the Adviser is involved in the determination of the fair value of the Fund&#8217;s assets.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Market-based inputs are generally the preferred source of values for purposes of measuring the fair value of the Fund&#8217;s assets under U.S. GAAP. However, the markets for the Fund&#8217;s investments have experienced, and could in the future experience, extreme volatility, reduced transaction volume and liquidity, and disruption as a result of certain events which has made, and could in the future make, it more difficult for the Fund&#8217;s Adviser, and for third-party dealers and pricing services that the Fund uses, to rely on market-based inputs in connection with the valuation of its assets under U.S. GAAP. Furthermore, in determining the fair value of the Fund&#8217;s assets, the Adviser uses proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates, interest rates, default rates and loss severities. These assumptions might be especially difficult to project accurately during periods of economic disruption. The fair value of certain of the Fund&#8217;s investments may fluctuate over short periods of time, and the Adviser&#8217;s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The fair value of the Fund&#8217;s investments has a material impact on its earnings through the recording of unrealized appreciation or depreciation of investments and may cause its Net Asset Value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. Investors purchasing the Fund&#8217;s securities based on an overstated Net Asset Value may pay a higher price than the value of its investments might warrant. Conversely, investors selling shares during a period in which the Net Asset Value understates the value of the Fund&#8217;s investments may receive a lower price for their shares than the value of its investments might warrant.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected if the Adviser&#8217;s fair value determinations of these assets were materially different from the values that would exist if a ready market existed for these assets.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the assets and other instruments the Fund acquires are not publicly traded. As such, these assets may be subject to legal and other restrictions on resale, transfer, pledge or other disposition, or will otherwise be less liquid than publicly-traded securities. Other assets that the Fund acquires, while publicly traded, have limited liquidity on account of their complexity, turbulent market conditions, or other factors. Illiquid assets typically experience greater price volatility, because a ready market does not exist, and they can be more difficult to value or sell if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its assets. The Fund may also face other restrictions on its ability to liquidate any assets for which the Fund or the Adviser has or could be attributed with material non-public information. Furthermore, assets that are illiquid are more difficult to finance, and to the extent that the Fund finances assets that are or become illiquid, the Fund may lose that financing or have it reduced. If the Fund is unable to sell its assets at favorable prices or at all, it could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business is highly dependent on Ellington&#8217;s communications and information systems and those of third-party service providers. Any failure or interruption of Ellington&#8217;s or certain third-party service providers&#8217; systems or cyber-attacks or security breaches of their networks or systems could cause delays or other problems in the Fund&#8217;s securities trading activities, could allow unauthorized access for purposes of misappropriating assets, stealing proprietary and confidential information, corrupting data or causing operational disruption, or could prevent the Fund from receiving distributions to which the Fund is entitled, any of which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Computer malware, ransomware, viruses, and computer hacking and phishing attacks have become more prevalent in the financial services industry and may occur on Ellington&#8217;s or certain third party service providers&#8217; systems in the future. The Fund relies heavily on Ellington&#8217;s financial, accounting and other data processing systems. Financial services institutions have reported breaches of their systems, some of which have been significant, and Ellington has experienced a data breach, which was not material to its or the Fund&#8217;s operations. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that Ellington or certain third-party service providers have experienced an undetected breach, and it is likely that other financial institutions have experienced more breaches than have been detected and reported. There is no assurance that the Fund, Ellington, or certain of the third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of Ellington&#8217;s networks or systems (or the networks or systems of certain third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities) or any failure to maintain performance, reliability and security of Ellington's or certain third-party service providers&#8217; technical infrastructure, but such computer malware, ransomware, viruses, and computer hacking and phishing attacks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, operational failures or cyber incidents relating to the Fund's or Ellington&#8217;s third-party service providers (or their service providers) may negatively impact the Fund&#8217;s business in the future. If a material operational failure or material breach of the information technology systems of its third-party service providers occurs, the Fund could be required to expend significant amounts of money, be delayed in receiving funds (or not receive them at all) or have to expend significant time and resources to respond to these threats or breaches, each of which could materially adversely impact the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">New technologies also continue to develop, including tools that harness generative artificial intelligence and other machine learning techniques (collectively, &#8220;<strong>AI</strong>&#8221;). AI is developing at a rapid pace and becoming more accessible. As a result, the use of such new technologies by the Fund, Ellington, and/or the Fund&#8217;s third-party service providers can present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that the Fund, Ellington, and/or its third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on the Fund and its business. See &#8220;<strong><i>&#8212;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong>&#8221;</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Financing, Hedging, and Derivative Activities</strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to fund its operations, meet financial obligations, and finance targeted asset acquisitions may be impacted by an inability to secure and maintain its financing through reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time in the future with its counterparties. Because reverse repurchase agreements are generally short-term transactions, lenders may respond to adverse market conditions by refusing to renew or replace, or making it more difficult for the Fund to renew or replace, the Fund&#8217;s maturing short-term borrowings, including imposing more onerous conditions when replacing (&#8220;<strong>rolling</strong>&#8221;) such repurchase agreements.</p>
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    <ix:continuation id="F20250331232813977" continuedAt="F20250331232823289">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Significant margin calls and/or increased reverse repurchase agreement haircuts could have a material adverse effect on the Fund&#8217;s results of operations, financial condition, business, liquidity, and ability to make distributions to its shareholders, and could cause the value of its common shares to decline. During March&#160;and April&#160;of 2020,the Fund observed that many of its financing agreement counterparties assigned lower valuations to certain of its assets, resulting in the Fund having to pay cash to satisfy margin calls, which were higher than historical levels. In addition, during March&#160;and April&#160;of 2020 the Fund also experienced an increase in haircuts on reverse repurchase agreements that the Fund rolled. A sufficiently deep and/or rapid increase in margin calls or haircuts would have an adverse impact on the Fund&#8217;s liquidity. The Fund may have to sell assets at disadvantageous times or prices to meet such obligations.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Consequently, depending on market conditions at the relevant time, the Fund may have to rely on additional equity issuances to meet its capital and financing needs, which may be dilutive to its shareholders, or the Fund may have to rely on less efficient forms of debt financing that consume a larger portion of its cash flow from operations, thereby reducing funds available for its operations, future business opportunities, cash distributions to its shareholders, and other purposes. There can be no assurance that the Fund will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause the Fund to curtail its asset acquisition activities and/or dispose of assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders, or in the worst case, cause its insolvency.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund uses borrowed money to fund many of its investment activities and to enhance its financial returns. These borrowings include short-term reverse repurchase agreements to finance its CLO assets, and may also include credit facilities, including term loans and revolving credit facilities, derivative transactions, issuance of preferred shares and issuance of debt securities, each in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such financings may be used for the acquisition and maintenance of its investments, to pay fees and expenses, and for other purposes. Such leverage may be secured or unsecured. Any such leverage is in addition to leverage embedded or inherent in the CLO structures or derivative instruments in which the Fund may invest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Through the use of leverage, the Fund may acquire positions with market exposure significantly greater than the amount of equity capital committed to the transaction. Leverage can enhance the Fund&#8217;s potential returns but can also exacerbate losses. Even if an asset increases in value, if the asset fails to earn a return that equals or exceeds its cost of borrowing, the leverage will diminish the Fund&#8217;s returns. Leverage also increases the risk of the Fund&#8217;s being forced to swiftly liquidate its assets. See &#8220;<strong><i>&#8212;The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.</i></strong>&#8221;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since financial leverage increases the amount of the Fund&#8217;s assets without a corresponding increase in the Fund&#8217;s common equity, any event that adversely affects the Fund&#8217;s assets would have an amplified effect on the Fund&#8217;s common shares to the extent that leverage is utilized. For instance, any decrease in the yield of the Fund&#8217;s assets would cause the Fund&#8217;s net interest income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund&#8217;s ability to make distributions and other payments to its securityholders. Similarly, the more leverage that the Fund employs, the more likely a substantial change will occur in the Fund&#8217;s Net Asset Value. The Fund&#8217;s expected use of leverage is generally considered to be a speculative investment technique. Its ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. In a market that moves adversely to the Fund&#8217;s assets, the use of leverage would be expected to result in a loss that would be greater than if the Fund&#8217;s assets were not leveraged.</p>
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            <div>&#160;</div>
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    </ix:continuation>
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      <ix:continuation id="F20250401002805276" continuedAt="F20250331232832853">
        <div>&#160;</div>
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    <p style="margin:0pt">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
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          <tr style="vertical-align:top;text-align:left">
            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">33</td>
            <td style="width:33%;text-align:right">&#160;</td>
          </tr>

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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331232832853" continuedAt="F20250331232841286">
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                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund intends to operate as a fully compliant derivatives fund under the Derivatives Rule, including treating reverse repurchase agreement borrowings as derivatives transactions and implementing a Derivatives Risk Management Program. By electing to operate under the full derivatives framework rather than qualifying as a &#8220;limited derivatives user,&#8221; under the Derivatives Rule, the Fund will be permitted to take on a significantly higher level of leverage through the use of derivatives and reverse repurchase agreement transactions than would be allowed for a limited derivatives user. This increased leverage may amplify both potential gains and losses, subjecting the Fund to greater volatility and market risk. While the Fund&#8217;s Derivatives Risk Management Program will include oversight and certain limits, leveraging the fund to a higher degree increases the potential for significant losses during periods of market stress or when asset prices move against its investments. Furthermore, any breach of its leverage or risk limits could result in forced portfolio adjustments, liquidity constraints, or regulatory scrutiny. See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions</i></strong>&#8221; and &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong>&#8221;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, if the Fund&#8217;s asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to declare dividends, incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of its investments to repay some debt or redeem shares of preferred shares when it is disadvantageous to do so. As such, the Fund might not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser&#8217;s and its Board&#8217;s assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that the Fund will be able to obtain credit at all or on terms acceptable to the Fund.</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <ix:nonNumeric id="Fxbrl_20250331214933750" name="cef:EffectsOfLeverageTextBlock" contextRef="C_20250401to20250401" escape="true">
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#8217;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                          <td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumed Return on the Fund&#8217;s Portfolio (Net of Expenses)</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>
                        <tr style="vertical-align:bottom">
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Corresponding return to common shareholder<sup>(1) </sup></span></span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(<ix:nonFraction id="Fxbrl_20250331215454726" name="cef:ReturnAtMinusTenPercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">17.72</ix:nonFraction></span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(<ix:nonFraction id="Fxbrl_20250331215518949" name="cef:ReturnAtMinusFivePercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">10.22</ix:nonFraction></span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(<ix:nonFraction id="Fxbrl_20250331215531454" name="cef:ReturnAtZeroPercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">2.72</ix:nonFraction></span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><ix:nonFraction id="Fxbrl_20250331215624056" name="cef:ReturnAtPlusFivePercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">4.78</ix:nonFraction></span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><ix:nonFraction id="Fxbrl_20250331215610640" name="cef:ReturnAtPlusTenPercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">12.28</ix:nonFraction></span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>

                    </table>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                        <tr style="vertical-align:top">
                          <td style="width:0.25in"/>
                          <td style="width:0.25in;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1)</span></span></td>
                          <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</span></span></td>
                        </tr>

                    </table>
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              </ix:nonNumeric>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Based on the Fund&#8217;s assumed leverage described above, its investment portfolio would have been required to experience an annual return of at least <ix:nonFraction id="Fxbrl_20250331230300710" name="cef:AnnualCoverageReturnRatePercent" contextRef="C_20250401to20250401" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">1.81</ix:nonFraction>% to cover interest payments on its assumed indebtedness.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            </div>
          </ix:continuation>
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      </div>
    </ix:continuation>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px">

          <tr style="vertical-align:top;text-align:left">
            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">34</td>
            <td style="width:33%;text-align:right">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331232841286" continuedAt="F20250331232849689">
      <div>
        <ix:nonNumeric id="Fxbrl_20250331205457189" name="cef:RiskTextBlock" contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember" escape="true">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Regulations governing the Fund&#8217;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#8217;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may in the future issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which the Fund refers to collectively as &#8220;senior securities,&#8221; up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, the Fund will be permitted, as a registered closed-end management investment company, to issue senior securities representing indebtedness so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, is at least 300% after each issuance of such senior securities. In addition, the Fund will be permitted to issue preferred shares so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of its outstanding preferred shares, is at least 200% after each issuance of such preferred shares. If the value of its assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund&#8217;s leverage, repay a portion of its indebtedness or redeem outstanding preferred shares or debt, in each case at a time when doing so may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness or preferred dividends would not be available for distributions to its common shareholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred shares, the preferred shares would rank &#8220;senior&#8221; to common shares in its capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of its common shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might otherwise provide a premium price to holders of the Fund&#8217;s common shares or otherwise be in the Fund&#8217;s common shareholders&#8217; best interest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund is not generally able to issue and sell its common shares at a price below its net asset value per common share, other than in connection with a rights offering to its existing shareholders. The Fund may, however, sell its common shares at a price below the then-current net asset value per common share if its Board determines that such sale is in the Fund&#8217;s and its shareholders&#8217; best interests, and the Fund&#8217;s shareholders approve such sale. In any such case, the price at which the Fund&#8217;s securities are to be issued and sold may not be less than a price that, in the determination of its Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common shares, then the percentage ownership of its shareholders at that time will decrease, and existing shareholders may experience dilution.</p>
          </div>
        </ix:nonNumeric>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event of the Fund&#8217;s insolvency or bankruptcy, certain reverse repurchase agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay. In the event of the insolvency or bankruptcy of a lender during the term of a reverse repurchase agreement, the lender may be permitted, under applicable insolvency laws, to repudiate the contract, and the Fund&#8217;s claim against the lender for damages may be treated simply as an unsecured claim. In addition, if the lender is a broker or dealer subject to the Securities Investor Protection Act of 1970, or an insured depository institution subject to the Federal Deposit Insurance Act, the Fund&#8217;s ability to exercise its rights to recover its securities under a reverse repurchase agreement or to be compensated for any damages resulting from the lenders' insolvency may be further limited by those statutes. These claims would be subject to significant delay and costs to the Fund and, if and when received, may be substantially less than the damages the Fund actually incurs.</p>
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                  <td>hedging of corporate credit risks and interest rates can be expensive, particularly during periods of higher and volatile credit spreads and interest rates;</td>
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                  <td>available corporate credit risk and interest rate hedges may not correspond directly, or be correlated in the manner desired with, the credit risk and interest rate risk for which protection is sought;</td>
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                  <td>many hedges are structured as over-the-counter contracts with counterparties whose creditworthiness is not guaranteed, raising the possibility that the hedging counterparty may default on their obligations;</td>
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                  <td>to the extent that the creditworthiness of a hedging counterparty deteriorates, it may be difficult or impossible to terminate or assign any hedging transactions with such counterparty to another counterparty;</td>
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                  <td>the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules&#160;to reflect changes in market value and/or fair value. Downward adjustments (&#8220;<strong>mark-to-market losses</strong>&#8221;) would reduce the Fund&#8217;s earnings and its shareholders' equity;</td>
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                  <td>the Fund may fail to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the assets in the portfolio being hedged;</td>
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                  <td>the Adviser may fail to recalculate, re-adjust, and execute hedges in an efficient and timely manner; and</td>
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                  <td>the hedging transactions may actually result in poorer overall performance for the Fund than if it had not engaged in the hedging transactions.</td>
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            <td style="width:34%;text-align:center">36</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, some portion of the Fund&#8217;s derivatives transactions may be cleared through a central counterparty clearinghouse (&#8220;<strong>CCP</strong>&#8221;), which the Fund accesses through a futures commission merchant (&#8220;<strong>FCM</strong>&#8221;). The Fund&#8217;s futures positions also are cleared with a CCP through an FCM. If an FCM that holds the Fund&#8217;s futures or cleared derivatives account were to become insolvent, the CCP will make an effort to move the Fund&#8217;s futures and cleared derivatives positions to an alternate FCM, though it is possible that no alternate FCM could be found to accept the Fund&#8217;s positions, which could result in a total cancellation of its positions in the account; in such a case, if the Fund wished to reinstate such positions, the Fund would have to re-initiate such positions with an alternate FCM. In addition, in the case of both futures and cleared derivatives, there could be knock-on effects of the Fund&#8217;s FCM&#8217;s insolvency, such as the failure of co-customers of the FCM or other FCMs of the same CCP. In such cases, there could be a shortfall in the funds available to the CCP due to such additional insolvencies and/or exhaustion of the CCP's guaranty fund that could lead to total loss of the Fund&#8217;s positions in the FCM account. Finally, the Fund faces a risk of loss (including total cancellation) of positions in the account in the event of fraud by its FCM or other FCMs of the CCP, where ordinary course remedies would not apply.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Using derivatives also subjects the Fund to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Commodity Futures Trading Commission (&#8220;<strong>CFTC</strong>&#8221;) and certain commodity exchanges have established limits referred to as speculative position limits or position limits on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options. Limits on trading in options contracts also have been established by the various options exchanges. It is possible that trading decisions may have to be modified and that positions held may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may enter into derivatives transactions that have not been cleared by a CCP. If a derivative counterparty cannot perform under the terms of the derivative contract, the Fund would not receive payments due under that agreement, the Fund may lose any unrealized gain associated with the derivative, and, in the case of a derivative used as a hedging instrument, the asset or liability being hedged would cease to be hedged by such instrument. If a derivative counterparty becomes insolvent or files for bankruptcy, the Fund may also be at risk for any collateral the Fund has pledged to such counterparty to secure its obligations under derivative contracts, and the Fund may incur significant costs in attempting to recover such collateral.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund engages in short selling transactions, which may subject it to additional risks.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the Fund&#8217;s hedging transactions, and occasionally its investment transactions, may be short sales or short positions. Short selling may involve selling securities that are not owned and typically borrowing the same securities for delivery to the purchaser, with an obligation to repurchase the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. A short sale may create the risk of an unlimited loss, in that the price of the underlying security might theoretically increase without limit, thus increasing the cost of repurchasing the securities. There can be no assurance that securities sold short will be available for repurchase or borrowing. Market conditions, including lower liquidity in certain asset classes and derivatives, and increased short sale restrictions imposed by regulators during periods of financial stress, could limit the Fund&#8217;s ability to execute or maintain short positions effectively.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s investments that are denominated in foreign currencies subject the Fund to foreign currency risk arising from fluctuations in exchange rates between such foreign currencies and the U.S. dollar. While the Fund currently attempts to hedge the vast majority of its foreign currency exposure, it may not always choose to hedge such exposure, or it may not be able to hedge such exposure. To the extent that the Fund is exposed to foreign currency risk, changes in exchange rates of such foreign currencies to the U.S. dollar could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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    </ix:continuation>
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            <td style="width:34%;text-align:center">37</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and </i></strong></span><strong><i>its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s profitability depends, in large part, on its ability to acquire targeted assets at favorable prices. The Fund competes with a number of entities when acquiring its targeted assets, including other registered closed-end funds, public and private funds, investment banks, business development companies, hedge funds, private credit funds, structured credit funds, distressed debt funds, and mezzanine funds. Many of the Fund&#8217;s competitors are substantially larger and have considerably more favorable access to capital and other resources than the Fund does. Furthermore, new companies with significant amounts of capital have been formed or have raised additional capital, and may continue to be formed and raise additional capital in the future, and these companies may have objectives that overlap with the Fund&#8217;s, which may create competition for assets the Fund wishes to acquire. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund&#8217;s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of assets to acquire or pay higher prices than the Fund can. The Fund also may have different operating constraints from those of its competitors including, among others, (i)&#160;tax-, legal-, or accounting-driven constraints such as those arising from its qualification as a RIC, including asset diversification and distribution requirements, (ii)&#160;restraints imposed on the Fund by the 1940 Act as a registered closed-end fund and (iii)&#160;restraints and additional costs arising from the Fund&#8217;s status as a public company. Furthermore, competition for assets in the Fund&#8217;s targeted asset classes may lead to the price of such assets increasing, which may further limit its ability to generate desired returns. The competitive pressures the Fund faces could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">38</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund pays the Adviser a Base Management Fee based on the Fund&#8217;s Net Asset Value, regardless of the performance of the Fund&#8217;s portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund&#8217;s portfolio, which could result in worse performance for the Fund&#8217;s portfolio and could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, the participation of the Adviser (including the Adviser&#8217;s investment professionals) in the Fund&#8217;s valuation process, and the financial interest of the Fund&#8217;s interested trustees in the Adviser, creates a conflict of interest as the Base Management Fee payable to the Adviser is based, in part, on the Fund&#8217;s Net Asset Value.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Adviser is authorized to follow a very broad strategy in pursuing the Fund&#8217;s investment objectives. While the Fund&#8217;s Board periodically reviews the Fund&#8217;s investment strategy and the Adviser&#8217;s portfolio and asset-management decisions, it generally does not review the Fund&#8217;s proposed acquisitions, dispositions, and other management decisions. In addition, in conducting periodic reviews, the Board relies primarily on information provided to them by the Adviser. Furthermore, the Adviser may arrange for the Fund to use complex strategies or to enter into complex transactions that may be difficult or impossible to unwind by the time they are reviewed by the Board. The Adviser has great latitude in determining the types of assets it may decide are proper for the Fund to acquire, and in connection with other decisions with respect to the management of those assets. Poor decisions could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Ellington has sponsored and/or currently manages accounts with a focus that overlaps with the Fund&#8217;s investment focus and expects to continue to do so in the future. Ellington is not restricted in any way from sponsoring or accepting capital from new accounts, even for investing in asset classes or strategies that are similar to, or overlapping with, the Fund&#8217;s asset classes or strategies. Therefore, the Fund competes for access to the benefits that its relationship with the Adviser and Ellington provides the Fund. For the same reasons, the personnel of Ellington and the Adviser may be unable to dedicate a substantial portion of their time to managing the Fund&#8217;s assets.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Further, to the extent that the Fund&#8217;s targeted assets are also targeted assets of other Ellington accounts, the Fund will compete with those accounts for opportunities to acquire assets. Ellington has no duty to allocate such opportunities in a manner that preferentially favors the Fund. Ellington makes available to the Fund all opportunities to acquire assets that it determines, in its reasonable and good faith judgment, based on the Fund&#8217;s objectives, policies and strategies, and other relevant factors, are appropriate for the Fund in accordance with Ellington&#8217;s written investment allocation policy, it being understood that the Fund might not participate in each such opportunity, but will equitably participate with Ellington's other accounts in such opportunities on an overall basis.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <ix:continuation id="F20250331232933171" continuedAt="F20250331232941244">
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since many of the Fund&#8217;s targeted assets are typically available only in specified quantities and are also targeted assets for other Ellington accounts, Ellington often is not able to buy as much of any asset or group of assets as would be required to satisfy the needs of all of Ellington&#8217;s accounts. In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital. As part of these policies, accounts that are in a &#8220;start-up&#8221; or &#8220;ramp-up&#8221; phase may get allocations above their proportion of available capital, which could work to the Fund&#8217;s disadvantage, particularly because there are no limitations surrounding Ellington's ability to create new accounts. In addition, the policies permit departure from proportional allocations under certain circumstances, for example when such allocation would result in an inefficiently small amount of the security or assets being purchased for an account, which may also result in the Fund not participating in certain allocations.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Acquisitions made for entities with similar objectives may be different from those made on the Fund&#8217;s s behalf. Ellington may have economic interests in, or other relationships with, others in whose obligations or securities the Fund may acquire. In particular, such persons may make and/or hold an investment in securities that the Fund acquires that may be pari passu, senior, or junior in ranking to its interest in the securities or in which partners, security holders, officers, directors, agents, or employees of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities and otherwise create conflicts of interest. In such instances, Ellington may, in its sole discretion, make recommendations and decisions regarding such securities for other entities that may be the same as or different from those made with respect to such securities and may take actions (or omit to take actions) in the context of these other economic interests or relationships the consequences of which may be adverse to the Fund&#8217;s interests.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In deciding whether to issue additional debt or equity securities, the Fund will rely in part on recommendations made by the Adviser. While such decisions are subject to the approval of the Board, two of the Fund&#8217;s trustees are Interested Trustees. Because the Adviser earns Base Management Fees that are based on the total amount of its equity capital, and because the Adviser earns Performance Fees that would be expected to increase should the Fund&#8217;s equity capital increase, the Adviser may have an incentive to recommend that the Fund issue additional equity securities. Future offerings of debt securities, which would rank senior to the Fund&#8217;s common shares upon liquidation, and future offerings of equity securities which would dilute the common share holdings of its existing shareholders and may be senior to its common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#8217;s common shares.</p>
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            <div>&#160;</div>
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    </ix:continuation>
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            <td style="width:34%;text-align:center">41</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331232941244" continuedAt="F20250401023412106">
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        <ix:continuation id="F20250331231323868">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and Ellington and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and Ellington employees, other entities that Ellington advises or manages will likewise require greater focus and attention, placing the Adviser and Ellington's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if Ellington or its affiliates did not act as a manager for other entities.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund, directly or through Ellington, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund does possess confidential information about such companies or securities, there may be restrictions on its ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser's and Ellington&#8217;s management of other accounts could create a conflict of interest to the extent the Adviser or Ellington is aware of material non-public information concerning potential investment decisions. For example, an Ellington affiliate&#8217;s membership in a loan syndicate or on a loan borrower&#8217;s creditors&#8217; committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund&#8217;s operations. These limitations imposed by access to confidential information could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values and the Fund&#8217;s stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that the Fund&#8217;s net asset value per common share may decline. The Fund cannot predict whether its common shares will trade above, at, or below its Net Asset Value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common shares purchased in an offering soon after such offering. In addition, if the Fund&#8217;s common shares trade below its Net Asset Value, the Fund will not be able to sell additional common shares to the public at its market price except (i) in connection with a rights offering to the Fund&#8217;s existing shareholders, (ii) with the consent of the majority of the Fund&#8217;s shareholders, (iii) upon the conversion of a convertible security in accordance with its terms or (iv) under such circumstances as the SEC may permit.</p>
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            <td style="width:34%;text-align:center">43</td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to pay dividends may be impaired if any of the risks described in this prospectus, or any of the Fund&#8217;s other periodic or current reports filed with the SEC, were to occur. In addition, payment of dividends depends upon the Fund&#8217;s earnings, liquidity, financial condition, the RIC distribution requirements, its financial covenants, and other factors that the Board may deem relevant from time to time. There can be no assurance that the Fund&#8217;s business will generate sufficient cash flow from operations or that future borrowings or other capital will be available to the Fund in an amount sufficient to enable the Fund to make distributions on its common shares, to pay its indebtedness, or to fund other liquidity needs. The Board will continue to assess the dividend rate on its common shares on an ongoing basis, as market conditions and its financial position continue to evolve. The Board is under no obligation to declare any dividend distribution. There can be no assurance that the Fund will achieve results that will allow it to pay a specified level of dividends or to increase dividends from one period to the next.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>An increase in interest rates may have an adverse effect on the market price of the Fund&#8217;s common shares and its ability to pay dividends to its shareholders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">One of the factors that investors may consider in deciding whether to buy or sell the Fund&#8217;s common shares is its dividend rate (or expected future dividend rate) as a percentage of its common share price, relative to market interest rates. If market interest rates increase or do not decline from their current levels, prospective investors may demand a higher dividend rate on the Fund&#8217;s common shares or seek alternative investments paying higher dividends or interest. There can be no assurance that the Fund will achieve results that will allow it to increase its dividend rate in response to market interest rate increases. As a result, interest rate fluctuations and capital market conditions can affect the market price of the Fund&#8217;s common shares independent of the effects such conditions may have on its portfolio. For instance, if interest rates rise without an increase in the Fund&#8217;s dividend rate, the market price of its common shares could decrease because potential investors may require a higher dividend yield on its common shares as market rates on interest-bearing instruments such as bonds rise. In addition, to the extent the Fund has variable rate debt, such as its reverse repurchase agreement financing, rising interest rates would result in increased interest expense on this variable rate debt, which might not be offset by increased interest income, and thereby adversely affecting the Fund&#8217;s cash flow and its ability to service its indebtedness and pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The assets the Fund purchase in accordance with its objectives may result in a higher amount of risk than other alternative asset acquisition options. The assets the Fund acquires may be highly speculative and aggressive and may be subject to a variety of risks, including credit risk, prepayment risk, interest rate risk, and market risk. As a result, an investment in the Fund&#8217;s common shares may not be suitable for investors with lower risk tolerance.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Holders of any preferred shares that the Fund may issue would have the right to elect members of the Board and have class voting rights on certain matters.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The 1940 Act requires that holders of shares of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>A downgrade, suspension or withdrawal of any future credit rating assigned by a rating agency to the Fund or any future issuances of preferred shares or debt securities, if any, or change in the debt markets could cause the liquidity or market value of the Fund&#8217;s preferred shares or debt securities to decline significantly.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Any credit rating to the Fund would be an assessment by rating agencies of the Fund&#8217;s ability to pay its debts when due. Consequently, real or anticipated changes in any credit ratings will generally affect the market value of any issuances of preferred shares or debt securities. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Fund&#8217;s preferred shares and debt securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither the Fund nor any underwriter undertakes any obligations to obtain or maintain any credit ratings or to advise holders of its preferred shares or debt securities of any changes in any credit ratings. There can be no assurance that any credit ratings will be assigned to the Fund or remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if, in their judgment, future circumstances relating to the basis of the credit rating, such as adverse changes in the Fund, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Fund&#8217;s preferred shares and debt securities.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Organization and Structure</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund was recently reorganized as an externally managed, non-diversified, closed-end management investment company with a limited prior operating history as such. As a result, the Fund&#8217;s current and historical financial information may not be suitable for evaluating an investment in the Fund as a closed-end management investment company. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of an investment in the Fund could decline substantially or become worthless. As the Fund finalizes the rotation of its investment portfolio out of agency mortgage-backed securities and into CLOs, the Fund could invest some of its capital in temporary investments, including, but not limited to, cash and cash equivalents, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">From January&#160;1, 2024 through March&#160;31, 2025, the Fund operated as a C-Corporation and focused on investments in both corporate collateralized loan obligations and agency mortgage-backed securities. Prior to January&#160;1, 2024, the fund operated as a real estate investment trust focusing on agency mortgage-backed securities.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Board has approval rights with respect to the Fund&#8217;s major strategies, including strategies regarding investments, financing, growth, debt capitalization, compliance with the 1940 Act, RIC qualification and distributions. The Board may amend or revise these and other strategies without a vote of its shareholders, subject to such amendments or revisions not being fundamental.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust authorizes the Fund to issue an unlimited number of shares, including common shares and preferred shares. In addition, the Board, without shareholder approval, may classify or reclassify any unissued common shares or preferred shares, may set the preferences, rights and other terms of the classified or reclassified shares and, with respect to the establishment of the terms of such preferred shares, may amend the declaration of trust as they deem necessary or appropriate. As a result, among other things, the Board may establish a class or series of common shares or preferred shares that could delay or prevent a transaction or a change in control of the Fund that might involve a premium price for its common shares or otherwise be in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust limits the liability of its present and former trustees and officers to the Fund and its shareholders or any other person or entity for money damages other than liability arising from (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. The Fund&#8217;s declaration of trust limits the liability of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust requires the Fund to indemnify each of its present and former trustees and officers against any liabilities and expenses incurred in connection with actions taken by such trustee or officer in those capacities except with respect to any matter as to which he or she has not acted in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which he or she had reasonable cause to believe that the conduct was unlawful and provided that no trustee or officer shall be indemnified against any liability to any person or entity or any expense of such trustee or officer arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. Further, no indemnification shall be made unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction that such trustee or officer is entitled to indemnification or, (ii)&#160;in the absence of such a decision, by (1)&#160;a majority vote of a quorum of trustees who are neither &#8220;Interested Persons&#8221; (as defined in the 1940 Act) of the Trust nor parties to the proceeding, that such trustee or officer is entitled to indemnification, or (2)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that such trustee or officer should be entitled to indemnification. The Fund&#8217;s declaration of trust requires indemnification of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law. In addition, the Fund is obligated to pay or reimburse the expenses incurred by its present and former trustees and officers if certain conditions are satisfied.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
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            <td style="width:34%;text-align:center">46</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331233027370" continuedAt="F20250401002934611">
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As a result, the Fund and its shareholders may have more limited rights against its present and former trustees and officers than might otherwise exist absent the current provisions in its declaration of trust or that might exist with other companies, which could limit recourse available to shareholders in the event actions are taken that are not in shareholders&#8217; best interest.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s declaration of trust contains provisions that make removal of its trustees difficult, which could make it difficult for its shareholders to effect changes to its management.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust provides that, subject to the rights of holders of any series of preferred shares, a trustee may be removed only for cause, and only by action taken by a majority of the remaining Trustees. Vacancies generally may be filled only by a majority of the remaining trustees in office, even if less than a quorum, for the full term of the class of trustees in which the vacancy occurred. These requirements make it more difficult to change the Fund&#8217;s management by removing and replacing trustees and may prevent a change in its control that is in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Legal and regulatory changes</i></span>. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations that could adversely affect the Fund may be imposed by the Commodity Futures Trading Commission, or the &#8220;<strong>CFTC</strong>,&#8221; the SEC, the U.S. Federal Reserve and the other Central Banks, other banking regulators, other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets. In particular, these agencies are empowered to promulgate a variety of new rules&#160;pursuant to recently enacted financial reform legislation in the United States and the countries which they operate in. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules&#160;by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund&#8217;s investment focus shifting from the areas of expertise of the investment team to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund&#8217;s results of operations and the value of an investment in the Fund.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Relief from Registration as Commodity Pool Operator</i></span>.&#160;With respect to the Fund&#8217;s operation, the Adviser has claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; pursuant to CFTC Rule&#160;4.5, which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include: (i)&#160;&#8220;bona fide hedging&#8221; transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#8217;s assets committed to margin and option premiums; and (ii)&#160;non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a)&#160;the sum of the amount of initial margin and premiums required to establish the Fund&#8217;s commodity interest positions would exceed 5% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b)&#160;the aggregate net notional value of the Fund&#8217;s commodity interest positions would exceed 100% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event the Fund fails to qualify the Adviser for the exclusion, and the Adviser is required to register as a &#8220;commodity pool operator&#8221; in connection with serving as its investment adviser and becomes subject to additional disclosure, recordkeeping and reporting requirements, its expenses may increase. The Fund currently intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.</p>
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            <div>&#160;</div>
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    <div style="display:none">
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        <div>&#160;</div>
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    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
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          <tr style="vertical-align:top;text-align:left">
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            <td style="width:34%;text-align:center">47</td>
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      </table>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331233038634" continuedAt="F20250331233049618">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Derivative Investments</i></span>.&#160;The derivative investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the &#8220;<strong>Dodd-Frank Act</strong>,&#8221; require certain standardized derivatives to be executed on a regulated market and cleared through a CCP, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The &#8220;<strong>Derivatives Rule</strong>&#8221; (i.e., Rule&#160;18f-4 under the 1940 Act) regulates and, in some cases limits, the use of derivatives, reverse repurchase agreements, and certain other transactions by funds registered under the 1940 Act. Unless the Fund qualifies as a &#8220;<strong>limited derivatives user</strong>,&#8221; as defined in the Derivatives Rule, the Fund is required to establish a comprehensive Derivatives Risk Management Program, to comply with certain value-at-risk based leverage limits and reporting requirements, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding the Fund&#8217;s derivatives positions. Even if the Fund did qualify as a limited derivatives user, the Derivatives Rule&#160;would still require the Fund to have policies and procedures to manage its derivatives risk and limit its derivatives exposure. Under the Derivatives Rule, when the Fund trades reverse repurchase agreements or similar financing transactions, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating its asset coverage ratio or treat all such transactions as derivatives transactions. The Derivatives Rule&#160;also provides special treatment for reverse repurchase agreements and similar financing transactions. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions&#8221; subject to the requirements of the Derivatives Rule&#160;or as senior securities equivalent to bank borrowings for purposes of Section&#160;18 of the 1940 Act.&#160;The Fund has elected to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions.&#8221; See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions.</i></strong>&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The SEC also has provided guidance in connection with the Derivatives Rule&#160;regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i)&#160;the Fund intend to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#8220;<strong>Delayed-Settlement Securities Provision</strong>&#8221;). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#8220;derivatives transaction&#8221; for purposes of compliance with the Derivatives Rule. Furthermore, under the Derivatives Rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may increase the cost of the Fund&#8217;s investments and cost of doing business.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>European Credit Derivatives</i></span>. Furthermore, the E.U. Regulation No 648/2012 on over the counter (&#8220;<strong>OTC</strong>&#8221;) derivatives, central counterparties and trade repositories (also known as the European Market Infrastructure Regulation (&#8220;<strong>EMIR</strong>&#8221;), which came into force on 16 August&#160;2012, introduced uniform requirements in respect of OTC derivative transactions by requiring certain &#8220;eligible&#8221; OTC derivative transactions to be submitted for clearing to regulated central clearing counterparties and by mandating the reporting of certain details of derivative transactions to trade repositories. In addition, EMIR imposes requirements for appropriate procedures and arrangements to measure, monitor and mitigate operational and counterparty credit risk in respect of OTC derivatives contracts which are not subject to mandatory clearing. These requirements include the exchange of margin and, where initial margin is exchanged, its segregation by the parties, including by the Fund. While many of the obligations under EMIR have already come into force, the requirement to submit certain OTC derivative transactions to central clearing counterparties and the margin requirements for non- cleared OTC derivative transactions are subject to a staggered implementation timeline. It is not yet fully clear how the OTC derivatives market will adapt to the new regulatory regime. Accordingly, it is difficult to predict the full impact of EMIR on the Fund, which may include an increase in the overall costs of entering into and maintaining OTC derivative contracts. Prospective investors should be aware that the regulatory changes arising from EMIR and other similar regulations may in due course adversely affect the Fund&#8217;s ability to adhere to its hedging policy and achieve its objectives.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="width:34%;text-align:center">48</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Volcker Rule</i></span>.&#160;Section&#160;619 of the Dodd-Frank Act, commonly referred to as the &#8220;Volcker Rule,&#8221; generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund (&#8220;<strong>covered funds</strong>&#8221;), which has been broadly defined in a way which could include many CLOs. Although certain CLOs are exempt from &#8220;covered fund&#8221; status and amendments to the Volcker Rule&#160;have eased the ability of CLOs to meet those exemptions, any future changes to the Volcker Rule&#160;that further limit banking entities&#8217; ability to invest in CLOs may adversely affect the market value or liquidity of any or all of the investments held by the Fund. It is uncertain how any future changes to the Volcker Rule&#160;could impact the Fund.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>U.S. Risk Retention</i></span>. In 2014, pursuant to the Dodd-Frank Act, U.S. federal regulators adopted joint final rules&#160;(the &#8220;<strong>U.S. Risk Retention Rules</strong>&#8221;) implementing certain credit risk retention requirements which generally require the &#8220;securitizer&#8221; of an asset-backed security to retain an exposure to certain credit risk in the securitization for a certain period of time. However, in 2018, a federal court of appeals interpreting the credit risk retention requirements in the Dodd-Frank Act held that open market CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. Therefore, CLO collateral managers of open market CLOs are not required to hold retained interests in those CLOs, and they may dispose of any retained interest they may hold at any time. This could reduce the alignment of interests between managers and noteholders, including the Fund, potentially influencing management decisions in ways that are adverse to the Fund. See &#8220;<strong><i>&#8212;The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.</i></strong>&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>EU/UK Risk Retention.</i></span> Regulators in the European Union (EU) and the United Kingdom (UK) have imposed significant securitization-related regulations (collectively, the &#8220;Securitization Regulations&#8221;).</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Pursuant to the Securitization Regulations, sponsors of CLOs issued in the EU or UK (collectively, &#8220;European CLOs&#8221;) are required to retain a material net economic interest in such securitizations (&#8220;risk retention&#8221;), and such sponsors are also subject to various disclosure-related obligations. To the extent that the Securitization Regulations relating to CLO sponsors or managers (including risk retention requirements) are made less stringent or rescinded, the sponsors or managers of European CLOs may have reduced incentives to prioritize the interests of CLO investors, which may increase the risk of poor performance or default because of less careful construction or management of the underlying loan portfolios; this could also limit investor confidence in such CLOs. To the extent that the Securitization Regulations relating to sponsors or managers are made more stringent, sponsors could be dissuaded from sponsoring new European CLOs, which could limit the available supply of such CLOs. Pursuant to the Securitization Regulations, EU-based or UK-based investors purchasing certain securitizations (including CLOs) are required, prior to purchasing interests in such securitizations, to carry out due diligence assessments relating to the credit risks and other material risks of such interests (including verifying that such securitizations comply with risk retention), and such investors are also subject to various monitoring obligations related to the ongoing performance and risks of such interests. To the extent that the Securitization Regulations relating to EU-based or UK-based investors are made more stringent, such investors may be dissuaded from investing in (or maintaining their investments in) CLOs, which could adversely affect the price and liquidity of such CLOs.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">European CLOs are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent the Fund invests in CLO securities that have not been structured to comply with the Securitization Regulations, the price and liquidity of such securities may be adversely affected.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The SEC staff could modify its position on certain non-traditional investments, including investments in CLO securities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The staff of the SEC (and other regulators, including the European Securities and Markets Authority (&#8220;<strong>ESMA</strong>&#8221;)) from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities by the SEC or ESMA, as applicable, could adversely impact the Fund&#8217;s ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on the Fund&#8217;s shareholders, its financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.</p>
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            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">49</td>
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    <ix:continuation id="F20250331233058493" continuedAt="F20250331233108523">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund may experience fluctuations in its Net Asset Value and quarterly operating results.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund could experience fluctuations in its Net Asset Value from month to month and in its quarterly operating results due to a number of factors, including the timing of distributions to its shareholders, fluctuations in the value of the CLO securities that the Fund hold, its ability or inability to make investments that meet its investment criteria, the interest and other income earned on its investments, the level of its expenses (including the interest or dividend rate payable on the debt securities or preferred shares the Fund issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, the Fund&#8217;s Net Asset Value and results for any period should not be relied upon as being indicative of its Net Asset Value and results in future periods.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>U.S. Federal Income Tax Risks</strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investment in the Fund has various U.S. federal, state, and local income tax risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund strongly urges investors to consult their own tax advisors concerning the effects of U.S. federal, state, and local income tax law on an investment in the Fund&#8217;s common shares.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. federal income tax laws governing RICs are complex, and interpretations of the U.S. federal income tax laws governing qualification as a RIC are limited. Qualifying as a RIC requires the Fund to meet various tests regarding the nature of its assets, its income and the amount of its distributions on an ongoing basis. The Fund&#8217;s ability to satisfy the RIC asset and income tests depends upon the characterization and fair market values of its assets, many of which are not precisely determinable, and for which the Fund may not obtain independent appraisals. The Fund&#8217;s compliance with the RIC asset and income tests and the accuracy of its tax reporting to shareholders also depend upon its ability to successfully manage the calculation and composition of its taxable income and its assets on an ongoing basis. Even a technical or inadvertent mistake could jeopardize the Fund&#8217;s RIC status. Under certain circumstances, the Fund may be able to cure a failure to meet the RIC asset and income tests if such failure was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund&#8217;s returns. Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that it will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, it generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to its shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if it distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to its shareholders. If the Fund fails to qualify or to maintain its qualification as a RIC in any calendar year, it would be required to pay U.S. federal income tax (and any applicable state and local taxes) on its taxable income at regular corporate rates, and dividends paid to its shareholders would not be deductible by the Fund in computing its taxable income (although such dividends received by certain non-corporate U.S. taxpayers generally would be subject to a preferential rate of taxation). Further, if the Fund fails to maintain its qualification as a RIC, it might need to borrow money or sell assets in order to pay any resulting tax. The Fund&#8217;s payment of income tax would decrease the amount of its income available for distribution to its shareholders and could adversely affect the value of its common shares. Furthermore, if the Fund fails to maintain its qualification as a RIC, it no longer would be required under U.S. federal tax laws to distribute substantially all of its taxable income to its shareholders.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="width:34%;text-align:center">50</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <ix:continuation id="F20250331233108523" continuedAt="F20250331233118170">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments may result in the Fund incurring tax or recognizing taxable income prior to receiving cash distributions related to such income.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The tax implications of the corporate CLOs in which the Fund invests are complex and, in some circumstances, unclear. In particular, the Fund may recognize taxable income on certain of its CLO investments without the concurrent receipt of cash.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund expects that most of its investments in securities will be marked to market for tax purposes pursuant to its election under Section&#160;475(f)&#160;of the Code (see &#8220;<strong><i>&#8212;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong>&#8221;), regardless of whether the investments are generating cash flow. For any of the Fund&#8217;s investments that are not marked to market for tax purposes, such as certain CLO equity investments, the tax implications of such investments are often complex and, in some circumstances, unclear, which could also cause the Fund to recognize taxable income on such investments without the concurrent receipt of cash. If the Fund holds 10% or more (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation (&#8220;<strong>CFC</strong>&#8221;) (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to its pro rata share of the corporation&#8217;s &#8220;subpart F income&#8221; for the tax year (including both ordinary earnings and capital gains). Treasury Regulations generally treat the Fund&#8217;s income inclusion with respect to a CFC as qualifying income for purposes of determining its ability to be subject to tax as a RIC if either (i)&#160;there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii)&#160;such inclusion is derived with respect to the Fund&#8217;s business of investing in stock, securities, or currencies. If the Fund fails to qualify or maintain its qualification for tax treatment as a RIC under Subchapter M of the Code for any reason, the Fund would be required to pay U.S. federal income tax on its taxable income at regular corporate rates, which could substantially reduce the Fund&#8217;s net assets, as well as the amount of income available for distributions, and the amount of such distributions, to the Fund&#8217;s shareholders and for payments to the holders of the Fund&#8217;s other equity securities or obligations. See &#8220;&#8212;<strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</i></strong>.<strong><i>&#8221;</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Because the annual RIC distribution requirements are based on the RIC&#8217;s taxable income as opposed to the cash flow received by the RIC, if the Fund recognizes taxable income on its investments in excess of the cash either received from such investments or otherwise maintained on hand by the Fund, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the RIC distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund has made an election under Section&#160;475(f)&#160;of the Code to mark its securities to market. There are limited authorities under Section&#160;475(f)&#160;of the Code as to what constitutes a trader for U.S. federal income tax purposes. Under other sections of the Code, the status of a trader in securities depends on all of the facts and circumstances, including the nature of the income derived from the taxpayer&#8217;s activities, the frequency, extent and regularity of the taxpayer's securities transactions, and the taxpayer&#8217;s investment intent. There can be no assurance that the Fund will continue to qualify as a trader in securities eligible to make a mark-to-market election. The Fund has not received, nor is it seeking, an opinion from counsel or a ruling from the IRS regarding its qualification as a trader. If the qualification for, or the Fund&#8217;s application of, such election were successfully challenged by the IRS, in whole or in part, it could, depending on the circumstances, result in retroactive (or prospective) changes in the amount or timing of recognized gross income, and potentially jeopardize its RIC qualification. If the IRS were to successfully challenge the treatment or timing of recognition of its securities, the Fund could fail to maintain its qualification as a RIC. Finally, mark-to-market gains and losses could cause volatility in the amount of its taxable income. For instance, the mark-to-market election could generate losses in one taxable year that the Fund is unable to use to offset taxable income, followed by mark-to-market gains in a subsequent taxable year that force the Fund to make additional distributions to its shareholders. Hence, the mark-to-market gains and losses could cause the Fund to distribute more dividends to its shareholders in a particular period than would otherwise be desirable from a business perspective.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px">

          <tr style="vertical-align:top;text-align:left">
            <td style="width:33%">&#160;</td>
            <td style="width:34%;text-align:center">51</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <ix:continuation id="F20250331233118170" continuedAt="F20250331233126469">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Complying with RIC requirements may cause the Fund to forgo or liquidate otherwise attractive investments.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To maintain its qualification as a RIC, the Fund must continually satisfy various tests regarding the sources of its income, the nature and diversification of its assets and the amounts it distributes to its shareholders. In order to meet these tests, the Fund may be required to forgo investments it might otherwise make. It may be required to pay dividends to shareholders at disadvantageous times or when it does not have funds readily available for distribution and may be unable to pursue investments that would be otherwise advantageous to the Fund in order to satisfy the source of income or asset diversification requirements for qualifying as a RIC. Thus, compliance with the RIC requirements may hinder the Fund&#8217;s investment performance.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>General Risk Factors</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund, Ellington, or its affiliates may be subject to adverse legislative, regulatory or public policy changes.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At any time, U.S. federal, state, local, or foreign laws or regulations that impact the Fund&#8217;s business, or the administrative interpretations of those laws or regulations, may be enacted or amended.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund cannot predict when or if any new law, regulation, or administrative interpretation, or any amendment to or repeal of any existing law, regulation, or administrative interpretation, will be adopted or promulgated or will become effective. Additionally, the adoption or implementation of any new law, regulation, or administrative interpretation, or any revisions in or repeals of these laws, regulations, or administrative interpretations, could cause the Fund to change its portfolio, could constrain its strategy, or increase its costs. The Fund could be adversely affected by any change in or any promulgation of new law, regulation, or administrative interpretation.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, political leaders in the U.S. and certain foreign countries have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate certain existing trade agreements with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the Fund&#8217;s performance.</p>
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            <td style="width:34%;text-align:center">53</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <ix:continuation id="F20250331233135901" continuedAt="F20250331233144425">
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                  <td>the Fund&#8217;s inclusion in, or exclusion from, various stock indices;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <tr style="vertical-align:top;text-align:left">
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            <td style="width:34%;text-align:center">54</td>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <ix:continuation id="F20250331233144425" continuedAt="F20250331233153068">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors to enable investors to validate and better understand sustainability claims, including an increased regulatory focused on the accuracy of those claims. As a result, the Fund is subject to evolving rules&#160;and regulations promulgated by various governmental and self-regulatory organizations, including the SEC, the NYSE and the Financial Accounting Standards Board. These rules&#160;continue to expand in scope and complexity, with new requirements potentially increasing compliance challenges and uncertainty. If the Fund is perceived as, or accused of, "greenwashing" or overstating the extent of its sustainability-related practices, such allegations could damage the Fund&#8217;s reputation, result in litigation or regulatory actions, and negatively impact its ability to raise capital.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At the same time, so-called &#8220;anti-ESG&#8221; sentiment has also gained momentum across the U.S., with several states having enacted or proposed &#8220;anti-ESG&#8221; policies, legislation, or issued related legal opinions. For example, certain states now require that relevant state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors or have enacted "boycott bills." If investors subject to such legislation viewed the Fund, its policies, or its practices, as being in contradiction of such &#8220;anti-ESG&#8221; policies, legislation or legal opinions, such investors may not invest in the Fund, which could negatively affect its financial performance.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the Fund fails or is perceived to fail to comply with or meet applicable rules, regulations and stakeholder expectations, it could negatively impact the Fund&#8217;s reputation and its business results. Further, the Fund&#8217;s business could become subject to additional regulations, penalties and/or risks of regulatory scrutiny and enforcement in the future. Moreover, the requirements of various regulations the Fund may become subject to may not be consistent with each other. There can be no assurance that the Fund&#8217;s current ESG practices will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs.</p>
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            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"><strong><i>Climate change has the potential to impact the Fund&#8217;s investments.</i></strong></p>
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            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;Currently, it is not possible to predict how legislation or new regulations that may be adopted to address greenhouse gas emissions will impact the assets underlying the Fund&#8217;s investments. However, any such future laws and regulations imposing reporting obligations, limitations on greenhouse gas emissions, or additional taxation of energy use could negatively affect the businesses of the underlying borrowers on the CLOs in which the Fund invests, including, for example by requiring an underlying borrower to make significant expenditures to attain and maintain compliance. Any new legislative or regulatory initiatives related to climate change could adversely affect the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s business.</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;The physical impact of climate change could also have a material adverse effect on the assets underlying the Fund&#8217;s investments. Physical effects of climate change such as increases in temperature, sea levels, the severity of weather events and the frequency of natural disasters, such as hurricanes, tropical storms, tornadoes, wildfires, droughts, floods and earthquakes, among other effects, could reduce the value of the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s investments.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Periods of heightened inflation could adversely impact the Fund&#8217;s financial results.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">High inflation, whether caused by low unemployment, high corporate demand, supply-chain issues, geopolitical conflicts, quantitative easting, imposition of tariffs by the federal government, or a combination of these or other factors, may undermine the performance of the Fund&#8217;s investments by reducing the value of such investments and/or the income received from such investments. Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, significant effects on interest rates and negative effects on economies and financial markets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies and particularly for some of the corporate sectors in which the Fund&#8217;s underlying obligors operate. For example, if a corporate borrower under an asset held by one of the Fund&#8217;s CLO investments is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. As inflation rises, an underlying obligor may earn more revenue but may incur higher expenses, as wages and prices of inputs increase during periods of inflation. Thus, heightened inflationary pressures could increase the risk of default by the underlying borrowers in CLOs. In addition, during any periods of rising inflation, interest rates would be expected to rise, which could create a mismatch between the Fund&#8217;s assets and liabilities. See &#8220;&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and between the assets and liabilities of the CLOs in which the Fund invests, the Fund&#8217;s CLO investments and their underlying corporate credit assets may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets.&#8221; Conversely, as inflation declines, the Fund and any CLO in which the Fund invests and any underlying corporate borrower of its CLO investments may not be able to reduce expenses commensurate with any resulting reduction in revenue.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, actions that the Federal Reserve has taken, and could continue to take in response to changes in inflation, could have an adverse impact on the economy broadly and/or on the Fund&#8217;s financial results specifically. See &#8220;<strong><i>Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders</i></strong>.&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The use of AI by the Fund and others, and the overall adoption of AI throughout society, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to the Fund&#8217;s business. There is substantial uncertainty about the extent to which AI will result in dramatic changes throughout the world, and the Fund may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. These changes could potentially disrupt, among other things, the Fund&#8217;s business model, investment strategies and operational processes. Some of the Fund&#8217;s competitors may be more successful than it in the development and implementation of new technologies, including services and platforms based on AI, to improve their operations. If the Fund is unable to adequately advance its capabilities in these areas, or do so at a slower pace than others in its industry, the Fund may be at a competitive disadvantage.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="width:34%;text-align:center">55</td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the data the Fund, or third parties whose services the Fund relies on, use in connection with the possible development or deployment of AI is incomplete, inadequate or biased in some way, the performance of the Fund&#8217;s business could suffer. In addition, recent technological advances in AI both present opportunities and pose risks to the Fund. Data in technology that uses AI may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in the Fund&#8217;s business. The volume and reliance on data and algorithms also make AI more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data or other intellectual property. The personnel provided to the Fund by the Adviser, and/or its third-party service providers could, without being known to the Fund, improperly utilize AI and machine learning-technology while carrying out their responsibilities. This could reduce the effectiveness of AI technologies and adversely impact the Fund and its operations to the extent that it relies on the AI&#8217;s work product.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a risk that AI may be misused or misappropriated by the Fund&#8217;s third party service providers. For example, a user may input confidential information, including material non-public information, into AI applications, resulting in the information becoming a part of a dataset that is accessible by third-party technology applications and users, including the Fund&#8217;s competitors. Further, the Fund may not be able to control how third-party AI that it chooses to use is developed or maintained, or how data the Fund inputs is used or disclosed. The misuse or misappropriation of the Fund&#8217;s data could have an adverse impact on its reputation and could subject it to legal and regulatory investigations or actions or create competitive risk.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, the use of AI by the Fund or others may require compliance with legal or regulatory frameworks that are not fully developed or tested, and the Fund may face litigation and regulatory actions related to its use of AI. There has been increased scrutiny, including from global regulators, regarding the use of &#8220;big data,&#8221; diligence of data sets and oversight of data vendors. The Fund&#8217;s ability to use data to gain insights into and manage its business may be limited in the future by regulatory scrutiny and legal developments.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="n2_004"></span><span style="text-transform:uppercase">&#160;<strong>THE FUND</strong></span></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Effective as of the Conversion date, the Fund became a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the 1940 Act. The Fund intends to elect to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. Prior to the Conversion Date, the Fund was not registered as an investment company under the 1940 Act and, for tax years ended before January&#160;1, 2024, had elected to be taxed as a REIT. The Fund&#8217;s common shares have been listed on NYSE under the ticker symbol &#8220;EARN&#8221; since May&#160;1, 2013.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund was initially formed in August&#160;2012 as a Maryland REIT that specialized in acquiring, investing in, and managing RMBS.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">On March&#160;29, 2024, the Board approved the CLO Strategic Transformation, whereby the Fund changed its investment strategy to focus on corporate CLOs. In connection with the CLO Strategic Transformation, the Fund revoked its REIT election for tax year 2024, rebranded as Ellington Credit Company (from Ellington Residential Mortgage REIT), and operated as a taxable C-Corporation during the interim period from January&#160;1, 2024 until the Conversion Date.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">During this interim period, in addition to accumulating a CLO portfolio, the Fund continued to hold a core portfolio of liquid Agency MBS pools so that neither the Fund nor any of its subsidiaries were required to register as an investment company under the 1940 Act. The Fund also took advantage of its significant existing net operating loss carryforwards during this period to offset the majority of its U.S. federal taxable income. On August&#160;13, 2024, the Board approved the Investment Advisory Agreement with the Adviser subject to the further approval by the Fund&#8217;s shareholders, which was obtained at the Special Meeting. The Fund&#8217;s shareholders voted in favor of the Fund entering into the Investment Advisory Agreement with the Adviser, as well as other related matters that would allow the Fund to convert to a registered-closed end investment company under the 1940 Act and therefore complete the CLO Strategic Transformation. Effective as of the Conversion Date, the Investment Advisory Agreement between the Fund and the Adviser was executed, and the Fund completed the Conversion. Prior to the Conversion, the Fund liquidated a significant amount of its mortgage-related assets, with the vast majority of its remaining mortgage-related assets to be liquidated shortly after the Conversion.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Effective as of the Conversion Date, the Fund intends to operate so as to qualify as a RIC under subchapter M of the Code for federal income tax purposes. To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31). As a RIC, the Fund expects generally not to be subject to corporate tax. See <em><strong>&#8220;U.S. Federal Income Tax Matters&#8221; for more information</strong></em>.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s primary investment objectives are to generate attractive current yields and risk-adjusted total returns for its shareholders. The Fund seeks to achieve its investment objective by investing primarily in the mezzanine debt and equity tranches of CLOs, which are securitizations that are collateralized by portfolios of corporate credit assets. These assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and secured or unsecured corporate bonds. For a further discussion of the Fund&#8217;s principal investment strategies, see &#8220;<strong><i>Investment Objective, Opportunities and Principal Strategies</i></strong>.&#8221; There can be no assurance that the Fund will achieve its investment objective.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s investment adviser is Ellington Credit Company Management LLC. See &#8220;<strong><i>The Adviser</i></strong>.&#8221; Responsibility for monitoring and overseeing the Fund&#8217;s investment program, management and operation is vested in the individuals who serve on the Board. The principal office of the Fund is located at 53 Forest Ave, Suite&#160;301, Old Greenwich, CT 06870 and its telephone number is (203) 698-1200.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><span id="n2_005"></span></span></p>
  </div>


  <div style="font:10pt Times New Roman, Times, Serif">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>INVESTMENT OBJECTIVE, OPPORTUNITIES AND PRINCIPAL STRATEGIES</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective</strong></p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Fund&#8217;s primary investment objectives are </span><span>to generate attractive current yields and risk-adjusted total returns for its shareholders.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Opportunities and Strategies</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>&#8220;Names Rule&#8221; Policy</i></strong></p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In accordance with the requirements of the 1940 Act, the Fund has adopted a policy to invest at least 80% of its assets in the particular type of investments suggested by its name. Accordingly, under normal circumstances, the Fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit-related instruments. For purposes of this policy, the Fund considers credit and credit-related instruments to include, without limitation: (i)&#160;equity and debt tranches of CLOs, LAFs and securities issued by other securitization vehicles, such as CBOs; (ii)&#160;secured and unsecured floating-rate and fixed rate loans; (iii)&#160;investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iv)&#160;debt instruments issued by governments, their agencies, instrumentalities, and central banks; (v)&#160;commercial paper and short-term notes; (vi)&#160;convertible debt securities; (vii)&#160;certificates of deposit, bankers&#8217; acceptances and time deposits; (viii)&#160;corporate equity assets, including common equity, preferred equity, and warrants (which are derivatives that typically give holders the right, but not the obligation, to buy a company&#8217;s common equity at a predetermined price before a specified expiration date), and (ix)&#160;other credit-related instruments. Corporate debt and equity assets may be acquired in conjunction with the liquidations of CLOs (whether CLOs in which the Fund already holds investments, or other CLOs), as well as on an outright basis, although they are not currently a core focus of the Fund&#8217;s investment strategy.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s investments in other investment companies, and other instruments designed to obtain indirect exposure to credit and credit-related instruments will also be counted towards its 80% investment policy to the extent that such instruments have similar economic characteristics to the investments included within that policy. Derivatives instruments used by the Fund will be counted toward the Fund&#8217;s 80% investment policy to the extent the derivatives instruments provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy. The 80% policy with respect to investments in credit and credit-related instruments is not fundamental and may be changed by the Board without prior approval of shareholders. Shareholders will be provided with sixty (60) days&#8217; notice in the manner prescribed by the SEC before making any change to this policy.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Additional Information on the Structure of CLOs</strong></p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">CLOs typically have two priority-of-payment schedules (commonly called &#8220;waterfalls&#8221;), which are detailed in a CLO&#8217;s indenture and govern how cash generated from a CLO&#8217;s underlying collateral is distributed to the CLO&#8217;s debt and equity investors.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">First, the &#8220;interest waterfall&#8221; applies to interest payments received on a CLO&#8217;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#8217;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. <span>To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Second, the &#8220;principal waterfall&#8221; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#8217;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A CLO&#8217;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#8217;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#8217;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#8217;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#8217;s outstanding CLO debt securities to be repaid at a sub-optimal time.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Overview of Senior Secured Corporate Loans</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Senior secured corporate loans hold or, in some instances, share the seniormost position in a corporate borrower&#8217;s capital structure. Broadly syndicated senior secured corporate loans, which serve as the vast majority of the collateral backing CLOs, are typically originated and structured by banks on behalf of corporate borrowers. These loans are issued to raise proceeds for a variety of corporate purposes, including leveraged buyout transactions (LBOs), mergers and acquisitions (M&amp;A), stock repurchases, recapitalizations, refinancings, capital expenditures, and internal growth. Broadly syndicated senior secured corporate loans are typically acquired by investors through both primary bank syndications and in the secondary market. These loans are owned by a broad group of investors, including CLOs, loan and high-yield bond registered funds, loan separate accounts, banks, insurance companies, and hedge funds. Senior secured corporate loans are typically floating-rate instruments that make regular interest payments based on a spread over a given index. In most cases, a senior secured corporate loan will be secured by specific collateral of the issuer.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A senior secured corporate loan is generally negotiated between a borrower and several lenders represented by one or more lenders acting as agent for all the lenders. The agent is responsible for negotiating the loan credit agreement that establishes the terms and conditions of the senior secured loan, including the rights of the borrower and the lenders. Senior secured corporate loans can have covenants, which may include mandatory prepayments out of excess cash flows (&#8220;cash flow sweeps&#8221;), restrictions on dividend payments, the maintenance of minimum financial ratios, limits on indebtedness, and financial tests. A breach of these covenants generally constitutes an event of default which, if not waived by the lenders, may give lenders the right to accelerate principal and interest payments on a given loan. Other senior secured corporate loans may be issued with less restrictive covenants. These loans are often characterized as &#8220;covenant-lite&#8221;. In a typical &#8220;covenant-lite&#8221; loan, the covenants that require the borrower to maintain certain financial ratios on an ongoing basis are eliminated altogether, and the lenders can only rely on covenants that restrict a company from &#8220;incurring&#8221; or actively engaging certain action. As an example, a covenant that only restricts a company from incurring new debt cannot be violated simply by a deteriorating financial condition; the company would need to take affirmative action to breach such a covenant.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Access to Ellington&#8217;s Expertise</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In conducting its investment activities, the Fund believes that it will benefit from the scale and resources of Ellington and its affiliates. The Fund is served by Ellington&#8217;s longstanding experience providing portfolio management, risk management, research, fund operations, compliance, and accounting services to its clients.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Composition</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s portfolio is expected to consist of some combination of the following types of investments:</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Collateralized Loan Obligations</i></span>.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s investment portfolio consists primarily of investments in the mezzanine debt and equity tranches of CLOs, which are securitizations that are collateralized by underlying portfolios of corporate credit assets. For most CLOs, the underlying assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and/or secured or unsecured corporate bonds. Each CLO is structured as multiple tranches which offer investors varying degrees of credit risk, maturity and yield characteristics. CLO tranches are typically categorized as either senior debt, mezzanine debt, or subordinated/equity according to their relative seniority, payment priority and degree of risk. If the collateral underlying a given CLO defaults or otherwise underperforms, scheduled payments to senior tranches of such CLO securitization take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s investment strategy. The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Most CLOs are non-static, revolving structures that generally allow for reinvestment of capital by an external manager (the &#8220;<strong>CLO Collateral Manager</strong>&#8221;) over a pre-specified period (the &#8220;<strong>Reinvestment Period</strong>&#8221;), typically up to five years from issuance. The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <div>
          <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A CLO finances its initial purchase of a portfolio of assets via the issuance of CLO debt and equity tranches, with the debt tranches typically carrying floating-rate coupons. CLO debt tranches typically carry ratings at issuance ranging from &#8220;AAA&#8221; (or its equivalent) at the most senior level to &#8220;BB-&#8221; or &#8220;B-&#8221; (or its equivalent), which are below investment grade, at the junior level by Moody&#8217;s Investors Service,&#160;Inc. (&#8220;<strong>Moody&#8217;s</strong>&#8221;), S&amp;P Global Ratings (&#8220;<strong>S&amp;P</strong>&#8221;) and/or Fitch Ratings,&#160;Inc. (&#8220;<strong>Fitch</strong>&#8221;). The coupon on CLO debt tranches is typically lowest at the AAA-level and generally increases at each level down the ratings scale. CLO equity tranches are unrated, and at issuance typically represent approximately 6% to 11% of a CLO&#8217;s capital structure. The diagram below depicts a typical CLO. Some CLOs also include a B-rated debt tranche (in which the Fund may invest), and the structure of CLOs in which the Fund invests may otherwise vary from this example. The left column represents the CLO&#8217;s assets, which support the liabilities and equity in the right column. The right column shows the various classes of debt and equity issued by the illustrative CLO in order of seniority as to relative rights to receive payments from the assets. The ranges appearing directly below the rating of each class represent the percentages that such classes typically comprise, as issuance, of the overall &#8220;capital structure&#8221; (i.e., total debt and equity issued by the CLO).</span></span></div>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><i>Figure 1: Typical CLO &#8220;Balance Sheet&#8221; (Assets vs. Liabilities)</i></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><img src="tm2510586d2_n2-img01.jpg" alt=""/></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">CLOs typically have two priority-of-payment schedules (commonly called &#8220;waterfalls&#8221;), which are detailed in a CLO&#8217;s indenture and govern how cash generated from a CLO&#8217;s underlying collateral is distributed to the CLO&#8217;s debt and equity tranches.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">First, the &#8220;interest waterfall&#8221; applies to interest payments received on a CLO&#8217;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#8217;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. <span>To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Second, the &#8220;principal waterfall&#8221; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#8217;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A CLO&#8217;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#8217;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#8217;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#8217;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#8217;s outstanding CLO debt securities to be repaid at a sub-optimal time.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Loan Accumulation Facilities</i></span>. Loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221; or &#8220;<strong>warehouses</strong>&#8221;) are short- to medium-term facilities that are often provided by the bank that will serve as the placement agent or arranger on a new issue CLO transaction. LAFs provide financing for the acquisition of the corporate credit assets (typically, senior secured corporate loans) that are expected to form part (or all) of the portfolio of a future CLO. Investments in LAFs carry similar risks to investments in CLO equity, as they typically employ high levels of financial leverage and are exposed to any defaults or other underperformance in the collateral that they acquire.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Collateralized Bond Obligations</i></span>. A collateralized bond obligation (&#8220;<strong>CBO</strong>&#8221;) is a form of securitization that is similar to a CLO but is primarily backed by high yield corporate bonds (as opposed to almost entirely senior secured corporate loans). As with CLOs, CBOs typically issue various tranches carrying different degrees of credit risk and payment priority. Higher-rated tranches have greater degrees of insulation from collateral deterioration and lower coupons, whereas lower-rated tranches, with greater credit risk and lower payment priority, have higher coupons. CBOs enjoy structural advantages similar to those of CLOs, including collateral coverage/overcollateralization tests, interest coverage tests, and collateral quality tests. CBOs also have similar priority-of-payment structures to CLOs. In contrast to CLOs, CBO debt tranches typically carry fixed rate coupons, as their underlying assets are typically fixed rate in nature. CBOs are typically less levered than traditional CLOs as a result of their differentiated collateral, for which debt investors demand higher credit enhancement.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Derivatives Transactions. </i></span>The Fund may engage in Derivative Transactions from time to time. To the extent the Fund engages in Derivative Transactions, the Fund expects to do so to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. The Fund may use Derivative Transactions for investment purposes to the extent consistent with its investment objectives if the Adviser deems it appropriate to do so. The Fund may purchase and sell a variety of derivative instruments, including exchange-listed and OTC options, futures, options on futures, swaps and similar instruments, various interest rate-related products, such as fixed-to-floating interest rate swaps, caps, floors or collars, and credit transactions and credit default swaps. The Fund also may purchase and sell derivative instruments that combine features of these instruments. The use of Derivative Transactions, if any, will generally be deemed to create leverage for the Fund and involves significant risks. No assurance can be given that the strategy and use of derivatives will be successful, and the Fund&#8217;s investment performance could diminish compared with what it would have been if Derivative Transactions were not used.</span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">As required by the Derivatives Rule, funds that engage in derivatives transactions, other than &#8220;limited derivatives users&#8221; (as defined under the Derivatives Rule), generally must adopt and implement a Derivatives Risk Management Program that is reasonably designed to manage the Fund&#8217;s derivatives risks, while taking into account the Fund&#8217;s derivatives and other investments. The Derivatives Rule&#160;mandates that the fund adopt and/or implement: (i)&#160;VaR; (ii)&#160;a written derivatives risk management program; (iii)&#160;Board oversight responsibilities; and (iv)&#160;reporting and recordkeeping requirements. It is the Fund&#8217;s intention to adopt and implement a Derivatives Risk Management Program. However, the Fund may elect in the future, without notice to shareholders, to operate as a &#8220;limited derivatives user,&#8221; in which case it would no longer be required to maintain its Derivatives Risk Management Program.</span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Investment Process</strong></span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">Ellington&#8217;s CLO investment process typically includes several components, such as (i)&#160;sourcing and trading, (ii)&#160;due diligence (which may include an assessment of collateral, documentation, CLO Collateral Manager, and/or structure), (iii)&#160;stress sensitivity and technical model analyses, and (iv)&#160;investment monitoring. There can be no assurance that any particular component will be used for every investment or that the investment process will achieve its intended results.</span></p>
        </div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Sourcing and Trading</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Ellington has longstanding experience in the CLO market and in structured products more broadly, providing it with access to a range of market opportunities. The investment team identifies investment opportunities through a network of dealer, investor, and manager relationships that it has developed over time. In some situations, participation in loan accumulation facilities may offer access to certain newly issued CLO equity tranches, where Ellington&#8217;s structured finance experience may benefit its negotiation of terms. Ellington intends to evaluate opportunities across a range of CLO vehicles, managers, and vintages, and will seek to find economic value through its investment analysis, which typically includes a review of the underlying documentation, portfolios, CLO Collateral Managers, and/or structures of a given CLO.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Due Diligence</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In performing diligence on a CLO transaction before investing, the investment team typically reviews the deal&#8217;s underlying documentation, loan portfolio, CLO Collateral Manager and/or structure, and may consider factors such as reinvestment restrictions, regulations on deal calls/refinancings/resets, priorities of payment/&#8220;waterfalls,&#8221; collateral quality and coverage tests, and concentration limitations. Certain underlying assets may be selected for further review within Ellington and/or in consultation with third-party Collateral Managers, and may be subject to valuation adjustments based on these discussions and analyses. The investment team may also evaluate an investment relative to other opportunities, and may consider various portfolio metrics and characteristics as part of its overall assessment.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to analyzing CLO vehicles individually, the investment team may seek to assess overall CLO Collateral Manager performance and incorporate such assessments in its evaluation of individual CLO investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The investment team may also engage in update calls and meetings with CLO Collateral Managers to review and discuss their trading strategies, market outlooks, and positioning. The investment team may consider a combination of historical performance data and insights from these discussions as part of its broader evaluation of CLO tranche investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Stress Sensitivity and Technical Model Analyses</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to a given CLO&#8217;s collateral, documentation, CLO Collateral Manager, and structure, the investment team may conduct sensitivity analyses to evaluate how a CLO tranche could perform under different credit stress scenarios. These analyses may consider several factors, including loan prices, default rates, prepayment rates, and recovery rates to estimate potential cashflows and performance across different market conditions. Scenarios may include historical macroeconomic shocks as well as hypothetical market environments. Individual assets within a CLO may be analyzed and various factors may be considered across each scenario, including how deal tests, cashflows, and triggers are projected to evolve over time, as well as projected credit spreads, yields, tranche weighted average lives (WALs) and credit spread durations. The investment team may assess the potential return profiles across different scenarios as part of its broader evaluation of CLO investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to cashflow analyses, the investment team may utilize technical models to assess a CLO tranche relative to other corporate credit investments, including other CLO tranches. This relative value analysis may take into account various factors, including fundamental credit considerations and mark-to-market risk information.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investment Monitoring</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">To help inform decisions on whether to continue holding investments, the investment team employs a monitoring process, as follows.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Portfolio-level reports may be generated by the investment team and the Risk Oversight Group related to the Fund&#8217;s investments. These reports may incorporate a combination of third-party data and analytical tools to assess various factors related to a CLO holding.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Given that CLOs are typically actively managed vehicles prior to the end of their Reinvestment Periods, the CLO investment team may attempt to engage in discussions with CLO Collateral Managers to monitor developments in the deal portfolios. If available, the investment team may also review monthly and quarterly reports from the trustees of its CLO investments, which may contain information on portfolio compositions and structural changes in a deal.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="width:34%;text-align:center">63</td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250331204636361">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Staffing</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund does not currently have any employees. The Adviser manages its day-to-day investment operations.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund will reimburse the Administrator for its allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing administrative functions, and the compensation of its Chief Financial Officer, Chief Operating Officer, and any administrative support staff, including accounting personnel. See &#8220;<strong><i>The Adviser and the Administrator&#8212;The Administration Agreement</i></strong>.&#8221; The Fund will also pay indirectly the costs associated with the functions performed by its Chief Compliance Officer under the terms of an agreement between the Fund and Vigilant.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Legal Proceedings</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">As of&#160;March&#160;31, 2025, neither the Fund, the Adviser, nor the Administrator were subject to any pending legal proceedings that they considered material.</p>
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<div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong><span id="n2_006"></span>THE ADVISER AND THE ADMINISTRATOR</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Its Board is responsible for the overall management and supervision of its business and affairs, including the appointment of the adviser, administrators, and third-party service providers.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="n2_007"></span><span style="text-transform:uppercase"><strong>THE INVESTMENT ADVISORY AGREEMENT</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Pursuant to the Investment Advisory Agreement, its Board has appointed Ellington Credit Company Management LLC, a Delaware limited lability company (the &#8220;<strong>Adviser</strong>&#8221;), as the Fund&#8217;s investment adviser. 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He founded the company's Merger Arbitrage Department and later became Chief Operating Officer of the Equity Department. Mr.&#160;Allardice has served as a board member of Bankers Trust Company, Carlyle Capital Corporation Ltd., DBAHC and Worldwide Excellerated Leasing Limited. Mr.&#160;Allardice earned a B.A., cum laude, from Yale University and an MBA from Harvard University, where he graduated as a George F. 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Simon, Ph.D.</i></span> Dr.&#160;Simon is a private investor and financial consultant to businesses. Dr.&#160;Simon has served as a member of the Board since May&#160;2013, and is Chairman of the Governance Committee. Dr.&#160;Simon has also served as a member of the Board of Directors of Ellington Financial Inc. (&#8220;<strong>EFC</strong>&#8221;) since 2007 and was appointed as Chairman of the Board of Directors and Chairman of the Audit Committee of EFC in January&#160;2021. Dr.&#160;Simon was a Director of WFS Financial,&#160;Inc., a publicly-traded financial services company specializing in automobile finance, from March&#160;2003 through February&#160;2006, when WFS Financial was acquired by Wachovia Corp. From 1995 through 2002, Dr.&#160;Simon was a director of SoftNet Systems,&#160;Inc. (&#8220;<strong>SoftNet</strong>&#8221;), during 2001, he served as Acting Chairman, Chief Executive Officer, and Chief Financial Officer for SoftNet,&#160;Inc. From 2002 through August&#160;2016 he was a director of its successor company, American Independence Corp. (&#8220;<strong>AIC</strong>&#8221;), a holding company engaged principally in the health insurance and reinsurance business. AIC was acquired by Independence Holdings Company (&#8220;<strong>IHC</strong>&#8221;), a holding company principally engaged in the disability, health insurance and pet insurance business, in August&#160;2016, and he served as a director of IHC from August&#160;2016 to February&#160;2022, and as a member of the Audit Committee from November&#160;2017 to February&#160;2022. 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He continues to serve on the private company board of StoneMor Inc., as well as several other private company boards including Lombard International Assurance; J.G. Wentworth; and Prima Insurance. Mr.&#160;Miller previously served as the Chief Executive Officer of JGWPT Holdings, LLC, or its predecessor J.G. Wentworth, LLC from January&#160;2009 until July&#160;2014. Prior to joining J.G. Wentworth, LLC, in January&#160;2009, Mr.&#160;Miller held various positions including: Executive Vice-President responsible for Ace Group's International Accident and Health Insurance Business, President and Chief Executive Officer of Kemper Auto and Home Insurance, and Chief Operating Officer of Providian Direct Insurance. Mr.&#160;Miller began his insurance career with Progressive Insurance where he held various positions over his seven-year career there. Mr.&#160;Miller has a BSEE in electrical engineering from Duke University and an MBA in Finance from The Wharton School of the University of Pennsylvania. In November&#160;2021 Mr.&#160;Miller was elected to serve a four-year term on the board of supervisors of Tredyffrin Township. He was previously a member of the New York Stock Exchange.</span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>Mary McBride. </i></span>Ms.&#160;McBride has served as a member of the Board since March&#160;2021. Ms.&#160;McBride was President of CoBank, ACB (&#8220;CoBank&#8221;), a cooperative bank and member of the Farm Credit System serving vital industries across rural America, from 2013 to 2016. Ms.&#160;McBride joined CoBank in 1993 and served as Vice President, Loan Policy&#160;&amp; Syndications; Senior Vice President and Manager, Corporate Finance Division; Senior Vice President and Manager, Operations Division; Executive Vice President, Communications and Energy Banking Group; and Chief Operating Officer before being appointed Chief Banking Officer in 2010. Ms.&#160;McBride has served as a Director of Intrepid Potash Inc., a diversified minerals company, since May&#160;2020 and served as a Director of CatchMark Timber Trust,&#160;Inc., a real estate company that invests in timberlands, from February&#160;2018 until September&#160;2022. Before joining CoBank, Ms.&#160;McBride was Senior Vice President and Manager, Commercial Lending at First Interstate Bank of Denver, N.A., and prior to that served as Assistant Vice President, Energy&#160;&amp; Utilities at First National Bank of Boston. Ms.&#160;McBride served on the Biomass Technical Advisory and Research Committee of the U.S. Departments of Energy and Agriculture from 2006 to 2012. She also previously served as Chair of Mile High United Way. Ms.&#160;McBride received a Bachelor of Arts in Political Science from Wellesley College, a Master of Science in European Studies from the London School of Economics and a Master of Science in Applied Economics and International Management and Finance from the Sloan School of Management at the Massachusetts Institute of Technology.</span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px"><tr style="vertical-align:top;text-align:left"><td style="width:33%">&#160;</td><td style="width:34%;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">77</span></span></td><td style="width:33%;text-align:right">&#160;</td></tr></table></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"><p style="margin:0pt">&#160;</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Interested Trustees</strong></span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>Laurence Penn</i></span>. 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Prior to trading CMOs and CMO derivatives, Mr.&#160;Penn was in charge of Lehman Brothers&#8217; structured transaction modeling group from 1987 to 1990, where he was responsible for the structuring, modeling and computer system design for MBS and ABS, and where he was the co-creator (with Jonathan Amsterdam) of &#8220;BondTalk&#8221;, the first high-level programming language specifically designed to model Collateralized Mortgage Obligations. Mr.&#160;Penn began his career at Lehman Brothers in 1984, after receiving a Master of Advanced Study in Mathematics from Cambridge University, where he studied as both a National Science Foundation Fellow and Winston Churchill Scholar. Mr.&#160;Penn graduated summa cum laude, Phi Beta Kappa with a B.A. in Mathematics from Harvard University. Mr.&#160;Penn was one of five winners nationwide in the 1980 Putnam collegiate mathematics problem-solving competition, and represented the United States in the 21st International Mathematics Olympiad held in London, England.</span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>Michael Vranos</i></span>. Mr.&#160;Vranos is the Founder and Chief Executive Officer of the Adviser. He oversees the Adviser&#8217;s investment activities, including those of the Fund. Mr.&#160;Vranos holds ultimate responsibility for portfolio construction, including strategy-level allocation and risk targets, and holds a prominent role in the implementation of credit and interest rate hedging strategies across the Adviser&#8217;s constituent funds. He interacts on a regular basis with members of senior management of the Adviser, including Mr.&#160;Borenstein, to discuss both high-level and trade-specific portfolio management and strategy. Mr.&#160;Vranos founded Ellington in December&#160;of 1994 to capitalize on distressed conditions in the MBS derivatives market. Mr.&#160;Vranos currently sits on the following committees at Ellington: Executive,&#160;Investment and Risk Management, Portfolio Management, Risk Review and European Asset Risk Subcommittee. Prior to founding Ellington in December&#160;1994, Mr.&#160;Vranos was the Senior Managing Director of Kidder Peabody in charge of RMBS trading. With Mr.&#160;Vranos as head trader and senior manager, Kidder Peabody&#8217;s MBS department became a leader on Wall Street in CMO underwriting for each of the three years between 1991 and 1993. Mr.&#160;Vranos began his Wall Street career in 1983, after graduating magna cum laude and Phi Beta Kappa with a Bachelor of Arts in Mathematics from Harvard University. Mr.&#160;Vranos also devotes much of his time, energy, and resources to philanthropic causes, donating to worthy child advocacy, homeless relief, education, and medical research organizations across the country. A longtime director of Hedge Funds Care and recipient of the organization&#8217;s 2007 Lifetime Award for Caring, he supports the group&#8217;s mission to prevent child abuse and provide assistance for families in need. Mr.&#160;Vranos recently established a research fellowship to sponsor the ongoing work of the Harvard Stem Cell Institute. He currently resides in Greenwich, Connecticut.</span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Board Structure and Role of the Board in Risk Oversight</strong></span></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The 1940 Act requires that at least 40% of the trustees not be &#8220;interested persons&#8221; of the Fund, as that term is defined in the 1940 Act. Certain exemptive rules&#160;promulgated under the 1940 Act require that at least 50% of the trustees not be &#8220;interested persons&#8221; of the Fund, as that term is defined in the 1940 Act. Currently, four of the six Trustees (66.67%) meet such definition (the &#8220;<strong>Independent Trustees</strong>&#8221;). The Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman of the Board, regardless of whether the trustee happens to be independent or a member of management. Robert B. 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The Board also believes that having a majority of Independent Trustees is appropriate and in the best interest of its shareholders. Nevertheless, the Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Board&#8217;s view, crucial elements in its decision-making process. 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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Adviser, subject to the Board&#8217;s oversight, determines the fair value of the Fund&#8217;s assets and liabilities on at least a quarterly basis, in accordance with the terms of FASB Accounting Standards Codification Topic 820, Fair Value Measurement (&#8220;<strong>ASC 820</strong>&#8221;). The valuation procedures are set forth in more detail below.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Determinations in Connection with Offerings</strong></span></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td><span style="font-family:Times New Roman,Times,serif">the net asset value per common share disclosed in the most recent periodic report that the Fund filed with the SEC;</span></td>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td><span style="font-family:Times New Roman,Times,serif">management&#8217;s assessment of whether any material change in the net asset value per common share has occurred (including through the realization of gains or losses on the sale of portfolio securities, or unrealized gains or losses on portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per common share and ending as of a time within 48 hours (excluding Sundays and holidays) of the sale of the common shares; and</span></td>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td><span style="font-family:Times New Roman,Times,serif">the magnitude of the difference between (i)&#160;a value that the Fund has determined reflects the current (as of a time within 48 hours, excluding Sundays and holidays) net asset value per common share, which is based upon the net asset value per common share disclosed in the most recent periodic report that the Fund filed with the SEC, as adjusted to reflect its management&#8217;s assessment of any material change in the net asset value per common share since the date of the most recently disclosed net asset value per common share, and (ii)&#160;the offering price of the shares of the common shares in the proposed offering.</span></td>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">Moreover, to the extent that the Fund determines in good faith that that a pending issuance of shares of its common shares would be at a price below the then-current net asset value per common share at the time at which the sale is made, the Fund will not proceed with such issuance.</span></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong><span id="n2_011"></span>CONFLICTS OF INTEREST</strong></span></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Affiliations of the Adviser and the Administrator</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s executive officers, Portfolio Managers and certain trustees, and the Adviser, the Administrator and their affiliates officers and employees, have several conflicts of interest as a result of affiliations they have and other activities in which they engage. The Adviser and the Administrator are indirectly owned by Ellington Management Group, L.L.C. (&#8220;<strong>EMG</strong>&#8221;), a registered investment adviser that provides advisory services to several clients unrelated to the Fund. The Fund&#8217;s executive officers, Portfolio Managers and certain trustees, and members of the Adviser&#8217;s and the Administrator&#8217;s respective management teams, are also employees, officers and/or principals of EMG. Under the Services Agreement, EMG provides such services, including personnel, support and resources, to the Adviser and the Administrator as the Adviser and the Administrator, respectively, may determine to be reasonably necessary to perform their respective obligations under the Advisory Agreement and the Administration Agreement. The fact that the same individuals affiliated with the Fund are also affiliated with the Adviser, the Administrator and EMG may result in conflicts of interest that may not be foreseen or resolved in a manner that is always or exclusively in the Fund&#8217;s best interest.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s executive officers and trustees, as well as other current and potential future affiliated persons, officers and employees of the Adviser, the Administrator, EMG and certain of their affiliates, may serve as officers, directors or principals of, or manage the accounts for, other entities with investment strategies that substantially or partially overlap with the strategy that the Fund pursues. Accordingly, they may have obligations to investors in those entities, the fulfillment of which obligations may not be in the best interests of the Fund or its shareholders. The Adviser has entered into, and may in the future enter into, additional business arrangements with certain of its shareholders, including granting beneficial ownership in limited liability company interests in the Adviser. In such cases, such shareholders may have an incentive to vote shares held by them in a manner that takes such arrangements into account. As a result of these relationships and separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among the Fund, other advisory clients and other business activities.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Executive officers and trustees of the Fund, as well as other current and potential future affiliated persons, officers, and employees of the Adviser and certain of its affiliates, may serve as officers, directors, or principals of, or manage the accounts for, other entities with investment strategies that substantially or partially overlap with the strategy that the Fund intends to pursue. Accordingly, they may have obligations to investors in those entities, the fulfillment of which obligations may not be in the best interests of the Fund or its shareholders.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Further, the professional staff of the Adviser and Administrator will devote as much time to the Fund as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory Agreement and Administration Agreement, respectively. However, such persons may be committed to providing investment advisory and other services for other clients and engage in other business ventures in which the Fund has no interests. In addition, payments under the Administration Agreement are equal to an amount based upon the Fund&#8217;s allocable portion of certain of the Administrator&#8217;s expenses. See &#8220;<strong><i>The Adviser and the Administrator&#8212;The Administrator&#8221; </i></strong> and &#8220;<strong><i>&#8212;The Administration Agreement</i></strong>&#8221; herein. As a result of these separate business activities, the Adviser and Administrator may have conflicts of interest in allocating management and administrative time, services, and functions among the Fund and its affiliates and other business ventures or clients.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Allocation of Investment Opportunities</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">As a fiduciary, Ellington has a duty to act in the best interests of its clients and to allocate investment opportunities in a fair and equitable manner over time. Ellington has adopted policies and procedures designed to govern the allocation of investment opportunities among multiple client accounts in a manner that it believes is consistent with its fiduciary duties, taking into account various factors. These factors may include, but are not limited to, regulatory, tax, or legal considerations applicable to an account, the investment guidelines and restrictions of a particular client, the risk and return profile of the investment, available capital, liquidity needs, and other relevant circumstances.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <td>For investments that do not have readily available market quotations, including CLO securities and other structured products, the Adviser may value these investments using third-party pricing services, if available. The Adviser&#8217;s Valuation Committee oversees the valuation process and reviews third-party prices when received. In cases where third-party pricing is unavailable, deemed unreliable or otherwise not received, the Adviser may determine value these investments using third-party, market data, and/or input from portfolio management.</td>
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            <td style="width:33%">&#160;</td>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_57" name="cef:HighestPriceOrBid" contextRef="C_20230701to20230930" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.57</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_511" name="cef:LowestPriceOrBid" contextRef="C_20230701to20230930" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.20</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_519" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230701to20230930" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">11.7</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_67" name="cef:HighestPriceOrBid" contextRef="C_20231001to20231231" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.40</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_611" name="cef:LowestPriceOrBid" contextRef="C_20231001to20231231" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">5.15</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20231001to20231231" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">12.6</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_619" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20231001to20231231" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">29.6</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Fiscal year ending December&#160;31, 2024<sup>(5)</sup>&#160;</strong></span></td>
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                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_87" name="cef:HighestPriceOrBid" contextRef="C_20240101to20240331" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.99</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_811" name="cef:LowestPriceOrBid" contextRef="C_20240101to20240331" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">5.55</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_815" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240101to20240331" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">3.1</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_819" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240101to20240331" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">23.0</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_97" name="cef:HighestPriceOrBid" contextRef="C_20240401to20240630" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.22</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_911" name="cef:LowestPriceOrBid" contextRef="C_20240401to20240630" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.55</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_915" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240401to20240630" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal">4.5</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_919" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240401to20240630" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">5.2</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250401063534558" name="us-gaap:NetAssetValuePerShare" contextRef="C_20240930" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.85</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_107" name="cef:HighestPriceOrBid" contextRef="C_20240701to20240930" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.15</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_1011" name="cef:LowestPriceOrBid" contextRef="C_20240701to20240930" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.52</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250331214529175_1015" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240701to20240930" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal">4.4</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_1019" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240701to20240930" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal" sign="-">4.8</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
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                <td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Fiscal year ending December&#160;31, 2025<sup>(6)</sup></strong></span></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_1315" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250101to20250331" unitRef="Pure" scale="-2" decimals="2" format="ixt:num-dot-decimal" sign="-">7</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250331214529175_1319" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250101to20250331" unitRef="Pure" scale="-2" decimals="2" format="ixt:num-dot-decimal" sign="-">7</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <tr style="vertical-align:top">
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                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(1)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Net asset value per common share is determined as of the final day of the quarter and is based on outstanding common shares at the end of each period. As such, it does not reflect the net asset value per common share on each of the dates of the high and low sales prices. </span>For all preceding periods, &#8220;net asset value&#8221; represents a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share.</td>
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              <tr style="vertical-align:top">
                <td style="width:0"/>
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Calculated as of the respective high or low closing sales price divided by the Net Asset Value on the final day of the applicable quarter.</span></td>
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              <tr style="vertical-align:top">
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Represents the cash distributions (including dividends, dividends reinvested and returns of capital, if any) per common share declared in the specified quarter. Tax characteristics of such distributions varied.</span></td>
              </tr>

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              <tr style="vertical-align:top">
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">For the fiscal year ending December&#160;31, 2023, as reported on the Fund&#8217;s 2023 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.5952 per common share.</span></td>
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">For the fiscal year ending December&#160;31, 2024, as reported on the Fund&#8217;s 2024 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.7290 per common share.</span></td>
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              <tr style="vertical-align:top">
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              <tr style="vertical-align:top">
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                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">&#8220;Net asset value&#8221; is not available as of the date of the filing of this registration statement.</span></td>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Common shares of closed-end management investment companies may trade at a market price that is less than the Net Asset Value that is attributable to those common shares. The possibility that the Fund&#8217;s common shares will trade at a discount to Net Asset Value or at a premium that is unsustainable over the long term is separate and distinct from the risk that its Net Asset Value will decrease. It is not possible to predict whether its common shares will trade at, above or below Net Asset Value in the future. The net asset value per common share at December&#160;31, 2024 (the last date prior to the date of this registration statement for which the Fund reported a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share was $<ix:nonFraction id="Fxbrl_20250401055255892" name="us-gaap:NetAssetValuePerShare" contextRef="C_20241231" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.53</ix:nonFraction>. The closing sales price for common shares on the NYSE on December&#160;31, 2025 was $<ix:nonFraction id="Fxbrl_20250401055243115" name="us-gaap:SharePrice" contextRef="C_20251231" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.62</ix:nonFraction>, which represented a <ix:nonFraction id="Fxbrl_20250401055441689" name="cef:LatestPremiumDiscountToNavPercent" contextRef="C_20251231to20251231" unitRef="Pure" scale="-2" decimals="3" format="ixt:num-dot-decimal">1.4</ix:nonFraction>% premium to net asset value per common share. Common shares of closed-end management investment companies that are listed on an exchange frequently trade at a discount to their net asset value per common share. If the Fund&#8217;s common shares trade at a discount to net asset value per common share, it will likely increase the risk of loss for purchasers of its securities. There can be no assurance that the Fund&#8217;s common shares will not be trading at a discount to the Fund&#8217;s net asset value per common share at any time.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
      <table cellpadding="0" style="border-collapse:collapse;width:100%;font-size:10pt;border-spacing:0px">

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            <td style="width:34%;text-align:center">89</td>
            <td style="width:33%;text-align:right">&#160;</td>
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      </table>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        <ix:nonNumeric id="Fxbrl_20250401001926466" name="cef:CapitalStockTableTextBlock" contextRef="C_20250401to20250401" continuedAt="F20250401001941136" escape="true">
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="n2_013"><span style="text-transform:uppercase"><strong>DESCRIPTION OF THE FUND&#8217;S SECURITIES</strong></span></span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">This registration statement contains a summary of the Fund&#8217;s common shares. These summaries are not meant to be a complete description of each security.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following are its authorized and outstanding classes of securities as of April&#160;1, 2025:</p>
              <ix:nonNumeric id="Fxbrl_20250331212745083" name="cef:OutstandingSecuritiesTableTextBlock" contextRef="C_20250401to20250401" escape="true">
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                  <div>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%;border-spacing:0px">

                        <tr style="vertical-align:bottom">
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:25%">Title of Class</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Authorized*</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Held By Fund</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Outstanding</td>
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                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center"><ix:nonFraction id="Fxbrl_20250331212322639" name="cef:OutstandingSecurityHeldShares" contextRef="C_20250401to20250401" unitRef="SHARES" scale="0" decimals="0" format="ixt-sec:numwordsen">None</ix:nonFraction></td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center"><ix:nonFraction id="Fxbrl_20250331212345422" name="cef:OutstandingSecurityNotHeldShares" contextRef="C_20250401to20250401" unitRef="SHARES" scale="0" decimals="0" format="ixt:num-dot-decimal">37,559,195</ix:nonFraction> shares</td>
                        </tr>

                    </table>
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                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                      <tr style="vertical-align:top">
                        <td style="width:0"/>
                        <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">*</span></td>
                        <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Under the Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares and is not subject to a dollar limit on the size of the Fund.</span></td>
                      </tr>

                  </table>
                </div>
              </ix:nonNumeric>
            </div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <div>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Anti-Takeover Provisions in the Declaration of Trust</strong></span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">The Declaration of Trust includes provisions that could have the effect of limiting the ability of any entities or persons to acquire control of the Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Derivative Actions</i></span>. In addition to the requirements set forth in Section&#160;3816 of the Delaware Statutory Trust Act, Section&#160;5.6 of the Declaration of Trust states that a shareholder or shareholders may bring a derivative action on behalf of the Fund only if all of the following conditions are met: (i)&#160;the shareholder or shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to succeed, and a demand on the Board of Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not &#8220;independent trustees&#8221; (as such term is defined in the Delaware Statutory Trust Act); (ii)&#160;shareholders holding at least 10% of the outstanding Shares of the Fund join in the request for the Board of Trustees to commence such action; and (iii)&#160;the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Board of Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Board of Trustees determines not to bring such action. Additionally, the Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who are &#8220;independent trustees&#8221; (as such term in defined in the Delaware Statutory Trust Act). However, these requirements do not apply to claims brought under the federal securities laws.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Exclusive Delaware Jurisdiction and Jury Waiver</i></span>. Any claims, suits, actions or proceedings arising out of or relating in any way to the Fund, the Delaware Statutory Trust Act, the Declaration of Trust or the By-Laws shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, and irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. However, these requirements do not apply to claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.</span></p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund&#8217;s asset, or liquidation. The foregoing is only a summary of certain aspects of the Declaration of Trust. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</span></p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Certain Aspects of the Delaware Control Share Statute</strong></span></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. These voting power thresholds are as follows:</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its &#8220;associates,&#8221; which is broadly defined by the Control Share Statute.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Once a threshold is reached, an acquirer has no voting rights under the Delaware Statutory Trust Act or the governing documents of a fund with respect to shares acquired in excess of that threshold (i.e., the &#8220;<strong>control shares</strong>&#8221;) unless approved by shareholders of the fund or exempted by the board. Approval by the shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by the fund&#8217;s shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level. The board is permitted, but not obligated to, exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to August&#160;1, 2022. However, such shares will be aggregated with any shares acquired after August&#160;1, 2022 for purposes of determining whether a voting power threshold is exceeded, resulting in the newly acquired shares constituting control shares.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any information that the Board reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute may protect the long-term interests of Fund shareholders by limiting the ability of certain investors to use their ownership to attempt to disrupt the Fund&#8217;s long-term strategy such as by forcing a liquidity event. However, the Control Share Statute may also serve to entrench the Board and make it less responsive to shareholder requests. The totality of positive or negative effects is difficult to predict as the Control Share Statute has been in effect for a relatively short period of time.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The foregoing is only a summary of certain aspects of the Control Share Statute. shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.</p>
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    <ix:continuation id="F20250401001957324" continuedAt="F20250401002009996">
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>DESCRIPTION OF THE FUND&#8217;S COMMON SHARES</strong></span></p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following description is based on relevant portions of the Delaware Statutory Trust Statute and its Declaration of Trust and Bylaws. This summary is not necessarily complete, and the Fund refers you to the Delaware Statutory Trust Statute, Declaration of Trust and Bylaws for a more detailed description of the provisions summarized below.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund is an unincorporated statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware on the Conversion Date. The Fund&#8217;s Declaration of Trust was amended and restated as the Fund re-domiciled from the State of Maryland to the State of Delaware in connection with the Conversion. The Declaration of Trust provides that the Trustees of the Fund may authorize separate classes of common shares of beneficial interest. The Trustees have authorized an unlimited number of common shares. The Fund holds annual meetings of its shareholders. As of the Conversion Date, 37,559,195 common shares of the Fund were outstanding, of which none were owned by the Fund.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value, as well as the other securities described in this registration statement. Each common share of beneficial interest of the Fund represents an equal proportionate interest in the assets of the Fund with each other common share of beneficial interest in the Fund. Holders of common shares of beneficial interest will be entitled to the payment of dividends when, as and if declared by the Board. The Fund currently intends to make dividend distributions to its shareholders of common shares of beneficial interest after payment of Fund operating expenses including interest on outstanding borrowings, if any, monthly and no less frequently than annually. Dividends declared on common shares will be automatically reinvested in additional common shares of the Fund unless a common shareholder elects to opt-out. See &#8220;<strong><i>Dividend Reinvestment Plan</i></strong>.&#8221; The 1940 Act may limit the payment of dividends to the holders of common shares. Each whole and partial common share of beneficial interest shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The common shares of beneficial interest as well as the other securities described in this registration statement are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the common shares of beneficial interest or other securities described in this registration statement. The Declaration of Trust provides that the Fund&#8217;s common shareholders are not liable for any liabilities of the Fund. Although common shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund generally will not issue share certificates. However, a share certificate may be issued at the Fund&#8217;s discretion for any or all of the full common shares credited to an investor&#8217;s account. Share certificates that have been issued to an investor may be returned at any time. The Transfer Agent will maintain an account for each shareholder upon which the registration of common shares is recorded, and transfers, permitted only in rare circumstances, such as death, will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    </ix:continuation>
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          <tr style="vertical-align:top;text-align:left">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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<div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>U.S. FEDERAL INCOME TAX MATTERS</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund&#8217;s common shares. The discussion below provides general tax information related to an investment in the Fund&#8217;s common shares but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences (such as estate and gift tax consequences). It is based on the Code, U.S. Treasury Regulations thereunder (&#8220;<strong>Treasury Regulations</strong>&#8221;) and administrative pronouncements, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a shareholder&#8217;s particular circumstances, including (but not limited to) alternative minimum tax consequences and tax consequences applicable to shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding common shares as part of a hedging transaction, wash sale, conversion transaction, straddle or integrated transaction or persons entering into a constructive sale with respect to common shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. shareholders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including &#8220;individual retirement accounts&#8221; or &#8220;Roth IRAs.&#8221; Unless otherwise noted, the following discussion applies only to a shareholder that holds common shares as a capital asset and is a U.S. shareholder. 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Distributions (or deemed distributions, as described above), if any, of net capital gains that are properly reported as &#8220;capital gain dividends&#8221; will be taxable as long-term capital gains, regardless of the length of time a shareholder has owned common shares. The ultimate tax characterization of the Fund&#8217;s distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated by a shareholder as a return of capital that will be applied against and reduce the shareholder&#8217;s tax basis in its common shares. 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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;C &#8211; OTHER INFORMATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Financial Statements</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="3">&#160;</td></tr>
  <tr>
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&#160;B</span></td>
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  <tr>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3" style="white-space: nowrap; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>


<tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xax1.htm">(2)(a)(1)</a></td>
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xax2.htm">(2)(a)(2)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xax2.htm">Certificate of Trust*</a></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xb.htm">(2)(b)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xb.htm">Amended
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(c)</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xe.htm">(2)(e)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xe.htm">Dividend
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(f)</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xg.htm">(2)(g)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xg.htm">Investment
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(i)</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xjx1.htm">(2)(j)(1)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xjx1.htm">Custody
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xkx1.htm">(2)(k)(1)</a></td>
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    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xkx1.htm">Administration
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xkx2.htm">(2)(k)(2)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xkx2.htm">Sub-Servicing
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 10pt; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx3.htm">(2)(k)(3)</a></td>
    <td>&#160;</td>
    <td style="text-align: left; font-size: 10pt"><a href="tm2510586d2_ex99-x2xkx3.htm">Transfer
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(m)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">Not Applicable</td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(n)</td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">Not applicable</td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt">(2)(o)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">Not Applicable</td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">Not Applicable</td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xrx1.htm">(2)(r)(1)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xrx1.htm">Code
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  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xrx2.htm">(2)(r)(2)</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><a href="tm2510586d2_ex99-x2xrx2.htm">Code
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 26. MARKETING ARRANGEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant is not aware of any person that is directly or indirectly
under common control with the Registrant, except that the Registrant may be deemed to be controlled by Ellington Credit Company Management
LLC, the Registrant&#8217;s investment adviser. Information regarding the ownership of Ellington Credit Company Management LLC is set
forth in its Form&#160;ADV as filed with the Securities and Exchange Commission (the &#8220;<b>SEC</b>&#8221;) (File No.&#160;801-78637).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 29. NUMBER OF HOLDERS OF SECURITIES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the number of record holders of each
class of the Registrant&#8217;s securities as of March&#160;27, 2025:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Title of Class</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Number of Record Holders</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 50%; font: 10pt Times New Roman, Times, Serif">Shares of Beneficial Interest</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 30. INDEMNIFICATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is made to Article&#160;V of Registrant&#8217;s Amended
and Restated Declaration of Trust filed as Exhibit&#160;(2)(a)(1)&#160;to this Registration Statement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended (the &#8220;<b>Securities Act</b>&#8221;) may be permitted to the trustees, officers and controlling persons
of Registrant pursuant to the foregoing provisions or otherwise, Registrant has been advised that, in the opinion of the SEC, such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by Registrant of expenses incurred or paid by the trustees, officer or controlling person
of Registrant in the successful defense of any action, suit or proceeding) is asserted by the trustees, officer or controlling person,
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ellington Credit Company Management LLC (the &#8220;<b>Adviser</b>&#8221;)
serves as the investment adviser to the Registrant. The Adviser is engaged in the investment advisory business. For information as to
the business, profession, vocation or employment of a substantial nature in which the Adviser and its executive officers and directors
is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee,
partner or trustee, reference is made to the information set forth in the Adviser&#8217;s Form&#160;ADV (File No.&#160;801-78637), as
filed with the SEC and incorporated herein by reference.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 32. LOCATION OF ACCOUNTS AND RECORDS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#160;The Registrant maintains accounts, books and other documents
required by Section&#160;31(a)&#160;of the Investment Company Act of 1940, as amended and the rules&#160;thereunder (collectively, &#8220;Records&#8221;)
at its offices at 53 Forest Avenue, Suite&#160;301, Old Greenwich, CT 06870.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#160;The Adviser maintains all Records relating to its services
as investment adviser to the Registrant at its offices at 53 Forest Avenue, Suite&#160;301, Old Greenwich, CT 06870.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&#160;The Administrator maintains all Records relating to its services
as administrator to the Registrant at its offices at 53 Forest Avenue, Suite&#160;301, Old Greenwich, CT 06870.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 2; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;U.S. Bank Fund Services LLC maintains all Records relating
to its services as sub-administrator of the Registrant at 618 E. Michigan Street, Milwaukee, WI 53202.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&#160;The Bank of New York Mellon Trust Company, National Association.
maintains all Records relating to its services as custodian of the Registrant at 240 Greenwich Street, New York, NY 10286.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&#160;Equiniti Trust Company, LLC, maintains all Records relating
to its services as transfer agent of the Registrant at 48 Wall Street, New York, New York 10005.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 33. MANAGEMENT SERVICES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 34. UNDERTAKINGS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 3; Options: Last --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2510586d2_signature.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1" --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Investment Company Act of 1940,
the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on the 1st day of April&#160;2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ELLINGTON CREDIT COMPANY</b></span></td>
    <td>&#160;</td></tr>
  <tr>
    <td style="width: 5%">&#160;</td>
    <td style="width: 45%">&#160;</td>
    <td style="width: 50%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence E. Penn</span></p></td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence E. Penn</span></td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer,
    and Trustee </span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 1; Options: NewSection Last; Value: 4 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2510586d2_exindex.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1" --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Exhibit&#160;Index</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="text-align: left; width: 10%"><a href="tm2510586d2_ex99-x2xax1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(a)(1)</span></a></td>
    <td style="text-align: left; width: 90%"><a href="tm2510586d2_ex99-x2xax1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Declaration of Trust&#160;</span></a></td></tr>
  <tr>
    <td style="text-align: left"><a href="tm2510586d2_ex99-x2xax2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(a)(2)</span></a></td>
    <td style="text-align: left"><a href="tm2510586d2_ex99-x2xax2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Trust&#160;</span></a></td></tr>
  <tr>
    <td style="text-align: left"><a href="tm2510586d2_ex99-x2xb.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(b)</span></a></td>
    <td style="text-align: left"><a href="tm2510586d2_ex99-x2xb.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated By-Laws</span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xe.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(e)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xe.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend reinvestment plan
    </span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xg.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(g)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xg.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Advisory Agreement</span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xjx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(j)(1)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xjx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody Agreement</span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(k)(1)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration Agreement
    </span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(k)(2)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Servicing Agreement</span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(k)(3)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xkx3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agent Agreement
    </span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xrx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(r)(1)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xrx1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics of Ellington
    Credit Company</span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><a href="tm2510586d2_ex99-x2xrx2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)(r)(2)</span></a></td>
    <td style="text-align: left; vertical-align: top"><a href="tm2510586d2_ex99-x2xrx2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics of Ellington
    Management Group (adopted by Ellington Credit Company Management LLC) </span></a></td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101</td>
    <td style="text-align: left; vertical-align: top">Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within
the Inline XBRL document</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101.INS</td>
    <td style="text-align: left; vertical-align: top">XBRL Taxonomy Instance Document</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101.SCH</td>
    <td style="text-align: left; vertical-align: top">XBRL Taxonomy Schema Document</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101.DEF</td>
    <td style="text-align: left; vertical-align: top">XBRL Taxonomy Definition Linkbase Document</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101.LAB</td>
    <td style="text-align: left; vertical-align: top">XBRL Taxonomy Label Linkbase Document</td></tr>
  <tr>
    <td style="text-align: left; white-space: nowrap; vertical-align: top">EX-101.PRE</td>
    <td style="text-align: left; vertical-align: top">XBRL Taxonomy Presentation Linkbase Document</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 60; Options: Last --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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<DOCUMENT>
<TYPE>EX-99.(2)(A)(1)
<SEQUENCE>2
<FILENAME>tm2510586d2_ex99-x2xax1.htm
<DESCRIPTION>EXHIBIT 99.(2)(A)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xax1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(a)(1)</B></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED DECLARATION OF TRUST</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of April&nbsp;1, 2025</B></P>


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


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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


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


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;I.
    </B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE TRUST</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Purpose</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;II.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUSTEES</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number and
    Qualification</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term and
    Election</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
    and Removal</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vacancies</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee Action
    by Written Consent</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;III.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWERS
    AND DUTIES OF TRUSTEES</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Title</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    and Repurchase of Shares</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowing
    Money or Utilize Leverage</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delegation;
    Committees</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
    and Payment</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    Powers</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Powers</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IV.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADVISORY,
    MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advisory
    and Management Arrangements</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    Arrangements</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties to
    Contract</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;V.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITATIONS
    OF LIABILITY AND INDEMNIFICATION</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal
    Liability of Shareholders, Trustees,&nbsp;etc.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
    Indemnification</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right">10</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Bond Required
    of Trustees</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Duty of
    Investigation; No Notice in Trust Instruments,&nbsp;etc.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
    on Experts,&nbsp;etc.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    Actions</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt">&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VI.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHARES
    OF BENEFICIAL INTEREST</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    Interest</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Securities</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of
    Shareholders</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    and Conversion Privileges</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Only</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of Shares</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Register
    of Shares</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agent and Registrar</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer of Shares</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices; Waiver of Notice</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VII.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DETERMINATION OF NET ASSET
    VALUE</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power to Modify Foregoing
    Procedures</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VIII.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSTODIANS</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment and Duties</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Central Certificate System</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IX.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPURCHASE OF SHARES</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase of Shares</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure of Holding</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;X.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings of Shareholders</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Meeting and Record
    Date</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum and Required Vote</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxies,&nbsp;etc.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection of Records</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery by Electronic Transmission
    or Otherwise</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Action by Written
    Consent</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XI.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DURATION; TERMINATION OF
    TRUST; AMENDMENT; MERGERS; ETC.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duration</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Procedure</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Consolidation and
    Sale of Assets</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XII.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MISCELLANEOUS</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resident Agent</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Delaware Jurisdiction</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement to be Bound</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.6.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.7.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance by Third Parties</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.8.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions in Conflict with
    Law or Regulation</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.9.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery by Electronic Transmission
    or Otherwise</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED DECLARATION OF TRUST</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">AMENDED AND RESTATED DECLARATION OF TRUST made
as of the 1st day of April, 2025, by the Trustees hereunder.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, this Trust (as defined below) has been
formed to carry on business as set forth more particularly hereinafter;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, this Trust is authorized to issue an
unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, this Declaration (as defined below) amends
and restates in its entirety that certain Agreement and Declaration of Trust dated May&nbsp;3, 2013;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Trustees (as defined below) have
agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter
set forth; and</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the parties hereto intend that the Trust
shall constitute a statutory trust under the DSTA (as defined below) and that this Declaration and the Bylaws (as defined below) shall
constitute the governing instrument of such statutory trust</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, the Trustees hereby declare that
they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees hereunder in
trust to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares
of beneficial interest in this Trust as hereinafter set forth.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Name</U>.
This Trust shall be known as the &ldquo;Ellington Credit Company&rdquo; and the Trustees shall conduct the business of the Trust under
that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution
by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to
Section&nbsp;3810(b)&nbsp;of the DSTA. Any such instrument shall not require the approval of the Shareholders (as defined below), but
shall have the status of an amendment to this Declaration.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trust
Purpose</U>. The purpose of the Trust is to engage in any lawful act or activity and to exercise any powers permitted to a statutory trust
organized under the DSTA as now or hereafter in force, including conducting, operating and carrying on the business of an investment company
within the meaning of the 1940 Act (as defined below).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
As used in this Declaration, the following terms shall have the following meanings:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;<U>1940 Act</U>&rdquo; refers to the
Investment Company Act of 1940 and the rules&nbsp;and regulations promulgated thereunder and exemptions granted therefrom, as amended
from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;<U>1934 Act</U>&rdquo; refers to the
Securities and Exchange Act of 1934 and the rules&nbsp;and regulations promulgated thereunder and exemptions granted therefrom, as amended
from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &ldquo;<U>Affiliated Person</U>,&rdquo;
 &ldquo;<U>Assignment</U>,&rdquo; &ldquo;<U>Interested Person</U>&rdquo; and &ldquo;<U>Principal Underwriter</U>&rdquo; shall have the
meanings given them in the 1940 Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&ldquo;Board
of Trustees</U></FONT>&rdquo; or &ldquo;Trustees&rdquo; shall mean the Trustees collectively.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Bylaws</U>&rdquo; shall mean the Bylaws
of the Trust as amended from time to time by the Trustees.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Class</U>&rdquo; shall mean a class
of Shares the Trust established in accordance with the provisions hereof.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Code</U>&rdquo; shall mean the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Commission</U>&rdquo; shall mean the
Securities and Exchange Commission.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Continuing Trustee</U>&rdquo; shall
mean Trustee who either (a)&nbsp;has been a member of the Board of Trustees for a period of at least thirty-six months (or since the date
hereof, if less than thirty-six months) or (b)&nbsp;was nominated to serve as a member of the Board of Trustees by a majority of the Continuing
Trustees then members of the Board of Trustees.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Declaration</U>&rdquo; shall mean this
Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Delaware General Corporation Law</U>&rdquo;
means the Delaware General Corporation Law, 8 <U>Del</U>. <U>C</U>. &sect; 100, <U>et</U>. <U>seq</U>., as amended from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>DSTA</U>&rdquo; shall mean the provisions
of the Delaware Statutory Trust Act, 12 <U>Del</U>. <U>C</U>. &sect; 3801, <U>et</U>. <U>seq</U>., as such Act may be amended from time
to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Fiscal Year</U>&rdquo; means each period
commencing on January&nbsp;1 of each year and ending on December&nbsp;31 of that year (or on the date of a final distribution made in
accordance with Section&nbsp;12.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust. The taxable year
of the Trust will end on December&nbsp;31 of each year, or on any other date designated by the Trustees that is a permitted taxable year-end
for tax purposes, and need not be the same as the Fiscal Year.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Fundamental Policies</U>&rdquo; shall
mean the investment policies and restrictions as set forth from time to time in any Registration Statement on Form&nbsp;N-2 of the Trust
filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with
the requirements of the 1940 Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Majority Shareholder Vote</U>&rdquo;
shall mean a vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as such term is defined in the 1940 Act) of the Trust
with all classes of Shares voting together as a single class, except as with respect to votes which affect only one or more Classes, as
provided for herein, in which case it shall mean a vote of a majority of outstanding voting securities of such Class&nbsp;or Classes,
as applicable.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Person</U>&rdquo; shall mean and include
individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether
or not legal entities, and governments and agencies and political subdivisions thereof.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Prospectus</U>&rdquo; shall mean the
Prospectus and Statement of Additional Information of the Trust, if any, as in effect and as may be amended from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Shareholders</U>&rdquo; shall mean as
of any particular time the holders of record of outstanding Shares of the Trust, at such time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Shares</U>&rdquo; shall mean the transferable
units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions
of Shares as well as whole Shares.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Trust</U>&rdquo; shall mean the trust
established by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Trust Property</U>&rdquo; shall mean
as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for
the account of the Trust or the Trustees in such capacity.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Trustees</U>&rdquo; shall mean the signatories
to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time
in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in
office.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Number
and Qualification</U>. As of the date hereof, the number of Trustees shall be six (6)&nbsp;and such Trustees shall be the signatories
hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office,
provided that the number of Trustees shall be no less than one (1)&nbsp;and no more than fifteen (15). No reduction in the number of Trustees
shall have the effect of removing any Trustee from office prior to the expiration of his or her term. An individual nominated as a Trustee
shall satisfy any applicable requirements of the 1940 Act. Trustees need not own Shares and may succeed themselves in office.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Term
and Election</U>. The Trustees (other than any Trustee elected solely by holders of one or more classes or series of preferred shares
in connection with dividend arrearages) shall hold office until his or her successor shall have been elected and shall have qualified.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Resignation
and Removal</U>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing
signed by such Trustee and delivered or mailed to the Trustees or the Chair (if any), the Chief Executive Officer or the Secretary and
such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees
may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section&nbsp;2.1
hereof) for cause only, and not without cause, and by action taken by a majority of the remaining Trustees (or, in the case of an independent
trustee (as such term is defined in the Delaware Statutory Trust Act), by action taken by a majority of the remaining independent trustees)
or by the affirmative vote of at least two-thirds of the Shares entitled to be cast generally in the election of Trustees. Upon the resignation
or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall
require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed
Trustee. Upon the incapacity or death of any Trustee, such Trustee&rsquo;s legal representative shall execute and deliver on such Trustee&rsquo;s
behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vacancies</U>.
The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the removal, declination to serve, resignation,
retirement, incompetence or other incapacity to perform the duties of the office, or death. Subject to the provisions of the 1940 Act
and other applicable law, whenever a vacancy in the Board of Trustees shall occur, the remaining Trustees may fill such vacancy by appointing
any individual as they may determine in their sole discretion by a vote of a majority of the Trustees then in office or may leave such
vacancy unfilled or may reduce the number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less
than the minimum number required by Section&nbsp;2.1 hereof. Any vacancy created by an increase in Trustees may be filled by the appointment
of an individual made by a vote of a majority of the Trustees then in office. The Trustees may appoint a new Trustee as provided above
in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in the number
of Trustees, provided that such appointment shall become effective only at or after the expected vacancy occurs. No vacancy shall operate
to annul this Declaration or to revoke any existing agency created pursuant to the terms of this Declaration. Whenever a vacancy in the
number of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office, regardless of their number, shall
have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration. In the case
of a failure to elect a Trustee at a meeting of Shareholders, the incumbent Trustee shall hold over as Trustee until the event of the
death, resignation, retirement, removal, bankruptcy, incompetence or other incapacity to perform the duties of the office, or removal,
of the Trustee or until election at a Shareholder meeting and qualification of his or her successor.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Meetings</U>.
Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, the Secretary
or any two Trustees. Regular meetings of the Trustees may be held without call or notice, except as may be otherwise required by law,
at a time and place fixed by the Bylaws, the Chair or by resolution or consent of the Trustees. Notice of any other meeting shall be given
by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not
less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance
of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express
purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time
there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees.
Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a
meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent as provided in
Section&nbsp;2.6.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any committee of the Trustees, including an executive
committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less
than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting
by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section&nbsp;2.6.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to actions of the Trustees and any
committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this
Section&nbsp;and shall be entitled to vote to the extent not prohibited by the 1940 Act or herein.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All or any one or more Trustees may participate
in a meeting of the Trustees or any committee thereof by means of a conference telephone, video or similar communications equipment by
means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications
system shall constitute presence in person at such meeting.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
Action by Written Consent</U>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the
Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such
committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent
shall be treated for all purposes as a vote taken at a meeting of Trustees.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Chair</U>.
The Trustees may designate a Chair and a Vice Chair of the Board of Trustees, who shall have such powers and duties as determined by the
Board of Trustees from time to time. Any Chair or Vice Chair shall be a Trustee.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officers</U>.
The Trustees shall elect a Chief Executive Officer, a Secretary and a Treasurer. Officers shall serve at the pleasure of the Trustees
or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer
to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary
and Treasurer may, but need not, be a Trustee.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>General</U>.
The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties as owed by directors of corporations to such corporations
and their shareholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust
Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business
in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as
in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be
construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investments</U>.
The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to: (a)&nbsp;manage,
conduct, operate and carry on the business of an investment company; and (b)&nbsp;subscribe for, invest in, reinvest in, purchase or otherwise
acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property,
tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences
of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights,
powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without
limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of
said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments
which may be made by fiduciaries.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Title</U>. Legal title to all the Trust Property shall be vested in the Trust except that the Trustees shall have power to cause legal
title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee,
custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent any Trust Property is titled in
the name of one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each
person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for
any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title
and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title
shall be effective whether or not conveyancing documents have been executed and delivered.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuance
and Repurchase of Shares</U>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell,
reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations,
and, subject to the more detailed provisions set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement,
cancellation or acquisition of Shares any funds or property whether capital or surplus or otherwise, to the full extent now or hereafter
permitted corporations formed under the Delaware General Corporation Law.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Borrow
Money or Utilize Leverage</U>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees
shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation
as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets
of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation,
contract or engagement of any other person, firm, association or corporation.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delegation;
Committees</U>. The Trustees shall have the power to appoint from their own number, and terminate, any one or more committees consisting
of one or more Trustees, including an executive committee which may exercise some or all of the power and authority of the Trustees as
the Trustees may determine (including but not limited to the power to determine net asset value and net income and the power to declare
a dividend or other distribution on the Shares of any series or class), subject to any limitations contained in the Bylaws, and in general
to delegate from time to time to one or more of their number or to one or more officers, employees or agents of the Trust any or all of
their powers, authorities, duties and the doing of such things and the execution of such instruments, either in the name of the Trust
or the names of the Trustees or otherwise, as the Trustees may deem expedient (including but not limited to the power to declare a dividend
or other distribution on the Shares of any series or class).</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Collection
and Payment</U>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the
Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon
any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any
security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements
and other instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders
shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained
derivatively or as a class action on behalf of the Trust or the Shareholders.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses</U>.
The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees
are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable
compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees
and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage
services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the
Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Bylaws</U>.
The Trustees shall have the authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.
The Shareholders shall also have the authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of
the Trust by an affirmative vote of a majority of outstanding Shares of the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Miscellaneous
Powers</U>. Without limiting the general or further powers of the Trustees, the Trustees shall have the power to: (a)&nbsp;employ or contract
with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b)&nbsp;enter into joint ventures,
partnerships and any other combinations or associations; (c)&nbsp;purchase, and pay for out of Trust Property, insurance policies insuring
the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors
of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such
Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person
against such liability; (d)&nbsp;establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans
for any Trustees, officers, employees and agents of the Trust; (e)&nbsp;make donations, irrespective of benefit to the Trust, for charitable,
religious, educational, scientific, civic or similar purposes; (f)&nbsp;to the extent permitted by law, indemnify any Person with whom
the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected
dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g)&nbsp;guarantee indebtedness
or contractual obligations of others; (h)&nbsp;determine and change the fiscal year of the Trust and the method in which its accounts
shall be kept; and (i)&nbsp;adopt a seal for the Trust, even though the absence of such seal shall not impair the validity of any instrument
executed on behalf of the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Further
Powers</U>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches
and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District
of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the
United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary,
proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination
as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this
Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court
order to deal with the Trust Property.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Advisory
and Management Arrangements</U>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their
discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory,
sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory,
administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon
such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees
may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to
time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf
of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee
to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action
by the Trustees). Any such investment transaction shall be deemed to have been authorized by the Board of Trustees.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Distribution
Arrangements</U>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and
other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for
the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or
appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the
Trustees may in their discretion determine not inconsistent with the provisions of this Article&nbsp;IV or the Bylaws; and such contract
may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may
provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and
similar agreements with persons who are not registered securities dealers to further the purposes of the distribution or repurchase of
the securities of the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Parties
to Contract</U>. Any contract of the character described in Sections 4.1 and 4.2 of this Article&nbsp;IV or in Article&nbsp;VIII hereof
may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director,
trustee, shareholder or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by
reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship
for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly
therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article&nbsp;IV
or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article&nbsp;VIII,
and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned
in this Section&nbsp;4.3.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Personal Liability of Shareholders, Trustees,&nbsp;etc.</U> No Shareholder of the Trust shall be subject in such capacity to any personal
liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall
have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated under the
Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever
to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless
disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property
for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Trustee who has been determined to be
an &ldquo;audit committee financial expert&rdquo; (for purposes of Section&nbsp;407 of the Sarbanes-Oxley Act of 2002 or any successor
provision thereto) by the Trustees shall be subject to any greater liability or duty of care in discharging such Trustee&rsquo;s duties
and responsibilities by virtue of such determination than is any Trustee who has not been so designated. If any Shareholder, Trustee or
officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception,
he or she shall not, on account thereof, be held to any personal liability. Neither the repeal or modification of this Section&nbsp;5.1,
nor the adoption or modification of any other provision of this Declaration or the Bylaws inconsistent with this Article, shall adversely
affect any right or protection of a Trustee or officer of the Trust existing at the time of such adoption, repeal or modification with
respect to acts or omissions occurring prior to such adoption, repeal or modification.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Mandatory
Indemnification</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trust hereby agrees to indemnify, out of Trust Property, to the fullest extent permitted under applicable law, each person who at any
time serves as a Trustee or officer of the Trust (each such person being an &ldquo;indemnitee&rdquo;) against any liabilities and expenses
(including amounts paid in satisfaction of judgments, in compromise or settlements, or as fines and penalties; any expenses of establishing
a right to indemnification under this Article; and reasonable counsel fees reasonably incurred by such indemnitee in connection with the
defense or disposition of, or advice in connection with, any action, suit, proceeding or investigation, whether civil or criminal, before
or in connection with any court, or administrative or investigative body, in which he or she may be or may have been involved as a party,
witness, participant or otherwise, or with which he or she may be or may have been threatened), incurred in connection with acting in
any capacity set forth in this Article&nbsp;V or by reason of his having acted in any such capacity, except with respect to any matter
as to which he or she shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust
or, in the case of any criminal proceeding, as to which he or she shall have had reasonable cause to believe that the conduct was unlawful;
provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee
arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence, or (iv)&nbsp;reckless disregard of
the duties involved in the conduct of his position (the conduct referred to in such clauses (i)&nbsp;through (iv)&nbsp;being sometimes
referred to herein as &ldquo;disabling conduct&rdquo;); and provided further, that the termination of any proceeding by judgment, order,
settlement, conviction or plea of nolo contendere or its equivalent shall not of itself create a presumption that the indemnitee did not
act in good faith or that the indemnitee had reasonable cause to believe that his conduct was unlawful. Notwithstanding the foregoing,
with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory
only if the prosecution of such action, suit or other proceeding by such indemnitee (1)&nbsp;was authorized by a majority of the Trustees
or (2)&nbsp;was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee
is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person
who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and
legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any
of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification
hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing, no indemnification shall be made hereunder unless there has been a determination (i)&nbsp;by a final decision on the merits
by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that
such indemnitee is entitled to indemnification hereunder or, (ii)&nbsp;in the absence of such a decision, by (1)&nbsp;a majority vote
of a quorum of those Trustees who are neither &ldquo;Interested Persons&rdquo; of the Trust nor parties to the proceeding (&ldquo;Disinterested
Non-Party Trustees&rdquo;), that the indemnitee is entitled to indemnification hereunder, or (2)&nbsp;if such quorum is not obtainable
or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should
be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any
proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c)&nbsp;below.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might
be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee&rsquo;s good faith belief that the
standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently
determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards
of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i)&nbsp;the
indemnitee shall provide adequate security for his undertaking, (ii)&nbsp;the Trust shall be insured against losses arising by reason
of any lawful advances, or (iii)&nbsp;a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum
so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to
a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire
under this Declaration, the Bylaws of the Trust, any statute, agreement, or vote of Shareholders or Trustees who are not &ldquo;interested
persons&rdquo; (as defined in Section&nbsp;2(a)(19) of the 1940 Act) or any other right to which he or she or she may be lawfully entitled.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide
for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity
at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been
approved by a majority of the Trustees.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Bond Required of Trustees</U>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of
his duties hereunder.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Duty of Investigation; No Notice in Trust Instruments,&nbsp;etc.</U> No purchaser, lender, transfer agent or other person dealing with
the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction
purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid,
loaned or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking,
instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust
shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration
or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust
Property, Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible
tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or as is required by the 1940 Act</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reliance
on Experts,&nbsp;etc.</U> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely
justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or
other records of the Trust, upon an opinion of counsel or upon reports made to the Trust by any of the Trust&rsquo;s officers or employees
or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected
with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.
No such Trustee or officer shall be liable for any act or omission in accordance with such advice, records and/or reports and no inference
concerning liability shall arise from a failure to follow such advice, records and/or reports.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Derivative
Actions</U>. In addition to the requirements set forth in Section&nbsp;3816 of the DSTA, a Shareholder or Shareholders may bring a derivative
action on behalf of the Trust only if the following conditions are met:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Shareholder or Shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause
the Board of Trustees to bring such an action is not likely to succeed. For purposes of this Section&nbsp;5.6, a demand on the Board of
Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any
committee established to consider the merits of such action, is composed of Trustees who are not &ldquo;independent trustees&rdquo; (as
such term is defined in the DSTA).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
a demand is not required under paragraph (a)&nbsp;of this Section&nbsp;5.6, Shareholder(s)&nbsp;eligible to bring such derivative action
under the DSTA must hold at least ten percent (10%) of the outstanding Shares of the Trust, or ten percent (10%) of the outstanding Shares
of the Class&nbsp;to which such action relates, to join in the request for the Board of Trustees to commence such action. Further, no
Shareholder or Shareholders may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the
outstanding Shares join in the bringing of such action.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the case of any pre-suit demand made to the Board of Trustees, the Board of Trustees shall be afforded a reasonable amount of time to
consider such Shareholder request and to investigate the basis of such claim. The Board of Trustees shall be entitled to retain counsel
or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to
reimburse the Trust for the expense of any such advisors in the event that the Board of Trustees determines not to bring such action.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Section&nbsp;5.6, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if
necessary to create a committee with a majority of Trustees who are &ldquo;independent trustees&rdquo; (as such term in defined in the
DSTA).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
requirements of paragraphs (b)&nbsp;and (c)&nbsp;of this Section&nbsp;5.6, shall not apply to claims brought under the federal securities
laws.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the avoidance of doubt, no person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit
or other proceeding on behalf of the Trust.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Beneficial
Interest</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
interest of the beneficiaries shall be divided into an unlimited number of transferable shares, all without par value. The Trustees may
divide Shares into one or more Classes. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued
in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and, except as provided in the last
sentence of Section&nbsp;3.8, nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received
by the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the further provisions of this Article&nbsp;VI, any restriction set forth in the Bylaws and any applicable requirements of the 1940
Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion,
and without obtaining any authorization or vote of the Shareholders of any Class&nbsp;to: (i)&nbsp;divide the beneficial interest in each
Class&nbsp;into Shares as the Trustees shall determine; (ii)&nbsp;establish, designate, redesignate, classify, reclassify and change in
any manner any Class&mdash;and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class&nbsp;as
the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any
existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to
Shareholders of such Shares, without obtaining the authorization or vote of the Class&nbsp;of Shareholders that would be materially adversely
affected; (iii)&nbsp;divide or combine the Shares of any Class&nbsp;into a greater or lesser number without thereby materially changing
the proportionate beneficial interest of the Shares of such Class&nbsp;in the assets held with respect to that Class; (iv)&nbsp;change
the name of any Class; (v)&nbsp;dissolve and terminate any one or more Classes; and (vi)&nbsp;take such other action with respect to the
Classes as the Trustees may deem desirable.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
establishment and designation of any Class&nbsp;of Shares of the Trust shall be effective upon the adoption by a majority of the then
Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Class&nbsp;of
Shares of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration
statement of the Trust, or as otherwise provided in such resolution.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to any Class&nbsp;of Shares of the Trust, each such Class&nbsp;shall represent interests in the assets of the Trust and have the
same voting, dividend, liquidation and other rights and terms and conditions as each other Class&nbsp;of Shares of the Trust, except that,
subject to applicable law, expenses allocated to a Class&nbsp;may be borne solely by such Class&nbsp;as determined by the Trustees and
as provided herein, and a Class&nbsp;may have exclusive voting rights with respect to matters affecting only that Class.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the fullest extent permitted by Section&nbsp;3804 of the DSTA and subject to the restrictions of the 1940 Act and any applicable exemptive
relief issued by the Commission, the Trustees may allocate expenses of the Trust to a particular Class&nbsp;or to apportion the same between
or among two or more Classes, provided that any expenses incurred by a particular Class&nbsp;shall be payable solely out of the assets
belonging to that Class.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Securities</U>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other
securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges,
limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. To the extent
that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement
this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed
by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as
is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred
shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and
privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment
conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such
amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as
to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also
authorized to take such actions and retain such persons as they see fit to offer and sell such securities.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rights
of Shareholders</U>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership
of the Trust Property of every description and the right to conduct any business hereinbefore described are vested exclusively in the
Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their
Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust
nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses
directly to Shareholders, as provided in the last sentence of Section&nbsp;3.8, suffer an assessment of any kind by virtue of their ownership
of Shares. The Shares shall not entitle the holder to preference, preemptive or appraisal rights.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exchange
and Conversion Privileges</U>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the
power and authority to provide that the Shareholders of any Class&nbsp;shall have the right to convert such Shares for Shares of one or
more other Classes. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and
authority to provide that the Shareholders of any Class&nbsp;may exchange their Shares for those of another fund.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trust
Only</U>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each
Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock
association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed
to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuance
of Shares</U>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares, including preferred
shares that may have been established pursuant to Section&nbsp;6.2, in addition to the then issued and outstanding Shares and Shares held
in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times,
and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject
to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders,
divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest
in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the
Trustees may determine.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Register
of Shares</U>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction
of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and
a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such
register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled
to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to
receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he or she has given his address
to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated
that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates
and promulgate rules&nbsp;and regulations as to their use, including, without limitation, requirements as to transfer and for the purchase
of lost certificate insurance.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Transfer
Agent and Registrar</U>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with
respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues
and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer
agents and registrars of certificates of stock in a corporation, as modified by the Trustees.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Transfer
of Shares</U>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record
holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a
duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other
matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery
the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be
deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer,
employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless
the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees and each of the other Shareholders
against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending
against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or
several, to which these Persons may become subject by reason of or arising from (1)&nbsp;any transfer made by the Shareholder in violation
of this Section&nbsp;6.9 and (2)&nbsp;any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with
the transfer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person becoming entitled to any Shares in
consequence of the death, bankruptcy or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable
register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of
the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof,
and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of
such death, bankruptcy or incompetence, or other operation of law.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices;
Waiver of Notice</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to any different provisions of this Declaration, including Section&nbsp;10.3 hereof, any and all notices to which any Shareholder hereunder
may be entitled and any and all communications shall be deemed duly served or given if presented personally to a Shareholder, left at
his or her residence or usual place of business or sent via United States mail or by electronic transmission to a Shareholder at his or
her address as it is registered with the Trust. If mailed, such notice shall be deemed to be given when deposited in the United States
mail addressed to the Shareholder at his or her address as it is registered with the Trust with postage thereon prepaid. If transmitted
electronically, such notice shall be deemed to be given when transmitted to the Shareholder by an electronic transmission to any address
or number of the Shareholder at which the Shareholder receives electronic transmissions. The Trust may give a single notice to all Shareholders
who share an address, which single notice shall be effective as to any Shareholder at such address, unless such Shareholder objects to
receiving such single notice or revokes a prior consent to receiving such single notice.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
any notice is required to be given pursuant to this Declaration or the Bylaws or pursuant to applicable law, a waiver thereof in writing
or by electronic transmission, given by the Person or Persons entitled to such notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need
be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any Person at any meeting,
including the attendance of a Trustee at a meeting of the Trustees, shall constitute a waiver of notice of such meeting, except where
such Person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has
not been lawfully called or convened.</P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">7.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Net
Asset Value</U>. The net asset value of each outstanding Share of each Class&nbsp;of the Trust shall be determined at such time or times
on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined
by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">7.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Power
to Modify Foregoing Procedures</U>. Notwithstanding any of the foregoing provisions of this Article&nbsp;VII, the Trustees may prescribe,
in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value
of each Class&nbsp;of the Trust&rsquo;s Shares or net income, or the declaration and payment of dividends and distributions as they may
deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any
securities exchange or association registered under the 1934 Act or any order of exemption issued by the Commission, all as in effect
now or hereafter amended or modified.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">8.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Appointment
and Duties</U>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio
securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall
have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations
and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to hold the securities owned by the Trust and deliver the same upon written order;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere
as the Trustees may direct;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to disburse such funds upon orders or vouchers;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust;</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">all upon such basis of compensation as may be
agreed upon between the Trustees and the custodian.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustees may also authorize each custodian
to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and
conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case
such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">8.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Central
Certificate System</U>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian
to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national
securities exchange or a national securities association registered with the Commission under the 1934 Act, or such other Person as may
be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular
class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without
physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">9.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Repurchase
of Shares</U>. Holders of Shares of the Trust shall not be entitled to require the Trust to repurchase or redeem Shares of the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">9.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Disclosure
of Holding</U>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information
with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with
the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing
or regulatory authority.</P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Meetings
of Shareholders</U>. Annual meetings of the Shareholders for the election of Trustees and the transaction of any business as determined
by the Trustees within the powers of the Trust shall be held on the date and at the time set by the Board of Trustees. Other than annual
meetings, the Trust will not hold Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the By-Laws
or any other applicable law. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive
Officer and shall be called by any Trustee for any proper purpose upon written request of Shareholders holding in the aggregate at least
a majority of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called.
Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware (or may be held virtually)
on such day and at such time as the Trustees shall designate.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Voting</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shareholders
shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration
or resolution of the Trustees. There shall be no cumulative voting in the election or removal of Trustees.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Declaration, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then-entitled
to vote shall be voted in aggregate, except: (i)&nbsp;when required by the 1940 Act and/or other applicable law, Shares shall be voted
by individual Class; (ii)&nbsp;when the matter involves any action that the Trustees have determined will affect only the interests of
one or more Classes, then only the Shareholders of such Class&nbsp;or Classes shall be entitled to vote thereon.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Meeting and Record Date</U>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be
given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days
and not more than 90 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of
the meeting shall be considered at such meeting; provided, however, that the foregoing shall in no way limit the ability of one or more
adjournments to be considered at a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not
later than 120 days after the original meeting date. For the purposes of determining the Shareholders who are entitled to notice of and
to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 90 nor less than 10 days prior to
the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record
for such purposes.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Quorum
and Required Vote</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
holders of a majority of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum
at such meeting of the Shareholders for purposes of conducting business on such matter. When any one or more Classes is to vote separately
from any other Classes of Shares, holders of a majority of the Shares entitled to vote of each such Class&nbsp;shall constitute a quorum
at a Shareholders&rsquo; meeting of that Class. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action
upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting,
if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters. Notwithstanding the
foregoing, in the absence of a quorum, a Shareholders&rsquo; meeting may be adjourned by either a vote of a majority of the Shares present
and entitled to vote at such meeting, or by the chair of such meeting in his or her sole discretion.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement
for the transaction of any item of business at any meeting of Shareholders, (i)&nbsp;with respect to the election of Trustees, the affirmative
vote of a plurality of the Shares represented in person or by proxy at any meeting at which a quorum is present shall be the act of the
Shareholders with respect to such matter, (ii)&nbsp;with respect to all other items of business, the affirmative vote of a majority of
the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with
respect to such matter and (iii)&nbsp;where a separate vote of one or more Classes of Shares is required on any matter, the affirmative
vote of a majority of the Shares of such Class&nbsp;present in person or represented by proxy and entitled to vote on the subject matter
shall decide that matter insofar as that Class&nbsp;is concerned.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Proxies,&nbsp;etc</U>.
At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy
shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the
Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a
majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of
the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only
Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled
to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by
proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners
or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting
to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of
proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to
guardianship or to the legal control of any other person as regards the charge or management of such Share, he or she may vote by his
guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reports</U>.
The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation
or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed
income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant
on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940
Act. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports
containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the
period from the beginning of the current fiscal year to the end of such period.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Inspection
of Records</U>. The records of the Trust shall be open to inspection by Shareholders to the extent permitted by Section&nbsp;3819 of the
DSTA but subject to such reasonable regulation as the Trustees may determine.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
by Electronic Transmission or Otherwise</U>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote,
consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws
may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of
the DSTA), including via the internet, or in any other manner permitted by applicable law.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Shareholder
Action by Written Consent</U>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders, entitled
to vote thereon, of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section&nbsp;10.4
consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall
be treated for all purposes as a vote taken at a meeting of Shareholders.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Acquisition
of Shares; Control Share Statute</U>. The acquisition of Shares, whether from the Trust or in connection with a transfer of Shares from
any holder of Shares and whether such Shares are outstanding as of the date hereof or issued after the date hereof, shall be exempt from
the application of Subchapter III of the DSTA, and accordingly the voting rights of any holder of Shares shall not be affected thereby.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS;
ETC.</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Duration</U>.
Subject to possible termination in accordance with the provisions of Section&nbsp;11.2 hereof, the Trust created hereby shall have perpetual
existence.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trust may be dissolved, only upon approval of not less than 80% of the Trustees. Upon the dissolution of the Trust:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 1in">&#8239;&#8239;(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trust shall carry on no business except for the purpose of winding up its affairs.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.75in">&#8239;&#8239;(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue
until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect
its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part
of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part
in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its
business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition
of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature
and amount of the consideration by Shareholders.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.75in">&#8239;&#8239;(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;After
paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements,
as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each,
among the Shareholders according to their respective rights.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;After
the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall
execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute
and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees
shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall
thereupon cease.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
Procedure</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as provided in subsection (b)&nbsp;of this Section&nbsp;11.3, this Declaration may be amended, after a majority of the Trustees (including
a majority of the independent Trustees if such a vote is required under the 1940 Act) have approved a resolution therefor, by the affirmative
vote required by Section&nbsp;10.4 of this Declaration. The Trustees also may amend this Declaration without any vote of Shareholders
to change the name of the Trust, to change the U.S. federal income tax classification of the Trust from an association taxable as a corporation
to a partnership if the Trust elects to cease qualifying as a regulated investment company under Subchapter M of the Code, to make any
other change that does not adversely affect the rights or preferences of any Shares, as they may deem necessary, or to conform this Declaration
to the requirements of the 1940 Act or any other applicable federal or state laws or regulations including pursuant to Section&nbsp;6.2
or, if applicable, the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for
failing to do so.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
amendment may be made to Section&nbsp;2.1, Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;11.2(a), this Section&nbsp;11.3, or Section&nbsp;11.4
of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust
by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto
(except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to issue, other securities
pursuant to Section&nbsp;6.2), except after a majority of the Trustees have approved a resolution therefor, and such amendment has been
approved by the affirmative vote of the holders a majority of the Shares. Nothing contained in this Declaration shall permit the amendment
of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the
Trust or to permit assessments upon Shareholders.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;An
amendment duly adopted by the requisite vote of the Board of Trustees and, if required under the 1940 Act or otherwise under this Declaration,
the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board
of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth
an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration,
as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged
among the records of the Trust or at such other time designated by the Board.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Merger,
Consolidation and Sale of Assets</U>. The Trust may merge or consolidate with any other corporation, association, trust or other organization
or may sell, lease or exchange all or substantially all of the Trust Property, including its goodwill, upon such terms and conditions
and for such consideration when and as authorized by two-thirds of the Trustees and, to the extent required by the 1940 Act, approved
by a Majority Shareholder Vote and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have
been accomplished under and pursuant to the statutes of the State of Delaware.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Subsidiaries</U>.
Without approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited
liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business
in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property
to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof,
or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation,
trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability
company, association or organization in which the Trust holds or is about to acquire shares or any other interests.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reserved</U>.</P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Filing</U>.
This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate.
Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly
taken in a manner provided herein and shall, upon insertion in the Trust&rsquo;s minute book, be conclusive evidence of all amendments
contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may
be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust&rsquo;s minute book, be conclusive
evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and
the various amendments and supplements thereto.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Resident
Agent</U>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Cogency Global Inc., 850
New Burton Road, Suite&nbsp;201, Dover, DE 19904. The Trustees may designate a successor resident agent, provided, however, that such
appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary
of the State.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and
obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the DSTA and
the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a)&nbsp;the
provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b)&nbsp;any provisions of the laws (statutory or common) of
the State of Delaware (other than the DSTA) pertaining to trusts which relate to or regulate: (i)&nbsp;the filing with any court or governmental
body or agency of trustee accounts or schedules of trustee fees and charges, (ii)&nbsp;affirmative requirements to post bonds for trustees,
officers, agents or employees of a trust, (iii)&nbsp;the necessity for obtaining court or other governmental approval concerning the acquisition,
holding or disposition of real or personal property, (iv)&nbsp;fees or other sums payable to trustees, officers, agents or employees of
a trust, (v)&nbsp;the allocation of receipts and expenditures to income or principal, (vi)&nbsp;restrictions or limitations on the permissible
nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust
assets, or (vii)&nbsp;the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees,
which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration.
The Trust shall be of the type commonly called a &ldquo;statutory trust&rdquo;, and without limiting the provisions hereof, the Trust
may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to
exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust
Statute, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not
exercise such power or privilege or take such actions.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exclusive
Delaware Jurisdiction</U>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share
of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise),
to the fullest extent permitted by law, including Section&nbsp;3804(e)&nbsp;of the DSTA, (i)&nbsp;irrevocably agrees that any claims,
suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in
any way to the Trust, the DSTA, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings
to interpret, apply or enforce (A)&nbsp;the provisions of this Declaration or the Bylaws, or (B)&nbsp;the duties (including fiduciary
duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees or the Delaware Trustee
to the Trust, to the Shareholders or each other, or (C)&nbsp;the rights or powers of, or restrictions on, the Trust, the officers, the
Trustees, the Delaware Trustee or the Shareholders, or (D)&nbsp;any provision of the DSTA or other laws of the State of Delaware pertaining
to trusts made applicable to the Trust pursuant to Section&nbsp;3809 of the DSTA, or (E)&nbsp;any other instrument, document, agreement
or certificate contemplated by any provision of the DSTA, the Declaration or the Bylaws relating in any way to the Trust (regardless,
in each case, of whether such claims, suits, actions or proceedings (x)&nbsp;sound in contract, tort, fraud or otherwise, (y)&nbsp;are
based on common law, statutory, equitable, legal or other grounds, or (z)&nbsp;are derivative or direct claims)), shall be exclusively
brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other
court in the State of Delaware with subject matter jurisdiction, (ii)&nbsp;irrevocably submits to the exclusive jurisdiction of such courts
in connection with any such claim, suit, action or proceeding, (iii)&nbsp;irrevocably agrees not to, and waives any right to, assert in
any such claim, suit, action or proceeding that (A)&nbsp;it is not personally subject to the jurisdiction of such courts or any other
court to which proceedings in such courts may be appealed, (B)&nbsp;such claim, suit, action or proceeding is brought in an inconvenient
forum, or (C)&nbsp;the venue of such claim, suit, action or proceeding is improper, (iv)&nbsp;consents to process being served in any
such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, or via electronic transmission a copy thereof
to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service
of process and notice thereof; provided, nothing in clause (iv)&nbsp;hereof shall affect or limit any right to serve process in any other
manner permitted by law, and (v)&nbsp;irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding;
provided, however, this Section&nbsp;12.4 shall not apply to any claims asserted under the U.S. federal securities laws including, without
limitation, the 1940 Act.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agreement
to be Bound</U>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION AND THE BYLAWS,
AS THE SAME MAY&nbsp;BE AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE
BOUND BY, THIS DECLARATION AND THE BYLAWS.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts,
together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reliance
by Third Parties</U>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office
in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a)&nbsp;the number or identity of Trustees
or Shareholders, (b)&nbsp;the name of the Trust, (c)&nbsp;the due authorization of the execution of any instrument or writing, (d)&nbsp;the
form of any vote passed at a meeting of Trustees or Shareholders, (e)&nbsp;the fact that the number of Trustees or Shareholders present
at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f)&nbsp;the form of any Bylaws adopted
by or the identity of any officers elected by the Trustees, or (g)&nbsp;the existence of any fact or facts which in any manner relate
to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees
and their successors.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Provisions
in Conflict with Law or Regulation</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions
is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code, if applicable, or with
other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration;
provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper
any action taken or omitted prior to such determination.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of this Declaration in any jurisdiction.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
by Electronic Transmission or Otherwise</U>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote,
consent, instrument or writing of any kind referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion
of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the DSTA), including via the
internet, or in any other manner permitted by applicable law, and may be made using an electronic signature (within the meaning of the
DSTA).</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the undersigned has caused
these presents to be executed as of the day and year first above written.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert B. Allardice,&nbsp;III</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert B. Allardice,&nbsp;III</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary McBride</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary McBride</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David J. Miller</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David J. Miller</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence E. Penn</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronald I. Simon, Ph.D.</FONT>&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronald I. Simon, Ph.D.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael W. Vranos</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael W. Vranos</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;to Amended and Restated
Declaration of Trust of Ellington Credit Company]</I></P>


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


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


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


</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(A)(2)
<SEQUENCE>3
<FILENAME>tm2510586d2_ex99-x2xax2.htm
<DESCRIPTION>EXHIBIT 99.(2)(A)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xax2.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(a)(2)</B></P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Certificate of Trust of Ellington Credit Company (the &ldquo;<B>Trust</B>&rdquo;) is being duly executed and filed by the undersigned,
being all of the trustees of the Trust, to form a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. </FONT>&sect;&sect;
3801 <U>et seq.</U> (the &ldquo;<B>Act</B>&rdquo;) in connection with the conversion of Ellington Credit Company, a Maryland real estate
investment trust, to a Delaware statutory trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Name</U>.
The name of the Trust is Ellington Credit Company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registered
Office and Registered Agent</U>. The business address of the registered office of the Trust in the State of Delaware is 850 New Burton
Road, Suite&nbsp;201, Dover, DE 19904. The name of the Trust&rsquo;s registered agent at such address is Cogency Global Inc.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registered
Investment Company</U>. The Trust is, or will become prior to or within 180 days following the first issuance of beneficial interests
therein, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. &sect;&sect; 80a-1 <U>et seq.</U>).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
of Limitation of Liabilities of Series</U>. Notice is hereby given that the Trust has or may hereafter establish one or more series and
that, pursuant to Section&nbsp;3804(a)&nbsp;of the Act, the debts, liabilities, obligations and expenses incurred, contracted for, or
otherwise existing with respect to a particular series of the Trust shall be enforceable against the assets of such series only and not
against the assets of the Trust generally or any other series thereof and, unless otherwise provided in the governing instrument of the
Trust, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust
generally or any other series thereof shall be enforceable against the assets of such series.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effective
Time and Date</U>. This certificate shall be effective at 6:00 a.m.&nbsp;(Eastern Time) on April&nbsp;1, 2025.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the undersigned, being all of the trustees of the Trust, have duly executed this Certificate of Trust.</P>


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/ Robert B. Allardice,&nbsp;III</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Robert B. Allardice,&nbsp;III</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Mary McBride</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Mary McBride</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ David J. Miller</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: David J. Miller</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Ronald I. Simon, Ph.D.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Ronald I. Simon, Ph.D.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Michael W. Vranos</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Michael W. Vranos</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  </TABLE>




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


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<DOCUMENT>
<TYPE>EX-99.(2)(B)
<SEQUENCE>4
<FILENAME>tm2510586d2_ex99-x2xb.htm
<DESCRIPTION>EXHIBIT 99.(2)(B)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xb.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(b)</B></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BY-LAWS</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of April&nbsp;1, 2025</B></P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;I <BR>
SHAREHOLDER MEETINGS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%">1.1</TD>
    <TD>Chair</TD>
    <TD STYLE="width: 5%; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.2</TD>
    <TD>Proxies; Voting</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.3</TD>
    <TD>Fixing Record Dates</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.4</TD>
    <TD>Inspectors of Election</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.5</TD>
    <TD>Records at Shareholder Meetings</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.6</TD>
    <TD>Annual Meeting</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.7</TD>
    <TD>Special Meetings</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.8</TD>
    <TD>Advance Notice of Shareholder Nominees for Trustee and Other Shareholder Proposals</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.9</TD>
    <TD>Postponement</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>1.10</TD>
    <TD>Meetings by Remote Communication</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;II <BR>
TRUSTEES</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>2.1</TD>
    <TD>Regular Meetings</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>2.2</TD>
    <TD>Chair, Records</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;III<BR>
 OFFICERS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.1</TD>
    <TD>Officers of the Trust</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.2</TD>
    <TD>Tenure</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.3</TD>
    <TD>Removal of Officers</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.4</TD>
    <TD>Bonds and Surety</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.5</TD>
    <TD>Chief Executive Officer and President</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.6</TD>
    <TD>Secretary</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.7</TD>
    <TD>Treasurer</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>3.8</TD>
    <TD>Other Officers and Duties</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;IV <BR>
MISCELLANEOUS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>4.1</TD>
    <TD>Depositories</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>4.2</TD>
    <TD>Signatures</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>4.3</TD>
    <TD>Seal</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;V <BR>
SHARE TRANSFERS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>5.1</TD>
    <TD>Transfer Agents, Registrars and the Like</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>5.2</TD>
    <TD>Transfer of Shares</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>5.3</TD>
    <TD>Registered Shareholders</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;VI<BR>
 AMENDMENT OF BY-LAWS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>6.1</TD>
    <TD>Amendment and Repeal of By-Laws</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  </TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These Amended and Restated
By-Laws (the &ldquo;By-Laws&rdquo;) are made and adopted pursuant to Section&nbsp;3.9 of the Amended and Restated Declaration of Trust
establishing Ellington Credit Company (the &ldquo;Trust&rdquo;), dated as February&nbsp;3, 2025, as from time to time amended (hereinafter
called the &ldquo;Declaration&rdquo;). All words and terms capitalized in these By-Laws shall have the meaning or meanings set forth for
such words or terms in the Declaration.</P>


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in">1.1&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chair. The Chair, if any, shall act as chair at all meetings of the Shareholders; in the Chair&rsquo;s
absence, the Vice Chair, if any, shall act as chair; in the absence of both the Chair and Vice Chair, the Trustee or Trustees present
at each meeting may elect a temporary chair for the meeting, who may be one of themselves.</TD></TR>
  </TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.2</TD><TD STYLE="text-align: justify"><U>Proxies; Voting</U>. Shareholders may vote either in person or by duly executed proxy and each full
share represented at the meeting shall have one vote, all as provided in Article&nbsp;X of the Declaration.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.3</TD><TD STYLE="text-align: justify"><U>Fixing Record Dates</U>. For the purpose of determining the Shareholders who are entitled to notice
of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any
other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided
in Section&nbsp;10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the
transfer books, then the date of mailing notice of the meeting or the date upon which the dividend resolution is adopted, as the case
may be, shall be the record date.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.4</TD><TD STYLE="text-align: justify"><U>Inspectors of Election</U>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors
of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the Chair, if any, of any
meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting.
The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders
or proxies, a majority of Shares present shall determine whether one or three Inspectors of Election are to be appointed, but failure
to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any
person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by
the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chair. The Inspectors of Election shall
determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity
and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising
in connection with the right to vote, shall count and tabulate all votes or consents, determine the results and do such other acts as
may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision,
act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chair, if
any, of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge
or question or matter determined by them and shall execute a certificate of any facts found by them.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.5</TD><TD STYLE="text-align: justify"><U>Records at Shareholder Meetings</U>. At each meeting of the Shareholders, there shall be made available
for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous
meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of
closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in
alphabetical order and the number of Shares owned by such Shareholder.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.6</TD><TD STYLE="text-align: justify"><U>Annual Meeting</U>. Annual meetings of the Shareholders for the election of Trustees and the transaction
of any business within the powers of the Trust shall be held on the date and at the time set by the Board of Trustees in accordance with
the terms of the Declaration.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.7</TD><TD STYLE="text-align: justify"><U>Special Meetings</U></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(a)&#8239;&#8239;&#8239;<U>General</U>.
A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer. Subject to subsection
(b)&nbsp;of this Section&nbsp;1.7, a special meeting of Shareholders also shall be called by any Trustee for any proper purpose upon written
request of Shareholders holding in the aggregate at least a majority of the outstanding Shares of the Trust, such request specifying the
purpose or purposes for which such meeting is to be called.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(b)&#8239;&#8239;&#8239;<U>Shareholder
Requested Special Meetings.</U></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
Shareholder of record seeking to have Shareholders request a special meeting shall, by sending written notice to the Secretary (the &ldquo;Record
Date Request Notice&rdquo;) by registered mail, return receipt requested, request the Board of Trustees to fix a record date to determine
the Shareholders entitled to request a special meeting (the &ldquo;Request Record Date&rdquo;). The Record Date Request Notice shall set
forth the purpose of the meeting and the matters proposed to be acted on it, shall be signed by one or more Shareholders of record as
of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date
of signature of each such Shareholder (or such agent) and shall set forth all information relating to each such Shareholder and each matter
proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election
of trustees in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such
a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended,
and the rules&nbsp;and regulations promulgated thereunder (the &ldquo;Exchange Act&rdquo;). Upon receiving the Record Date Request Notice,
the Board of Trustees may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than 10 days after
the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Trustees. If the Board
of Trustees, within 10 days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing
the Request Record Date, the Request Record Date shall be the close of business on the 10th day after the first date on which a Record
Date Request Notice is received by the Secretary.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
order for any Shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of Shareholders,
one or more written requests for a special meeting (collectively, the &ldquo;Special Meeting Request&rdquo;) signed by Shareholders of
record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less
than a majority of all of the votes entitled to be cast on such matter at such meeting (the &ldquo;Special Meeting Percentage&rdquo;)
shall be delivered to the Secretary. In addition, the Special Meeting Request shall (a)&nbsp;set forth the purpose of the meeting and
the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice
received by the Secretary), (b)&nbsp;bear the date of signature of each such Shareholder (or such agent) signing the Special Meeting Request,
(c)&nbsp;set forth (i)&nbsp;the name and address, as they appear in the Trust&rsquo;s books, of each Shareholder signing such request
(or on whose behalf the Special Meeting Request is signed), (ii)&nbsp;the class, series and number of all Shares which are owned (beneficially
or of record) by each such Shareholder and (iii)&nbsp;the nominee holder for, and number of, Shares owned beneficially but not of record
by such Shareholder, (d)&nbsp;be sent to the Secretary by registered mail, return receipt requested, and (e)&nbsp;be received by the Secretary
within 60 days after the Request Record Date. Any requesting Shareholder (or agent duly authorized in a writing accompanying the revocation
of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to
the Secretary.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice
of the meeting (including the Trust&rsquo;s proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder
request and such meeting shall not be held unless, in addition to the documents required by paragraph (2)&nbsp;of this Section&nbsp;1.7(b),
the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the
meeting.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chair, the
Chief Executive Officer, the President or the Board of Trustees, whoever has called the meeting. In the case of any adjourned meeting,
the meeting may be held as adjourned one or more times without further notice not later than 120 days after the original meeting date.
<FONT STYLE="color: #467886">In the case of any </FONT>special meeting called by the Secretary upon the request of Shareholders (a &ldquo;Shareholder-Requested
Meeting&rdquo;), such meeting shall be held at such place, date and time as may be designated by the Board of Trustees; provided, however,
that the date of any Shareholder-Requested Meeting shall be not less than 10 and not more than 90 days after the record date for such
meeting (the &ldquo;Meeting Record Date&rdquo;); and provided further that if the Board of Trustees fails to designate, within 10 days
after the date that a valid Special Meeting Request is actually received by the Secretary (the &ldquo;Delivery Date&rdquo;), a date and
time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90th day after the Meeting
Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that
in the event that the Board of Trustees fails to designate a place for a Shareholder-Requested Meeting within 10 days after the Delivery
Date, then such meeting shall be held at the principal executive office of the Trust. In fixing a date for a Shareholder-Requested Meeting,
the Board of Trustees may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered,
the facts and circumstances surrounding any request for the meeting and any plan of the Board of Trustees to call an annual meeting or
a special meeting. In the case of any Shareholder-Requested Meeting, if the Board of Trustees fails to fix a Meeting Record Date that
is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting
Record Date. The Board of Trustees may refuse to distribute or, if distributed, revoke the notice for any Shareholder-Requested Meeting
in the event that the requesting Shareholders fail to comply with the provisions of paragraph (3)&nbsp;of this Section&nbsp;1.7(b).</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that Shareholders of record
(or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage
have delivered, and not revoked, requests for a special meeting on the matter to the Secretary: (i)&nbsp;if the notice of meeting has
not already been delivered, the Secretary shall refrain from delivering the notice of the meeting and send to all requesting Shareholders
who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii)&nbsp;if
the notice of meeting has been delivered and if the Secretary first sends to all requesting Shareholders who have not revoked requests
for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Trust&rsquo;s
intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A)&nbsp;the
Secretary may revoke the notice of the meeting at any time before 10 days before the commencement of the meeting or (B)&nbsp;the chair
of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received
after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Chair, Chief Executive Officer, President or Board of Trustees may appoint regionally or nationally recognized independent inspectors
of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported
Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported
Special Meeting Request shall be deemed to have been delivered to the Secretary until the earlier of (i)&nbsp;5 Business Days after receipt
by the Secretary of such purported request and (ii)&nbsp;such date as the independent inspectors certify to the Trust that the valid requests
received by the Secretary represent, as of the Request Record Date, Shareholders of record entitled to cast not less than the Special
Meeting Percentage. Nothing contained in this paragraph (6)&nbsp;shall in any way be construed to suggest or imply that the Trust or any
Shareholder shall not be entitled to contest the validity of any request, whether during or after such 5 Business Day period, or to take
any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and
the seeking of injunctive relief in such litigation).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of these By-Laws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions
in the State of New York are authorized or obligated by law or executive order to close.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.8</TD><TD STYLE="text-align: justify"><U>Advance Notice of Shareholder Nominees for Trustee and Other Shareholder Proposals</U>.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(a)&#8239;&#8239;&#8239;<U>Annual
Meetings of Shareholders</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Nominations
of individuals for election to the Board of Trustees and the proposal of other business to be considered by the Shareholders may be made
at an annual meeting of Shareholders (i)&nbsp;pursuant to the Trust&rsquo;s notice of meeting, (ii)&nbsp;by or at the direction of the
Board of Trustees or (iii)&nbsp;by any Shareholder of the Trust who was a Shareholder of record both at the time of giving of notice by
the Shareholder as provided for in this Section&nbsp;1.8(a)&nbsp;and at the time of the annual meeting, who is entitled to vote at the
meeting in the election of each individual so nominated or on any such other business and who has complied with this Section&nbsp;1.8(a).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
any nomination or other business to be properly brought before an annual meeting by a Shareholder pursuant to clause (iii)&nbsp;of paragraph
(a)(1)&nbsp;of this Section&nbsp;1.8, the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust and
any such other business must otherwise be a proper matter for action by the Shareholders. To be timely, a Shareholder&rsquo;s notice shall
set forth all information required under this Section&nbsp;1.8 and shall be delivered to the Secretary at the principal executive office
of the Trust not earlier than the 150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of
the date of the proxy statement (as defined in Section&nbsp;1.8(c)(4)&nbsp;of this Article&nbsp;I) for the preceding year&rsquo;s annual
meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the
first anniversary of the date of the preceding year&rsquo;s annual meeting (or in the case of the first annual meeting), notice by the
Shareholder to be timely must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than
5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting, as originally convened, or the 10th day
following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or
adjournment of an annual meeting shall not commence a new time period (or extend any time period) for the giving of a Shareholder&rsquo;s
notice as described above. The number of nominees a Shareholder may nominate for election at the annual meeting (or in the case of one
or more Shareholders giving the notice on behalf of a beneficial owner, the number of nominees such Shareholders may collectively nominate
for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of trustees to be elected at such annual
meeting.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Such
Shareholder&rsquo;s notice shall set forth:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;as
to each individual whom the Shareholder proposes to nominate for election or reelection as a trustee (each, a &ldquo;Proposed Nominee&rdquo;),
all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies
for the election of the Proposed Nominee as a trustee in an election contest (even if an election contest is not involved), or would otherwise
be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange
Act, whether such Shareholder believes any Proposed Nominee is, or is not, an &ldquo;interested person&rdquo; of the Trust, as defined
in the Investment Company Act of 1940, as amended (together with any rules&nbsp;and regulations and any applicable guidance and/or interpretations
of the Securities and Exchange Commission or its staff promulgated thereunder, the &ldquo;Investment Company Act&rdquo;), and information
regarding such Proposed Nominee that is sufficient, in the discretion of the Board of Trustees or any committee thereof or any authorized
officer of the Trust, to make such determination and information to establish that the Proposed Nominee satisfies any applicable requirements
of the 1940 Act as required by Section&nbsp;2.1 of the Declaration and such person&rsquo;s written consent to being named in the Trust&rsquo;s
proxy statement and accompanying proxy card and to serving as a trustee if elected;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;(ii)&#8239;&#8239;&#8239;&#8239;as
to any other business that the Shareholder proposes to bring before the meeting, a description of such business, the text of the proposal
or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal
to amend these Bylaws, the language of the proposed amendment), the Shareholder&rsquo;s reasons for proposing such business at the meeting
and any material interest in such business of such Shareholder or any Shareholder Associated Person (as defined below), individually or
in the aggregate, including any anticipated benefit to the Shareholder or the Shareholder Associated Person therefrom;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(iii)&#8239;&#8239;&#8239;&#8239;as
to the Shareholder giving the notice, any Proposed Nominee and any Shareholder Associated Person, (A)&nbsp;the class, series and number
of all Shares of or other securities of the Trust or any affiliate thereof (collectively, the &ldquo;Trust Securities&rdquo;), if any,
which are owned (beneficially or of record) by such Shareholder, Proposed Nominee or Shareholder Associated Person, the date on which
each such Trust Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity
to profit or share in any benefit from any decrease in the price of such Shares or other security) in any Trust Securities of any such
person, (B)&nbsp;the nominee holder for, and number of, any Trust Securities owned beneficially but not of record by such Shareholder,
Proposed Nominee or Shareholder Associated Person, (C)&nbsp;whether and the extent to which such Shareholder, Proposed Nominee or Shareholder
Associated Person, directly or indirectly (through brokers, nominees or otherwise), is subject to or during the last 12 months has engaged
in any hedging, derivative or other transaction or series of transactions or entered into any other agreement, arrangement or understanding
(including any short interest, any borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which
is to (1)&nbsp;manage risk or benefit of changes in the price of (x)&nbsp;Trust Securities or (y)&nbsp;any security of any other closed-end
investment company (a &ldquo;Peer Group Company&rdquo;) for such Shareholder, Proposed Nominee or Shareholder Associated Person or (2)&nbsp;increase
or decrease the voting power of such Shareholder, Proposed Nominee or Shareholder Associated Person in the Trust or any affiliate thereof
(or, as applicable, in any Peer Group Company) disproportionately to such person&rsquo;s economic interest in the Trust Securities (or,
as applicable, in any Peer Group Company); and (D)&nbsp;any substantial interest, direct or indirect (including, without limitation, any
existing or prospective commercial, business or contractual relationship with the Trust), by security holdings or otherwise, of such Shareholder,
Proposed Nominee or Shareholder Associated Person, in the Trust or any affiliate thereof, other than an interest arising from the ownership
of Trust Securities where such Shareholder, Proposed Nominee or Shareholder Associated Person receives no extra or special benefit not
shared on a pro rata basis by all other holders of the same class or series; (E)&nbsp;a description of any agreement, arrangement or understanding
with respect to the nomination or proposal between or among such Shareholder and/or any Shareholder Associated Person, including, in the
case of a nomination, the nominee, including any agreements, arrangements or understandings relating to any compensation or payments to
be paid to any such proposed nominee(s), pertaining to the nomination(s)&nbsp;or other business proposed to be brought before the meeting
of shareholders (which description shall identify the name of each other person who is party to such an agreement, arrangement or understanding);
(F)&nbsp;a representation that the Shareholder is a holder of record of the Trust entitled to vote at such meeting and intends to appear
in person or by proxy at the meeting to propose such business or nomination; (G)&nbsp;a representation whether such Shareholder or any
Shareholder Associated Person intends or is part of a group which intends (1)&nbsp;to deliver a proxy statement and/or form of proxy to
holders of at least the percentage of the Trust&rsquo;s securities required to approve or adopt the proposal or elect the nominee, (2)&nbsp;otherwise
to solicit proxies or votes from shareholders in support of such proposal or nomination, and/or (3)&nbsp;to solicit proxies in support
of any proposed nominee in accordance with Rule&nbsp;14a-19 promulgated under the Exchange Act; (H)&nbsp;a description of any proxy (other
than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Exchange Act), agreement,
arrangement, understanding or relationship pursuant to which such Shareholder or Shareholder Associated Person has or shares a right,
directly or indirectly, to vote any shares of any class or series of securities of the Trust; (I)&nbsp;a description of any rights to
dividends or other distributions on the shares of any securities of Trust, directly or indirectly, owned beneficially by such Shareholder
or Shareholder Associated Person that are separated or separable from the underlying securities of the Trust; and (J)&nbsp;a description
of any performance-related fees (other than an asset based fee) that such Shareholder or any Shareholder Associated Person, directly or
indirectly, is entitled to based on any increase or decrease in the value of shares of any securities of the Trust or any interests described
in clause (C);</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(iv)&#8239;&#8239;&#8239;&#8239;as
to the Shareholder giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii)&nbsp;or
(iii)&nbsp;of this paragraph (3)&nbsp;of this Section&nbsp;1.8(a)&nbsp;and any Proposed Nominee, (A)&nbsp;the name and address of such
Shareholder, as they appear on the Trust&rsquo;s Shares ledger, and the current name and business address, if different, of each such
Shareholder Associated Person and any Proposed Nominee and (B)&nbsp;the investment strategy or objective, if any, of such Shareholder
and each such Shareholder Associated Person who is not an individual and a copy of the prospectus, offering memorandum or similar document,
if any, provided to investors or potential investors in such Shareholder and each such Shareholder Associated Person; and</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(v)&#8239;&#8239;&#8239;&#8239;&#8239;to
the extent known by the Shareholder giving the notice, the name and address of any other Shareholder supporting the nominee for election
or reelection as a Trustee or the proposal of other business on the date of such Shareholder&rsquo;s notice.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Such
Shareholder&rsquo;s notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee
(i)&nbsp;certifying that such Proposed Nominee (a)&nbsp;is not, and will not become a party to, any agreement, arrangement or understanding
with any person or entity other than the Trust in connection with service or action as a Trustee that has not been disclosed to the Trust
and (b)&nbsp;will serve as a Trustee of the Trust if elected; and (ii)&nbsp;attaching a completed Proposed Nominee questionnaire (which
questionnaire shall be provided by the Trust, upon request, to the Shareholder providing the notice and shall include all information
relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election
of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required
in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and
the rules&nbsp;thereunder, or would be required pursuant to the rules&nbsp;of any national securities exchange on which any securities
of the Trust are listed or over-the-counter market on which any securities of the Trust are traded).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything in this subsection (a)&nbsp;of this Section&nbsp;1.8 to the contrary, in the event that the number of trustees to be elected
to the Board of Trustees is increased, and there is no public announcement of such action at least 130 days prior to the first anniversary
of the date of the proxy statement (as defined in Section&nbsp;1.8(c)(4)&nbsp;of this Article&nbsp;I) for the preceding year&rsquo;s annual
meeting, a Shareholder&rsquo;s notice required by this Section&nbsp;1.8(a)&nbsp;shall also be considered timely, but only with respect
to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive office
of the Trust not later than 5:00 p.m., Eastern Time, on the 10th day following the day on which such public announcement is first made
by the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Section&nbsp;1.8, &ldquo;Shareholder Associated Person&rdquo; of any Shareholder shall mean (i)&nbsp;any person acting
in concert with such Shareholder, (ii)&nbsp;any beneficial owner of Shares of the Trust owned of record or beneficially by such Shareholder
(other than a Shareholder that is a depositary) and (iii)&nbsp;any person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Shareholder or such Shareholder Associated Person.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Special
Meetings of Shareholders</U>. Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before
the meeting pursuant to the Trust&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Trustees may be made
at a special meeting of Shareholders at which trustees are to be elected only (i)&nbsp;by or at the direction of the Board of Trustees
or (ii)&nbsp;provided that the special meeting has been called in accordance with Section&nbsp;1.7(a)&nbsp;of this Article&nbsp;I for
the purpose of electing trustees, by any Shareholder of the Trust who is a Shareholder of record both at the time of giving of notice
provided for in this Section&nbsp;1.8 and at the time of the special meeting, who is entitled to vote at the meeting in the election of
each individual so nominated and who has complied with the notice procedures set forth in this Section&nbsp;1.8. The number of nominees
a Shareholder may nominate for election at the special meeting at which trustee are to be elected (or in the case of one or more Shareholders
giving the notice on behalf of a beneficial owner, the number of nominees such Shareholders may collectively nominate for election at
the special meeting on behalf of such beneficial owner) shall not exceed the number of trustees to be elected at such special meeting.
In the event the Trust calls a special meeting of Shareholders for the purpose of electing one or more individuals to the Board of Trustees,
any Shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust&rsquo;s
notice of meeting, if the Shareholder&rsquo;s notice, containing the information required by paragraph (a)(4)&nbsp;of this Section&nbsp;1.8,
is delivered to the Secretary at the principal executive office of the Trust not earlier than the 120th day prior to such special meeting
and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the 10th day following the day
on which public announcement is first made of the date of the special meeting at which trustees are to be elected. The public announcement
of a postponement or adjournment of a special meeting shall not commence a new time period (or extend any time period) for the giving
of a Shareholder&rsquo;s notice as described above.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>General</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
information submitted pursuant to this Section&nbsp;1.8 by any Shareholder proposing a nominee for election as a Trustee or any proposal
for other business at a meeting of Shareholders shall be inaccurate in any material respect, such information may be deemed not to have
been provided in accordance with this Section&nbsp;1.8. Any such Shareholder shall notify the Trust of any inaccuracy or change (within
2 Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the Secretary or the
Board of Trustees, any such Shareholder shall provide, within 5 Business Days of delivery of such request (or such other period as may
be specified in such request), (A)&nbsp;written verification, satisfactory, in the discretion of the Board of Trustees or any authorized
officer of the Trust, to demonstrate the accuracy of any information submitted by the Shareholder pursuant to this Section&nbsp;1.8, and
(B)&nbsp;a written update of any information (including, if requested by the Trust, written confirmation by such Shareholder that it continues
to intend to bring such nomination or other business proposal before the meeting) submitted by the Shareholder pursuant to this Section&nbsp;1.8
as of an earlier date. If a Shareholder fails to provide such written verification or written update within such period, the information
as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section&nbsp;1.8.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
written request by the Secretary or the Board of Trustees, any Shareholder proposing a nominee for election as a Trustee shall provide,
within 5 Business Days of delivery of such request (or such other period as may be specified in such request), any subsequent information
reasonably requested by the Board of Trustees to determine that the Proposed Nominee is qualified to act as a Trustee, including information
reasonably requested by the Board of Trustees to determine that such Proposed Nominee satisfies any applicable requirements of the 1940
Act as required by Section&nbsp;2.1 of the Declaration. If a Shareholder fails to provide such supplement within such period, the information
as to which written a written supplement was requested may be deemed not to have been provided in accordance with this Section&nbsp;1.8.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Only
such individuals who are nominated in accordance with this Section&nbsp;1.8 shall be eligible for election by Shareholders as trustees,
and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting in accordance with
this Section&nbsp;1.8. The chair of the meeting shall have the power and duty to determine whether a nomination or any other business
proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section&nbsp;1.8.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Section&nbsp;1.8, &ldquo;the date of the proxy statement&rdquo; shall have the same meaning as &ldquo;the date of the
company&rsquo;s proxy statement released to shareholders&rdquo; as used in Rule&nbsp;14a-8(e)&nbsp;promulgated under the Exchange Act,
as interpreted by the Securities and Exchange Commission from time to time. &ldquo;Public announcement&rdquo; shall mean disclosure (A)&nbsp;in
a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or
wire service or (B)&nbsp;in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to the Exchange
Act or the Investment Company Act.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing provisions of this Section&nbsp;1.8, a Shareholder shall also comply with all applicable requirements of state law and of
the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Section&nbsp;1.8. Nothing
in this Section&nbsp;1.8 shall be deemed to affect any right of a Shareholder to request inclusion of a proposal in, or the right of the
Trust to omit a proposal from, the Trust&rsquo;s proxy statement pursuant to Rule&nbsp;14a-8 (or any successor provision) under the Exchange
Act. Nothing in this Section&nbsp;1.8 shall require disclosure of revocable proxies received by the Shareholder or Shareholder Associated
Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such Shareholder or Shareholder Associated
Person under Section&nbsp;14(a)&nbsp;of the Exchange Act.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.9</TD><TD STYLE="text-align: justify"><U>Postponement</U>. Prior to the date upon which any meeting of the Shareholders is to be held, the Board
of Trustees, chair of the meeting, Chief Executive Officer or President may postpone such meeting one or more times for any reason by
giving notice to each Shareholder entitled to vote at the meeting so postponed of the time and place (including that the meeting will
be held by remote communication, as applicable) at which such meeting will be held. Such notice shall be given not fewer than two days
(or such other number of days as the Board of Trustees shall determine in its sole discretion) before the date of such meeting and otherwise
in accordance with Section&nbsp;10.3 of the Declaration.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.10</TD><TD STYLE="text-align: justify"><U>Meetings by Remote Communication</U>. The Board of Trustees may, in their sole discretion, determine
that a meeting of Shareholders may be held solely or partially by means of remote communication. If authorized by the Board of Trustees,
in their sole discretion, and subject to such guidelines and procedures as the Board of Trustees may adopt, Shareholders and proxyholders
not physically present at a meeting of Shareholders may, by means of remote communication: (a)&nbsp;participate in a meeting of Shareholders;
and (b)&nbsp;be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place
or solely by means of remote communication, provided that: (i)&nbsp;the Trust shall implement such measures as the Board of Trustees deem
to be reasonable (A)&nbsp;to verify that each person deemed present and permitted to vote at the meeting by means of remote communication
is a Shareholder or proxyholder; and (B)&nbsp;to provide such Shareholders and proxyholders a reasonable opportunity to participate in
the meeting and to vote on matters submitted to the Shareholders; and (ii)&nbsp;if any Shareholder or proxyholder votes or takes other
action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust. The Board
of Trustees may, in their sole discretion, notify Shareholders of any postponement, adjournment or a change of the place of a meeting
of Shareholders (including a change to hold the meeting solely by means of remote communication) by a document publicly filed by the Trust
with the Securities and Exchange Commission without the requirement of any further notice hereunder.</TD></TR></TABLE>


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.1</TD><TD STYLE="text-align: justify"><U>Regular Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call of the
Chair, if any, the Chief Executive Officer, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call
or notice and shall generally be held quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board
of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken
by written consent, except as may otherwise be required by law.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.2</TD><TD STYLE="text-align: justify"><U>Chair; Records</U>. The Chair, if any, shall act as chairman at all meetings of the Trustees; in absence
of a chair, the Vice Chair, if any, shall act as chair; in the absence of both the Chair and Vice Chair, the Trustees present shall elect
a Trustee to act as temporary chair. The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees,
shall be recorded by the Secretary or the person appointed by the Board of Trustees as the meeting secretary.</TD></TR></TABLE>


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.1</TD><TD STYLE="text-align: justify"><U>Officers of the Trust</U>. The officers of the Trust shall consist of a Chief Executive Officer, a
Secretary, and a Treasurer. In accordance with the Declaration, the Trustees may elect or appoint or may authorize the Chair, if any,
or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. Any two
or more of the offices may be held by the same Person. No officer of the Trust need be a Trustee.</TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.2</TD><TD STYLE="text-align: justify"><U>Tenure</U>. Officers shall serve at the pleasure of the Trustees or until their successors have been
duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.3</TD><TD STYLE="text-align: justify"><U>Removal of Officers</U>. Any officer may be removed at any time, with or without cause, by action of
a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer
and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment.
Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive
Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer or
Secretary, or at a later date according to the terms of such notice in writing.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.4</TD><TD STYLE="text-align: justify"><U>Bonds and Surety</U>. Any officer may be required by the Trustees to be bonded for the faithful performance
of such officer&rsquo;s duties in such amount and with such sureties as the Trustees may determine.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.5</TD><TD STYLE="text-align: justify"><U>Chief Executive Officer and President</U>. The Chief Executive Officer shall be the principal executive
officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business
of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of chief executive
officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf
of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications,
requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed
by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act
and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such
powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further
authorities and duties as the Trustees shall from time to time determine.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.6</TD><TD STYLE="text-align: justify"><U>Secretary</U>. The Secretary shall maintain the minutes of all meetings of, and record all votes of,
Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary
(and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed
by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the
seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall
also perform any other duties commonly incident to such office in a Delaware business corporation and shall have such other authorities
and duties as the Trustees shall from time to time determine.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.7</TD><TD STYLE="text-align: justify"><U>Treasurer</U>. Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision
of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under
the supervision of the Trustees and of the Chief Executive Officer all powers and duties normally incident to the office. The Treasurer
may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall
deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement
of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Treasurer shall keep accurate account
of the books of the Trust&rsquo;s transactions which shall be the property of the Trust, and which together with all other property of
the Trust in the Treasurer&rsquo;s possession, shall be subject at all times to the inspection and control of the Trustees. Unless the
Trustees shall otherwise determine, the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal
financial officer of the Trust. The Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine.
Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer
agent to maintain bank accounts and deposit and disburse funds of any series of the Trust on behalf of such series.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.8</TD><TD STYLE="text-align: justify"><U>Other Officers and Duties</U>. The Trustees may elect such other officers and assistant officers as
they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers
shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer,
employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated
to such person by the Chief Executive Officer.</TD></TR></TABLE>


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


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.1</TD><TD STYLE="text-align: justify"><U>Depositories</U>. In accordance with Section&nbsp;8.1 of the Declaration, the funds of the Trust shall
be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such
officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.2</TD><TD STYLE="text-align: justify"><U>Signatures</U>. All contracts and other instruments shall be executed on behalf of the Trust by its
properly authorized officers, agent or agents, as provided in the Declaration or these By-Laws or as the Trustees may from time to time
by resolution provide.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.3</TD><TD STYLE="text-align: justify"><U>Seal</U>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely
ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation
may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed
manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence
of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly
authorized, executed and delivered.</TD></TR></TABLE>


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.1</TD><TD STYLE="text-align: justify"><U>Transfer Agents, Registrars and the Like</U>. As provided in Section&nbsp;6.8 of the Declaration, the
Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as
the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing
agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall
have such power and authority as is delegated to any of them by the Trustees.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.2</TD><TD STYLE="text-align: justify"><U>Transfer of Shares</U>. The Shares of the Trust shall be subject to the limitations on transfer as
provided in Section&nbsp;6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless
and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.3</TD><TD STYLE="text-align: justify"><U>Registered Shareholders</U>. The Trust may deem and treat the holder of record of any Shares as the
absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.</TD></TR></TABLE>


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.1</TD><TD STYLE="text-align: justify"><U>Amendment and Repeal of By-Laws</U>. In accordance with Section&nbsp;3.9 of the Declaration, the Shareholders
and the Trustees shall each have the authority to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees
with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. Action taken by the Shareholders with
respect to the By-Laws shall be taken by an affirmative vote of a majority of outstanding Shares of the Trust. Neither the Shareholders
nor the Trustees shall in any event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be
construed in favor of the related provisions in the Declaration.</TD></TR></TABLE>


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


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


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


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<DOCUMENT>
<TYPE>EX-99.(2)(E)
<SEQUENCE>5
<FILENAME>tm2510586d2_ex99-x2xe.htm
<DESCRIPTION>EXHIBIT 99.(2)(E)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xe.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(e)</B></P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Dividend Reinvestment Plan (the &ldquo;<U>Plan</U>&rdquo;)
for Ellington Credit Company (the &ldquo;<U>Fund</U>&rdquo;), cash dividends paid and/or cash distributions made (collectively, &ldquo;<U>Dividends</U>&rdquo;)
to holders of the Fund&rsquo;s common shares of beneficial interest, $0.01 par value per share (the &ldquo;<U>Shares</U>&rdquo;), will,
except as provided below, automatically be reinvested on behalf of such shareholders in additional Shares of the Fund. Each registered
shareholder will be automatically entered into the Plan but may elect to have such Dividends distributed in cash (<I>i.e.</I>, &ldquo;opt-out&rdquo;)
rather than participate in the Plan (each holder who opts out, a &ldquo;<U>Non-Participant</U>&rdquo;).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For any registered shareholder that does not opt-out of the Plan (each,
a &ldquo;<U>Participant</U>&rdquo;), Dividends on such shareholder&rsquo;s Shares will be reinvested in additional Shares by Equiniti
Trust Company, LLC (the &ldquo;<U>Plan Agent</U>&rdquo;), as agent for shareholders in administering the Plan, as set forth below. Participation
in the Plan is voluntary, and may be terminated or resumed at any time without penalty by so notifying the Plan Agent by telephone, or
in writing.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a Participant provides an opt-out notice, or a Non-Participant
provides a resumption notice, and such notice is received by the Plan Agent prior to a given Dividend&rsquo;s record date, such notice
will be effective with respect to such Dividend and any Dividend with a later Dividend record date. Participants who hold Shares indirectly
through a nominee (such as through a broker) must contact their nominee in order to elect to opt-out of (or resume) participation, as
the Plan Agent will administer the Plan on the basis of the number of Shares certified from time to time by such nominee as participating
in the Plan.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Plan Agent will open an account for each Participant in the same
                                            name in which such Participant is registered. Whenever the Fund declares a Dividend, Non-Participants
                                            will receive cash but Participants will instead receive the equivalent in newly-issued Shares,
                                            whether the Shares are trading at a price per share at, below or above net asset value. The
                                            number of Shares to be issued to a Participant shall be determined by dividing the total
                                            dollar amount of the Dividend payable to such Participant by an amount equal to ninety five
                                            (95%) percent of the market price per share of the Company&rsquo;s Shares at the close of
                                            regular trading on the New York Stock Exchange (the &ldquo;<U>NYSE</U>&rdquo;) on the Dividend
                                            payment date (or, if no sale of Shares is reported for such day, at the average of the last
                                            bid and ask prices reported by the NYSE). Notwithstanding that Participants will receive
                                            newly-issued Shares, the Board reserves the right to cause the Company to purchase shares
                                            in the open market in connection with the implementation of the Plan.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Plan Agent&rsquo;s fees for the handling of the reinvestment
                                            of Dividends will be paid by the Fund. The automatic reinvestment of Dividends in Shares
                                            will not relieve Participants of any Federal, state or local income tax that may be payable
                                            (or required to be withheld) on such Dividends.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Plan Agent maintains all Participants&rsquo; accounts in the
                                            Plan and furnishes written confirmation of all transactions in the accounts, including information
                                            needed by Participants for tax records. Shares in the account of each Participant will be
                                            held by the Plan Agent on behalf of the Participant in book entry form in the Plan Agent&rsquo;s
                                            name or the Plan Agent&rsquo;s nominee. The Plan Agent will forward all proxy solicitation
                                            materials to Participants and, as applicable, vote proxies for Shares held under the Plan
                                            in accordance with the instructions of the Participants.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Each Participant may elect, by notice to the Plan Agent as set forth
                                            below, to opt-out of (or resume) participation in the Plan. Any such election will be effective
                                            with respect to any Dividend only if notice is received by the Plan Agent prior to the related
                                            Dividend record date.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Each Participant may elect, by notice to the Plan Agent
as set forth below, to withdraw some or all of their Shares held by the Plan Agent. In the case of a full withdrawal of a Participant&rsquo;s
account, because the Plan Agent will only permit a whole number of Shares to be withdrawn from a Participant&rsquo;s account at any time,
such Participant may receive, in lieu of a fractional Share, a check for the cash value of such fractional Share at the market value
per Share as of the close of business on the day the withdrawal is effective, less any applicable fee.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Each Participant may elect, by notice to the Plan Agent
as set forth below, to have the Plan Agent sell all or a part of their Shares, whereupon the Plan Agent shall remit the proceeds to the
Participant, <I>provided that</I> the Plan Agent is authorized to deduct a transaction fee of $15.00 plus a per Share broker&rsquo;s
commission of $0.07 from such proceeds.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Participants wishing to notify the Plan Agent of the foregoing
elections, or wishing otherwise to communicate with the Plan Agent, should do so either through the Plan Agent&rsquo;s internet portal
at https://equiniti.com/us/ast-access/individuals/, by telephone at (800) 937-5449 or (718) 921-8124, or by mail addressed to Equiniti
Trust Company, LLC, c/o Ellington Credit Company, P.O.&nbsp;BOX 10027, Newark NJ 07101.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Participants who hold their Shares through a nominee (such as through
                                            a broker) should direct any correspondence or questions concerning the Dividend Reinvestment
                                            Plan to their nominee.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The Fund reserves the right to amend or terminate the Plan.</TD></TR></TABLE>


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


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(G)
<SEQUENCE>6
<FILENAME>tm2510586d2_ex99-x2xg.htm
<DESCRIPTION>EXHIBIT 99.(2)(G)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xg.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(g)</B></P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This ADVISORY AGREEMENT is
hereby entered into as of April&nbsp;1, 2025 (this &ldquo;<U>Agreement</U>&rdquo;) by and among Ellington Credit Company, a Delaware statutory
trust (the &ldquo;<U>Company</U>&rdquo;), for itself and on behalf of each of the Company&rsquo;s current and future Subsidiaries (as
defined below), and Ellington Credit Company Management LLC, a Delaware limited liability company (the &ldquo;<U>Adviser</U>&rdquo;).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>W
I T N E S S</U></FONT><U> E T H</U>:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, the Company operates
as closed-end management investment company registered as such with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;)
pursuant to the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;); and</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, the Adviser is registered
as an investment adviser under the Investment Advisers Act of 1940, as amended (the &ldquo;<U>Advisers Act</U>&rdquo;); and</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, the Company desires
to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the
Adviser wishes to be retained to provide such services; and</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, in consideration of the mutual
agreements herein set forth, the parties hereto agree as follows:</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;1.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Appointment</U>.
The Company hereby employs the Adviser and the Adviser hereby undertakes to act as the investment adviser of the Company and to perform
for the Company such other duties and functions as are hereinafter set forth. The Adviser shall, in all matters, give to the Company and
its Board of Trustees (the &ldquo;<U>Board</U>&rdquo; and each trustee of the Company, a &ldquo;<U>Trustee</U>&rdquo; and collectively,
the &ldquo;<U>Trustees</U>&rdquo;) the benefit of its judgment, effort, advice and recommendations and shall, at all times conform to,
and use its best efforts to enable the Company to conform to: (a)&nbsp;the provisions of the 1940 Act and any rules&nbsp;or regulations
thereunder; (b)&nbsp;any other applicable provisions of state or federal law; (c)&nbsp;the provisions of the declaration of Trust (&ldquo;<U>Declaration
of Trust</U>&rdquo;) and by-laws (&ldquo;<U>By-Laws</U>&rdquo;) of the Company, as amended from time to time; (d)&nbsp;policies and determinations
of the Board; (e)&nbsp;the fundamental policies and investment restrictions of the Company as reflected in its registration statement
under the 1940 Act or as such policies may, from time to time, be amended by the Board, the Trustees, or the Company&rsquo;s shareholders;
and (f)&nbsp;the prospectus and statement of additional information of the Company in effect from time to time. The appropriate officers
and employees of the Adviser shall be available upon reasonable notice for consultation with any of the Trustees and officers of the Company
with respect to any matters dealing with the business and affairs of the Company.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Duties</U>. Without
limiting the generality of Article&nbsp;I of this Agreement, the Adviser shall:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing
such changes;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>identify, evaluate and negotiate the structure of the investments made by the Company;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>close, monitor and service the Company&rsquo;s investments;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD>determine the securities and other assets that the Company will purchase, retain, or sell; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD>provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably
require for the investment of its funds.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Adviser shall have the power and authority
on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents
relating to the Company&rsquo;s investments and the placement of orders for other purchase or sale transactions on behalf of the Company,
subject to the oversight and approval of the Board.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that the Company determines to acquire
debt financing, the Adviser will arrange for such financing on the Company&rsquo;s behalf, subject to the oversight and approval of the
Board. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser
shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special
purpose vehicle (in accordance with the 1940 Act).</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other Duties
of the Adviser</U>. The Adviser shall:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time
to time determine to be necessary or useful to the performance of its obligations under this Agreement. Without limiting the generality
of the foregoing, the staff and personnel of the Adviser shall be deemed to include persons employed or otherwise retained by the Adviser
to furnish statistical and other factual data, advice regarding economic factors and trends, information with respect to technical and
scientific developments, and such other information, advice and assistance as the Adviser may desire;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>furnish such reports, evaluations, information or analyses to the Company as the Board may request from time to time or as the Adviser
may deem to be desirable. The Adviser shall make recommendations to the Board with respect to Company policies and shall carry out such
policies as are adopted by the Trustees. The Adviser shall, subject to review by the Board, furnish such other services as the Adviser
shall from time to time determine to be necessary or useful to perform its obligations under this Agreement; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>from time to time, furnish or otherwise make available to the Company such financial reports, proxy statements and other information
relating to the business and affairs of the Company as the Adviser may reasonably require in order to discharge its duties and obligations
hereunder. The Adviser shall, as agent, for the Company, maintain the Company&rsquo;s records required in connection with the performance
of its obligations under this Agreement and required to be maintained under the 1940 Act. All such records so maintained shall be the
property of the Company and, upon request therefore, the Adviser shall surrender to the Company such of the records so requested; provided
that the Adviser may, at its own expense, make and retain copies of any such records.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Acceptance</U>.
The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation
provided herein.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Subadvisers</U>.
Subject to the requirements of the 1940 Act, including the prior approval of a majority of the Trustees of the Board, including a majority
of the Trustees of the Board who are not &ldquo;interested persons&rdquo; and, to the extent required by applicable law, by the shareholders
of the Company, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated
in this Agreement, including the management of all or a portion of the assets being managed hereby and/or the fulfilling any of its responsibilities
hereunder. Specifically, the Adviser may retain a subadviser to recommend specific securities or other investments based upon the Company&rsquo;s
investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition
or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Adviser and the
Company. Subject to the prior approval of a majority of the Trustees of the Board, including a majority of the Trustees of the Board who
are not &ldquo;interested persons&rdquo; and, to the extent required by applicable law, by the shareholders of the Company, the Adviser
may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the
Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser
of any of its obligations hereunder. The Adviser and not the Company, shall be responsible for any compensation payable to any subadviser.
Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and other applicable
federal and state law.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Books and Records</U>.
The Adviser agrees to maintain, in the form and for the period required by Rule&nbsp;31a-2 under the 1940 Act or such longer period as
the Company may direct, all records relating to the services rendered by the Adviser under this Agreement and the Company&rsquo;s investments
made by the Adviser as are required by Section&nbsp;31 under the 1940 Act, and rules&nbsp;and regulations thereunder, and by other applicable
legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective
rules&nbsp;and regulations thereunder, and the Company&rsquo;s compliance policies and procedures, and to preserve such records for the
periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures.
In compliance with the requirements of Rule&nbsp;31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant
to the provisions of Rule&nbsp;31a-1 and Rule&nbsp;31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser
on behalf of the Company are the property of the Company and shall be surrendered promptly to the Company on request.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Excess Brokerage
Commissions</U>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay
a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess
of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction if the
Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer
spread), size of order, difficulty of execution, and operational facilities of the firm and the firm&rsquo;s risk and skill in positioning
blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services
provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with
respect to the Company&rsquo;s portfolio, and constitutes the best net result for the Company.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.07&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Proxy Voting</U>.
The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Company in the best interest
of the Company and in accordance with the Adviser&rsquo;s proxy voting policies and procedures, as any such proxy voting policies and
procedures may be amended from time to time. The Company has been provided with a copy of the Adviser&rsquo;s proxy voting policies and
procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken
on behalf of the Company. The Adviser shall be responsible for reporting the Company&rsquo;s proxy voting activities, as required, through
periodic filings on Form&nbsp;N-PX.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.08&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Advisory Services
Not Exclusive</U>. The Adviser&rsquo;s services to the Company pursuant to this Agreement are not exclusive, and it is understood that
the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in
other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed
that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to
any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other
investment companies. Whenever the Company and one or more other accounts or investment companies advised by the Adviser have available
funds for investment, and the responsibility for the management of all of the assets of the Company has not been delegated to a subadviser,
investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable
to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in
a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Company recognizes
that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Company.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;3.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses Borne
by Adviser</U>. All investment professionals of the Adviser (and/or its affiliates) and their respective staffs, when and to the extent
engaged in providing investment advisory and investment management services as set forth in Article&nbsp;II hereunder, and the compensation
and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the
Company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;3.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses Borne
by Company</U>. Except as provided in Section&nbsp;3.01 of this Agreement or otherwise provided in this Agreement, the Adviser shall not
be responsible for the Company&rsquo;s expenses, and the Company assumes and shall pay or cause to be paid all of its expenses, including
without limitation:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>expenses relating to organizing, merging, liquidating or dissolving the Company and offerings (including without limitation out-of-pocket
expenses, but not overhead or employee costs of the Adviser);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>calculating the Company&rsquo;s net asset value (including the cost and expenses of any independent valuation firms);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>direct costs and expenses of administration, including for legal, accounting and auditing services (including expenses of legal counsel
to the Trustees who are not interested persons (as defined in the 1940 Act) of the Company or the Adviser), printing, mailing, long distance
telephone, copying, secretarial and other staff, independent auditors and outside legal costs;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>taxes (including without limitation securities and commodities issuance and transfer taxes) and governmental fees (including without
limitation fees payable by the Company to Federal, State or other governmental agencies and associated filing costs);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>dues, fees, charges and expenses incurred in connection with membership in investment company organizations (including without limitation
membership dues of the Investment Company Institute) or trade associations;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>costs associated with distributing shareholder reports, proxy materials, prospectuses, stock certificates, distribution of dividends
and/or other notices to shareholders, including printing costs and any other proxy voting expenses;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>charges or distributions required to be paid to the Company&rsquo;s custodians and sub-custodians, administrators and sub-administrators,
registrars, depositories, transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including settlement and
clearing costs and other expenses under the custody, administration and other agreements);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>fees and expenses associated with marketing and distribution efforts;</TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>fees and expenses paid to agents and intermediaries for sub-transfer agency, sub-accounting and other shareholder services on behalf
of shareholders of the Company held through omnibus and networked, record shareholder accounts;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>payment for portfolio pricing services to a pricing agent, if any;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>registration and filing fees of the SEC and various states and other jurisdictions (including filing fees and legal fees and disbursements
of counsel);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>fees and expenses of registering or qualifying securities of the Company federally or in the various states;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD>fees and expenses incident to qualifying and listing of the Company&rsquo;s shares on any exchange;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD>postage, freight and other charges in connection with the shipment of the Company&rsquo;s portfolio securities;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD>fees and expenses of Trustees who are not interested persons (as defined in the 1940 Act) of the Company or the Adviser and of any
other trustees or members of any advisory board or committee who are not employees of the Adviser or any corporate affiliate of the Adviser;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD>salaries of shareholder relations personnel and/or fees and expenses associated with marketing, branding, advertising and shareholder
relations efforts;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD>costs of shareholders meetings;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD>all insurance costs incurred with respect to insurance policies obtained in connection with the operation of the Company&rsquo;s business,
including but not limited to insurance covering activities of the Adviser and its employees relating to the performance of the Adviser&rsquo;s
duties and obligations under this Agreement, trustees and officers (D&amp;O liability insurance), errors and omissions insurance (E&amp;O
insurance), employee practices liability, cybersecurity, and fidelity insurance and fidelity bonds (e.g. for ERISA and otherwise), each
as applicable;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD>any and all fees, costs and expenses incurred in creating, implementing or maintaining third-party or proprietary software tools,
programs, hardware or other technology for the benefit of the Company (including, without limitation, any and all fees, costs and expenses
of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar
systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD>travel-related and other expenses for trustee, executive and administrative staff in connection with activities for the benefit of
the Company;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD>interest and other costs payable on any debt incurred to finance the Company&rsquo;s investments;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>any interest or brokerage costs (including without limitation brokers&rsquo; commissions or transactions costs chargeable to the Company
in connection with portfolio securities transactions to which the Company is a party);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(w)</TD><TD>the Company&rsquo;s proportionate share of expenses related to co-investments;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD>all expenses incident to the payment of any dividend, distribution (including any dividend or distribution program), withdrawal or
redemption, whether in shares or in cash;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(y)</TD><TD>litigation and other extraordinary or non-recurring expenses (including without limitation legal claims and liabilities and litigation
costs and any indemnification related thereto) (subject, however, to indemnification provisions of this Agreement);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(z)</TD><TD>the compensation of the Company&rsquo;s chief compliance officer and the salary of any compliance personnel of the Adviser and its
affiliates who provide compliance-related services to the Company, provided such salary expenses are properly allocated between the Company
and other affiliates, as applicable, and any costs associated with the monitoring, testing and revision of the Company&rsquo;s compliance
policies and procedures required by Rule&nbsp;38a-1 under the 1940 Act, including costs, expenses or fees payable to third-parties;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(aa)</TD><TD>the cost of any valuation services retained by the Company or the Adviser with respect to the Company&rsquo;s investments or potential
investments (including engagement of such valuation service provider by the Adviser or its affiliates) and all other charges and costs
of the Company&rsquo;s operations;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(bbb)</TD><TD>fees and expenses incurred by the Adviser or the Company in monitoring financial and legal affairs for the Company and in monitoring
the Company&rsquo;s investments and performing due diligence on its prospective investments or otherwise relating to, or associated with,
evaluating, making, maintaining and disposing of investments; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(cccc)</TD><TD>all other expenses incurred by the Company or the Administrator in connection with administering the Company&rsquo;s business, such
as the allocable portion of overhead and other expenses incurred by Ellington Credit Company Administrator LLC in performing its obligations
under the Administration Agreement, including, without limitation, rent, office supplies, the fees and expenses associated with performing
compliance functions, and the Company&rsquo;s allocable portion of the costs of compensation and related expenses of the Company&rsquo;s
chief financial officer, chief operating officer and their respective support staff.</TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company shall also reimburse the Adviser or
its affiliates for any expenses of the Company as may be reasonably incurred as specifically provided for in this Agreement (including,
for the avoidance of doubt, any of the above expenses incurred by the Adviser or its affiliates on the Company&rsquo;s behalf) or as specifically
agreed to by the Board. The Adviser shall keep and supply to the Company reasonable records of all such expenses.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Base Management
Fee</U>. With respect to each fiscal quarter commencing with the quarter in which this Agreement is executed, the Adviser shall receive
a management fee (the &ldquo;<U>Base Management Fee</U>&rdquo;) equal to the Quarterly Base Management Fee Amount. Within forty-five (45)
days after the end of each fiscal quarter, the Adviser will compute the Base Management Fee with respect to such fiscal quarter, and the
Company will pay the Base Management Fee with respect to such fiscal quarter in cash within fifteen (15) Business Days following the delivery
to the Company of the Adviser&rsquo;s written statement setting forth the computation of the Base Management Fee for such fiscal quarter;
provided, however, that such Base Management Fee may be offset by the Company against amounts due to the Company by the Adviser.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Quarterly Performance
Fee</U>. In addition to the Base Management Fee, the Company shall pay the Adviser a performance fee (the &ldquo;<U>Performance Fee</U>&rdquo;)
with respect to the Company&rsquo;s Pre-Performance Fee Net Investment Income in each fiscal quarter as follows:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>If the Company&rsquo;s Pre-Performance Fee Net Investment Income for such quarter does not exceed the Hurdle Amount for such quarter,
then no Performance Fee is payable to the Adviser with respect to such quarter;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>If the Company&rsquo;s Pre-Performance Fee Net Investment Income for such quarter exceeds the Hurdle Amount for such quarter but is
less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Company&rsquo;s Pre-Performance Fee Net Investment
Income that exceeds the Hurdle Amount (the &ldquo;<U>Catch-Up</U>&rdquo;) is payable to the Adviser as the Performance Fee with respect
to such quarter. Therefore, once the Company&rsquo;s Pre-Performance Fee Net Investment Income for such quarter exactly reaches 121.21%
of the Hurdle Amount, the Adviser will have accrued a Performance Fee with respect to such quarter that is exactly equal to 17.5% of the
Pre-Performance Fee Net Investment Income (because 21.21% of the Hurdle Amount (which is the Pre-Performance Fee Net Investment Income
captured by the Adviser during the Catch-Up phase) is equal to 17.5% of 121.21% of the Hurdle Amount (which is the entire Pre-Performance
Fee Net Investment Income at the end of the Catch-Up phase)); and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>If the Company&rsquo;s Pre-Performance Fee Net Investment Income for such quarter exceeds 121.21% of the Hurdle Amount for such quarter,
then 17.5% of the Company&rsquo;s Pre-Performance Fee Net Investment Income is payable to the Adviser as the Performance Fee with respect
to such quarter.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>With respect to the Performance Fee, there shall be no accumulation of the Hurdle Amount from quarter to quarter, no claw back of
amounts previously paid if the Pre-Performance Fee Net Investment Income in any subsequent quarter is below the Hurdle Amount for such
subsequent quarter, and no delay or adjustment of payment if the Pre-Performance Fee Net Investment Income in any prior quarter was below
the Hurdle Amount for such prior quarter.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Within forty-five (45) days after the end of each fiscal quarter, the Adviser will compute the Performance Fee with respect to such
fiscal quarter, and the Company will pay the Performance Fee with respect to such fiscal quarter in cash within fifteen (15) Business
Days following the delivery to the Company of the Adviser&rsquo;s written statement setting forth the computation of the Performance Fee
for such fiscal quarter.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Notwithstanding the provisions of <U>Section&nbsp;4.01 and 4.02</U>, in the event that the Company acquires or invests in (i)&nbsp;any
equity of a corporate collateralized loan obligation (&ldquo;CLO&rdquo;) at issuance that is managed, structured or originated by the
Adviser or any of its affiliates, (ii)&nbsp;any investment fund, account or other investment that is managed, structured or originated
by the Adviser or any of its affiliates or (iii)&nbsp;a participating interest at issuance in the debt securities of an issuer of debt
for which the Adviser or any of its Affiliates has received a management fee, an origination fee or a structuring fee, then in each such
case, unless approved otherwise by a majority of the independent Trustees, the Quarterly Base Management Fee Amount and the quarterly
Performance Fee payable by the Company to the Adviser will in the aggregate be reduced by (or the Adviser will otherwise rebate to the
Company) an amount equal to the portion of any management fees, origination fees or structuring fees payable to the Adviser or its Affiliates
that is allocable to the Company&rsquo;s equity investment or participating interest, as the case may be, in such CLO, investment fund,
other investment or debt securities for the same periods.</TD></TR></TABLE>


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


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


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
Whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>&ldquo;<U>Base Management Fee Annual Rate</U>&rdquo; means 1.50%.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>&ldquo;<U>Business Day</U>&rdquo; means any day except a Saturday, Sunday or day on which banking institutions in New York, New York
are not required to be open.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>&ldquo;<U>Hurdle Amount</U>&rdquo; for any fiscal quarter means the result obtained by multiplying the Net Asset Value of Common Equity
at the end of the immediately preceding fiscal quarter by the Hurdle Rate. The Hurdle Amount shall be appropriately adjusted for any common
share issuances or repurchases during the fiscal quarter.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>&ldquo;<U>Hurdle Rate</U>&rdquo; means 2.00% per quarter, or 8.00% annually. The Hurdle Rate shall be appropriately prorated for partial
quarterly periods based on the number of days in such partial period compared to a 90-day quarter.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>&ldquo;<U>Net Asset Value</U>&rdquo; means the figure that is equal to the total assets of the Company minus its total liabilities.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>&ldquo;<U>Net Asset Value of Common Equity</U>&rdquo; means the portion of Net Asset Value attributable to common equity.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>&ldquo;<U>Pre-Performance Fee Net Investment Income</U>&rdquo; for any fiscal quarter means interest income (including accretions
of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income)
earned or accrued by the Company during such fiscal quarter, minus the Company&rsquo;s operating expenses for such quarter (which, for
this purpose, shall not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee
Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps
as if the Company owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether
positive or negative) associated with a total return swap, which is the difference between (a)&nbsp;the interest income and transaction
fees related to the reference assets and (b)&nbsp;all interest and other expenses paid by the Company to the total return swap counterparty.
In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic
payments.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>&ldquo;<U>Quarterly Base Management Fee Amount</U>&rdquo; means, with respect to any fiscal quarter, the product of: (i)&nbsp;the
Net Asset Value as of the end of such fiscal quarter, and (ii)&nbsp;one-fourth of the Base Management Fee Annual Rate. The Quarterly Base
Management Fee Amount shall be prorated for partial quarterly periods based on the number of days in such partial period compared to a
90-day quarter.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expiration or
Termination</U>. If this Agreement expires or is terminated, the Adviser shall be entitled to receive all amounts (including any accrued
but unreimbursed expenses) payable to it and not yet paid pursuant to this <U>Article&nbsp;IV</U>.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V. COVENANTS; NON-EXCLUSIVITY;
AND DUALITY</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Covenants of
the Adviser</U>. The Adviser covenants that it is registered as an investment adviser under the Advisers Act. The Adviser agrees that
its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations
and investments.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Exclusivity</U>.
The services of the Adviser to the Company under this Agreement are not to be deemed exclusive as to the Adviser, and the Adviser will
be free to render similar services to other investment companies and other clients. Except to the extent necessary to perform the Adviser&rsquo;s
obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of the Adviser, or any affiliate of the
Adviser, or any employee of the Adviser, to engage in any other business or to devote time and attention to the management or other aspects
of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual
or association. So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment
adviser for the Company, subject to the Adviser&rsquo;s right to enter into sub-advisory agreements. the Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and
shareholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners,
shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members
and managers of the Adviser and its affiliates are or may become similarly interested in the Company as directors, officers, employees,
shareholders or otherwise.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dual Directors,
Officers and/or Employees</U>. If any person who is a manager, officer or employee of the Adviser is or becomes a director, officer and/or
employee of the Company and acts as such in any business of the Company, then such manager, officer and/or employee of the Adviser shall
be deemed to be acting in such capacity solely for the Company, and not as a manager, officer or employee of the Adviser or under the
control or direction of the Adviser, although paid by the Adviser.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VI. PORTFOLIO TRANSACTIONS AND
BROKERAGE</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Brokers</U>.
The Adviser is authorized, subject to the supervision and oversight of the Board, to establish and maintain accounts on behalf of the
Company with, and place orders for the purchase and sale of the Company&rsquo;s portfolio securities or other investments with or through,
such persons, brokers or dealers, futures commission merchants or other counterparties (&ldquo;brokers&rdquo;) as the Adviser may elect
and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with the Adviser shall be used
only in transactions permissible under applicable laws, rules&nbsp;and regulations, including, without limitation, the 1940 Act and the
Advisers Act and the rules&nbsp;and regulations promulgated thereunder, as well as permitted by the relevant policies and procedures adopted
by the Company. The Adviser, upon reasonable request of the Board, shall promptly provide the Board with copies of all agreements regarding
brokerage arrangements related to the Company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Placing Orders</U>.
The Adviser shall enter into transactions and place orders for the purchase and sale of portfolio investments for the Company&rsquo;s
account with brokers, dealers and/or other counterparties selected by the Adviser. In the selection of such brokers, dealers and/or other
counterparties and the entering into of such transactions and placing of such orders, the Adviser shall seek to obtain for the Company
the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage
and research services, as provided below. In using its reasonable efforts to obtain for the Company the most favorable price and execution
available, the Adviser, bearing in mind the best interests of the Company at all times, shall consider all factors it deems relevant,
including without limitation price, the size of the transaction, the breadth and nature of the market for the security, the difficulty
of the execution, the amount of the commission, if any, the timing of the transaction, market prices and trends, the reputation, experience
and financial stability of the broker, dealer or counterparty involved and the quality of service rendered by the broker or dealer in
other transactions. Subject to such policies as the Board may determine, or as may be mutually agreed to by the Adviser and the Board,
the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by
reason of its having caused the Company to pay a broker or dealer that provides brokerage and research services (within the meaning of
Section&nbsp;28(e)&nbsp;of the 1934 Act, and any SEC guidance issued thereunder) to the Adviser an amount of commission for effecting
an investment transaction in the Company that is in excess of the amount of commission or spread that another broker or dealer would have
charged for effecting that transaction if, but only if, the Adviser determines in good faith that such commission or spread was reasonable
in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular
transaction or the overall responsibility of the Adviser with respect to the accounts for which it exercises investment discretion (as
such term is defined in Section&nbsp;3(a)(35) of the 1934 Act). It is recognized that the services provided by such brokers and dealers
may be useful to the Adviser in connection with the Adviser&rsquo;s services to other clients. The Adviser is responsible for obtaining
a completed Form&nbsp;W-9 from any broker it selects to place orders for the Company, and responsible for providing such to the Company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Written Report</U>.
On an ongoing basis, but not less often than annually, the Adviser shall provide a written report summarizing the considerations used
for selecting brokers, dealers and other counterparties in the Adviser&rsquo;s purchases and sales of portfolio investments and analysis
regarding &ldquo;best execution,&rdquo; taking into account the Adviser&rsquo;s best execution policy (provided that the Adviser shall
not be required to weigh any particular factor on an equal basis), as well as any &ldquo;soft dollar&rdquo; or similar arrangements that
the Adviser maintains with brokers or dealers that execute transactions for the Company, and of all research and other services provided
to the Adviser by a broker or dealer (whether prepared by such broker or dealer or by a third party) as a result, in whole or in part,
of the direction of transactions for the Company by the Adviser to the broker or dealer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Right to Aggregate</U>.
On occasions when the Adviser or its affiliates deems the purchase or sale of a security to be in the best interests of the Company as
well as other clients of the Adviser or its affiliates, as applicable, the Adviser or its affiliates, to the extent permitted by applicable
laws and regulations (including without limitation any applicable exemptive orders or SEC guidance) and subject to the trade allocation
procedures approved by the Board, may, but shall be under no obligation to, aggregate the securities to be sold or purchased. In such
event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Adviser
in accordance with the approved procedures.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Commissions</U>.
The Adviser shall render reports to the Board as requested regarding commissions generated as a result of trades executed by the Adviser
for the Company, as well as information regarding third-party services, if any, received by the Adviser as a result of trading activity
relating to the Company with brokers and dealers.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;7.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Duration</U>.
This Agreement will take effect on the date first set forth above. Unless earlier terminated pursuant to the provisions of herein, this
Agreement shall remain in effect for two years, and thereafter will continue in effect from year to year, so long as such continuance
shall be approved at least annually by (a)&nbsp;the vote of the Company&rsquo;s Board, or by the vote of a majority of the outstanding
voting securities of the Company and (b)&nbsp;the vote of a majority of the Company&rsquo;s Trustees who are not parties to this Agreement
or &ldquo;interested persons&rdquo; (as such term is defined in Section&nbsp;2(a)(19) of the 1940 Act) of any such party, in accordance
with the requirements of the 1940 Act. This Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60)
days&rsquo; written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company&rsquo;s
Directors or by the Adviser. This Agreement will automatically terminate in the event of its &ldquo;assignment&rdquo; (as such term is
defined for purposes of Section&nbsp;15(a)(4)&nbsp;of the 1940 Act).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;7.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.
This Agreement may be terminated: (a)&nbsp;by the Adviser at any time without penalty upon giving the Company sixty (60) days&rsquo; written
notice (which notice may be waived by the Company); (b)&nbsp;by the Company at any time without penalty upon sixty (60) days&rsquo; written
notice to the Adviser (which notice may be waived by the Adviser); or (c)&nbsp;by the Company upon delivery of written notice from the
Company to the Adviser in the event of a material breach of any provision of this Agreement by the Adviser, provided that, to the extent
such material breach is capable of being cured, the Company shall have first provided the Adviser written notice of the material breach,
and the Adviser shall have failed to cure such breach to the reasonable satisfaction of the Company within thirty (30) days after the
delivery of such notice; provided that termination by the Company under (b)&nbsp;or (c)&nbsp;above shall be directed or approved by the
vote of a majority of all of the Trustees then in office or by the vote of the holders of a &ldquo;majority&rdquo; (as defined in the
1940 Act) of the outstanding voting securities of the Company.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitation of
Liability; Indemnification</U>. To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents,
employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser)
shall not be liable to the Company for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents,
employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser)
in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the
Company, except to the extent specified in Section&nbsp;36(b)&nbsp;of the 1940 Act concerning loss resulting from a breach of fiduciary
duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Company
shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members
and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party
beneficiary hereof) (collectively, the &ldquo;<U>Indemnified Parties</U>&rdquo;) and hold them harmless from and against all damages,
liabilities, costs and expenses(including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) incurred by the
Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including
an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of
any of the Adviser&rsquo;s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding
the preceding sentence of this section to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser&rsquo;s duties or by reason of the reckless disregard of the Adviser&rsquo;s duties and obligations
under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or
its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Company of any rights or remedies
which may not be so limited or waived in accordance with applicable law.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Assignment or
Amendment</U>. This Agreement may not be amended without the affirmative vote of the Board, including a majority of the Trustees who are
not parties to this Agreement or interested persons of any such party, cast at a meeting called for the purposes of voting on such approval
in accordance with the requirements of the 1940 Act and, where required by the 1940 Act, by a vote or written consent of a &ldquo;majority&rdquo;
of the outstanding voting securities of the Company, and shall automatically and immediately terminate in the event of its &ldquo;assignment,&rdquo;
as defined in the 1940 Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Independent Contractor</U>.
Except as otherwise provided herein or authorized by the Board from time to time, the Adviser shall for all purposes herein be deemed
to be an independent contractor and shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent
of the Company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Disclaimer of
Shareholder Liability</U>. The Adviser understands that the obligations of the Company under this Agreement are not binding upon any Trustee
or shareholder of the Company personally, but bind only the Company and the Company&rsquo;s property. The Adviser represents that it has
notice of the provisions of the Declaration of Trust of the Company disclaiming shareholder liability for acts or obligations of the Company.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions
of the 1940 Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken
altogether shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted
form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via
electronically transmitted form.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.07&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing Law,
Jurisdiction,&nbsp;etc</U>. This Agreement shall be governed by and construed in accordance with substantive laws of the State of New
York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940
Act shall control. The state and federal courts sitting within the State and County of New York shall be the sole and exclusive forums
for any action or proceeding hereunder and the parties hereto consent to the jurisdiction thereof. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.08&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement
shall not be affected adversely and shall remain in full force and effect.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.09&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire Agreement</U>.
This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof. Each party shall
perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Survival</U>.
The provisions of Sections 4.01, 5.02, 8.04, 8.07 and 8.10 shall survive termination of this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Waiver</U>.
The failure of either party hereto to enforce at any time for any period the provisions of or any rights deriving from this Agreement
shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and
no waiver shall be binding unless executed in writing by all parties hereto.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Third-Party Beneficiaries</U>.
Nothing in this Agreement, either express or implied, is intended to or shall confer upon any person other than the parties hereto and
the Indemnified Parties any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning
or interpretation of this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;8.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice</U>. Any
notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered
mail, postage prepaid, (1)&nbsp;to the Adviser at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: Chief Executive Officer; with a
copy to: Ellington Management Group, L.L.C. at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: General Counsel; or (2)&nbsp;to the
Company at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: Chief Executive Officer, with a copy to: Ellington Management Group, L.L.C.
at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: General Counsel.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[SIGNATURE PAGE FOLLOWS]</B></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE COMPANY:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ELLINGTON CREDIT COMPANY (for itself
    and each of its direct and indirect subsidiaries)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE ADVISER:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ELLINGTON CREDIT COMPANY MANAGEMENT
    LLC</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President</FONT></TD></TR>
  </TABLE>




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


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


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


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<DOCUMENT>
<TYPE>EX-99.(2)(J)(1)
<SEQUENCE>7
<FILENAME>tm2510586d2_ex99-x2xjx1.htm
<DESCRIPTION>EXHIBIT 99.(2)(J)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xjx1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;(2)(j)(1)</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>EXECUTION
COPY</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>BNY AND CUSTOMER CONFIDENTIAL</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2510586d2_ex99-x2xjx1img01.jpg" ALT=""></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>By and Between</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>EACH OF THE ENTITIES LISTED ON APPENDIX I HERETO</B></P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


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


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


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


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFINITIONS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPOINTMENT OF CUSTODIAN; ACCOUNTS </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="width: 85%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Custodian</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishment of Accounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS</B></FONT></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Persons</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instructions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY Actions Without Instructions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Funds Transfers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic Access</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBCUSTODIANS, DEPOSITORIES AND AGENTS </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Subcustodians and Depositories</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability for Subcustodians</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability for Depositories </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Agents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CORPORATE ACTIONS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Rights </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Redemptions, Payments, Etc. </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SETTLEMENT</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Instructions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Funds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Practices </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAX MATTERS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CREDITS AND ADVANCES </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual Settlement and Income </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securing Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Setoff</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency Conversion </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Books and Records</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Party Data</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISCLOSURES</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Required Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Exchange Transactions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment of Cash </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGULATORY MATTERS </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="width: 85%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USA PATRIOT Act</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions; Anti-Money Laundering </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPENSATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees and Expenses </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Compensation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPRESENTATIONS, WARRANTIES AND COVENANTS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIABILITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard of Care</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation of Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFIDENTIALITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1 Confidentiality Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2 Exceptions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16. </B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERM AND TERMINATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Termination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.4 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Custody Assets </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.4 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law/Forum </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.5 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Continuity/Disaster Recovery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.6 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Fiduciary Status </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.7 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.8 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.9 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Third Party Beneficiaries </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.10 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.11</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.12</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Waiver</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.13 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.14</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  </TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Custody Agreement is
made and entered into as of the latest date set forth on the signature page&nbsp;hereto (the &ldquo;<B>Effective Date</B>&rdquo;) by and
between <B>THE BANK OF NEW YORK MELLON</B>, a New York state chartered bank (&ldquo; <B>BNY</B>), and each entity, severally and not joint,
listed on Appendix I hereto (each individually, &ldquo;<B>Customer</B>. With respect to each Customer. a separate custody agreement between
such Customer and BNY shall be deemed to have been established, the terms of which are set forth in this Agreement, as if each such Customer
had executed a separate agreement solely naming itself as the only Customer. No party listed on Appendix I shall have any liability under
this Agreement for the obligations of any other Customer. Transactions in respect of any one Customer shall relate solely to that Customer,
references to Appendices, annexes, exhibits and any other addenda to this Agreement shall be deemed to apply to a Customer as applicable
and as prepared for such Customer, and references to this Agreement shall be read and construed at all times for all purposes in keeping
with the foregoing provisions in this preamble to the Agreement. With respect to each such separate Agreement in respect of a Customer,
BNY and such applicable Customer are collectively referred to as the &ldquo;<B>Parties</B>&rdquo; and individually as a &ldquo;<B>Party</B>&rdquo;
in respect of that separate Agreement.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Customer wishes to
appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth
herein.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>DEFINITIONS</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Whenever used in this Agreement, the following words have
the meanings set forth below:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>1940 Act</B>&rdquo; means the U.S. Investment Company
Act of 1940, as amended.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Account</B>&rdquo; or &ldquo;<B>Accounts</B>&rdquo;
has the meaning set forth in Section&nbsp;2.2.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Act</B>&rdquo; has the meaning set forth in Section&nbsp;10.1(a).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Affiliate</B>&rdquo; means, with respect to any
entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Affiliate Securities</B>&rdquo; has the meaning
set forth in Section&nbsp;0.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Agreement</B>&rdquo; means, collectively, this
Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;
means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered
by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering
Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority
with jurisdiction over Customer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<B>Assets</B>&rdquo; has the meaning set forth in
Section&nbsp;2.1(a). &ldquo;<B>Authorized Person</B>&rdquo; has the meaning set forth in Section&nbsp;3.1. &ldquo;<B>BNY</B>&rdquo; has
the meaning set forth in the introductory paragraph.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Cash</B>&rdquo; means the
money and currency of any jurisdiction which BNY accepts for deposit in an Account.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo;
means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including,
with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and
procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Customer</B>&rdquo; has the
meaning set forth in the introductory paragraph.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Data Terms </B>or <B>Website</B>&rdquo;
means <I><U>http://www.bny.com/products/assetservicing/vendoragreement.pdf</U></I> any successor website the address of which is provided
by BNY to Customer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Depository</B>&rdquo; means
the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository,
book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the
applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Effective Date</B>&rdquo;
has the meaning set forth in the introductory paragraph.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Electronic Access Services</B>&rdquo;
means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts
and/or transmit Instructions.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Electronic Signature</B>&rdquo;
means an image, representation or symbol inserted into an</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">electronic copy of the Agreement by
electronic, digital or other technological methods.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Foreign Depository</B>&rdquo;
means an &ldquo;Eligible Securities Depository&rdquo; (as defined in Rule&nbsp;17f-</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">7 under the 1940 Act) identified by
BNY to Customer from time to time.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Instructions</B>&rdquo;
means, with respect to this Agreement, instructions issued to BNY by way of (a)&nbsp;one of the following methods (each as and to
the extent specified by BNY as available for use in connection with the services hereunder): (i)&nbsp;the Electronic Access
Services; (ii)&nbsp;third-party electronic communication services containing, where applicable, appropriate authorization codes,
passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or
(iii)&nbsp;third- party institutional trade matching utilities used to effect transactions in accordance with such utility&rsquo;s
customary procedures or (b)&nbsp;such other method as may be agreed upon by the Parties and that appear on their face to have been
transmitted by an Authorized Person.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Market Data</B>&rdquo; means
pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond
ratings and classification data.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Market Data Providers</B>&rdquo;
means vendors and analytics providers and any other Person</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">providing Market Data to BNY.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Custody Assets</B>&rdquo;
has the meaning set forth in Section&nbsp;17.1.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Oral Instructions</B>&rdquo;
means, with respect to this Agreement, spoken instructions issued to</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">BNY and reasonably believed by BNY to be from an Authorized
Person. &ldquo;<B>Party</B>&rdquo; or &ldquo;<B>Parties</B>&rdquo; has the meaning set forth in the introductory paragraph. &ldquo;<B>Person</B>&rdquo;
or &ldquo;<B>Persons</B>&rdquo; means any entity or individual.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Sanctions</B>&rdquo; means
all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United
States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic
or foreign authority with jurisdiction over Customer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities</B>&rdquo; means
all (a)&nbsp;debt and equity securities and (b)&nbsp;instruments representing rights or interests therein, including rights to receive,
subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time
to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Series</B>&rdquo; means the
respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement
then a reference to a Series&nbsp;means Customer.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Standard of Care</B>&rdquo;
has the meaning set forth in Section&nbsp;14.1.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subcustodian</B>&rdquo; means
a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian)
in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of
the foregoing.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Information</B>&rdquo;
means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer&rsquo;s identification
or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry,
or as may be requested by BNY in connection with the matters in Section&nbsp;7.</P>


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


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


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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Obligations</B>&rdquo;
means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to
tax and other related expenses.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Third Party Data</B>&rdquo;
has the meaning set forth in Section&nbsp;9.3(a).</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>APPOINTMENT OF CUSTODIAN; ACCOUNTS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Appointment of Custodian</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Customer hereby appoints BNY as custodian of all Securities
and Cash to be held under, and in accordance with the terms of, this Agreement (collectively, &ldquo;<B>Assets</B>&rdquo;), and BNY hereby
accepts such appointment. The Parties acknowledge and agree that BNY&rsquo;s duties pursuant to such appointment will be limited solely
to those duties expressly undertaken pursuant to this Agreement.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, BNY has no obligation:</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">With respect to any Assets until they are actually received
in an Account; (ii)&nbsp; To inquire into, make recommendations, supervise or determine the suitability of any transactions affecting
any Account or to question any Instructions;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To monitor the Securities in the Accounts to determine whether
Customer complies with limitations on ownership or any restrictions on investors provided for by local law, regulations or market practice,
or provisions in the issuer&rsquo;s articles of incorporation or by-laws;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">To determine the adequacy of title to, or the validity or genuineness
of, any Assets received by it or delivered by it pursuant to this Agreement; or</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">With respect to any matters related to the establishment, maintenance
operation or termination of Customer; the offer, sale or distribution of the shares of, or interests in Customer; Customer&rsquo;s or
its investment advisor&rsquo;s compliance with applicable laws; or the commingling of assets of investors in Customer for investment
purposes, including the tax consequences thereof.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Cash held hereunder may be subject to additional deposit terms
and conditions issued by BNY or the applicable Subcustodian from time to time, including rates of interest and deposit account access.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">If Customer engages in securities lending activities, such activities
will be subject to certain additional and/or modified terms to be set forth in a separate written agreement between Customer and BNY
or a BNY Affiliate.</TD>
</TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Establishment of Accounts</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY will establish and maintain a separate
account for each Series&nbsp;in which BNY will hold Assets relating to the relevant Series&nbsp;as provided herein (each, an &ldquo;<B>Account</B>,&rdquo;
and collectively, the &ldquo;<B>Accounts</B>&rdquo;). The Account of each Series&nbsp;established under this Agreement shall be maintained
separately from the Account of each other Series. Furthermore, BNY shall hold and segregate on its books and records all securities separate
from other securities in the possession of BNY, and all such securities shall be marked on BNY&rsquo;s books and records so as to clearly
identify them as property of Customer. Except as otherwise contemplated in this Agreement, the securities shall be and remain the sole
property of Customer and BNY only shall have custody thereof.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Authorized Persons</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Promptly following the Effective Date,
Customer and/or its designee (including any of Customer&rsquo;s investment managers) will furnish BNY with one or more written lists or
other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf
of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an &ldquo;<B>Authorized Person</B>&rdquo;).
Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation,
as necessary from time to time, pursuant to Instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Instructions</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Except as otherwise expressly provided in this Agreement, BNY
will have no obligation to take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Customer will be responsible for ensuring that (i)&nbsp;only
Authorized Persons issue Instructions to BNY and (ii)&nbsp;all Authorized Persons safeguard and treat with extreme care any user and
authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Where Customer may or is required to issue Instructions, such
Instructions will be issued by an Authorized Person.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">BNY will be entitled to deal with any Authorized Person until
notified otherwise pursuant to Instructions, and will be entitled to act and rely upon any Instruction received by BNY.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">All Instructions must include all information necessary and
must be delivered using such methods and in such format as BNY may require and be received within BNY&rsquo;s established cut-off times
and otherwise in sufficient time, to enable BNY to act upon such Instructions.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">BNY may in its sole discretion decline to act upon any Instructions that do not comply with requirements
set forth in Section&nbsp;3.2(e)&nbsp;or that conflict with applicable law or regulations or BNY&rsquo;s operating policies and practices,
in which event BNY will promptly notify Customer unless prevented from doing so by applicable law.</TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Customer acknowledges that while it is not part of BNY&rsquo;s
normal practices and procedures to accept Oral Instructions, BNY may in certain
limited circumstances accept Oral Instructions. In such event,
such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, Customer agrees that the fact that such
written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will in no way affect
(i)&nbsp;BNY&rsquo;s reliance on such Oral Instruction or (ii)&nbsp;the validity or enforceability of transactions authorized by such
Oral Instruction and effected by BNY.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">Customer acknowledges and agrees that it is fully informed of
the protections and risks associated with the various methods of transmitting Instructions to BNY and that there may be more secure methods
of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed
by Customer and BNY with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable
degree of protection in light of its particular needs and circumstances.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>BNY Actions Without Instructions</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding anything to the contrary
set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with
respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the
following:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Receive income and other payments due to the Accounts; provided,
however, that BNY will have no duty to pursue collection of any amount due to an Account, including for Securities in default, if such
amount is not paid when due;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Carry out any exchanges of Securities or other corporate actions
not requiring discretionary decisions;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Facilitate access by Customer or its designee to ballots or
online systems to assist it in the voting of proxies received by BNY in its capacity as custodian for eligible positions of Securities
held in the Accounts (excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Forward to Customer or its designee information (or summaries
of information) that BNY receives in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Accounts
(excluding bankruptcy matters);</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Forward to Customer or its designee an initial notice of bankruptcy
cases relating to Securities held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received
by BNY in its capacity as custodian. BNY will take no further action nor provide further notification related to the bankruptcy case;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Unless otherwise elected by Customer, and in accordance with BNY&rsquo;s standard terms and conditions,
provide class action filing services for settled claims related to Securities with industry recognized identifiers;</TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Endorse for collection checks, drafts or other negotiable instruments
received for the Accounts;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">Execute and deliver, solely in its capacity as custodian, certificates,
documents or instruments incidental to BNY&rsquo;s performance under this Agreement; and</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.4</B></TD><TD STYLE="text-align: justify"><B>Funds Transfers</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">With respect to each Instruction for
a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g.,&nbsp;IBAN
or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or
alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries
named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such
Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules&nbsp;of any transfer system used to effect
a Cash transfer under this Agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.5</B></TD><TD STYLE="text-align: justify"><B>Electronic Access</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If Customer elects to use the Electronic
Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate
written agreement between the Parties or their Affiliates. However, if an Authorized Person elects, with BNY&rsquo;s prior consent, to
transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability
or availability of any such service.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>SUBCUSTODIANS, DEPOSITORIES AND AGENTS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Use of Subcustodians and Depositories</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">BNY will be entitled to utilize Subcustodians and Depositories
in connection with its performance hereunder; provided that BNY will not utilize a Subcustodian that is an &ldquo;Eligible Foreign Custodian&rdquo;
(as defined in Rule&nbsp;17f-5 under the 1940 Act) to hold &ldquo;Foreign Assets&rdquo; (as defined in such Rule&nbsp;17f-5) until after
BNY is informed, pursuant to such means as determined by BNY, that Customer&rsquo;s board of directors or similar governing body or Customer&rsquo;s
 &ldquo;Foreign Custody Manager&rdquo; (as defined in such Rule&nbsp;17f-5) has determined that utilization of such Subcustodian satisfies
the applicable requirements of such Rule&nbsp;17f-5.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions of
such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.</TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In connection with each Depository utilized by BNY that is a
 &ldquo;securities depository&rdquo; (as defined in Rule&nbsp;17f-4 under the 1940 Act), BNY
(a)&nbsp;will exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities
intermediary to obtain and thereafter maintain Securities or financial assets deposited or held in such Depository and (b)&nbsp;will
provide, promptly upon request by Customer, such reports as are available concerning the internal accounting controls and financial
strength of BNY.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">With respect to each Foreign Depository, BNY will exercise reasonable
care, prudence and diligence (a)&nbsp;to provide Customer with an analysis of the custody risks associated with maintaining assets with
the Foreign Depository and (b)&nbsp;to monitor such custody risks on a continuing basis and promptly notify Customer of any material
change in such risks. Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by,
information gathered from certain Subcustodians or through publicly available information otherwise obtained by BNY, and will not include
any evaluation of the matters referenced in Section&nbsp;14.2(b)(i).</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets deposited
with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY, a BNY Affiliate or the applicable
Subcustodian, for its clients.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Liability for Subcustodians</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">BNY will exercise the Standard of Care in selecting, retaining
and monitoring Subcustodians.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">With respect to Assets held by a Subcustodian, BNY will be liable
to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY would have been liable to Customer under
this Agreement if BNY had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however,
that with respect to Securities held by a Subcustodian that is not a BNY Affiliate:</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">BNY&rsquo;s liability will be limited solely to the extent resulting
directly from BNY&rsquo;s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To the extent that BNY is not liable pursuant to Section&nbsp;4.2(b)(i),
BNY&rsquo;s sole responsibility to Customer will be to: (A)&nbsp;take reasonable and appropriate action to recover from such Subcustodian,
and (B)&nbsp;forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY in connection therewith).</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Liability for Depositories</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY will have no responsibility or liability
for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding
of Assets held with such Depository.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Use of Agents</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY may appoint agents, including BNY
Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically
provided herein, no such appointment will discharge BNY from its obligations hereunder and BNY shall be responsible for the acts and omissions
of such agents with respect to BNY&rsquo;s obligations hereunder as if such acts or omissions were those of BNY.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>CORPORATE ACTIONS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Notification</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY will notify Customer or its designee
of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY has actually received,
in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian,
Depository or third party vendor. Without actual receipt of such notice by BNY, BNY will have no responsibility or liability for failing
to so notify Customer.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Exercise of Rights</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Whenever there are voluntary rights
that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee
will be responsible for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue
Instructions either: (a)&nbsp;using the BNY-generated form provided along with BNY&rsquo;s notice under Section&nbsp;5.1 or (b)&nbsp;if
Customer is not using such BNY-generated form, clearly indicating, by reference to the options provided on such BNY-generated form, which
action Customer is electing. Each such Instruction will be addressed as BNY may from time to time request and issued by such time as BNY
will advise Customer or its designee.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.3</B></TD><TD STYLE="text-align: justify"><B>Partial Redemptions, Payments, Etc.</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY will advise Customer or its designee
upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security
affecting fewer than all such Securities held within an Account. If BNY or any Subcustodian or Depository holds any Securities affected
by one of the events described, BNY or such Subcustodian or Depository may select the Securities to participate in such partial redemption,
partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>SETTLEMENT</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Settlement Instructions</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Promptly after the execution of each
Securities transaction, Customer will issue to BNY Instructions to settle such transaction. Unless otherwise agreed by BNY and subject
to Section&nbsp;8.1, Assets will be credited to the relevant Account only when actually received by BNY.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Settlement Funds</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of settling a Securities
transaction, Customer will provide BNY with sufficient immediately available funds or Securities, as applicable, in the relevant Account
by such time and date as is required to enable BNY to settle such transaction in the country of settlement and in the currency to be used
to settle such transaction.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.3</B></TD><TD STYLE="text-align: justify"><B>Settlement Practices</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Securities transactions will be settled
using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY is instructed
to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed
simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY&rsquo;s
delivery of Securities or Cash in accordance with such practices.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>TAX MATTERS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Tax Obligations</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent that BNY has received
relevant and necessary information with respect to an Account, BNY will perform the following services with respect to Tax Obligations:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">BNY (or the applicable Subcustodian) will apply, withhold and
report appropriate amounts as BNY (in its capacity as custodian) or the applicable Subcustodian (in its capacity as subcustodian) is
required to do under the relevant source country tax laws, and is authorized to debit the relevant Account in the amount of a Tax Obligation
withheld and to pay such amount to the appropriate taxing authority;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">BNY will, where appropriate and upon receipt of sufficient information,
pursue claims for tax relief where (i)&nbsp;either a tax treaty or a source country&rsquo;s domestic tax laws provide for favorable tax
treatment with respect to an Asset as a result of Customer&rsquo;s status as a specific type of investor and/or residency status and
(ii)&nbsp;the source country&rsquo;s tax authorities have outlined the requirements and qualification criteria required to obtain such
relief; and</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">BNY will forward to Customer or its designee information regarding
Tax Obligations applicable to Customer that BNY receives in its capacity as custodian from third parties and that BNY reasonably believes
would be useful to Customer or its designee in the submission of any reports or returns with respect to Tax Obligations. ;</TD>
</TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Responsibility for Taxes</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Customer will be responsible and liable
for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer acknowledges
and agrees that BNY and its Affiliates are not tax advisers and will not under any circumstances provide tax advice to Customer. Customer
will obtain its own independent tax advice for any tax-related matters.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.3</B></TD><TD STYLE="text-align: justify"><B>Payments</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Where BNY receives Instructions to make
distributions or transfers out of an Account in order to pay Customer&rsquo;s third party service providers, Customer acknowledges that
in making such payments BNY is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding
purposes.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>CREDITS AND ADVANCES</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.1</B></TD><TD STYLE="text-align: justify"><B>Contractual Settlement and Income</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY may, in its sole discretion, as
a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other
delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof.
All such credits will be conditional until BNY&rsquo;s actual receipt of such proceeds and may be reversed by BNY to the extent that such
proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction
will not be considered final, until BNY has received sufficient immediately available funds or Securities specifically applicable to such
transaction that, under applicable local law, rule&nbsp;or practice, are irreversible.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.2</B></TD><TD STYLE="text-align: justify"><B>Advances</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If BNY receives an Instruction that,
if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder; however,
BNY will have no obligation to advance its own funds.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.3</B></TD><TD STYLE="text-align: justify"><B>Repayment</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If: (a)&nbsp;BNY has advanced funds
to an Account; (b)&nbsp;an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities
transactions, funds transfers or foreign exchange transactions) or (c)&nbsp;Customer is for any other reason indebted to BNY, Customer
agrees to pay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest
at a rate then charged by BNY to its institutional custody clients in the relevant currency.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.4</B></TD><TD STYLE="text-align: justify"><B>Securing Repayment</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In order to secure repayment of
Customer&rsquo;s obligations and liabilities relating to a Series&nbsp;(whether or not matured) to BNY or any BNY Affiliate, whether
or not relating to or arising under this Agreement, and without limiting BNY&rsquo;s or such BNY Affiliate&rsquo;s rights under
applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY
Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a)&nbsp;all of
Customer&rsquo;s and such Series&rsquo; right, title and interest in and to the Account relating to such Series&nbsp;and the Assets
now or hereafter held in such Account (including proceeds thereof) and (b)&nbsp;any other property at any time held by BNY or any
BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any Securities issued by
an affiliate (as defined in Section&nbsp;23A of the U.S. Federal Reserve Act Customer represents, warrants and covenants that it
owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and
clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY), and that the first lien and
security interest granted herein with respect to each Series&nbsp;will be subject to no setoffs, counterclaims or other liens prior
to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will
take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining
their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is
insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY will be
entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws,
rules&nbsp;and regulations as then in effect as if Customer or the relevant Series&nbsp;is in default.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.5</B></TD><TD STYLE="text-align: justify"><B>Setoff</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY has the right to debit any Cash
for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured) of Customer relating
to a Series&nbsp;to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement In addition to the rights of BNY
or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations relating
to a Series&nbsp;to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations
relating to such Series&nbsp;any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series, and any obligations
(whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series&nbsp;in any currency. Any such cash or obligation
relating to a Series&nbsp;may be transferred to BNY and any BNY Affiliate in order to effect the above rights. No setoff, debit or charge
with respect to one Customer shall apply to the account or assets of any other Customer, notwithstanding the existence of multiple accounts
and multiple Customers hereunder.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Statements</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY will make available to
Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as to which the parties
hereto may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the
Accounts as of the last business day of such month (or as of such other date(s)&nbsp;as to which the parties may agree upon from
time to time). Customer will promptly review each such statement and, within one hundred and twenty (120) days of when such
statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may
notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any
losses that could have been mitigated had such notice been provided during such one hundred and twenty (120) day period.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.2</B></TD><TD STYLE="text-align: justify"><B>Books and Records</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The books and records, directly pertaining
to the Accounts, which are in the possession of BNY will be the property of Customer. Such books and records will be prepared and maintained
as required by the 1940 Act and the rules&nbsp;thereunder. BNY will identify on its books and records the Assets belonging to Customer
with respect to each Series&nbsp;whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts
will be held in registered form in the name of BNY or one of its nominees and will be segregated on BNY&rsquo;s books and records from
BNY&rsquo;s own property. Customer and its authorized representatives will have the right, at Customer&rsquo;s own expense and with reasonable
prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access
will occur during BNY&rsquo;s normal business hours and will be subject to BNY&rsquo;s applicable security policies and procedures.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.3</B></TD><TD STYLE="text-align: justify"><B>Third Party Data</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Customer acknowledges that BNY will be receiving, utilizing
and relying on Market Data and other data provided by Customer and/or by third parties in connection with its performance of the services
hereunder (collectively, &ldquo;<B>Third Party Data</B>&rdquo;). BNY is entitled to rely without inquiry on all Third Party Data provided
to BNY hereunder (and all Instructions related to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy
or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as a result of any Third
Party Data that is inaccurate or incomplete. BNY may follow Instructions with respect to Third Party Data, even if such Instructions
direct BNY to override its usual procedures and data sources or if BNY, in performing services for itself or others (including services
similar to those performed for Customer), receives different Third Party Data for the same or similar Securities.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Although statements and reports provided by BNY hereunder with
respect to the Accounts may contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY
does not undertake any duty or responsibility under this Agreement to report such values or pricing information.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Certain Market Data may be the intellectual property of Market
Data Providers, which impose additional terms and conditions upon Customer&rsquo;s use of such Market Data. Such additional terms and
conditions can be found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms
Website from time to time.</TD>
</TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>DISCLOSURES</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.1</B></TD><TD STYLE="text-align: justify"><B>Required Disclosure</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">With respect to Securities that are registered under the U.S.
Securities Exchange Act of 1934, as amended, or that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications
Act of 1985 (the &ldquo;<B>Act</B>&rdquo;) requires BNY to disclose to issuers of such Securities, upon their request, the name, address
and securities position of BNY&rsquo;s clients who are &ldquo;beneficial owners&rdquo; (as defined in the Act) of the issuer&rsquo;s
Securities, unless the beneficial owner objects to such disclosure. The Act defines a &ldquo;beneficial owner&rdquo; as any person who
has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer
has designated on the signature page&nbsp;hereof whether (i)&nbsp;as beneficial owner, it objects to the disclosure of its name, address
and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications
between such issuer and Customer or (ii)&nbsp;it requires BNY to contact Customer&rsquo;s investment manager with respect to relevant
Securities to make the decision as to whether it objects to the disclosure of the beneficial owner&rsquo;s name, address and securities
position to any U.S. issuer that requests such information pursuant to the Act.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">With respect to certain Securities issued outside the United
States, BNY may disclose information to issuers of Securities as required by the organizational documents of the relevant issuer or in
accordance with local market practice.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In connection with any disclosure contemplated by this Section&nbsp;10,
Customer agrees to supply BNY with any required information.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.2</B></TD><TD STYLE="text-align: justify"><B>Foreign Exchange Transactions</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In connection with this Agreement,
Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate
acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such
foreign exchange transactions, subject to any rules&nbsp;or limitations that may apply to any foreign exchange facility made
available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal
counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, its investment manager or
any Account. Any such foreign exchange transactions will be governed by the relevant master netting agreement (e.g., an ISDA Master
Agreement) in place between Customer and BNY or such BNY Affiliate, and such transactions will be secured by the Accounts and the
Assets therein pursuant to Section&nbsp;8.4 and subject to the setoff provisions of Section&nbsp;8.5. In the event there is no such
master netting agreement in place and Customer fails to settle or otherwise meet its obligations in respect of such foreign exchange
transactions, BNY has the right to net all outstanding foreign exchange transactions between Customer and BNY or such BNY Affiliate
for the purpose of ascertaining a single net obligation between the relevant parties, and to the extent such obligation is owed by
Customer to BNY or a BNY Affiliate, such obligation will be secured by the Accounts and the Assets therein pursuant to Section 8.4
and subject to the setoff provisions of Section&nbsp;8.5.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.3</B></TD><TD STYLE="text-align: justify"><B>Investment of Cash</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In connection with this Agreement, Customer
may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a
BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its
Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have
acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any
loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account
after the applicable deadline to be swept into Customer&rsquo;s selected investment vehicle.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>REGULATORY MATTERS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>USA PATRIOT Act</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Section&nbsp;326 of the U.S. Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing
regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer
in order to verify Customer&rsquo;s identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer
will be required to provide BNY with certain information, including Customer&rsquo;s name, physical address, tax identification number
and other pertinent identifying information, to enable BNY to verify Customer&rsquo;s identity. Customer acknowledges that BNY cannot
establish an Account unless and until BNY has successfully performed such verification.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Sanctions; Anti-Money Laundering</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Throughout the term of this Agreement, Customer: (i)&nbsp;will
have in place and will implement policies and procedures designed to prevent violations of Sanctions, including measures to accomplish
effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with
respect to incoming or outgoing assets or transactions relating to this Agreement; (ii)&nbsp;will ensure that neither Customer nor any
of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity
that is, or is owned or controlled by an individual or entity that is: (A)&nbsp;the target of Sanctions or (B)&nbsp;located, organized
or resident in a country or territory that is, or whose government is, the target of Sanctions and (iii)&nbsp;will not, directly or indirectly,
use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.</TD>
</TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Customer acknowledges and agrees that, in connection with the
services provided by BNY under this Agreement, each of Customer&rsquo;s underlying customers and investors is not a customer or joint
customer with BNY. Customer (and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation
with respect to each of its customers and investors under all Anti-Money Laundering Laws. Without limiting any obligation imposed on
Customer by Anti-Money Laundering Laws, throughout the term or this Agreement, Customer will maintain a compliance program with respect
to its customers and investors that includes the following: (i)&nbsp;a know-your-customer program in order to understand and verify the
identity of each customer or investor, including verification of the following by way of documentary (e.g. valid passport or driver&rsquo;s
license) or non-documentary methods, as appropriate: (1)&nbsp;name; (2)&nbsp;date of birth; (3)&nbsp;street address; (4)&nbsp;telephone
number; (5)&nbsp;email address; (6)&nbsp;Tax ID; and (7)&nbsp;and social security number, the source of wealth or income of each customer
or investor, the beneficial ownership of each customer or investor that is a legal entity, and the business and expected transactional
activity of each customer or investor, (ii)&nbsp;a transaction surveillance and monitoring program, and (iii)&nbsp;a policy for identifying
and reporting any suspicious transactions and/or activities with respect to each customer or investor to the appropriate law enforcement
and regulatory authorities and to BNY where related to the services provided by BNY hereunder.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Customer will promptly provide to BNY such information as BNY
reasonably requests in connection with the matters referenced in this Section&nbsp;11.2, including information regarding (i)&nbsp;the
Accounts, (ii)&nbsp;the Assets and the source thereof, (iii)&nbsp;the identity of any individual or entity having or claiming an interest
therein, including any customer or investor, and (iv)&nbsp;Customer&rsquo;s anti-money laundering and Sanctions compliance programs and
any related records and/or transaction information, including with respect to any customer or investor, regardless of whether such request
is made under USA PATRIOT Act Section 314(b)&nbsp;(where applicable). Customer will cooperate with BNY and provide assistance reasonably
requested by BNY in connection with any anti-money laundering and terrorist financing or Sanctions inquiries. Prior to delivering to
BNY the assets of any underlying customer or investor, Customer will obtain from each such customer or investor, and will continue to
maintain in effect throughout the term of this Agreement, any consents or waivers that may be required under applicable law in order
to comply with the foregoing obligations.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">BNY may decline to act or provide services in respect of any
Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters
referenced in this Section&nbsp;11.2. If BNY declines to act or provide services as provided in the preceding sentence, except as otherwise
prohibited by applicable law or official request, BNY will inform Customer as soon as reasonably practicable.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>COMPENSATION</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Fees and Expenses</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In consideration of BNY&rsquo;s
services provided hereunder, Customer will (a)&nbsp;pay to BNY the fees set forth in the agreed upon fee schedule (as such fee
schedule may be amended by BNY from time to time upon thirty (30) days' prior written notice to Customer) and (b)&nbsp;reimburse BNY
for any out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such
amounts will be payable to BNY within thirty (30) days of Customer&rsquo;s receipt of the relevant invoice. Without limiting
BNY&rsquo;s other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to
its institutional custody clients in the relevant currency.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Other Compensation</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Customer acknowledges that, as part of BNY&rsquo;s compensation,
BNY will earn interest on Cash balances held by BNY (including disbursement balances, balances arising from purchase and sale transactions
and when Cash otherwise remains uninvested) as provided in BNY&rsquo;s compensation disclosures.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Where a processing error has occurred under this Agreement that
results in an unintended gain, provided that Customer is put in the same or equivalent position as it would have been in had such processing
error not occurred, any such gain will be solely for the account of BNY without any duty to report such gain to Customer.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>REPRESENTATIONS, WARRANTIES AND COVENANTS</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.1</B></TD><TD STYLE="text-align: justify"><B>BNY</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">BNY represents and warrants that: (a)&nbsp;it is duly organized, validly existing and in good standing
in its jurisdiction of organization; (b)&nbsp;it has the requisite corporate power and authority to enter into and to carry out the transactions
contemplated by this Agreement and (c)&nbsp;the individual executing this Agreement on its behalf has the requisite authority to bind
BNY to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement
and an agreement with its terms.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">BNY represents and warrants that it is qualified to act as a custodian pursuant to Section&nbsp;17(f)&nbsp;of
the 1940 Act and the rules&nbsp;thereunder as of the date hereof and it shall confirm such qualification in writing to Customer upon the
request of Customer.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.2</B></TD><TD STYLE="text-align: justify"><B>Customer</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Customer represents and warrants that: (i)&nbsp;it is duly organized,
validly existing and in good standing in its jurisdiction of organization; (ii)&nbsp;it has the requisite corporate power and authority
to enter into and to carry out the transactions contemplated by this Agreement; and (iii)&nbsp;the individual executing this Agreement
on its behalf has the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic
Signature represents an intent to enter into this Agreement and an agreement with its terms.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Customer represents, warrants and covenants that (i)&nbsp;it
or the relevant investment manager has determined that the custody arrangements of each Depository maintaining &ldquo;Foreign Assets&rdquo;
(as defined in Rule&nbsp;17f-5 under the 1940 Act) provide reasonable safeguards against the custody risks associated with maintaining
assets with such Depository within the meaning of Rule&nbsp;17f-7 under the 1940 Act and (ii)&nbsp;it shall manage its borrowings, including
without limitation any advance or overdraft (including any daylight overdraft) in an Account, so that the aggregate of its total borrowings
for each Series&nbsp;do not exceed the amount such Series&nbsp;is permitted to borrow under the 1940 Act.</TD>
</TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Customer represents and warrants that all actions taken, or
to be taken, by or on behalf of Customer in connection with establishing, maintaining, operating or terminating Customer (including,
any offer, sale or distribution of the shares of, or interest in, Customer, and the commingling of assets of the investors in Customer
for investment purposes) shall be done in compliance with all applicable U.S. state and federal securities laws and regulations and all
other applicable laws and regulations of all applicable jurisdictions.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Customer represents and warrants that it has fully examined
and evaluated the tax consequences of commingling assets of investors in Customer for investment purposes.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Customer represents, warrants and covenants that it is not:
(i)&nbsp;an employee benefit plan, as defined in Section&nbsp;3(3)&nbsp;of the Employee Retirement Income Security Act of 1974, as amended
(&ldquo;ERISA&rdquo;), that is subject to Part&nbsp;4 of Subtitle B of Title I of ERISA; (ii)&nbsp;a &ldquo;plan&rdquo; as defined in
and subject to Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;); (iii)&nbsp;an entity whose
underlying assets include the assets of any such &ldquo;employee benefit plan&rdquo; or &ldquo;plan&rdquo; by reason 29 C.F.R. Section&nbsp;2510.3-101,
as modified by Section&nbsp;3(42) of ERISA, or successor guidance; or (iv)&nbsp;an entity subject to federal, state, local or foreign
law that is substantially similar to Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code (a &ldquo;Similar Law&rdquo;) (persons
described in any of clauses (i)&nbsp;through (iv), a &ldquo;Plan Customer&rdquo;). Customer will notify Custodian as soon as administratively
possible if and when a determination is made by the Customer that the above representation is, or has become, untrue and, in such event,
the provisions of Section&nbsp;13.2(e)&nbsp;below shall apply.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">If Customer is or becomes a Plan Customer, then the Customer represents, warrants and covenants that:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Customer (or its duly appointed investment manager) shall assure
that any transaction involving any Assets shall comply with ERISA, the Code and any Similar Law including Sections 404 and 406 of ERISA
and Section&nbsp;4975 of the Code; and</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Customer shall be solely responsible for furnishing to each
of its investors subject to ERISA (if applicable) or to any Similar Law (if applicable) all information needed to file the annual report
required by Section&nbsp;104(a)(1)&nbsp;of ERISA, including any filing pursuant to 29 C.F.R. Section&nbsp;2520.103-12 or successor regulations,
or any report or filing required by any Similar Law, as the case may be.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify"><B>LIABILITY</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.1</B></TD><TD STYLE="text-align: justify"><B>Standard of Care</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In performing its duties under this
Agreement, BNY will act in good faith and exercise the standard of care and diligence that a professional custodian would observe in these
affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market but not less than a reasonable
standard of care (&ldquo;<B>Standard of Care</B>&rdquo;).</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.2</B></TD><TD STYLE="text-align: justify"><B>Limitation of Liability</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">BNY&rsquo;s liability arising out of or relating to this Agreement
will be limited solely to those direct damages that are caused by BNY&rsquo;s failure to perform its obligations under this Agreement
in accordance with the Standard of Care. In no event will BNY be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement
(whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages).</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary set forth in this Agreement,
in no event will BNY be liable for any losses or damages arising out of any of the following:</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Customer&rsquo;s or an Authorized Person&rsquo;s decision to
invest in or hold Assets in any particular country, including any losses or damages arising out of or relating to: (A)&nbsp;the financial
infrastructure of a country; (B)&nbsp;a country&rsquo;s prevailing custody and settlement practices; (C)&nbsp;nationalization, expropriation
or other governmental actions; (D)&nbsp;a country&rsquo;s regulation of the banking or securities industry; (E)&nbsp;currency and exchange
controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (F)&nbsp;laws, rules, regulations or orders that
at any time prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G)&nbsp;market conditions
which affect the orderly execution of securities transactions or affect the value of securities;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">BNY&rsquo;s reliance on Instructions;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">BNY&rsquo;s receipt or acceptance of fraudulent, forged or invalid
Securities (or Securities which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">For any matter with respect to which BNY is required to act
only upon the receipt of Instructions, (A)&nbsp;BNY&rsquo;s failure to act in the absence of such Instructions or (B)&nbsp;Instructions
that are late or incomplete or do not otherwise satisfy the requirements of Section&nbsp;3.2(e), whether or not BNY acted upon such Instructions;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">BNY receiving or transmitting any data to or from Customer or
any Authorized Person via any non-secure method of transmission or communication selected by Customer;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">Customer&rsquo;s or an Authorized Person&rsquo;s decision to
invest in Securities or to hold Cash in any currency;</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(vii)</TD><TD STYLE="text-align: justify">The insolvency of any Person, including a Subcustodian that
is not a BNY Affiliate, Depository, broker, bank or a counterparty to the settlement of a transaction or to a foreign exchange transaction,
except as provided in Section&nbsp;4.2.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If BNY is in doubt as to any action it should or should not
take, either pursuant to, or in the absence of,&nbsp;Instructions, BNY may obtain the advice of either reputable counsel of its own choosing
or counsel to Customer, and BNY will not be liable for acting in accordance with such advice.</TD>
</TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.3</B></TD><TD STYLE="text-align: justify"><B>Force Majeure</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0">BNY will not be
responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly
or indirectly, by event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages, acts of
war, terrorism, general civil unrest, governmental or military actions, legal constraint, the interruption, loss or malfunction of utilities
or communications or computer systems. BNY will promptly notify Customer upon the occurrence of any such event and will use commercially
reasonable efforts to minimize its effect.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.4</B></TD><TD STYLE="text-align: justify"><B>Indemnification</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Customer will indemnify and hold harmless
BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by
BNY, and will defend BNY against any third party claim, in each case arising out of or relating to BNY&rsquo;s performance under this
Agreement, except to the extent resulting from BNY&rsquo;s failure to perform its obligations under this Agreement in accordance with
the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY in its successful
defense of claims that are asserted by Customer against BNY arising out of or relating to BNY&rsquo;s performance under this Agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: justify"><B>CONFIDENTIALITY</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.1</B></TD><TD STYLE="text-align: justify"><B>Confidentiality Obligations</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Party agrees to use the Confidential
Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as
otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party.
Notwithstanding the foregoing, BNY may: (a)&nbsp;use Customer&rsquo;s Confidential Information in connection with certain functions performed
on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal,
compliance, sales, administration, product communication, relationship management, compilation and analysis of customer- related data
and storage); (b)&nbsp;disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject
to confidentiality obligations and (c)&nbsp;store the names and business contact information of Customer&rsquo;s employees and representatives
relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers.
In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for
BNY&rsquo;s and its Affiliates&rsquo; reporting, research, product development and distribution, and marketing purposes.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.2</B></TD><TD STYLE="text-align: justify"><B>Exceptions</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties&rsquo; respective obligations
under Section&nbsp;15.1 will not apply to any such information: (a)&nbsp;that is, as of the time of its disclosure or thereafter becomes,
part of the public domain through a source other than the receiving Party; (b)&nbsp;that was known to the receiving Party as of the time
of its disclosure and was not otherwise subject to confidentiality obligations; (c)&nbsp;that is independently developed by the receiving
Party without reference to such information; (d)&nbsp;that is subsequently learned from a third party not known to be under a confidentiality
obligation to the disclosing Party or (e)&nbsp;that is required to be disclosed pursuant to applicable law, rule, regulation, requirement
of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: justify"><B>TERM AND TERMINATION</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.1</B></TD><TD STYLE="text-align: justify"><B>Term</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The term of this Agreement will commence
on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.2</B></TD><TD STYLE="text-align: justify"><B>Termination</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Party may terminate this Agreement
with respect to one or more Series&nbsp;by giving to the counter-Party a notice in writing specifying the date of such termination, which
will be not less than ninety (90) days after the date of such notice.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.3</B></TD><TD STYLE="text-align: justify"><B>Effect of Termination</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Upon termination hereof, Customer will
pay to BNY such compensation as may be due to BNY Mellon, and will reimburse BNY for other amounts payable or reimbursable to BNY hereunder,
through the date of termination. BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of
records, Assets and other items; provided that (a)&nbsp;BNY will have no responsibility or liability for shipping and insurance costs
associated therewith and (b)&nbsp;full payment has been made to BNY of its compensation, costs, expenses and other amounts to which it
is entitled hereunder. If any Assets remain in any Account after termination, BNY may deliver to Customer such Assets.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.4</B></TD><TD STYLE="text-align: justify"><B>Survival</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any and all provisions of this Agreement
which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this
Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties&rsquo; benefit,
including Section&nbsp;13 (Representations, Warranties and Covenants); Section&nbsp;14 (Liability); Section&nbsp;15 (Confidentiality);
Section&nbsp;16.3 (Effect of Termination); Section&nbsp;16.4 (Survival) and Section&nbsp;0 (Governing Law/Forum).</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>GENERAL</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.1</B></TD><TD STYLE="text-align: justify"><B>Non-Custody Assets</B></TD>
</TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At Customer&rsquo;s request pursuant
to Instructions, subject to BNY&rsquo;s approval and as an accommodation to Customer, BNY will provide consolidated recordkeeping services
reflecting on statements provided to Customer securities and other assets not held by BNY (&ldquo;<B>Non-Custody Assets</B>&rdquo;). Non-Custody
Assets will be designated on BNY&rsquo;s books as &ldquo;assets not held in custody&rdquo; or by other similar designation and will not
constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere
in this Agreement, (a)&nbsp;Customer will have no security entitlement against BNY with respect to Non-Custody Assets; (b)&nbsp;BNY will
rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions
and market valuations) and (c)&nbsp;BNY will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any
information maintained on BNY&rsquo;s books or set forth on account statements concerning Non-Custody Assets.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.2</B></TD><TD STYLE="text-align: justify"><B>Assignment/ U.S. Special Resolution Regime Transferability</B></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Neither Party may, without the other Party&rsquo;s prior written
consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law
or otherwise); provided, however that BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights,
or delegate any of its duties hereunder: (a)&nbsp;to any BNY Affiliate; (b)&nbsp;to any successor to the business of BNY to which this
Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c)&nbsp;as otherwise permitted in this
Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer
will satisfy the requirements for serving as a custodian for an investment company registered under the 1940 Act. Any purported assignment
or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding
upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.</TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Notwithstanding anything herein to the contrary, in the event
BNY becomes subject to a proceeding under a U.S. special resolution regime, the transfer of the Agreement (and any interest and obligation
in or under, and any property securing, the Agreement) from BNY will be effective to the same extent as the transfer would be effective
under the U.S. special resolution regime if the Agreement (and any interest and obligation in or under, and any property securing, the
Agreement) were governed by the laws of the United States or a state of the United States; and, in the event BNY or any affiliate becomes
subject to a proceeding under a U.S. special resolution regime, default rights with respect to the Agreement that may be exercised against
BNY are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime
if the Agreement were governed by the laws of the United States or a state of the United States.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.3</B></TD><TD STYLE="text-align: justify"><B>Amendment</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement may be amended or
modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email
exchanges between the Parties will not be deemed to constitute a written agreement. Appendix I to this Agreement may be amended from
time to time to (a)&nbsp;accommodate the addition of one or more Customers to this Agreement, (b)&nbsp;accommodate the removal of
one or more Customers covered by this Agreement, or (c)&nbsp;otherwise revise certain information with respect to one or more
Customers as reflected thereon by attaching to this Agreement an amended copy of such Appendix I (substantially in the form of the
Sample Amendment to Appendix I attached hereto) executed by the applicable Parties.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.4</B></TD><TD STYLE="text-align: justify"><B>Governing Law/Forum</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The substantive laws of the state of New York (without regard
to its conflicts of law provisions) will govern all matters arising out of or relating to this Agreement, including the establishment
and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article&nbsp;2(1)&nbsp;of
the Hague Securities Convention.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Each Party irrevocably agrees that all legal actions or proceedings
brought by it against the other Party arising out of or relating to this Agreement will be brought solely and exclusively before the
state or federal courts situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and
waives any objection which it may now or hereafter have based on improper venue or <I>forum non conveniens</I>. The Parties hereby unconditionally
waive, to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.5</B></TD><TD STYLE="text-align: justify"><B>Sovereign Immunity</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent that in any jurisdiction
Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after
judgment) or other legal process, Customer irrevocably agrees not to claim, and it hereby waives, such immunity.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.6</B></TD><TD STYLE="text-align: justify"><B>Non-Fiduciary Status</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Customer hereby acknowledges and agrees
that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary
duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory
or sub-advisory functions of Customer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.7</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than routine communications in
the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a)&nbsp;addressed
to BNY or Customer at the address set forth on the signature page&nbsp;(or such other address as either Party may designate in writing
to the other Party) and (b)&nbsp;sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service,
in each case with postage or charges prepaid. All notices given in accordance with this Section&nbsp;will be effective upon receipt.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.8</B></TD><TD STYLE="text-align: justify"><B>Agreement</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement constitutes the sole
and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior
and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.9</B></TD><TD STYLE="text-align: justify"><B>No Third Party Beneficiaries</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement is entered into solely
between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement
will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.10</B></TD><TD STYLE="text-align: justify"><B>Counterparts</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Agreement may be executed in any
number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when
taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts
may be delivered by facsimile or email.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.11</B></TD><TD STYLE="text-align: justify"><B>Interpretation</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The terms and conditions of this Agreement
are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against
a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.12</B></TD><TD STYLE="text-align: justify"><B>No Waiver</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No failure or delay by a Party to exercise
any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver
by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any
other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed
by an authorized representative of the waiving Party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.14</B></TD><TD STYLE="text-align: justify"><B>Headings</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All section and subsection headings
in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent
of any provision of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.15</B></TD><TD STYLE="text-align: justify"><B>Severability</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If a court of competent
jurisdiction determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity
will not affect the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace
each illegal or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original
intent of the Parties.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;Follows]</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>IN WITNESS WHEREOF</B>, the Parties have executed this
Agreement as of the Effective Date.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE BANK OF NEW YORK MELLON</B></FONT></TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2"><B>Each of the entities listed on Appendix I</B> </TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2"><B>By Ellington Credit Company Management, LLC and each for the purpose of making the representation set forth below*</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt; width: 5%">By:</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 44%"> /s/ Thomas Cavagnaro</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; width: 5%">By:</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 44%"> /s/ Laurence Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt">Name:</TD>
<TD STYLE="border-bottom: black 1pt solid">Thomas Cavagnaro</TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">Name:</TD>
<TD STYLE="border-bottom: black 1pt solid">Laurence Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt">Title:</TD>
<TD STYLE="border-bottom: black 1pt solid"> Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">Title:</TD>
<TD STYLE="border-bottom: black 1pt solid">Executive Vice President</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Date:</TD>
<TD STYLE="border-bottom: Black 1pt solid">April&nbsp;1, 2025</TD>
    <TD>&nbsp;</TD>
<TD>Date:</TD>
<TD STYLE="border-bottom: Black 1pt solid">April&nbsp;1, 2025</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Notice:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Notice:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BANK OF NEW YORK MELLON</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">240 Greenwich Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10286</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Legal (Alternative Investment Services)</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ELLINGTON MANAGEMENT GROUP, LLC ELLINGTON FINANCIAL
    MANAGEMENT LLC ELLINGTON GLOBAL ASSET</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MANAGEMENT LLC</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ELLINGTON CREDIT COMPANY MANAGEMENT LLC</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">53 Forest Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Old Greenwich CT 06870</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: General Counsel</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">*By signing above, each of Ellington
Management Group, LLC, Ellington Financial Management Group LLC, Ellington Global Asset Management LLC and Ellington Credit Company Management
LLC severally hereby represents that: (a)&nbsp;it has the authority under the documents establishing each Customer to act on behalf of
each Customer, appoint Custodian as custodian pursuant to this agreement and bind each Customer to this Agreement, or (b)&nbsp;the authority
to act on behalf of each Customer, appoint Custodian as custodian pursuant to this Agreement and bind each Customer to this Agreement
has been properly delegated to Ellington Management Group, LLC, Ellington Financial Management Group LLC, Ellington Global Asset Management
LLC and Ellington Credit Company Management LLC as the case may be, by the person or entity with such authority under the documents establishing
each Customer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border: Black 1pt solid; padding: 8pt 5.4pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant
to Section&nbsp;10.1(a):</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;&#8239;&#8239;&#8239;as beneficial owner,
Customer OBJECTS to disclosure</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;&#8239;&#8239;&#8239;as beneficial
owner, Customer DOES NOT OBJECT to disclosure</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;&#8239;&#8239;&#8239;Custodian will CONTACT CUSTOMER&rsquo;S INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it
objects to disclosure</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IF NO BOX IS CHECKED, BNY <U>WILL RELEASE</U> SUCH INFORMATION UNTIL
IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.</P>


</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNY 40 Act Fund Custody (revised 8.25.2022)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX I</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>List
of Entities</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border: black 1pt solid; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration-style: solid"><B>Customer
    Name</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration-style: solid"><B>Type
    of Entity</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration-style: solid"><B>Tax
    Id. No.</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 11%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration-style: solid"><B>Year</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration-style: solid"><B>End</B></FONT></P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration-style: solid"><B>Effective</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration-style: solid"><B>Date
    of</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration-style: solid"><B>Custody</B></FONT><B> Services</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">EARN CMO LLC</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">Limited liability company</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">45-1018890</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/31</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/27/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">EARN Mortgage LLC</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">Limited liability company</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">45-1018890</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/31</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/27/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">EARN Securities LLC</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">Limited liability company</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">45-1018890</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/31</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/27/2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">EARN Cayman Ltd.</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">Exempted limited liability company</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">98-1465445</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/31</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/14/2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">EARN Corporate Holdings Ltd.</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">Exempted limited liability company</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">98-1759348</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">12/31</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">1/9/2024</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAMPLE AMENDMENT TO APPENDIX 1</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appendix I to the Custody Agreement among each
of the entities listed on this Appendix I, and <B>THE BANK OF NEW YORK MELLON </B>effective <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;</U> as amended (the &ldquo;Agreement&rdquo;) is hereby amended effective as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
to read as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assets of the following entities shall be held pursuant to the Agreement
as of the Effective Date of Custody Services.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Customer Name</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Type of Entity</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Tax Id. No.</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>Year</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>End</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>Effective</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>Date of</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>Custody</B></FONT><B></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><B><U>Services</U></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assets of the following entities shall no longer be held pursuant
to the Agreement as of the Effective Date of Termination.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="text-decoration: underline solid"><B>Customer
    Name</B></FONT></P></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Type of Entity</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Tax Id. No.</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>Year</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.85pt"><FONT STYLE="text-decoration: underline solid"><B>End</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="text-decoration: underline solid"><B>Effective</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="text-decoration: underline solid"><B>Date of</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B><U>Termination</U></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as specifically amended hereby, the Agreement shall remain in
full force and effect in accordance with its terms. Capitalized terms not specifically defined herein shall have the same meaning ascribed
to them under the Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Each party represents and warrants to the other party(ies) that
it has full authority to enter into this amended Appendix I to the Agreement upon the terms and conditions hereof and that the
individual executing this amended Appendix I on its behalf has the requisite authority to bind such party to this amended Appendix I
and the Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Each of the entities listed on this</B> <B>Appendix I</B></P>
                <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                <P STYLE="margin-top: 0; margin-bottom: 0"><B>By: Ellington Credit Company Management, LLC, for and on behalf
of each Customer and for the purpose of making the representation set forth below*</B></P></TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE BANK OF NEW YORK MELLON</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ Laurence Penn</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 5%">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ Thomas Cavagnaro</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence Penn</FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Cavagnaro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President </FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;1, 2025</FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;1, 2025</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* By signing above, Ellington Credit Company Management, LLC
hereby represents that: (a)&nbsp;it has the authority under the documents establishing each Customer to act on behalf of each
Customer, appoint Custodian as custodian pursuant to the Agreement and bind each Customer to the Agreement, or (b)&nbsp;the
authority to act on behalf of each Customer, appoint Custodian as custodian pursuant to the Agreement and bind each Customer to the
Agreement has been properly delegated to Ellington Credit Company Management, LLC by the person or entity with such authority under
the documents establishing each Customer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(1)
<SEQUENCE>8
<FILENAME>tm2510586d2_ex99-x2xkx1.htm
<DESCRIPTION>EXHIBIT 99.(2)(K)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xkx1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(k)(1)&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELLINGTON CREDIT COMPANY</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADMINISTRATION AGREEMENT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This ADMINISTRATION AGREEMENT is hereby entered
into as of April&nbsp;1, 2025 (this &ldquo;A<U>greement</U>&rdquo;) by and among Ellington Credit Company, a Delaware statutory trust
(the &ldquo;<U>Company</U>&rdquo;), for itself and on behalf of each of the Company&rsquo;s current and future Subsidiaries (as defined
below), and Ellington Credit Company Administration LLC, a Delaware limited liability company (the &ldquo;<U>Administrator</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>W
I T N E S S</U></FONT><U> E T H</U>:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company operates as closed-end management
investment company registered as such with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) pursuant to the
Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;); and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company desires to retain the Administrator
to furnish administrative services to the Company on the terms and conditions hereinafter set forth, and the Administrator wishes to
be retained to provide such services</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, in consideration of the mutual
agreements herein set forth, the parties hereto agree as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;I. APPOINTMENT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;1.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Appointment</U>.
The Company hereby appoints the Administrator to act as administrator to the Company for the period and on the terms set forth in this
Agreement. The Administrator hereby accepts such appointment and agrees to provide the administrative services herein described, for
the compensation herein provided<B>.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;II. ADMINISTRATOR SERVICES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Administrative
Services</U>. Subject to the supervision and the overall control of the Board of Trustees of the Company (the &ldquo;<U>Board</U>&rdquo;),
the Administrator shall act as administrator of the Company, and furnish, or arrange for others to furnish, the administrative services,
personnel and facilities necessary for the operation of the Company, for the period and on the terms and conditions set forth in this
Agreement. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment,
clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review
by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator
shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other
shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, regulators
and other persons in any other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of its
performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs
of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to,
and the Administrator shall not, provide any advice or recommendation relating to the securities, instruments and other assets that the
Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible
for the financial and other records that the Company is required to maintain and shall prepare reports to shareholders, and reports and
other materials filed with the SEC. The Administrator shall provide the Company with accounting services; shall assist the Company in
determining and publishing the Company&rsquo;s net asset value; shall oversee the preparation and filing of the Company&rsquo;s tax returns;
shall monitor the Company&rsquo;s compliance with tax and other applicable laws and regulations; and shall prepare, and assist the Company
with any audits by an independent public accounting firm of, the Company&rsquo;s financial statements. The Administrator shall also be
responsible for the printing and dissemination of reports to shareholders of the Company and the maintenance of the Company&rsquo;s website;
shall provide support for the Company&rsquo;s investor relations; shall generally oversee the payment of the Company&rsquo;s expenses
and the performance of administrative and professional services rendered to the Company by others; and shall provide such other administrative
services as the Company may from time to time designate. The services to be provided by the Administrator pursuant to this Section&nbsp;2.01
may be delegated to one or more third-party service providers.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Books
and Records</U>. The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities
performed by the Administrator hereunder and, if required by the 1940 Act, will maintain and keep such books, accounts and records in
accordance with the 1940 Act. In compliance with the requirements of Rule&nbsp;31a-3 under the 1940 Act, the Administrator agrees that
all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during
normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator
further agrees that all records which it maintains for the Company pursuant to Rule&nbsp;31a-1 under the 1940 Act shall be preserved
for the periods prescribed by Rule&nbsp;31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records
shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject
to observance of its confidentiality obligations under this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Confidentiality</U>.
The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided
by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including
nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose
of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed
to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that
is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is
required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative
process, or otherwise by applicable law or regulation. For the avoidance of doubt, nothing in this provision shall be deemed to preclude
disclosure of the terms of this Agreement in the Registration Statement or other filings with the U.S. Securities and Exchange Commission
by the Company or Ellington Credit Company Management LLC, as the Company&rsquo;s investment adviser, or any successor thereto (the &ldquo;<U>Adviser</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;2.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Advisory
Services Not Exclusive</U>. The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator
and each affiliate thereof is free to render services to others. It is understood that directors, officers, employees and shareholders
of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees,
partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders
of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;III. COMPENSATION; ALLOCATION
OF COSTS AND EXPENSES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;3.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compensation</U>.
In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs
and expenses incurred by the Administrator in performing its obligations and providing personnel (for the avoidance of doubt, including
wages, salaries, bonuses and related payroll expenses) and facilities hereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;3.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Allocation
of Costs and Expenses</U>. The Company shall bear all costs and expenses that are incurred in its operation and transactions and not
specifically assumed by the Adviser pursuant to that certain Investment Advisory Agreement, dated as of April&nbsp;1, 2025, by and between
the Company and the Adviser. Costs and expenses to be borne by the Company include, but shall not be limited to, those relating to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>organizational and offering expenses (including without limitation
                                            out-of-pocket expenses, but not overhead or employee costs of the Adviser);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>calculating the Company&rsquo;s net asset value (including the cost
                                            and expenses of any independent valuation firm);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>direct costs and expenses of administration, including for legal,
                                            accounting and auditing services (including expenses of legal counsel to the Trustees who
                                            are not interested persons (as defined in the 1940 Act) of the Company or the Adviser), printing,
                                            mailing, long distance telephone, copying, secretarial and other staff, independent auditors
                                            and outside legal costs;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>taxes (including without limitation securities and commodities issuance
                                            and transfer taxes) and governmental fees (including without limitation fees payable by the
                                            Company to Federal, State or other governmental agencies and associated filing costs);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>dues, fees, charges and expenses incurred in connection with membership
                                            in investment company organizations (including without limitation membership dues of the
                                            Investment Company Institute) or trade associations;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>costs associated with distributing shareholder reports, proxy materials,
                                            prospectuses, stock certificates, distribution of dividends and/or other notices to shareholders,
                                            including printing costs and any other proxy voting expenses;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>charges or distributions required to be paid to the Company&rsquo;s
                                            custodians and sub-custodians, administrators and sub-administrators, registrars, depositories,
                                            transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including
                                            under the custody, administration and other agreements);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>fees and expenses associated with marketing and distribution efforts;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>fees and expenses paid to agents and intermediaries for sub-transfer
                                            agency, sub-accounting and other shareholder services on behalf of shareholders of the Company
                                            held through omnibus and networked, record shareholder accounts;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>payment for portfolio pricing services to a pricing agent, if any;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>registration and filing fees of the SEC and various states and other
                                            jurisdictions (including filing fees and legal fees and disbursements of counsel);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>fees and expenses of registering or qualifying securities of the
                                            Company federally or in the various states;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD>fees and expenses incident to qualifying and listing of the Company&rsquo;s
                                            shares on any exchange;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD>postage, freight and other charges in connection with the shipment
                                            of the Company&rsquo;s portfolio securities;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD>fees and expenses of Trustees who are not interested persons (as
                                            defined in the 1940 Act) of the Company or the Adviser and of any other trustees or members
                                            of any advisory board or committee who are not employees of the Adviser or any corporate
                                            affiliate of the Adviser;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD>salaries of shareholder relations personnel and/or fees and expenses
                                            associated with marketing, branding, advertising and shareholder relations efforts;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD>costs of shareholders meetings;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD>insurance (including without limitation insurance premiums on property
                                            or personnel (including without limitation officers and Trustees) of the Company which inure
                                            to its benefit and fidelity bond);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD>any and all fees, costs and expenses incurred in creating. implementing
                                            or maintaining third-party or proprietary software tools, programs or other technology for
                                            the benefit of the Company (including, without limitation, any and all fees, costs and expenses
                                            of any investment, books and records, portfolio compliance and reporting systems, general
                                            ledger or portfolio accounting systems and similar systems and services, including, without
                                            limitation, consultant, software licensing, data management and recovery services fees and
                                            expenses);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD>travel-related and other expenses for executive and administrative
                                            staff in connection with activities for the benefit of the Company;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD>interest payable on any debt incurred to finance the Company&rsquo;s
                                            investments;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>any interest or brokerage costs (including without limitation brokers&rsquo;
                                            commissions or transactions costs chargeable to the Company in connection with portfolio
                                            securities transactions to which the Company is a party);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(w)</TD><TD>the Company&rsquo;s proportionate share of expenses related to co-investments;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD>all expenses incident to the payment of any dividend, distribution
                                            (including any dividend or distribution program), withdrawal or redemption, whether in shares
                                            or in cash;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(y)</TD><TD>amounts payable to third parties relating to, or associated with,
                                            evaluating, making and disposing of investments;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(z)</TD><TD>litigation and other extraordinary or non-recurring expenses (including
                                            without limitation legal claims and liabilities and litigation costs and any indemnification
                                            related thereto) (subject, however, to indemnification provisions of this Agreement);</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 3%">(aa)</TD><TD>the compensation of the Company&rsquo;s chief compliance officer and
                                            the salary of any compliance personnel of the Adviser and its affiliates who provide compliance-related
                                            services to the Company, provided such salary expenses are properly allocated between the
                                            Company and other affiliates, as applicable, and any costs associated with the monitoring,
                                            testing and revision of the Company&rsquo;s compliance policies and procedures required by
                                            Rule&nbsp;38a-1 under the 1940 Act, including costs, expenses or fees payable to third-parties;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 8%">(bbb)</TD><TD>the cost of any valuation services retained by the Company or the
                                            Adviser with respect to the Company&rsquo;s assets (including engagement of such valuation
                                            service provider by the Adviser or its affiliates) and all other charges and costs of the
                                            Company&rsquo;s operations;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 8%">(cccc)</TD><TD>fees and expenses incurred by the Adviser or the Company in monitoring
                                            financial and legal affairs for the Company and in monitoring the Company&rsquo;s investments
                                            and performing due diligence on its prospective investments or otherwise relating to, or
                                            associated with, evaluating and making investments; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 8%">(ddddd)</TD><TD>all other expenses incurred by the Company or the Administrator
                                            in connection with administering the Company&rsquo;s business, such as the allocable portion
                                            of overhead and other expenses incurred by the Administrator in performing its obligations
                                            under this Agreement, including rent, office supplies, the fees and expenses associated with
                                            performing compliance functions, and the Company&rsquo;s allocable portion of the costs of
                                            compensation and related expenses of the Company&rsquo;s chief financial officer, chief operating
                                            officer and their respective support staff.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IV. EFFECTIVENESS, DURATION AND
TERMINATION</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness
and Duration</U>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for
two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically
approved at least annually by (a)&nbsp;the vote of the Board or the vote of a majority of the outstanding voting securities of the Company
and (b)&nbsp;the vote of a majority of the Company&rsquo;s trustees who are not parties to this Agreement or &ldquo;interested persons&rdquo;
(as such term is defined in Section&nbsp;2(a)(19) of the 1940 Act) of any such party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;4.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.
This Agreement may be terminated at any time, without the payment of any penalty, by the Company upon not less than 60 days&rsquo; written
notice or by the Administrator upon not less than 90 days&rsquo; written notice.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V. MISCELLANEOUS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitation
of Liability; Indemnification</U>. To the full extent permitted by applicable law, the Administrator (and its officers, managers, partners,
agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the
Administrator, including without limitation, its members) shall not be liable to the Company or its shareholders for any act or omission
by the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or
entity affiliated with any such person or entity or with the Administrator, including without limitation its members) in connection with
the performance of any of its duties or obligations under this Agreement or otherwise acting as administrator for the Company, and the
Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons,
members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation,
the Adviser, each of whom shall be deemed a third-party beneficiary hereof) (collectively, the &ldquo;<U>Indemnified Parties</U>&rdquo;)
and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and
amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action,
suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising
out of or otherwise based upon the performance of any of the Administrator&rsquo;s duties or obligations under this Agreement or otherwise
as administrator for the Company. Notwithstanding the preceding sentence of this Article&nbsp;IV to the contrary, nothing contained herein
shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification
in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason
of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations in the performance of the Administrator&rsquo;s
duties or by reason of the reckless disregard of the Administrator&rsquo;s duties and obligations under this Agreement (to the extent
applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff
thereunder).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.02&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Administrator
Personnel</U>. The Administrator shall authorize and permit any of its directors, officers or employees who may be elected or appointed
as directors or officers of the Company to serve in the capacities in which they are elected or appointed. Services to be furnished by
the Administrator under this Agreement may be furnished through the medium of any of such directors, officers or employees. The Administrator
shall make its directors, officers and employees available to attend meetings of the Board as may be reasonably requested by the Board
from time to time. The Administrator shall prepare and provide such reports on the Company and its operations as may be reasonably requested
by the Board from time to time.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.03&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment</U>.
This Agreement may be amended by mutual consent of the Company and the Administrator.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Independent
Contractor</U>. Except as otherwise provided herein or authorized by the Board from time to time, the Adviser shall for all purposes
herein be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way or otherwise
be deemed an agent of the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Disclaimer
of Shareholder Liability</U>. The Adviser understands that the obligations of the Company under this Agreement are not binding upon any
Trustee or shareholder of the Company personally, but bind only the Company and the Company&rsquo;s property. The Adviser represents
that it has notice of the provisions of the Declaration of Trust of the Company disclaiming shareholder liability for acts or obligations
of the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions
of the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.07&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken
altogether shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted
form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via
electronically transmitted form.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.08&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law, Jurisdiction,&nbsp;etc</U>. This Agreement shall be governed by and construed in accordance with substantive laws of the State of
New York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the
1940 Act shall control. The state and federal courts sitting within the State and County of New York shall be the sole and exclusive
forums for any action or proceeding hereunder and the parties hereto consent to the jurisdiction thereof. EACH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.09&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement
shall not be affected adversely and shall remain in full force and effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U>. This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof.
Each party shall perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Waiver</U>. The failure of either party hereto to enforce at any time for any period the provisions of or any rights deriving from this
Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions,
and no waiver shall be binding unless executed in writing by all parties hereto.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Third-Party
Beneficiaries</U>. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any person other than the
parties hereto and the Indemnified Parties any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning
or interpretation of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;5.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice</U>.
Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by
registered mail, postage prepaid, (1)&nbsp;to the Administrator at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: Chief Executive
Officer; with a copy to: Ellington Management Group, L.L.C. at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: General Counsel; or
(2)&nbsp;to the Company at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: Chief Executive Officer, with a copy to: Ellington Management
Group, L.L.C. at 53 Forest Ave, Old Greenwich, CT, 06830, Attention: General Counsel.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[SIGNATURE PAGE FOLLOWS]</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE COMPANY:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ELLINGTON CREDIT COMPANY (for itself
    and each of its direct and indirect subsidiaries)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Representative</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE ADMINISTRATOR:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ELLINGTON CREDIT COMPANY ADMINISTRATION
    LLC</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Laurence E. Penn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Representative</FONT></TD></TR>
  </TABLE>




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<TYPE>EX-99.(2)(K)(2)
<SEQUENCE>9
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<DESCRIPTION>EXHIBIT 99.(2)(K)(2)
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&nbsp;(2)(k)(2)</B></FONT></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SUB-Servicing
Agreement</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Sub-Servicing Agreement (this &ldquo;<U>Agreement</U>&rdquo;)
is made and entered into effective as of the last day written on the signature page&nbsp;by and between Ellington Credit Company Administration
LLC, a Delaware limited liability company (the &ldquo;Administrator&rdquo;), Ellington Credit Company, a Delaware statutory trust (the
 &ldquo;<U>Company</U>&rdquo;) and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability
company (&ldquo;<U>USBGFS</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Administrator has entered into an
Administration Agreement with the Company, which is registered under the Investment Company Act of 1940, as amended (the &ldquo;<U>1940
Act</U>&rdquo;), as a closed-end, non-diversified management investment company; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, USBGFS is, among other things, in the
business of providing administration, accounting, and transfer agency functions for the benefit of its customers; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Administrator desires to retain USBGFS
to provide certain services, as expressly delineated and limited herein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the promises
and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto, intending to be legally bound, do hereby agree as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Appointment of USBGFS as Service Provider.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The Administrator hereby appoints USBGFS as a service provider to the Company on the terms and conditions set forth in this Agreement,
and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth on <U>Exhibit&nbsp;A</U> (the &ldquo;<U>Services</U>&rdquo;)
in accordance with the terms and conditions of this Agreement. The services and duties of USBGFS shall be confined to those matters expressly
set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>USBGFS shall not be bound by any Administrator or Company policies or procedures, or changes thereto, that purport to impose any additional
duties, obligations, or care on USBGFS other than as expressly set forth herein, or that purport to affect in any way the Services or
the manner in which they are provided.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>The Services set forth herein may not be modified or enlarged by implication or course of dealing between the Parties.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>USBGFS may use its affiliates to provide any of the Services. Any such affiliate shall be held to the same standard of care as USBGFS
would be under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as if provided by
USBGFS. The Administrator consents to the use of such affiliates and to USBGFS providing to such affiliates any information regarding
the Company or its shareholders as may be required to provide such Services.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating
schedules and equipment.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>The Administrator or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at such times and
in such form as mutually agreed upon.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">g.</TD><TD>The Administrator may from time-to-time request that USBGFS modify its internal operating procedures with respect to the provision
of the Services, which request shall be provided in writing by a duly authorized officer of the Administrator or by any other person authorized
by the Administrator to provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply
with such request, then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its
actions or inactions in connection with following such modified operated procedures shall be deemed to be within its standard of care
under <U>Section&nbsp;10</U> for all purposes.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Compensation.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">USBGFS shall be compensated for providing the Services in
accordance with the fee schedule set forth on <U>Exhibit&nbsp;B</U> hereto (as amended from time to time). USBGFS shall also be reimbursed
for such miscellaneous expenses set forth in <U>Exhibit&nbsp;B</U> hereto as are reasonably incurred by USBGFS in performing its duties
hereunder. The Company shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing
notice, except for any fee or expense subject to a good faith dispute. The Company shall notify USBGFS in writing within thirty (30) calendar
days following receipt of each invoice if the Company is disputing any amounts in good faith. The Company shall pay such disputed amounts
within ten (10)&nbsp;calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense
the Company is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1&frac12;%)
per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Company to USBGFS shall only be paid out of
the assets and property of the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>License of Data; Warranty; Termination of Rights.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>USBGFS has entered into agreements with various data service providers (each, a &ldquo;<U>Data Provider</U>&rdquo;), including, without
limitation, MSCI index data services (&ldquo;<U>MSCI</U>&rdquo;), Standard&nbsp;&amp; Poor Financial Services LLC (&ldquo;<U>S&amp;P</U>&rdquo;),
Morningstar, Broadridge, FTSE,&nbsp;ICE, and Confluence Technologies to provide data services that may include, without limitation, index
returns and pricing information (collectively, the &ldquo;<U>Data</U>&rdquo;) to facilitate the services provided by USBGFS to the Company.
These Data Providers have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto
as <U>Exhibit&nbsp;C</U>. The Data is being licensed, not sold, to the Company. The Company has a limited license to use the Data only
for purposes necessary for valuing the Company&rsquo;s assets and making any required reporting relating thereto (the &ldquo;<U>License</U>&rdquo;).
The Company does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited
to, resale to other users or for use in creating any type of historical database. The Company acknowledges and agrees that certain Data
Providers may also require the Company to enter into an agreement directly with the Data Provider for the use of that Data Provider&rsquo;s
Data. The provisions in <U>Exhibit&nbsp;C</U> shall not have any effect upon the standard of care and liability USBGFS has set forth in
<U>Section&nbsp;10</U> of this Agreement. The Company acknowledges the proprietary rights that USBGFS and its Data Providers have in the
Data.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>THE COMPANY HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR
ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE COMPANY OR ANY OF ITS SERVICE PROVIDERS
OR AGENTS AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>USBGFS may stop supplying some or all Data to the Company if USBGFS&rsquo; Data Providers terminate any agreement to provide Data
to USBGFS. Also, USBGFS may stop supplying some or all Data to the Company if USBGFS reasonably believes that the Company is using the
Data in violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any of USBGFS&rsquo; Data Providers
demand that the Data be withheld from the Company. USBGFS will provide notice to the Company of any termination of provision of Data as
soon as reasonably possible.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>The Company agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved in or related to
the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents
from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys&rsquo; fees and costs, as
incurred, arising in and any manner out of the Company&rsquo;s or any third party&rsquo;s use of, or inability to use, the Data or any
breach by the Company of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have
any effect upon the standard of care and liability of USBGFS as set forth in <U>Section&nbsp;10</U> of this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>USBGFS has entered into agreements with Bloomberg Finance L.P. (&ldquo;<U>Bloomberg</U>&rdquo;) to provide data (the &ldquo;<U>N-PORT
Data</U>&rdquo;) for use in or in connection with the reporting requirements under Rule&nbsp;30b1-9, including preparation and filing
of Form&nbsp;N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires the following provisions to be included in
the Agreement:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Company agrees that it shall (a)&nbsp;comply with all laws,
rules&nbsp;and regulations applicable to accessing and using the N-PORT Data, (b)&nbsp;not extract the N-PORT Data from the view-only
portal, (c)&nbsp;not use the N-PORT Data for any purpose independent of complying with the requirements of Rule&nbsp;30b1-9 (which prohibition
shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available
enterprise-wide for the Company&rsquo;s internal use)), (d)&nbsp;permit audits of its use of the N-PORT Data by Bloomberg, its affiliates
or, at the Company&rsquo;s request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall
be borne by the Company), and (e)&nbsp;exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility
of any kind relating to the Company&rsquo;s receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Company
further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a)&nbsp;&ndash;
(e).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>[Reserved.]</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>For the avoidance of doubt, USBGFS shall not be responsible for any of the Fund&rsquo;s anti-money laundering related duties or responsibilities
and will not be performing any related services. Notwithstanding the foregoing, USBGFS may perform certain anti-money laundering activities
solely for its own internal compliance purposes.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>Pricing of Portfolio Positions.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>For each valuation date, obtain prices from a pricing source as instructed to USBGFS by an individual authorized by the Company or
its appointed Valuation Designee and apply those prices to the portfolio positions. For those securities where market quotations are not
readily available, the Company&rsquo;s Valuation Designee, or another person authorized by the Company or the Valuation Designee, will
be responsible to supply USBGFS with valuations. The Company&rsquo;s appointed Valuation Designee(s)&nbsp;is (are) responsible for the
accuracy of the lists supplied to USBGFS of pricing sources and the list of individuals authorized to designate pricing sources or valuations
on behalf of the Valuation Designee.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>If one or more of the primary pricing sources for the portfolio positions of the Company is unavailable when needed, USBGFS may use
an alternative pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review
and approval of the Company, and the Company shall promptly notify USBGFS of any desired changes to such alternative price. USBGFS shall
not have any liability for the use of such alternative price so long as it has met its standard of care under <U>Section&nbsp;10</U> with
respect to the selection of such alternative pricing source.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>If the Company desires to provide a price for a portfolio position that varies from the price provided by the pricing source, the
Company shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by
the Company will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate
to be applied, and, if applicable, the time period for which the new price(s)&nbsp;is/are effective. In such case USBGFS shall apply the
price provided by the Company without further investigation or verification.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>In the event that the Company at any time receives Data containing price evaluations, rather than market quotations, for certain securities
or certain other data related to such securities, the following provisions will apply:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical
modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is
significant professional disagreement about which method is best. No evaluation method may consistently generate approximations that correspond
to actual traded prices of the securities;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Company acknowledges that
there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations
to be inappropriate for use in certain applications; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>the Company assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness
of using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the meaning of Rule&nbsp;2a-5
under the 1940 Act in respect of the Company, and USBGFS shall not have any obligation for making fair value determinations or to investigate
or verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received
from the Company or any of their affiliates, or any pricing service approved by the Board, or fair values obtained from the Board or its
valuation designee. USBGFS may perform certain tests on pricing data received each day, on a limited basis, which may include day over
day tolerance breaks, NAV impact price analysis, and stale price testing, based on the availability of data from data vendors. However,
such tests are limited, are not intended or designed to determine whether any price is fair or appropriate, and do not replace the valuation
designee&rsquo;s responsibility for the appropriateness of prices used in calculating the NAV of the Company. Valuations received from
a pricing source employed by the Company, or from calculation models that are based on inputs or data delivered to these sources from
individuals associated with the Company, are not subject to these tests and will be utilized as instructed by the valuation designee.
The Company acknowledges that the same or similar positions held by the Company may be valued differently by other customers of USBGFS
and that USBGFS is not under any obligation to compare such prices or notify the Company of any such discrepancies. Notwithstanding anything
else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing,
or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or
other data or pricing related inputs received from the Company or any of their affiliates, or any third-party source.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><B>Changes in Accounting Procedures.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">USBGFS shall perform its Services in accordance with the
accounting practices and procedures of the Company, provided that any changes to such accounting practices and procedures shall only be
effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which
shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement
such changes in a timely fashion.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>Representations&nbsp;&amp; Warranties.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The Company hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>This Agreement has been duly authorized, executed and delivered by the Company in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its declaration of trust, bylaws or any contract binding it or affecting its property
which would prohibit its execution or performance of this Agreement;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD>A registration statement under the 1940 Act and, if applicable, the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and
appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during
the term of this Agreement as necessary to enable the Company to make a continuous public offering of its shares; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">v.</TD><TD>All records of the Company provided to USBGFS by the Company or by any prior or present service provider of the Company are accurate
and complete and USBGFS is entitled to rely on all such records in the form provided.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>USBGFS hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes
a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>Notification of Error.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company will notify USBGFS of any discrepancy between
USBGFS and the Company, including, but not limited to, failing to account for a security position in the Company&rsquo;s portfolio, upon
the later to occur of: (i)&nbsp;three (3)&nbsp;business days after receipt of any reports rendered by USBGFS to the Company; (ii)&nbsp;three
(3)&nbsp;business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii)&nbsp;three
(3)&nbsp;business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision
in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Company does not notify USBGFS of within
such time period.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>Standard of Care; Indemnification; Limitation of Liability.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>USBGFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBGFS nor any of its affiliates
or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Administrator and/or Company, the adviser
or any other service provider to the Administrator and/or Company, or any employee of the foregoing; or for any loss suffered by the Administrator
and/or Company, or any third party in connection with USBGFS&rsquo; duties under this Agreement, including losses resulting from mechanical
breakdowns or the failure of communication or power supplies beyond USBGFS&rsquo; reasonable control, except a loss arising out of or
relating to USBGFS&rsquo; material breach of this agreement or from its bad faith, gross negligence, or willful misconduct in the performance
of its duties under this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties under
this Agreement, the Administrator and/or Company shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers,
directors, managers, employees, and suppliers (the &ldquo;<U>USBGFS Indemnified Parties</U>&rdquo;) from and against any and all claims,
demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) (collectively &ldquo;<U>Losses</U>&rdquo;)
that any such USBGFS Indemnified Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person arising
out of any action taken or omitted to be taken by it in performing the services hereunder (i)&nbsp;in accordance with the foregoing standards,
or (ii)&nbsp;in reliance upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of
the Administrator and/or Company or by any other person authorized by the Administrator and/or Company to provide such instruction, except
for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBGFS&rsquo; material breach of this
Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity
shall be a continuing obligation of the Administrator and/or Company, its successors and assigns, notwithstanding the termination of this
Agreement. If requested by a USBGFS Indemnified Party, the Administrator and/or Company shall advance (within thirty days of such request)
any and all costs and expenses of such USBGFS Indemnified Party incurred in connection with any Losses or investigating or defending any
matter to which such USBGFS Indemnified Party may be entitled to indemnification including, without limitation, attorneys&rsquo; and experts&rsquo;
fees. The USBGFS Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if
and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the USBGFS
Indemnified Party is not entitled to be indemnified by the Administrator and/or Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>USBGFS shall indemnify and hold the Administrator and Company and their directors, officers, and employees (collectively the &ldquo;<U>Company
Indemnified Parties</U>&rdquo;) harmless from and against any and all Losses that the Administrator and/or Company may sustain or incur
or that may be asserted against the Administrator and/or Company by any person arising out of any action taken or omitted to be taken
by USBGFS as a result of USBGFS&rsquo; material breach of this Agreement, or from USBGFS&rsquo; bad faith, gross negligence, or willful
misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors
and assigns, notwithstanding the termination of this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>In no case shall either party be liable to the other for (i)&nbsp;any special, indirect or consequential damages, loss of profits
or goodwill (even if advised of the possibility of such); (ii)&nbsp;any delay by reason of circumstances beyond its control, including
acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts
of God, insurrection, war, riots, or failure beyond its control of transportation or power supply, or (iii)&nbsp;any claim that arose
more than one year prior to the institution of suit therefore.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBGFS shall take
all reasonable steps to minimize service interruptions for any period that such interruption continues. USBGFS will make every reasonable
effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBGFS. USBGFS agrees
that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Administrator and/or Company shall be entitled to inspect USBGFS&rsquo; premises and operating capabilities at any time during
regular business hours of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Administrator and/or Company, at
such times as the Administrator and/or Company may reasonably require, copies of reports rendered by independent accountants on the internal
controls and procedures of USBGFS relating to the services provided by USBGFS under this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative errors at its own
expense.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">g.</TD><TD>In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless it reserves
any rights to deny indemnification, the indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall
take over complete defense of the claim and shall be totally responsible for any liability of the indemnitee, and the indemnitee shall
in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee
shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
except with the indemnitor&rsquo;s prior written consent.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">h.</TD><TD>The indemnity and defense provisions set forth in this <U>Section&nbsp;10</U> shall indefinitely survive the termination and/or assignment
of this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>If USBGFS is acting in another capacity for the Administrator and Company pursuant to a separate agreement, nothing herein shall be
deemed to relieve USBGFS of any of its obligations in such other capacity.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">j.</TD><TD>In conjunction with the tax services provided to the Company by USBGFS hereunder, USBGFS shall not be deemed to act as an income tax
return preparer for any purpose including as such term is defined under Section&nbsp;7701(a)(36) of the IRC, or any successor thereof.
Any information provided by USBGFS to the Company for income tax reporting purposes with respect to any item of income, gain, loss, or
credit will be performed solely in USBGFS&rsquo; administrative capacity. USBGFS shall not be required to determine, and shall not take
any position with respect to whether, the reasonable belief standard described in Section&nbsp;6694 of the IRC has been satisfied with
respect to any income tax item. The Company, and any appointees thereof, shall have the right to inspect the transaction summaries produced
and aggregated by USBGFS, and any supporting documents thereto, in connection with the tax reporting services provided to the Company
by USBGFS. USBGFS shall not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS
to the Company. The tax information provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is
neither derived from nor construed as tax advice.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><B>Proprietary and Confidential Information.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Administrator and Company, all records and other information relative to the Administrator and Company and prior, present, or potential
shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than
the performance of its responsibilities and duties hereunder, except (i)&nbsp;after prior notification to and approval in writing by the
Administrator or Company, as applicable, which approval shall not be unreasonably withheld and may not be withheld where USBGFS may be
exposed to civil or criminal contempt proceedings for failure to comply, (ii)&nbsp;when requested to divulge such information by duly
constituted authorities or pursuant to legal process, (iii)&nbsp;to defend a claim brought against USBGFS arising out of or related to
any Services provided hereunder, or (iv)&nbsp; when so requested by the Administrator and/or Company. Records and other information which
have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information
that was already in the possession of USBGFS prior to receipt thereof from the Administrator and/or Company or their agent, shall not
be subject to this paragraph.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company and
its shareholders. USBGFS has implemented and will maintain an effective information security program reasonably designed to protect information
relating to the shareholders of the Company (such information, &ldquo;<U>Personal Information</U>&rdquo;), which program includes sufficient
administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a)&nbsp;ensure the security
and confidentiality of such Personal Information; (b)&nbsp;protect against any anticipated threats or hazards to the security or integrity
of such Personal Information, including identity theft; and (c)&nbsp;protect against unauthorized access to or use of such Personal Information
that could result in substantial harm or inconvenience to the Company or any Shareholder (the &ldquo;<U>Information Security Program</U>&rdquo;).
The Information Security Program complies and shall comply with reasonable information security practices within the industry (including
the encryption of data where necessary or appropriate). Upon written request from the Company, USBGFS shall provide a written description
of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests
regarding its compliance with its Information Security Program and shall notify the Company, expeditiously and without unreasonable delay,
in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged)
any information of the Company (any or all of the foregoing referred to individually and collectively for purposes of this provision as
a &ldquo;<U>Security Breach</U>&rdquo;). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification
to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is
determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly
cooperate with the Company or any of its affiliates' regulators at USBGFS&rsquo;s expense to prevent, investigate, cease or mitigate any
Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding
any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>The Administrator and Company agrees on behalf of themselves and their directors, officers, and employees to treat confidentially
and as proprietary information of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding
USBGFS&rsquo; pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities,
past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object
code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property),
and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i)&nbsp;after
prior notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where
the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii)&nbsp;when requested to divulge such information
by duly constituted authorities, or (iii)&nbsp;when so requested by the USBGFS. Information which has become known to the public through
no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession
of the Company prior to receipt thereof from USBGFS, shall not be subject to this paragraph.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>The Administrator and Company shall not make or change any written representations regarding the services provided by or the responsibilities
of USBGFS or its affiliates under this Agreement, whether in the Company&rsquo;s registration statement, offering documents, marketing
or promotional materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities
under this Agreement that are not specifically stated herein.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>Notwithstanding anything herein to the contrary, (i)&nbsp;the Administrator and Company shall be permitted to disclose the identity
of USBGFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company&rsquo;s
registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii)&nbsp;USBGFS shall
be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations,
and other marketing and promotional purposes.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>Records.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">USBGFS shall keep records relating to the services to be
performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules&nbsp;and
regulations of appropriate government authorities, in particular, Section&nbsp;31 of the 1940 Act and the rules&nbsp;thereunder. USBGFS
agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Company and will be preserved,
maintained, and made available in accordance with such applicable sections and rules&nbsp;of the 1940 Act and will be promptly surrendered
to the Company or its designee on and in accordance with its request, provided, however, that the Company shall bear the reasonable cost
of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in
such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial
authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges and agrees that
if the Company elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Company shall
be responsible for maintaining the Company&rsquo;s records as they relate to the Company&rsquo;s review and approval of individuals authorized
to place trading instructions as described in Rule&nbsp;31a-1(b)(10)&nbsp;promulgated under the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD><B>Compliance with Laws.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The Company has and retains primary responsibility for all compliance matters relating to the Company, including but not limited to
compliance with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal Revenue
Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;); the Sarbanes-Oxley Act of 2002 (the &ldquo;<U>SOX Act</U>&rdquo;); the USA PATRIOT
Act of 2001; and the policies and limitations of the Company relating to its portfolio investments as set forth in its Registration Statement.
USBGFS&rsquo; services hereunder shall not relieve the Administrator or Company of their responsibilities for assuring such compliance
or the Board&rsquo;s oversight responsibility with respect thereto.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>The Administrator or Company shall immediately notify USBGFS if the investment strategy of the Company materially changes or deviates
from the investment strategy disclosed in the current Prospectus, or if it becomes subject to any new law, rule, regulation, or order
of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Company or the services
provided under this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (&ldquo;<U>GDPR</U>&rdquo;) or the
Cayman Islands Data Protection Law, 2017, as amended (&ldquo;<U>DPL</U>&rdquo;), are applicable to USBGFS and the Company the following
provisions shall apply:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>The parties agree USBGFS is a &ldquo;<U>Data Processor</U>&rdquo; under GDPR and DPL, as applicable, in the performance of its services
under this the Agreement. Notwithstanding the foregoing, the parties agree USBFS is a &ldquo;<U>Data Controller</U>&rdquo; under GDPR
and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In
either case, the Company shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents,
are in place to enable the processing of &ldquo;Personal Data&rdquo; (as defined by GDPR and DPL) by USBGFS, the transfer of Personal
Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>The parties further agree the Company is a &ldquo;<U>Data Controller</U>&rdquo; under GDPR and DPL, as applicable. The Company, either
alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>USBGFS shall process the Personal Data: (i)&nbsp;in accordance with instructions of the Company pursuant to this Agreement and any
authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS&rsquo; obligations under the Agreement; and (ii)&nbsp;when
required by law or regulation, or required or requested by any court or regulator (each a &ldquo;<U>Processing Order</U>&rdquo;) to which
USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the
extent legally permissible and reasonably practicable under the circumstances, notify the Company prior to processing.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD>The Company is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">v.</TD><TD>USBGFS shall:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in
this Agreement;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing
and against accidental loss, damage or destruction;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>only appoint sub-processors with the prior written consent of the Company (standing instructions or general written authorization
are sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBGFS that they have implemented appropriate
technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<SUP>1</SUP>;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>beyond the initial appointment, inform the Company of any intended material changes concerning the addition or replacement of sub-processors,
thereby giving the Company the opportunity to object;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> For the avoidance of doubt, USBGFS&rsquo; affiliates
and third party software providers will be used as sub-processors under this Agreement, and the Company hereby authorizes such use.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>taking into account the nature of the processing, reasonably assist the Company by appropriate technical and organizational measures,
insofar as possible, to enable the Company to comply with its obligation to respond to requests for exercising a data subject&rsquo;s
rights under GDPR or DPL;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>provide reasonable assistance to the Company in ensuring their compliance with obligations regarding Personal Data breaches, data
protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available
to USBGFS, and inform the Company of Personal Data breaches without undue delay;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>at the written direction of the Company, delete or return all Personal Data to the Company after the end of the provision of services
under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention
or backup procedures require the storage of such Personal Data; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>make available to the Company all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and
allow for and reasonably cooperate with audits, including inspections, conducted by the Company or its auditor; and immediately inform
the Company if, in its opinion, the Company&rsquo;s instructions regarding this subsection infringes on GDPR or DPL.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD>Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data.
Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR,
DPL or any other applicable data protection laws.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD><B>Term of Agreement; Amendment.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>This Agreement shall become effective as of the last date written on the signature page&nbsp;and will continue in effect for a period
of three (3)&nbsp;years. Following the initial term, this Agreement shall automatically renew for successive one (1)&nbsp;year terms unless
either party provides written notice at least ninety (90) days prior to the end of the then current term that it will not be renewing
the Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Subject to <U>Section&nbsp;15</U>, this Agreement may be terminated by either party upon giving ninety (90) days&rsquo; prior written
notice to the other party or such shorter notice period as is mutually agreed upon by the parties.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>USBGFS may terminate this Agreement immediately if the continued service of the Company would cause USBGFS or any of its affiliates
to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent
jurisdiction, or the Company (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to
bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Company would reflect
unfavorably upon USBGFS&rsquo; reputation, provided that in such event USBGFS shall, to the extent it is legally permitted and able to
do so, provide reasonable assistance to transition the Company to a successor service provider.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>This Agreement shall automatically terminate with respect to the Company with respect to which the Company fails to maintain an effective
registration statement under the 1940 Act and, if applicable, the Securities Act, or appropriate state securities law filings as necessary
to enable the Company to make a continuous public offering of its shares with respect to the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>This Agreement may be terminated by the non-breaching party upon the breach of the other party of any material term of this Agreement
if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Company and authorized
or approved by the Company&rsquo;s Board.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD><B>Early Termination.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the absence of a breach of a material term of this Agreement,
should the Administrator or Company elect to terminate this Agreement prior to the end of the then current term, the Administrator and
Company agrees to pay the following fees with respect to the Company subject to the termination:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>all fees associated with converting services to successor service provider;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>all miscellaneous costs associated with a.-b. above.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>16.</B></TD><TD><B>Duties in the Event of Termination.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the event that, in connection with termination, a successor
to any of USBGFS&rsquo; duties or responsibilities hereunder is designated by the Administrator or Company by written notice to USBGFS,
USBGFS will promptly, upon such termination and at the expense of the Administrator and Company, transfer to such successor all relevant
books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable
to the Company (if such form differs from the form in which USBGFS has maintained the same, the Company shall pay any expenses associated
with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision
for assistance from USBGFS&rsquo; personnel in the establishment of books, records, and other data by such successor. If no such successor
is designated, then such books, records and other data shall be returned to the Company. The Company shall also pay any fees associated
with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule&nbsp;to continue
following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with
its record retention policy and applicable regulatory requirements if the Company or its designee do not take possession of such records.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>17.</B></TD><TD><B>Assignment.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Agreement shall extend to and be binding upon the parties
hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Company without
the written consent of USBGFS, or by USBGFS without the written consent of the Company accompanied by the authorization or approval of
the Company&rsquo;s Board.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>18.</B></TD><TD><B>Governing Law.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State
of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing
herein shall be construed in a manner inconsistent with the 1940 Act or any rule&nbsp;or order of the SEC thereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>19.</B></TD><TD><B>No Agency Relationship.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement,
or to conduct business in the name, or for the account, of the other party to this Agreement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>The Company acknowledges that the Board and officers of the Company are responsible for management of the Company and that USBGFS
has no duties or obligations to manage or control the Company. Any duties and obligations of USBGFS are strictly limited to those set
forth herein.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a director of the company such
person is serving in their own individual capacity at the pleasure of the shareholders of the Company and not as a representative of USBGFS
or any of its affiliates.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer of the Company, or
in any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight
of, and removal by, the Board of the Company, and when such person is acting in such capacity they are doing so on behalf of the Company
and not as a representative of USBGFS or any of its affiliates.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>20.</B></TD><TD><B>Services Not Exclusive.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nothing in this Agreement shall limit or restrict USBGFS
from providing services to other parties that are similar or identical to some or all of the services provided hereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>21.</B></TD><TD><B>Invalidity.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Any provision of this Agreement which may be determined by
competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall
in good faith modify or substitute such provision consistent with the original intent of the parties.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD><B>Regulatory Services.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nothing in this Agreement shall be deemed to appoint USBGFS
or any of its officers, directors or employees as the Company attorneys, form attorney-client relationships or require the provision of
legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of
regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Company
acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Company and rely on outside counsel retained
by the Company to review all services provided by USBGFS and to provide independent judgment on the Company&rsquo;s behalf. The Company
acknowledges that because no attorney-client relationship exists between the Company and USBGFS (or any employee of USBGFS or its affiliates),
any information provided may not be privileged and may be subject to compulsory disclosure.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>23.</B></TD><TD><B>Notices.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Any notice required or permitted to be given by either party
to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three
days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party&rsquo;s address set forth
below:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Notice to USBGFS shall be sent to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">U.S. Bank Global Fund Services</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">615. E. Michigan St.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Milwaukee, WI 53202</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Regulatory Support Services &ndash; aisissues@usbank.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">and notice to the Administrator shall be sent to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Ellington Credit Company Administration
LLC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">53 Forest Avenue, Suite&nbsp;301</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Old Greenwich, CT 06870</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">___________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">___________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>24.</B></TD><TD><B>No Third-Party Rights.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nothing expressed or referred to in this Agreement will be
construed to give any third party any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the
limited third party rights of the Data Providers as expressly set forth herein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>25.</B></TD><TD><B>Multiple Originals; Electronic Signatures.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but
such counterparts shall together constitute but one and the same instrument.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email,
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this
Agreement for all purposes.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE PAGES FOLLOW</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by a duly authorized officer effective as of the last date written below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ellington Credit Company Administration LLC</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S. Bancorp Fund Services LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laurence Penn</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ Denis McCarthy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence Penn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">Denis McCarthy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">Global Fund Services, Head of U.S. Alternative Investments</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;1, 2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">April 1, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ellington Credit Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laurence Penn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurence Penn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;1, 2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Services</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>CORE SERVICE LINES</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">I.</TD><TD>Administration Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>SEC Registration and Reporting Support:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Assist Company counsel in the preparation and filing of Form&nbsp;N-CEN and Form&nbsp;N-PORT.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>While USBGFS shall assist in the preparation and filing of the materials noted above, the Company acknowledges and agrees that USBGFS
is not ultimately responsible for the content of such materials and shall not be held to be the maker of statements or opinions in any
such materials unless USBGFS expressly agrees in a writing to be filed with such materials.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>Financial Reporting</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Prepare financial statements subject to review and approval from the Company and the Company&rsquo;s auditors, which includes the
Schedule of Investments</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>If the Company so elects, USBGFS shall provide additional services that are further described in the fee schedule on <U>Exhibit&nbsp;B</U>.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">II.</TD><TD>Accounting Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>Portfolio Accounting Services:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Maintain the security master file for the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Company&rsquo;s investment
adviser.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Track and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights issuances, spin-offs,&nbsp;etc.) impacting
the securities positions held by the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>As of the close of business on each day the Company value its portfolio positions (each, a &ldquo;<U>Valuation Date</U>&rdquo;), obtain
prices from a pricing source approved by the Board or its valuation designee and apply those prices to the Company&rsquo;s portfolio positions
(also hereinafter referred to as &ldquo;<U>securities</U>&rdquo;). For those securities where market quotations are not readily available,
the Board or its valuation designee shall determine fair value. USBGFS shall be entitled to rely on such prices and/or fair valuations
without investigation or verification.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Identify interest and dividend accrual balances as of each Valuation Date and calculate gross earnings on investments for each accounting
period.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or
losses to shareholders and maintain undistributed gain or loss balances as of each Valuation Date.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>On a daily basis, reconcile cash of the Company with the Company&rsquo;s custodian and/or prime brokerage account(s).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Review the impact of current day&rsquo;s activity on a per share basis, and review changes in market value.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>Expense Accrual and Payment Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>For each Valuation Date, monitor the expense accrual amounts as directed by the Company as to methodology, rate or dollar amount.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Process and record payments for Company expenses.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Account for Company expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBGFS
and the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Provide expense accrual and payment reporting.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>NAV Calculation and Financial Reporting Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Account for Company share purchases, sales, exchanges, transfers, dividend reinvestments, and other Company share activity as reported
by the Company&rsquo;s transfer agent on a timely basis.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Apply equalization accounting as directed by the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Determine net investment income (earnings) for the Company as of each Valuation Date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each Valuation Date.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Determine the net asset value of the Company according to the accounting policies and procedures set forth in the Company's current
Prospectus.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Calculate per share net asset value, per share net earnings, and other per share amounts reflective the Company operations at such
time as required by the nature and characteristics of the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Communicate to the Company, at an agreed upon time, the per share net asset value for each Valuation Date.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Prepare monthly reconciliations of sub-ledger reports to month-end ledger balances.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Prepare monthly security transactions listings for the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">D.</TD><TD>Tax Accounting Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Maintain accounting records for the investment portfolio of the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Maintain tax lot detail for each Company&rsquo;s investment portfolio.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support
tax reporting to the shareholders.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">E.</TD><TD>Audit Support Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Support reporting to regulatory bodies and financial statement preparation by making the Company&rsquo;s accounting records available
to the Company, the SEC, and the Company&rsquo;s independent registered public accounting firm (&ldquo;<U>IRPAF</U>&rdquo;), in each case
as requested by the Company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Company in connection with any certification required of the Company pursuant to the SOX Act or any rules&nbsp;or regulations
promulgated by the SEC thereunder, provided the same shall not be deemed to change USBGFS&rsquo; standard of care as set forth herein.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Cooperate with the Company&rsquo;s IRPAF and take all reasonable action in the performance of its obligations under this Agreement
to ensure that the necessary information is made available to such IRPAF for the expression of their opinion on the Company&rsquo;s financial
statements, without any qualification as to the scope of their examination.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">III.</TD><TD>Middle Office Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">USBGFS shall provide the services described below to the Company using the proprietary software application
of the Manager or its affiliate, Ellin, provided the Administrator has correctly entered and setup all required information for the Company
in Ellin. USBGFS&rsquo; performance of its obligations hereunder is contingent on its continued access to and use of the &ldquo;Licensed
Products,&rdquo; as described in <U>Exhibit&nbsp;A-1</U>.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>Entity Set Up</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>In the event a Company is added to this Agreement after the Effective Date, USBGFS shall be responsible for setting up the Company
on Ellin and entering all relevant information about the Company in Ellin.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>Margin (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Monitor and respond to all incoming margin calls associated with the Company&rsquo;s collateral agreement(s).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Issue outgoing margin calls associated with the Company&rsquo;s collateral agreement(s).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Validate margin calls received from the Company&rsquo;s counterparty(ies) against amounts generated by Ellin. Investigate the source
of any differences and respond to calls with full agreement, partial agreement, or full dispute based on findings. Advise the Company
of any unresolved discrepancies or escalations coming from the Company&rsquo;s counterparties. Assist the Company with resolving the discrepancy
(i.e. break).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Enter agreed upon incoming and outgoing margin payments to the margin tool in Ellin for further processing and wire generation.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">D.</TD><TD>Margin Reconciliation (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Compare the Company&rsquo;s margin records in Ellin with margin records of the Company held by various Company counterparties, and
investigate and remedy discrepancies (i.e., breaks) identified.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">E.</TD><TD>Margin Related E-Mail Management (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Monitor email communications for margin related reporting, calls and inquiries.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>All pertinent emails into and out of USBGFS&rsquo; group email address will be archived.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">F.</TD><TD>Trade Confirmations and Allocations (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>For trades that are recorded by the Company or third party, monitor both the Ellin Trade Blotter, and trade confirmation sources (email,
Bloomberg, Tradeweb, ftp files) and ensure that all items have a corresponding counterparty confirmation or trade booked in Ellin.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Communicate trade details for counterparties to confirm as necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Compare and verify counterparty trade details to those entered into the Ellin Trade Blotter.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 23 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Send confirmation acknowledgement and allocations details to the counterparty as necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Document the confirmation source on the trade record in Ellin and migrate the trades from the Trade Blotter to the Trade table.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Investigate trade confirmation discrepancies and escalate to Ellington Middle Office as necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">G.</TD><TD>Confirmation Related E-Mail Management</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Monitor email communications for confirmation notices and confirmation related inquiries.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Maintain pertinent email records from USBGFS&rsquo; correspondence with the Company&rsquo;s counterparty pertaining to trade confirmations
in accordance with USBGFS&rsquo; record retention procedures.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">H.</TD><TD>Operational Services</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Cash Reconciliation (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Confirm bank balances have been received and loaded to Ellin for all accounts.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Confirm the correct amount of cash for the Company was received or paid from proper account for each Company transaction, including
trades, receipt of income, payment of expenses, capital transactions, and other transactions USBGFS has been informed of.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Identify, investigate, and remedy breaks in Ellin cash vs Dealer cash figures.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Provide daily reporting to the Company on the age and status of outstanding breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Futures and OTC Reconciliation (Dailly)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Confirm that counterparty details (cash balances, activity, and position reports) have been received and loaded to Ellin.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Confirm that the correct amount of cash for the Company was received or paid from the proper futures or OTC account for the Company
transaction, including trade fees, gains/losses, commissions, PAI, interest and fees.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Identify, investigate, and remedy breaks between Ellin and the counterparty.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Communicate breaks via email to the counterparty for resolution and comment any outstanding breaks in the Ellin reconciliation module
per audit requirements.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>Provide daily reporting to the Company on the age and status of outstanding breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Position Reconciliation (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Compare and confirm the positions recorded in Ellin to the positions reported by the Company&rsquo;s prime brokers and custodians
(e.g., equities, options, futures, forward contracts, bonds, bank debt, whole loans, derivatives, private investments) by reviewing each
position&rsquo;s quantity, price and/or other relevant trade terms made available to USBGFS.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Identify, investigate, and remedy position breaks by communicating with the counterparty or escalating to Ellington Middle Office
as necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Provide daily reporting to the Company on the age and status of outstanding breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Principal and Interest payment Reconciliation (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Compare the Company&rsquo;s payment activity with entitlement records of the Company as recorded in Ellin. Confirm that all principal
and interest payments (debits/credits) were made.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Identify, investigate, and remedy any principal and interest breaks by communicating with the prime broker or custodian, claiming
counterparties, escalating to Ellington Middle Office (coupon/factor updates), or processing adjustments for losses and recoveries as
necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Provide daily reporting to the Company on the age and status of outstanding breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Settlements (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Load trade instructions to custodian provided platforms for matching as needed.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Communicate with counterparties and confirm cash settlement figures for pair-offs and bilateral derivative settlements.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Settle matched and agreed upon trades in Ellin and review unmatched trades for breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Communicate with counterparties to address and remediate the reason for settlement breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>Settle pre-funding and end-of-day cash balances in Ellin.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>Provide daily reporting to the Company on the age and status of outstanding breaks.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Treasury Market Practice Group (&ldquo;TMPG&rdquo;) Claims</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Daily, monitor email communications for incoming TMPG claims, and process TMPG claims received from counterparties who have failed
to deliver to the company a treasury asset and account for payments made.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Twice monthly, initiate TMPG claims against counterparties who have failed to deliver to the Company a treasury asset and account
for funds received.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Wire Processing (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Setup outgoing wires leveraging standing instructions and templates provided by the Company to process cash movements to confirmed
counterparties.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>USBGFS has no obligation to lend or otherwise provide money to the Company to satisfy collateral calls. Verify wire details and load
wires to bank platform.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Release wires on bank platform for payment.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Money Fund Management (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Monitor cash requirements necessary for daily settlements and wires, and redeem/invest cash as needed.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Operations Related Email Management (Daily)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Monitor operations mailboxes and respond to all internal, Fund, Manager and counterparty inquiries as necessary (settlement related,
P&amp;I, reconciliation and break resolution, wire instructions, and general inquiries).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Maintain pertinent email records in accordance with USBGFS&rsquo; record retention procedures.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>ADDITIONAL AND SUPPLEMENTAL SERVICES</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any additional or supplemental services not listed above may be provided
from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional
or supplemental services shall be provided at the fees specified on <U>Exhibit&nbsp;B</U> or at USBGFS&rsquo; then current standard rates
for such services if not specified.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A-1</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collectively, the &ldquo;Licensed Products&rdquo;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ellin proprietary software, and other technology developed or licensed by
Ellington (as defined in Exhibit&nbsp;B)</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ellington provided hardware, including desktop and laptop computers, and
servers</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Barracuda VPN</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Bloomberg</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">BDC Platform</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">BNY Treasury Edge</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">BNY Mellon Nexen Platform</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">TBA Mortgage Master</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Markit Wire</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fund counterparty systems and software</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Third-party pricing and other third-party vendors</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">USBGFS&rsquo; performance of its obligations under Exhibit&nbsp;A is
contingent on its continued access to and use of the Licensed Products, which Ellington has agreed to give USBGFS permission to use, at
no cost, and in accordance with separately executed terms and conditions (the &ldquo;Licensed Terms&rdquo;). In the event that Ellington
no longer maintains and/or makes Ellin or the Licensed Products available to USBGFS in accordance with the Licensed Terms, the Company
and USBGFS shall use commercially reasonable efforts to identify and implement an appropriate replacement for Ellin and/or the applicable
Licensed Products. In the event that USBGFS and the Company are unable to implement an appropriate replacement, USBGFS shall notify the
Company of any Services contemplated hereunder which USBGFS is unable to perform as a result, and USBGFS shall be excused from providing
such Services (and only such Services) to the extent its ability to perform is materially impacted.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;B</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fees</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annual Fee Based Upon Average Total Assets Per Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.5 basis points on the first $250 million</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.5 basis points on the next $250 million</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.5 basis points on the balance</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minimum Annual Fee: $150,000 per fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional fee of $15,000 for each additional class, Controlled
Foreign Corporation (CFC), and/or sub-advisor</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: Conversion, master/feeder, and extraordinary services quoted
separately.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fees above include the following core tax services: M-1 book-to-tax
adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form&nbsp;1120-RIC
federal income tax return and relevant schedules, Prepare Form&nbsp;8613 and relevant schedules, Prepare Form&nbsp;1099-MISC Forms, Prepare
Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited
to two).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All schedules subject to change depending upon use of unique security
type requiring special pricing or accounting arrangements.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SEC Modernization Requirements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form&nbsp;N-PORT &ndash; $12,000 per year, per Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form&nbsp;N-CEN &ndash; $300 per year, per Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Miscellaneous Expenses</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All other miscellaneous fees and expenses, including but not limited
to the following, will be separately billed as incurred:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fair Value Services, SWIFT processing, customized reporting, third-party
data provider costs,(including Bloomberg, S&amp;P, Moody&rsquo;s, Morningstar, GICS, MSCI,&nbsp;etc.), postage, stationery, programming,
special reports, proxies, insurance, EDGAR/XBRL filing, tax e-filing, PFIC monitoring, wash sale reporting (Gainskeeper), retention of
records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and legal expenses,
and conversion expenses (if necessary).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional services not included above shall be mutually agreed upon
at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes
to applicable laws, rules&nbsp;or regulations require additional work or expenses related to services provided (e.g., compliance with
new liquidity risk management and reporting requirements).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees are calculated pro rata and billed monthly.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Middle Office Services Fees</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANNUAL FEE</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBGFS shall be entitled, as compensation for
the Services performed by USBGFS pursuant to this Agreement, a fee (the &ldquo;Services Fee&rdquo;), which will accrue daily and be payable
as of the first business day of each calendar month.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Services Fee will be equal to 4 basis points
calculated based on the aggregate net asset value (&ldquo;ANAV&rdquo;) of the consolidated Ellington Funds (as defined below), which shall
exclude the double counting of assets held by the Ellington Funds. For example, the net asset value of a feeder fund shall be excluded
from the ANAV calculation provided that the net asset value of the master fund in which such feeder fund invests is included in the ANAV
calculation. Similarly, the net asset value (or a portion thereof) of an entity owned by one or more Ellington Funds shall be excluded
from the ANAV calculation to the extent that all (or a portion, as applicable) of such entity&rsquo;s net asset value is included in the
net asset value of such Ellington Funds used for such ANAV calculation. For the purposes of calculating the Services Fee, the ANAV shall
be taken as of the closing of the prior month plus any opening subscriptions and redemptions for the current month. The aggregate Service
Fees for all Ellington Funds (the &ldquo;Aggregate Fee&rdquo;) shall be allocated across the Ellington Funds in accordance with the following
paragraph.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CALCULATION METHODOLOGY</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, USBGFS has formulated,
and Ellington (as defined below) has approved, a fee calculation methodology (the &ldquo;Calculation Methodology&rdquo;) whereby USBGFS
has assigned each Ellington Fund a net asset value multiplier (&ldquo;Multiplier&rdquo;) reflecting the relative level of complexity associated
with the services provided by USBGFS or its affiliates to the applicable Ellington Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Services Fee as of any fee calculation date
shall be equal to the Aggregate Fee multiplied by a fraction, the numerator of which shall be the Fund&rsquo;s aggregate Adjusted NAVs
(as defined below) and the denominator of which shall be the sum of all of the Ellington Funds&rsquo; Adjusted NAVs.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Calculation Methodology may be amended from
time to time upon determination by USBGFS and the written approval of Ellington (which may include email). The Company shall be responsible
for the payment of the Services Fee relating to the Company and, for the avoidance of doubt, shall not be responsible for the payment
of any service or other fees allocable to Ellington Funds other than the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DEFINED TERMS</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ellington Funds&rdquo; shall mean, as of
each Services Fee calculation date, (a)&nbsp;those investment funds that are managed or advised by the Ellington Management Group, L.L.C.
or its affiliates (together, &ldquo;Ellington&rdquo;) and that have entered into an administration agreement with USBGFS contemplating
the provision of services comparable to the Services, (b)&nbsp;that certain fund to which Ellington provides non-discretionary investment
advisory services and for which USBGFS provides administration services, including services comparable to the Services and (c)&nbsp;any
other funds or accounts designated by Ellington and USBGFS as Ellington Funds.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;Adjusted NAV&quot; shall mean, with respect
to any Ellington Fund, the net asset value as of a fee calculation date multiplied by such fund's Multiplier.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OTHER</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Fee Schedule is based on the information
provided by the Company regarding the nature of the Company, including the investment strategy, fund structure and investor base. In the
event the Company deviates from the initial Company profile provided, or new information becomes available, USBGFS reserves the right
to terminate this Agreement in accordance with its terms.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fund Administration&nbsp;&amp; Compliance Portfolio Services Supplemental
Fee Schedule</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;15(c)&nbsp;Reporting</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$2,000 per fund per standard reporting package*</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Standard reporting packages for annual 15(c)&nbsp;meeting</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expense reporting package: 2 peer comparison reports (adviser fee)
and (net expense ratio w classes on one report) OR Full 15(c)&nbsp;report</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance reporting package: Peer Comparison Report</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additional 15c reporting is subject to additional
charges</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Data source &ndash; Morningstar; other data sources may incur additional
charges by a third-party source. The creation of the reporting package involving other data sources is to be created by the third-party
source and client.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Optional Tax Services</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare book-to-tax adjustments&nbsp;&amp; Form&nbsp;5471
for Controlled Foreign Corporations (CFCs) &ndash; $5,000 per year</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Capital Gain Dividend Estimates &ndash; (First
two included in core services) &ndash; $1,000 per additional estimate</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State tax returns - (First two included in core services)
 &ndash; $1,500 per additional return</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Customized delivery of data:</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TBD</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Reporting &ndash; MLP C-Corporations</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Federal Tax Returns</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepare corporate Book to tax calculation, average cost analysis and
cost basis role forwards, and federal income tax returns for investment fund (Federal returns&nbsp;&amp; 1099 Breakout Analysis) &ndash;
$25,000</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepare Federal and State extensions (If Applicable) &ndash; Included
in the return fees</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepare provision estimates &ndash; $2,000 Per estimate</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>State Tax Returns</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepare state income tax returns for funds and blocker entities &ndash;
$1,500 per state return</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sign state income tax returns &ndash; $2,000 per state return</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assist in filing state income tax returns &ndash; Included with preparation
of returns</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State tax notice consultative support and resolution &ndash; $1,000
per fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Extraordinary Services</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Extraordinary services are duties or responsibilities of an unusual
nature, including termination, but not provided for in the governing documents or otherwise set forth in this schedule. A reasonable charge
will be assessed based on the nature of the service and the responsibility involved. At our option, these charges will be billed at a
flat fee or at our hourly rate then in effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Subject to annual CPI increase &ndash; All Urban Consumers &ndash;
U.S. City Average&rdquo; index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any
point in time is negative).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees are calculated pro rata and billed monthly. Account approval is
subject to review and qualification. Fees are subject to change at our discretion and upon written notice. Fees paid in advance will not
be prorated. The fees set forth above and any subsequent modifications thereof are part of your agreement. Finalization of the transaction
constitutes agreement to the above fee schedule, including agreement to any subsequent changes upon proper written notice. In the event
your transaction is not finalized, any related out-of-pocket expenses will be billed to the client directly. Absent your written instructions
to sweep or otherwise invest, all sums in your account will remain uninvested and no accrued interest or other compensation will be credited
to the account. Payment of fees constitutes acceptance of the terms and conditions set forth.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who
opens an Account. For a non-individual person such as a business entity, a charity, a Trust, or other legal entity, we ask for documentation
to verify its formation and existence as a legal entity. We may also ask to see financial statements, licenses, identification and authorization
documents from individuals claiming authority to represent the entity or other relevant documentation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;C</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Required Provisions of Data Service Providers</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company shall use the Data solely for internal
purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by
the Data Provider.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company will not use or permit anyone else
to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial
instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and
futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices
(custom or otherwise).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company agrees that it shall (a)&nbsp;comply
with all laws, rules&nbsp;and regulations applicable to accessing and using the Data, (b)&nbsp;not use the Data for any purpose independent
of those for which it is provided by the Data Provider, and (c)&nbsp;exculpate the Data Provider, its affiliates and their respective
suppliers from any liability or responsibility of any kind relating to the Company&rsquo;s receipt or use of the Data (including expressly
disclaiming all warranties).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company will treat the Data as proprietary
to the Data Provider. Further, the Company shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all
trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company will not (i)&nbsp;copy any component
of the Data, (ii)&nbsp;alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling,
reverse engineering or creating derivative works, or (iii)&nbsp;make any component of the Data available to any other person or organization
(including, without limitation, the Company&rsquo;s present and future parents, subsidiaries or affiliates) directly or indirectly, for
any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar
arrangement.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company shall reproduce on all permitted
copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company shall assume the entire risk of using
the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by
the Company.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company acknowledges that the Data Providers
may, in their sole and absolute discretion and at any time, terminate USBGFS&rsquo; right to receive and/or use the Data.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company acknowledges and agrees that the
Data Providers are third party beneficiaries of the agreements between the Company and USBGFS with respect to the provision of the Data,
entitled to enforce all provisions of such agreements relating to the Data.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE DATA IS PROVIDED TO THE COMPANY ON AN &quot;AS
IS&quot; BASIS. USBGFS,&nbsp;ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF
THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED
BY THE USE THEREOF). USBGFS,&nbsp;ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING
OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">THE COMPANY ASSUMES THE ENTIRE RISK OF ANY USE THE COMPANY MAY&nbsp;MAKE
OF THE DATA. IN NO EVENT SHALL USBGFS,&nbsp;ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING
OF THE DATA, BE LIABLE TO THE COMPANY, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES,&nbsp;INCLUDING, WITHOUT LIMITATION,
ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE COMPANY
TO USE THE DATA, REGARDLESS OF THE FORM&nbsp;OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED
IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;D</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Digital Investor, Digital Investor Institutional,
Vision Electronic Statement Service, Chat and INFORMA<SUP>TM</SUP></U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Services and Definitions</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Internet Access &ndash; Internet access by Shareholders to their account information and investment transaction capabilities (&ldquo;<U>Internet
Service</U>&rdquo;). Internet Service is connected directly to the Company group&rsquo;s web site(s)&nbsp;through a transparent hyperlink.
To the extent offered by the Company, Shareholders can access, among other information, account information and portfolio holdings within
the Company, view their transaction history, and purchase additional shares through the Automated Clearing House (&ldquo;<U>ACH</U>&rdquo;).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>&ldquo;<U>Informa</U><SUP>TM</SUP>&rdquo; means the system made available through DST Output, a wholly owned subsidiary of DST Systems,&nbsp;Inc.
(&ldquo;<U>DST</U>&rdquo;) known as &ldquo;Informa<SUP>TM</SUP>&rdquo;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>&ldquo;<U>INFORMA Services</U>&rdquo; means the services that enable DST to make available certain data from DST&rsquo;s TA2000&reg;
mutual fund record-keeping systems through the Internet to authorized Users available to consenting end-users (&ldquo;<U>User</U>&rdquo;,
as defined below) through the systems known as Digital Investor or Digital Investor Institutional (as defined below), whereby certain
electronic statements (&ldquo;<U>E-Statements</U>&rdquo;, as further defined below) may be searched, viewed, downloaded and printed. INFORMA
Services also include notification to the end-user of the availability of E-Statements and storage of E-Statement documents.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>&ldquo;<U>E-Statement</U>&rdquo; means an electronic version of daily confirms, monthly, quarterly or annual statements, and shareholder
tax statements created with investor transaction data housed on DST&rsquo;s TA2000&reg; mutual fund record keeping system, with images
available online via a secure web site.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>&ldquo;<U>Vision Electronic Statement Services</U>&rdquo; &ndash; Online account access for broker/dealers, financial planners, and
registered investment advisers (&ldquo;<U>RIAs</U>&rdquo;).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD>&ldquo;<U>Chat</U>&rdquo; &ndash; A web-based system to permit Shareholders to engage customer service agents through Internet chat.
Services offered through chat are the same as through telephone servicing and include account information, transaction history, account
maintenance, purchase, liquidation,&nbsp;etc.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD>&ldquo;<U>Digital Investor</U>&rdquo; &ndash; An internet portal for Shareholder access</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">H.</TD><TD>&ldquo;<U>Digital Investor Institutional</U>&rdquo; &ndash; An internet portal for Institutional Shareholder access</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD>&ldquo;<U>Electronic Services</U>&rdquo; shall consist of those services set out in paragraph A through H above.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">J.</TD><TD>&ldquo;<U>End User(s)</U>&rdquo; or &ldquo;<U>User(s)</U>&rdquo; means the consenting person(s)&nbsp;to whom Electronic Services are
made available.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Duties and Responsibilities of USBGFS</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">USBGFS shall:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Make the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance and events outside of USBGFS&rsquo;
reasonable control. Unless an emergency is encountered, no routine maintenance will occur during the hours of 8:00 a.m.&nbsp;to 3:00 p.m.&nbsp;Central
Time.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Provide installation services for Electronic Services, which shall include review and approval of the Company&rsquo;s network requirements,
recommending method of establishing (and, as applicable, cooperate with the Company to implement and maintain) a hypertext link between
the Electronic Services site and the Company&rsquo;s web site(s)&nbsp;and testing the network connectivity and performance.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Maintain and support the Electronic Services, which shall include providing error corrections, minor enhancements and interim upgrades
to the Electronic Services that are made generally available to the Electronic Services customers and providing help desk support to provide
assistance to the Company&rsquo;s officers and agents with their use of the Electronic Services. Maintenance and support, as used herein,
shall not include (i)&nbsp;access to or use of any substantial added functionality, new interfaces, new architecture, new platforms, new
versions or major development efforts, unless made generally available by USBGFS to the Electronic Services customers, as determined solely
by USBGFS or (ii)&nbsp;maintenance of customized features.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Establish systems to guide, assist and permit End Users (as defined above) who access the Electronic Services from the Company&rsquo;s
web site(s)&nbsp;to electronically perform inquiries and create and transmit transaction requests to USBGFS.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>Address and mail, at the Company&rsquo;s expense, notification and promotional mailings and other communications provided by the Company
to shareholders regarding the availability of the Electronic Services.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD>Prepare and process new account applications received through the Internet Service from Shareholders determined by the Company to
be eligible for such services and in connection with such, the Company agrees to permit the establishment of Shareholder bank account
information over the Internet in order to facilitate purchase activity through ACH.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD>Provide the End User with a transaction confirmation number for each completed purchase, redemption, or exchange of the Company&rsquo;s
shares upon completion of the transaction. Transactions <FONT STYLE="color: #1f1f1f">are not considered in good order, and will not be
processed, until the entry of the trade and proper authorization has been completed.&nbsp; If order entry or authorization occur after
market close the transaction will be posted and receive the Net Asset Value for the next business day.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">H.</TD><TD>Informa, Digital Investor, Digital Investor Institutional, Vision, and E-Statement are provided by a third party (&ldquo;<U>Third
Party Electronic Services</U>&rdquo;). Third Party Electronic Services utilize commercially reasonable encryption and secure transport
protocols intended to prevent fraud and ensure confidentiality of End User accounts and transactions. USBGFS will take commercially standard
actions, including periodic scans of Internet interfaces and the Electronic Services, to protect the Internet web site(s)&nbsp;that provide
the Electronic Services and related network(s), against viruses, worms and other data corruption or disabling devices, and unauthorized,
fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software and by adopting such other security procedures
as may be necessary.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD>Inform the Company promptly of any malfunctions, problems, errors or service interruptions with respect to the Electronic Services
of which USBGFS becomes aware.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">J.</TD><TD>Exercise reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any,
provided by the Company to USBGFS in writing from time to time, and all &ldquo;point and click&rdquo; features of the Electronic Services
relating to Shareholder acknowledgment and acceptance of such disclaimers and notifications.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">K.</TD><TD>Establish and provide to the Company written procedures, which may be amended from time to time by USBGFS with the written consent
of the Company, regarding End User access to the Electronic Services and that are reasonably designed to protect the security and confidentiality
of information relating to the Company and End Users.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">L.</TD><TD>Provide the Company with daily reports of transactions listing all purchases or transfers made by each End User separately. USBGFS
shall also furnish the Company with monthly reports summarizing shareholder inquiry and transaction activity without listing all transactions.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">M.</TD><TD>Annually engage a third party to audit its internal controls for the Electronic Services and compliance with all guidelines for the
Electronic Services included herein and provide the Company with a copy of the auditor&rsquo;s report promptly.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">N.</TD><TD>Maintain its systems and perform its duties and obligations hereunder in accordance with all applicable laws, rules&nbsp;and regulations.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">O.</TD><TD>Be responsible for timely and adequately notifying User via e-mail that the User&rsquo;s E-Statement is available at the appropriate
Internet site.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">P.</TD><TD>Ensure the E-Statement is available for the User on the Company&rsquo;s Internet site for a minimum period of twenty-four (24) months
after delivery.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Duties and Responsibilities of the Company</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company or the End User, respectively, assume exclusive
responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services
in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">The Company,
as applicable, shall:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Revise and update the applicable Prospectus(es) and other pertinent materials including, without limitation, the fund&rsquo;s website(s),
and obtain all necessary consents and agreements with respect to the Electronic Services (such as user agreements with End Users), to
include the appropriate consents, notices and disclosures for Electronic Services, including disclaimers and information reasonably requested
by USBGFS.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Be responsible for designing, developing and maintaining one or more web sites for the Company through which End Users may access
the Electronic Services, including provision of software necessary for access to the Internet, which must be acquired from a third party
vendor. Such web sites shall have the functionality necessary to facilitate, implement and maintain the hypertext links to the Electronic
Services and the various inquiry and transaction web pages. The Company shall provide USBGFS with the name of the host of the Company&rsquo;s
web site server and shall notify USBGFS of any change to the Company&rsquo;s web site server host.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Provide USBGFS with such information and/or access to the Company&rsquo;s web site(s)&nbsp;as is necessary for USBGFS to provide the
Electronic Services to End Users.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Promptly notify USBGFS of any problems or errors with the applicable Electronic Services of which the Company becomes aware or any
changes in policies or procedures of the Company requiring changes to the Electronic Services.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Additional Representations and Warranties</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The parties hereby warrant that neither party shall knowingly
insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic
Services or Company&rsquo;s web site(s), as the case may be, any &ldquo;back door,&rdquo; &ldquo;time bomb,&rdquo; &ldquo;Trojan Horse,&rdquo;
 &ldquo;worm,&rdquo; &ldquo;drop dead device,&rdquo; &ldquo;virus&rdquo; or other computer software code or routines or hardware components
designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty,
the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with
replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Proprietary Rights</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Each party acknowledges and agrees that it obtains no rights in or to any of the software, hardware, processes, trade secrets, proprietary
information or distribution and communication networks of the other hereunder. Any software, interfaces or other programs a party provides
to the other hereunder shall be used by such receiving party only in accordance with the provisions of this <U>Exhibit&nbsp;D</U>. Any
interfaces, other software or other programs developed by one party shall not be used directly or indirectly by or for the other party
or any of its affiliates to connect such receiving party or any affiliate to any other person, without the first party&rsquo;s prior written
approval, which it may give or withhold in its sole discretion. Except in the normal course of business and in conformity with Federal
copyright law or with the other party&rsquo;s consent, neither party nor any of its affiliates shall disclose, use, copy, decompile or
reverse engineer any software or other programs provided to such party by the other in connection herewith.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>The Company&rsquo;s web site(s)&nbsp;and the Electronic Services may contain certain intellectual property, including, but not limited
to, rights in copyrighted works, trademarks and trade dress that is the property of the other party. Each party retains all rights in
such intellectual property that may reside on the other party&rsquo;s web site, not including any intellectual property provided by or
otherwise obtained from such other party. To the extent the intellectual property of one party is cached to expedite communication, such
party grants to the other a limited, non-exclusive, non-transferable license to such intellectual property for a period of time no longer
than that reasonably necessary for the communication. To the extent that the intellectual property of one party is duplicated within the
other party&rsquo;s web site to replicate the &ldquo;look and feel,&rdquo; &ldquo;trade dress&rdquo; or other aspect of the appearance
or functionality of the first site, that party grants to the other a limited, non-exclusive, non-transferable license to such intellectual
property for the period during which this <U>Exhibit&nbsp;D</U> is in effect. This license is limited to the intellectual property needed
to replicate the appearance of the first site and does not extend to any other intellectual property owned by the owner of the first site.
Each party warrants that it has sufficient right, title and interest in and to its web site and its intellectual property to enter into
these obligations, and that to its knowledge, the license hereby granted to the other party does not and will not infringe on any U.S.
patent, copyright or other proprietary right of a third party.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Each party agrees that the nonbreaching party would not have an adequate remedy at law in the event of the other party&rsquo;s breach
or threatened breach of its obligations under this Section&nbsp;of this <U>Exhibit&nbsp;D</U> and that the nonbreaching party would suffer
irreparable injury and damage as a result of any such breach. Accordingly, in the event either party breaches or threatens to breach the
obligations set forth in this Section&nbsp;of this <U>Exhibit&nbsp;D</U>, in addition to and not in lieu of any legal or other remedies
a party may pursue hereunder or under applicable law, each party hereby consents to the aggrieved party seeking equitable relief (including
the issuance of a temporary restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction,
without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened
breach. In any proceeding upon a motion for such equitable relief, a party&rsquo;s ability to answer in damages shall not be interposed
as a defense to the granting of such equitable relief. The provisions of this Section&nbsp;relating to equitable relief shall survive
termination of the provision of services set forth in this <U>Exhibit&nbsp;D</U>.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Compensation</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">USBGFS shall be compensated for providing the Electronic
Services selected by the Company from time to time in accordance with the fee schedule set forth in <U>Exhibit&nbsp;B</U> (as amended
from time to time).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>Additional Indemnification; Limitation of Liability</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Subject to <U>Section&nbsp;2</U> of this Exhibit, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES. Accordingly,
USBGFS&rsquo; sole liability to the Company or any third party (including End Users) for any claims, notwithstanding the form of such
claims (e.g., contract, negligence, or otherwise), arising out of the delay of or interruption in the Electronic Services to be provided
by USBGFS hereunder shall be to use its best efforts to commence or resume the Electronic Services as promptly as is reasonably possible,
so long as the delay or interruption was not the proximate result of USBGFS&rsquo;s gross negligence or willful misconduct.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>USBGFS shall, at its sole cost and expense, defend, indemnify, and hold harmless the Company and its directors, officers, agents,
and employees from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable
attorneys&rsquo; fees) arising out of or relating to any infringement, or claim of infringement, of any United States patent, trademark,
copyright, trade secret, or other proprietary rights based on the use or potential use of the Electronic Services.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>If an injunction is issued against the Company&rsquo;s use of the Electronic Services by reason of infringement of a patent, copyright,
trademark, or other proprietary rights of a third party, USBGFS shall, at its own option and expense, either (i)&nbsp;procure for the
Company the right to continue to use the Electronic Services on substantially the same terms and conditions as specified hereunder, or
(ii)&nbsp;after notification to the Company, replace or modify the Electronic Services so that they become non-infringing, provided that,
in the Company&rsquo;s judgment, such replacement or modification does not materially and adversely affect the performance of the Electronic
Services or significantly lessen their utility to the Company. If in the Company&rsquo;s judgment, such replacement or modification does
materially adversely affect the performance of the Electronic Services or significantly lessen their utility to the Company, the Company
may terminate all rights and responsibilities under this <U>Exhibit&nbsp;D</U> immediately on written notice to USBGFS.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Because the ability of USBGFS to deliver Electronic Services is dependent upon the Internet and equipment, software, systems, data
and services provided by various telecommunications carriers, equipment manufacturers, firewall providers and encryption system developers
and other vendors and third parties, USBGFS shall not be liable for delays or failures to perform its obligations hereunder to the extent
that such delays or failures are attributable to circumstances beyond its reasonable control which interfere with the delivery of the
Electronic Services by means of the Internet or any of the equipment, software and services which support the Internet provided by such
third parties. USBGFS shall also not be liable for the actions or omissions of any third party wrongdoers (i.e., hackers not employed
by USBGFS or its affiliates) that cause a disruption of the Electronic Services, unless USBGFS did not exercise reasonable care in following
commercial standards to protect the Electronic Services.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>USBGFS shall not be responsible for the accuracy of input material from End Users nor the resultant output derived from inaccurate
input.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD>Certain Electronic Services may permit the Company to provision End Users. If the Company undertake to provision End Users, the Company,
as applicable, shall be solely responsible for providing access to End Users, removing access for End Users, and for maintaining appropriate
safeguards over access credentials for End Users. USBGFS shall not be responsible for any unauthorized or improper use of the Electronic
Services by such End Users or by any other person accessing the Electronic Services through the action or inaction of the Company, or
such End Users.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD>Notwithstanding anything to the contrary contained herein, USBGFS shall not be obligated to ensure or verify the accuracy or actual
receipt, or the transmission, of any data or information contained in any transaction via the Electronic Services or the consummation
of any inquiry or transaction request not actually reviewed by USBGFS. USBGFS is entitled to reasonably presume that all information and
transaction requests submitted through the Electronic Services are genuine in the absence of actual information to the contrary. USBGFS
will not be liable for any loss, liability, cost or expense for reasonably following instructions communicated through the Electronic
Services, including fraudulent or unauthorized instructions.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B>Warranties</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC
SERVICES ARE PROVIDED BY USBGFS &ldquo;AS IS&rdquo; ON AN &ldquo;AS-AVAILABLE&rdquo; BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY
DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>Duties in the Event of Termination</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the event of termination of the services provided pursuant
to this <U>Exhibit&nbsp;D</U>, (i)&nbsp;End Users will no longer be able to access the Electronic Services and (ii)&nbsp;the Company will,
to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs,
manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall
destroy or erase all such information on any diskettes or other storage medium, except to the extent the Company is required to keep copies
of such records under applicable law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.(2)(K)(3)
<SEQUENCE>10
<FILENAME>tm2510586d2_ex99-x2xkx3.htm
<DESCRIPTION>EXHIBIT 99.(2)(K)(3)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xkx3.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (2)(k)(3)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>transfer
agency and registrar services agreement</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">This
Transfer Agency and Registrar Services Agreement</FONT> (this &ldquo;<U>Agreement</U>&rdquo;), dated as of April&nbsp;1, 2025 (the &ldquo;<U>Effective
Date</U>&rdquo;), is entered into by and between ELLINGTON CREDIT COMPANY, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;),
and <FONT STYLE="text-transform: uppercase">EQUINITI Trust Company, LLC</FONT>, a New York limited liability trust company (&ldquo;<U>Equiniti</U>&rdquo;;
together with the Company, the &ldquo;<U>Parties</U>&rdquo;; each, the &ldquo;<U>Party</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Appointment
of Equiniti as Transfer Agent and Registrar</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company hereby appoints Equiniti, and Equiniti hereby accepts such appointment, to act as sole transfer agent and registrar (the &ldquo;<U>Transfer
Agent</U>&rdquo;) for the common stock of the Company and for any other securities of the Company as requested in writing by the Company
from time to time (the &ldquo;<U>Shares</U>&rdquo;). Equiniti shall perform only those duties and obligations that are specifically set
forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against Equiniti. If the Company desires
that Equiniti perform any duties or responsibilities not expressly set forth in this Agreement or have special operational requirements
that deviate from Equiniti&rsquo;s standard processes in providing the services herein, the Parties shall execute a written amendment
to this Agreement setting forth the terms and conditions (including any applicable fees) to be mutually agreed by the Parties at such
time. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may be reasonably requested by Equiniti in performing the services hereunder.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
or immediately after the Effective Date, if requested by Equiniti, the Company shall deliver to Equiniti the following: (i)&nbsp;forms
of outstanding stock certificates of the Company (the &ldquo;<U>Stock Certificates</U>&rdquo;) approved and authorized by the board of
trustees of the Company (the &ldquo;<U>Board</U>&rdquo;) and certified by the corporate secretary or similar authorized officers of the
Company; (ii)&nbsp;incumbency certificates of the officers of the Company who are authorized to (x)&nbsp;execute Stock Certificates and/or
(y)&nbsp;deliver written instructions and requests on behalf of the Company to Equiniti; (iii)&nbsp;copies of the organizational documents
of the Company, certified by the corporate secretary or similar authorized officers of the Company; (iv)&nbsp;a sufficient supply of blank
Stock Certificates executed by (or bearing the facsimile signature of) the officers of the Company who are authorized to execute Stock
Certificates and, if required, bearing the Company&rsquo;s corporate seal; (v)&nbsp;a schedule that lists the class of the Shares, the
par value of the Shares, and the number of authorized Shares; and (vi)&nbsp;all documentation or information reasonably requested by Equiniti
that is required by bank regulatory authorities under applicable &ldquo;know your customer&rdquo; and anti-money laundering rules&nbsp;and
regulations, including without limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, as amended (the &ldquo;<U>Patriot Act</U>&rdquo;). The Company authorizes Equiniti to use Stock Certificates
bearing the signature of an authorized officer of the Company who at the time of use is no longer an officer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall promptly advise Equiniti in writing of any change in the capital structure of the Company, and the Company shall promptly
provide Equiniti with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized
Shares. Further, the Company shall advise Equiniti reasonably promptly of any amendment or supplement to any information or materials
provided by the Company to Equiniti and shall provide such amendment or supplement to Equiniti as soon as practicable.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company hereby authorizes Equiniti to establish a program (the &ldquo;<U>DRS Sale Program</U>&rdquo;) through which a holder of one or
more Shares (each, a &ldquo;<U>Shareholder</U>&rdquo;) may elect to sell any Shares held in book-entry form through the Direct Registration
System. The Company shall not be charged by Equiniti for establishing or administering the DRS Sale Program, and Equiniti shall be entitled
to charge a transaction fee as set forth on <U>Schedule 2</U> to any Shareholder that elects to sell Shares through the DRS Sale Program.
The Company hereby appoints Equiniti, and Equiniti hereby accepts such appointment, to act as the administrator of the DRS Sale Program.
The Company acknowledges and agrees that sales transactions in connection with the DRS Sale Program will be processed by a third-party
clearing broker (the &ldquo;<U>Broker</U>&rdquo;), and that Equiniti shall not be liable or responsible for the Broker&rsquo;s failure
to process any such transactions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Term</U>.
The initial term of this Agreement shall be three (3)&nbsp;years from the date hereof, and this Agreement shall automatically renew for
additional one-year successive terms (each, a &ldquo;<U>Term</U>&rdquo;) without further action of the Parties, unless written notice
is provided by either Party at least ninety (90) days prior to the end of the initial or any subsequent one-year period. The Term shall
be governed by this <U>Section</U>, notwithstanding the cessation of active trading of the Shares.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Fees;
Expenses</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
shall, or shall cause its Affiliates (as defined below), to provide to the Company the services listed on <U>Schedule 1</U> (the &ldquo;<U>Services</U>&rdquo;).
In consideration of such Services, the Company shall pay to Equiniti the fees set forth on <U>Schedule 2</U> (the &ldquo;<U>Fees</U>&rdquo;).
If the Company requests that Equiniti provide additional services not contemplated hereby, the Company shall pay to Equiniti fees for
such services at Equiniti&rsquo;s reasonable and customary rates, such fees to be governed by the terms of a separate agreement to be
mutually agreed to and entered into by the Parties at such time (the &ldquo;<U>Additional Service Fee</U>&rdquo;; together with the Fees,
the &ldquo;<U>Service Fees</U>&rdquo;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall reimburse Equiniti for all reasonable and documented expenses incurred by Equiniti (including, without limitation, reasonable
and documented fees and disbursements of counsel) in connection with the Services (the &ldquo;<U>Expenses</U>&rdquo;); <U>provided</U>,
<U>however</U>, that Equiniti reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay
all Service Fees and Expenses within thirty (30) days following receipt of an invoice from Equiniti. If the Company fails to pay the Fees
when due, in addition to all other remedies available hereunder or at law, all such payments shall bear interest at a rate that is the
lesser of (i)&nbsp;2.5% per month on the basis of a 365-day year and (b)&nbsp;the highest rate permissible under applicable law, subject
to a $50 minimum.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
each twelve-month period of the Term, Equiniti may adjust the Service Fees by up to the annual percentage of change in the latest Consumer
Price Index of All Urban Consumers United States City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics,
<U>plus</U> three percent (3%). Further, Equiniti may adjust the Service Fees to reflect cost increases due to (i)&nbsp;changes mandated
by legal or regulatory requirements, or (ii)&nbsp;additional services requested by the Company that are not ordinarily provided by Equiniti
to its customers generally without charging fees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
termination of this Agreement for any reason, Equiniti shall assist the Company with the transfer of records of the Company held by Equiniti.
Equiniti shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of
such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received after
the termination of this Agreement (the &ldquo;<U>Record Transfer Services</U>&rdquo;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties</U>.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company represents and warrants to Equiniti that (i)&nbsp;it is duly organized and validly existing and in good standing under the laws
of the state of its organization; (ii)&nbsp;it has all requisite power and authority to enter into this Agreement and to perform the transactions
contemplated hereby; (iii)&nbsp;the execution, delivery and performance of this Agreement and the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company; and (iv)&nbsp;this Agreement has been duly executed and delivered
and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with the Agreement&rsquo;s
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors&rsquo;
rights generally or by equitable principles (whether enforcement is sought by proceeding in equity or at law).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Shares issued and outstanding as of the date hereof, or to be issued during the Term, are or shall be duly authorized, validly issued,
fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;), and the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction that
is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange Act, and
such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of such Shares, the Company shall deliver
to Equiniti a legal opinion in form and substance reasonably satisfactory to Equiniti.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reliance</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness of any endorsement(s),
the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of such Stock
Certificate; <U>provided</U>, <U>however</U>, that Equiniti may delay or decline to issue or transfer a Stock Certificate if it determines
in good faith and in its sole discretion that it is in the Company&rsquo;s and/or Equiniti&rsquo;s best interests to receive evidence
or written assurance of the validity of the issuance, presentation or transfer of the Stock Certificate, the authority of its presenter(s)&nbsp;or
the collection or payment of any charges or taxes relating to the issuance or transfer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the avoidance of doubt, Equiniti shall not be responsible for any transfer or issuance of Shares that has not been effected by Equiniti.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i)&nbsp;any writing
or other instruction, including, but not limited to, oral instruction, certificate, wire instruction, instrument, opinion, notice, letter,
stock power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an authorized
officer, agent or employee of the Company, unless the Company has advised Equiniti in writing that Equiniti must act and rely only on
written instructions of certain authorized officers of the Company; (ii)&nbsp;any statement of fact contained in any such writing or instruction
which Equiniti in good faith believes to be accurate; (iii)&nbsp;other authenticity and genuineness of any signature (manual, facsimile
or electronic) appearing on any writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice,
letter, stock power, affidavit or other document or security; and (iv)&nbsp;the conformity to original of any copy. Equiniti may act and
rely on the advice, opinions or instructions received from the Company&rsquo;s legal counsel. In the event that the Company or its legal
counsel is unavailable or does not respond to Equiniti&rsquo;s requests for legal advice, Equiniti may seek the advice of Equiniti&rsquo;s
own legal counsel (including its internal legal counsel), and Equiniti shall be entitled to act and rely on the advice, opinion or instruction
of such counsel, which shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
Equiniti pursuant to such advice, opinion or instruction. Without limiting the foregoing, Equiniti shall be entitled to use and rely upon
any instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility for the
accuracy or completeness of such instructions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i)&nbsp;any writing
or other instruction believed by Equiniti in good faith to have been furnished by or on behalf of a Shareholder, including, but not limited
to, any oral instruction, certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document
or security; (ii)&nbsp;any statement of fact contained in any such writing or instruction which Equiniti in good faith believes to be
accurate; (iii)&nbsp;the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of
such apparent authority; (iv)&nbsp;the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any
writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit
or other document or security; and (v)&nbsp;on the conformity to original of any copy. Equiniti is authorized to reject any transfer request
that fails to satisfy Equiniti&rsquo;s internal procedures relating to the transfer of Shares. Without limiting the foregoing, Equiniti
shall be entitled to use and rely upon any instructions of a Shareholder or its representatives without responsibility for independent
verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i)&nbsp;any information,
records, documents and communication provided to Equiniti by any former transfer agent or former registrar of the Company; (ii)&nbsp;any
guaranty of signature by an &ldquo;eligible guarantor institution&rdquo; that is a member or participant in the Securities Transfer Agents
Medallion Program or other comparable signature guarantee program or insurance program; or (iii)&nbsp;any instructions received through
the Depository Trust Company&rsquo;s Direct Registration System/Profile service.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
shall promptly notify the Company upon receipt of a Stock Certificate that is not reflected in Equiniti&rsquo;s records. If the Company
and Equiniti are unable to account for such Stock Certificate, within sixty (60) days of such determination, the Company shall in its
sole discretion (a)&nbsp;increase the number of issued Shares or (b)&nbsp;acquire and cancel a number of Shares to account for such Stock
Certificate.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lost,
Stolen or Destroyed Certificates</U>. Equiniti shall not be obligated to issue a replacement certificate for any Stock Certificate reported
to have been lost, stolen or destroyed, unless Equiniti shall have received from the applicable Shareholder: (a)&nbsp;an affidavit of
loss; (b)&nbsp;an indemnity bond in form and substance reasonably satisfactory to Equiniti; and (c)&nbsp;payment of all applicable processing
fees; <U>provided</U> that, upon the Company&rsquo;s written request, Equiniti may, in its sole discretion, accept an indemnification
letter from the Company in lieu of an indemnity bond.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Unclaimed
Property</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
the extent required by applicable unclaimed property laws or if requested by the Company, Equiniti will provide, or cause to be provided,
unclaimed property reporting services for unclaimed property that may be deemed abandoned or otherwise subject to unclaimed property law.
Such services may include (without limitation) (i)&nbsp;identification of unclaimed or abandoned property, (ii)&nbsp;preparation of unclaimed
or abandoned property reports, (iii)&nbsp;delivery of unclaimed or abandoned property to the applicable state unclaimed property departments,
(iv)&nbsp;completion of required due diligence notifications, (v)&nbsp;responses to inquiries from Shareholders relating to unclaimed
or abandoned property, and (vi)&nbsp;such other services as may reasonably be necessary to comply with unclaimed property laws or regulations.
The Company shall assist and cooperate with Equiniti as reasonably necessary in connection with the performance of the services described
in this <U>Section</U>. Equiniti shall assist the Company in responding to (x)&nbsp;inquiries from state unclaimed property departments
regarding reports filed by or on behalf of the Company or (y)&nbsp;requests for the confirmation of names of owners of unclaimed or abandoned
property.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company acknowledges and agrees that Equiniti may use a shareholder locating service provider (the &ldquo;<U>Locating Service Provider</U>&rdquo;)
to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing
the escheatment of applicable Shares and related unclaimed or abandoned property. The Company shall not be charged by Equiniti or the
Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x)&nbsp;to
contact Equiniti at no charge other than at Equiniti&rsquo;s applicable fees or (y)&nbsp;to utilize the services of the Locating Service
Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state&rsquo;s unclaimed property rules.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Confidentiality</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Confidential
Information</U>&rdquo; means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates: (i)&nbsp;information concerning
the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical,
and other information marked or designated by such Party as &ldquo;confidential&rdquo; or &ldquo;proprietary&rdquo;, historical financial
statements, financial projections and budgets, audits, tax returns and accountants&rsquo; materials, historical, current and projected
sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer
agreements); (ii)&nbsp;information that, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated
as confidential; (iii)&nbsp;information, including account information, relating to the shareholders of the Disclosing Party; and (iv)&nbsp;all
notes, analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its Affiliates,
employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; <U>provided</U> that
Confidential Information shall not include any information that (x)&nbsp;is or becomes (through no improper action or inaction of the
Receiving Party) generally available to the public; (y)&nbsp;was rightfully disclosed to the Receiving Party by a third party without
a breach of any confidentiality obligations hereunder; or (z)&nbsp;was independently developed by the Receiving Party without reference
to or use of any Confidential Information.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Affiliates</U>&rdquo;
means, as to a specified Person, another Person that directly, or indirectly, controls or is controlled or is under common control with
the specified Person; &ldquo;<U>Person</U>&rdquo; means any corporation, limited liability company, partnership or other legal entity;
and &ldquo;<U>contro</U>l&rdquo; means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. &ldquo;<U>Controlling</U>&rdquo;
and &ldquo;<U>controlled</U>&rdquo; shall have corresponding meanings.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Party (the &ldquo;<U>Receiving Party</U>&rdquo;) acknowledges that it may acquire or have access to Confidential Information of the other
Party (the &ldquo;<U>Disclosing Party</U>&rdquo;) in connection with the Services or this Agreement. The Receiving Party shall not disclose
Confidential Information to any other Person, and shall not use Confidential Information for any purposes other than in connection with
the performance of its obligations under this Agreement; <U>provided</U> that the Receiving Party shall be permitted to disclose Confidential
Information (i)&nbsp;pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case the
Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof
prior to disclosure; <U>provided</U>, <U>however</U>, that this <U>clause</U> shall not require Equiniti to notify the Company of its
receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed
against or by a Shareholder); or (ii)&nbsp;upon the request or demand of any regulatory authority having jurisdiction over the Receiving
Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing
Party promptly thereof prior to disclosure). The Receiving Party shall safeguard the Confidential Information to the same extent that
it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the termination of this Agreement or upon the Disclosing Party&rsquo;s written request, the Receiving Party shall, at the Disclosing Party&rsquo;s
option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived
from the Confidential Information, and copies thereof, and shall delete and purge permanently all copies and traces of the same from any
storage location and/or media to the extent reasonably or technically possible. The Receiving Party shall, within fifteen (15) days from
the termination of this Agreement or such request, provide the Disclosing Party with a certificate signed by an authorized officer of
the Receiving Party confirming that the Receiving Party has fulfilled its obligations under this <U>clause</U>. Notwithstanding the foregoing,
the Receiving Party may retain copies of the Confidential Information to the extent that such retention is required by applicable law
or in accordance with the Receiving Party&rsquo;s bona fide internal record retention policies and procedures; <U>provided</U> that the
Recipient shall continue to be bound by its confidentiality obligations hereunder.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Either
Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured or,
if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching Party&rsquo;s receipt of written
notice of such breach (the &ldquo;<U>Cure Period</U>&rdquo;). If the Company is the breaching Party, then, during the Cure Period, upon
written notice to the Company, Equiniti may suspend the Services without terminating the Agreement. During the period of suspension of
Services, Equiniti shall have no obligation to act as Transfer Agent, it being understood that such suspension shall not affect Equiniti&rsquo;s
rights and remedies hereunder.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Either
Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i)&nbsp;becomes insolvent or
admits its inability to pay its debts generally as they become due; (ii)&nbsp;becomes subject, voluntarily or involuntarily, to any proceeding
under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7)&nbsp;business days or is not dismissed
or vacated within forty-five (45) business days after filing; (iii)&nbsp;is dissolved or liquidated or takes any corporate action for
such purpose; (iv)&nbsp;makes a general assignment for the benefit of creditors; or (v)&nbsp;has a receiver, trustee, custodian or similar
agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Either
Party may terminate the Enhanced Ownership Intelligence Services (as defined in <U>Schedule 1</U>) on each anniversary date of the Effective
Date by providing written notice to the other Party at least sixty (60) days prior to such anniversary date.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company acknowledges that Equiniti is required to perform a &ldquo;know-your-customer&rdquo; review of the Company from time to time
pursuant to applicable anti-money laundering rules&nbsp;and regulations, including without limitation the Patriot Act, and Equiniti may
terminate this Agreement, effective upon written notice to the Company, if Equiniti determines in its sole discretion that the Company
has failed such &ldquo;know-your-customer&rdquo; review.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
expiration or termination of this Agreement, for any reason, shall not release either Party from any obligation or liability to the other
Party, including any payment and delivery obligation, that (i)&nbsp;has already accrued hereunder; (ii)&nbsp;comes into effect due to
the expiration or termination of the Agreement; or (iii)&nbsp;otherwise survives the expiration or termination of this Agreement. Following
the termination of this Agreement, Equiniti shall promptly invoice the Company for any outstanding Service Fees and Expenses due and
owing under this Agreement, and the Company shall pay all such Service Fees and Expenses to Equiniti in accordance with the payment terms
set forth in this Agreement.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company terminates this Agreement pursuant to <U>Sections 2</U>, <U>9(a)</U>, or <U>9(b)</U>, then the Company shall pay to Equiniti
(i)&nbsp;all amounts outstanding under this Agreement as of the date of such termination and (ii)&nbsp;Equiniti&rsquo;s then-customary
fees for Record Transfer Services. If the Company terminates this Agreement for any reason other than pursuant to <U>Sections 2</U>,
<U>9(a)</U>, or <U>9(b)</U>, then the Company shall pay to Equiniti (x)&nbsp;all outstanding Service Fees and Expenses as of the date
of such termination, (y)&nbsp;the Service Fees that would otherwise have accrued during the remainder of the then-current Term, and (z)&nbsp;Equiniti&rsquo;s
then-customary fees for Record Transfer Services.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitations
on Liability</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti&rsquo;s
liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service Fees paid under this
Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such liability.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnity</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company hereby agrees to indemnify and hold harmless Equiniti and its Affiliates and its and their officers, directors, employees, advisors,
agents, other representatives and controlling persons (each, an &ldquo;<U>Indemnified Person</U>&rdquo;) from and against any and all
losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out
of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding relating to any of the
foregoing (each, a &ldquo;<U>Proceeding</U>&rdquo;), regardless of whether any such Indemnified Person is a party thereto or whether a
Proceeding is brought by a third party or by the Company or any of its Affiliates, and to reimburse each such Indemnified Person upon
demand for any reasonable, documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any
of the foregoing by one counsel to the Indemnified Persons taken as a whole and, in the case of a conflict of interest, one additional
counsel to the affected Indemnified Persons taken as a whole; <U>provided</U> that the foregoing indemnity shall not, as to any Indemnified
Person, apply to losses, claims, damages, liabilities or related expenses to the extent they have resulted from the willful misconduct,
bad faith or gross negligence of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable
decision).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Equiniti
agrees to notify the Company promptly of the assertion of any Proceeding against any Indemnified Person; and the Company agrees to notify
Equiniti promptly of the assertion of any Proceeding against the Company, or any of its officers, directors, employees, advisors, agents,
other representatives and controlling persons in connection with the Services, in which event Equiniti agrees to assume sole responsibility
of promptly notifying any of the relevant Indemnified Persons of any such assertion; <U>provided</U>, <U>however</U>, failure to provide
such notice shall not adversely affect any Indemnified Person&rsquo;s right to indemnification hereunder unless the Company is actually
prejudiced by such failure. At the Company&rsquo;s election, unless there is a conflict of interest, the defense of the Indemnified Persons
shall be conducted by the Company&rsquo;s counsel. Notwithstanding the foregoing, Equiniti may employ separate counsel to represent it
or defend Equiniti or an Indemnified Person in such Proceeding, and the Company will pay any reasonable, documented legal or other out-of-pocket
expenses of counsel if Equiniti or such Indemnified Person reasonably determines, based on the advice of its legal counsel, that there
are defenses available to Equiniti or such Indemnified Person that are different from, or in addition to, those available to the Company,
or if an actual or potential conflict of interest between Equiniti or the Indemnified Person and the Company makes representation by
the Company&rsquo;s counsel not advisable; <U>provided</U> that, unless there is an actual or potential conflict of interest, the Company
will not be required to pay the fees and expenses of more than one separate counsel for all Indemnified Persons in any jurisdiction in
any single Proceeding. In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall be entitled to participate
in such Proceeding and retain its own counsel at such Indemnified Person&rsquo;s own expense.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably
withheld, conditioned or delayed), but if settled with the Company&rsquo;s written consent or if there is a final judgment for the plaintiff
in any such Proceedings, the Company agrees to indemnify and hold harmless each Indemnified Person from and against any and all losses,
claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with <U>clause (a)</U>&nbsp;above. The
Company shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned
or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in respect of which
indemnity could have been sought hereunder by such Indemnified Person, unless (i)&nbsp;such settlement includes an unconditional release
of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on claims that are the subject
matter of such Proceedings and (ii)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Person.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Force
Majeure</U>. Equiniti shall not be liable for failure or delay in the performance of the Services if such failure or delay is due to
causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or
other natural disaster), pandemic, epidemic, state of emergency, war, invasion, act of foreign enemies, hostilities (regardless of whether
war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization,
government sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service
or any other force majeure event.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be in writing
and addressed to the other Party at the following address (or at such other address as shall be given in writing by one Party to the other):</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If to the Company:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ellington Credit Company</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Secretary</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Phone: 203-409-3585</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT><U>leglanotices@ellington.com</U>; ashilleh@ellington.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With a copy to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ellington Credit Company Management LLC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: General Counsel</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Phone: 929-564-0941</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT><U>leglanotices@ellington.com</U>; dmargolis@ellington.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If to Equiniti:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Equiniti Trust Company, LLC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">48 Wall Street, 22<SUP>nd
</SUP>Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New York, New York 10005</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: Chief Customer
Officer</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT><U>margot.jordan@equiniti.com</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With a copy to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Equiniti Trust Company, LLC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">48 Wall Street, 22<SUP>nd
</SUP>Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New York, New York 10005</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: Legal Department</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT><U>LegalTeamUS@equiniti.com</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">14.</TD><TD><U>Miscellaneous</U>.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company acknowledges and agrees that (i)&nbsp;nothing herein shall be construed as creating any agency, partnership, joint venture or
other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii)&nbsp;the Company waives, to the fullest
extent permitted by law, any claims that it may have against Equiniti for breach of fiduciary duty or alleged breach of fiduciary duty
and agrees that Equiniti shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts of
law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United
States District Court for the Southern District of New York or any court of the State of New York of competent jurisdiction located in
such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service
of process against such party for any suit, action or proceeding brought in any such court. Each Party (i)&nbsp;waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Agreement or the Services in any New&nbsp;York State court or in any such Federal court;
(ii)&nbsp;waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action
or proceeding in any such court; and (iii)&nbsp;agrees that a final judgment in any such suit, action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. <B>EACH PARTY IRREVOCABLY WAIVES
THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING
OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions contained
herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision
hereof shall be effective unless in writing and signed by the Parties and then only in the specific instance and for the specific purpose
for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated hereby and sets forth
the entire understanding of the Parties with respect thereto. This Agreement and the obligations hereunder of each Party shall not be
assignable by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or
conditioned); <U>provided</U> that Equiniti may assign this Agreement or any rights granted hereunder, in whole or in part, to (i)&nbsp;its
Affiliates in connection with a reorganization or (ii)&nbsp;a Person that acquires all or substantially all of the business or assets
of Equiniti whether by merger, acquisition, or otherwise.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page&nbsp;of this Agreement by facsimile transmission or in &ldquo;<U>.pdf</U>&rdquo; or &ldquo;<U>.tif</U>&rdquo;
form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be
held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein
and shall be deemed an agreement between the Parties to the fullest extent permitted by law.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.</B>]</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each Party has caused this
Agreement to be duly executed as of the date first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EQUINITI TRUST COMPANY,
    LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">ELLINGTON CREDIT COMPANY</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Carlos Pinto</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laurence Penn</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Carlos Pinto</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Laurence Penn</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 41%"><FONT STYLE="font-size: 10pt">SVP, Director Relationship
    Management</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; width: 41%"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    </TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Schedule 1</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Services</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used herein
and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, Equiniti will provide the following
services:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>ACCOUNT MAINTENANCE AND RECORDKEEPING</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; width: 5%; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; width: 95%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Open
    new accounts, consolidate and close Shareholder accounts</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    record storage services (subject to an additional fee)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
    all Shareholder accounts</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
    address changes, including seasonal addresses</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place,
    maintain and remove stop transfers</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post all
    debit and credit certificate transactions</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perform
    social security solicitation</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Handle
    shareholder and broker inquiries, including internet correspondence</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Respond
    to requests for audit confirmations</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Monthly
                                            report for all classes of securities in Microsoft Word and HTML formats (Excel format is
                                            subject to an additional fee)</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>STOCK AUDIT / CONTROL BOOK FUNCTIONS</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maintain
                                            accurate records of outstanding Shares</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Respond
                                            to requests for audit confirmations (subject to an additional fee)</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 10pt">Provide
                                            web access to the total outstanding Share balances</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>CERTIFICATE AND SECURITY ISSUANCE FUNCTIONS</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; width: 5%; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; width: 95%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Process all
    routine transfers</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Post all debit and credit
    certificate transactions</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issue Stock Certificates</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Create book entry Direct
    Registration System (&ldquo;DRS&rdquo;) positions</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Participate in the DRS profile
    system, allowing broker &ldquo;sweeps&rdquo; of registered positions</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interface electronically
    with DTC/CEDE&nbsp;&amp; CO.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mail newly-issued certificates/DRS
    advices to Shareholders</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Replace lost or stolen Stock
    Certificates upon Shareholder request</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issue and register all Stock
    Certificates</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issue shares upon exercise of stock options.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Process legal transfers
    and transactions requiring special handling</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; text-align: left">&middot;</TD>
    <TD STYLE="font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provide, upon request, access
    to daily reports of processed transfers</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>REPORTING</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Symbol; width: 5%; text-align: left">&middot;</TD>
    <TD STYLE="width: 95%; font: 10pt Symbol; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Furnish,
    upon request, unlimited Shareholder list, sorted by Company-designated criteria</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>LISTS AND MAILINGS</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 10pt">Enclose
                                            multiple proxy cards to same household in one envelope, if applicable (subject to an additional
                                            fee)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Monitor
                                            and suppress undeliverable mail until correct address is located</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Furnish
                                            shareholder lists, in any sequence</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Provide
                                            geographical detail reports of all stocks issued/surrendered over a specific period</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Provide
                                            mailing labels</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC
SYSTEM</U></B><SUP>1</SUP></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Facilitate Deposit/Withdrawal At Custodian (&ldquo;<U>DWAC</U>&rdquo;) and original issuances initiated
from the Company&rsquo;s desktop via Internet</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Accept files for original issuances</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Allow multiple requests to be submitted on the same form at the same time</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Notify the Company via email when matching broker instructions have not been received</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide designated brokers the ability for brokers to log into the system and track the status of Company-submitted
items</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Report daily and monthly transactions via e-mail</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Enforce built-in security procedures</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>TECHNOLOGY AND INTERNET ACCESS</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Retrieve account information (including outstanding Stock Certificates and checks) 24 hours a day, 7 days
per week</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Review frequently asked questions, including transfer requirements and corporate actions data</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Download forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Change account addresses</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Replace lost, stolen or uncashed checks</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Replace lost, stolen or non-received Stock Certificates</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Obtain a duplicate Form&nbsp;1099</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Sign up for electronic delivery (e.g., for proxy materials)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Request a certificate for shares held in book-entry or plan form</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Enroll to have dividends directed toward purchase of additional Shares</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Send e-mail inquiries concerning Shareholder&rsquo;s account, or conduct an online chat session with one
of Equiniti&rsquo;s customer service representatives</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>SHAREHOLDERS VIA THE INTERACTIVE VOICE
RESPONSE (&ldquo;IVR&rdquo;)</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Obtain account-specific information, including account balance</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Execute plan transactions, including sales and certification requests</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Request a duplicate Form&nbsp;1099, with delivery via mail or fax</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Request a transfer package via mail or fax</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Request forms to effect address changes, check replacements, Stock Certificate replacements and direct
deposit enrollments</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Obtain information pertaining to current corporate actions or other significant Company events</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>SHAREHOLDER (INQUIRIES)</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Distribute &ldquo;welcome&rdquo; material to new Shareholders (may incur reimbursable expenses)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries
or perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective
steps required to complete their request</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide 24/7 account access via the internet and IVR telephonic system</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide toll-free number for Shareholder-initiated telephone inquiries to Equiniti&rsquo;s call center</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Oversee the fulfillment process for potential investors (if applicable)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Please note that AST does not charge a fee for DWAC processing
but that the broker may charge fees incurred from receipt of Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>ISSUER CENTRAL<SUP>&reg;</SUP> CLIENT INTERNET
PORTAL<SUP>2</SUP></U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Access for authorized end-users to the Issuer Central transfer agent portal, which includes the following
functionalities:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">View and download detailed Shareholder data, including name, address of record, account number(s), number
of Shares held in certificate and book-entry form, treasury shares, historical dividend-related information and cost basis reporting information</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Insiders and other named directors&nbsp;&amp; officers</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Domestic and foreign tax certification summary</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Plan/dividend elections summary</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Abandoned property and escheatment detail</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Uncashed check summary</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Obtain total outstanding Share balances</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Utilize Equiniti&rsquo;s reporting and subscription tools to access or generate comprehensive reports
in a real-time environment, with immediate e-mail notification</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Issue stock options and effect delivery through the DWAC system</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Update company profile and corporate information</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>ENHANCED
ISSUER CENTRAL WITH OWNERSHIP INTELLIGENCE (the &ldquo;Enhanced Ownership Intelligence Services&rdquo;</U></B></FONT><B>)</B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Technical and analyst support services during standard business hours</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Onboarding session (up to 2 hours) &ndash; orientation, profile setup and home page&nbsp;customization</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">License for Enhanced Issuer Central functionality, which includes:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Institutional Ownership</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Near Real-Time (Intra-Filing)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Top 100 Shareholders</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">5% Shareholders</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Section&nbsp;16 Insider Tracking/Reporting</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Peer Investor Tracking Analysis</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Historical Investor Tracking Analysis</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Intelligence on Historical Behavior by Proxy Advisor Influencers</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>Control
Books Tracking</U></B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Receive daily emails of control books information</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Review current transactions affecting the number of outstanding Shares in a Company-specified date range</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>Proxy
Central</U></B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Proxy reports (either summarized or detailed) by proposal</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Voting status on the 50 largest accounts</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Shareholders attending the Company annual meeting</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">DTC position listing</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Broker voting detail</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Access to Issuer Central is subject to each end user&rsquo;s
acceptance of the Click Through Subscription Agreement then in-effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>ANNUAL SHAREHOLDER MEETING</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Process proxy votes for routine/non-routine meetings of the Company</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Imprint Shareholders&rsquo; name on proxy cards</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>Mail material to Shareholders</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Prepare and transmit daily proxy tabulation reports to the Company by email</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide certified Shareholder list in hard copy if requested</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Facilitate proxy distribution mailing</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>DIVIDEND DISBURSEMENT</U></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Confirm in writing that the dividend notice was received</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Prepare and calculate dividend payments</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Furnish one copy of the dividend register, hard copy or CD-ROM (if requested)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Place stop payment orders on reported lost dividend checks</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Issue replacement dividend checks/sales checks</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Provide copies of paid dividend checks upon request (subject to an additional fee)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Report annual dividend income to Shareholders on applicable Form&nbsp;1099</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">File annual tax information electronically to the Internal Revenue Service</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Withhold and remit backup withholding taxes as required by the Internal Revenue Service</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Maintain custody and control of all undeliverable checks and forward returned items to Shareholders upon
confirmation of a current address</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Unclaimed Property</U></B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Analyze and identify unclaimed or abandoned property across each class of security (if applicable)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Prepare and distribute due diligence notices (may incur reimbursable expenses)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Deliver all unclaimed property and reports to the applicable jurisdictions</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Respond to shareholder and state inquiries relating to unclaimed property filings</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Please note that postage and processing fees will apply.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Schedule 2</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fees</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Transfer Agent AND Registrar SERVICES </U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Monthly Administration Fee ( This includes TA Fee with Dividend and Dividend Reinvestment)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SERIES A PFD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*1 time set up fee for Dividend Reinvestment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP>Unclaimed Property Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">525</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account Maintenance per Account</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance and Registration of Stock Certificates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Stock Certificate cancelled</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted/Preferred Accounts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Written Correspondence</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Address Changes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer Service &ndash; Telephone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Responding to Shareholder Inquiries</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Restricted Transfers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Stock Option</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP>DWAC Transfers (broker fees may apply)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Routine Transfers (including removal of legends and transfer of applicable Shares)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Internet Access</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client Internet Access</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP>DRS Sale Program &ndash; Transaction Fee (to be paid by the Shareholder)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per transaction</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ENHANCED OWNERSHIP INTELLIGENCE SERVICES </U></B><U>(waived for the initial year)</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$5,000 per seat annually</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>ANNUAL MEETING ADministration SERVICES</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare Full Shareholder List as of Record Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete Reporting for Proxy Program</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receive and Scan Returned Proxies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tabulate Proxies (Registered and Beneficial Holders &ndash; per vote fee applicable)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare and Verify Final Vote List</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Online access for Company to monitor voting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Omnibus Download of Proxy from DTC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webcast-Integrated Virtual Meeting Hosting and Support Services</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Available<SUP>7</SUP></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspector of Election (travel fees will be applied as out-of-pocket expenses)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Available</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Online&nbsp;&amp; Telephonic Voting for Registered Shareholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Available</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MANAGEMENT REPORTING</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard Reporting Suite</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Online Access to Management Reports</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report Requirements determined at Conversion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Please note that additional fees will incur during Escheatment
season.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Please note that AST does not charge a fee for DWAC processing
but that the broker may charge fees incurred from receipt of Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> A transaction fee of $15.00 plus $0.12 per Share sold
will be charged to the Shareholder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT>All services indicated as &ldquo;Available&rdquo; herein may be offered by AST subject to additional fees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>SPECIAL SERVICES</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services not included herein (including, without
limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement services, voluntary disclosure
agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Company may be subject
to additional charges.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Out-of-pocket Expenses</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All customary out-of-pocket expenses will be billed
in addition to the foregoing fees. These charges include, but are not limited to items such as:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Printing, stationery, postage and handling for all activities such as:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Dividend payments&nbsp;&amp; statement mailings</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Proxy mailings</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Advices and confirmations</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">Tax form mailings</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">W8/W9 solicitations</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Freight and materials delivery</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Due diligence activities associated with escheatment</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing fees apply to services ordinarily
rendered by Equiniti and are subject to reasonable adjustment based on final review of documents.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</BODY>
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<DOCUMENT>
<TYPE>EX-99.(2)(R)(1)
<SEQUENCE>11
<FILENAME>tm2510586d2_ex99-x2xrx1.htm
<DESCRIPTION>EXHIBIT 99.(2)(R)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2510586d2_ex99-x2xrx1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2510586-2/tm2510586-2_n2seq1/users" -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(2)(r)(1)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELLINGTON CREDIT COMPANY</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF ETHICS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Adopted April&nbsp;1, 2025</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Under Rule&nbsp;17j-1</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While affirming its confidence in the integrity
and good faith of all of its officers and trustees, Ellington Credit Company (the &ldquo;Fund&rdquo;), recognizes that the knowledge of
present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions, which may be possessed
by certain of its officers, employees, and trustees could place such individuals, if they engage in personal transactions in Securities
which are eligible for investment by the Fund, in a position where their personal interests may conflict with that of the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In view of the foregoing and of the prohibitions
of Rule&nbsp;17j-1(b)&nbsp;under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;), the Fund has determined to adopt this
Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential
for or the appearance of such a conflict) and to establish reporting requirements and enforcement procedures.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Statement
of General Principles.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In recognition of the Fund and confidence placed
in the Fund by its shareholders, and to give effect to the Fund&rsquo;s belief that its operations should be directed to the benefit of
its shareholders, the Fund hereby adopts the following general principles to guide the actions of its trustees, officers, and employees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 31.5pt; vertical-align: top">(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The interests of the Fund&rsquo;s shareholders are paramount, and all of the Fund&rsquo;s personnel must
conduct themselves and their operations to give maximum effect to this tenet by assiduously placing the interests of the shareholders
before their own.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 31.5pt; vertical-align: top">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">All personal transactions in Securities by the Fund&rsquo;s personnel must be accomplished so as to avoid even the
appearance of a conflict of interest on the part of such personnel with the interests of the Fund and its shareholders.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 31.5pt">(3)</TD><TD>All of the Fund&rsquo;s personnel must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from
his or her position with respect to the Fund, or that otherwise bring into question the person&rsquo;s independence or judgment.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Access
Person</U>&rdquo; means (i)&nbsp;each Manager or officer of the Fund or its Investment Manager or Sub-Advisor, (ii)&nbsp;each employee
of the Fund or its Investment Manager or Sub-Advisor (or of any company in a Control relationship to the Fund) who, in connection with
his or her regular functions or duties, makes, participates in, or obtains information regarding the Purchase or Sale of a Security by
the Fund or any series thereof, or whose functions relate to the making of any recommendations with respect to such purchases or sales,
(iii)&nbsp;any natural person in a Control relationship to the Fund or its Investment Manager or Sub-Advisor who obtains information concerning
recommendations made to or by the Fund with respect to the Purchase or Sale of a Security, or whose functions relate to the making of
any recommendations with respect to such purchases or sales; (iv)&nbsp;each trustee, officer or general partner of any principal underwriter
for the Fund, but only where such person in the ordinary course either makes, participates in, or obtains information regarding the Purchase
or Sale of Securities, or whose functions relate to the making of recommendations regarding Securities; and (v)&nbsp;any natural person
in a Control relationship with a Security or any of the Securities&rsquo; Investment Managers or Sub-Advisor who obtain information concerning
recommendations made with regard to the Purchase or Sale of a Security.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Beneficial
Ownership</U>&rdquo; means beneficial ownership as determined under Section&nbsp;16 of the Securities Exchange Act of 1934. A person is
generally the beneficial owner of Securities in which he or she has a direct or indirect pecuniary interest. In addition, a person is
the beneficial owner of Securities held by his or her spouse, his or her minor children, a relative who shares his or her home, or other
persons by reason of any contract, arrangement, understanding, or relationship that provide him or her with sole or shared voting or investment
power.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Control</U>&rdquo;
means control as set forth in Section&nbsp;2(a)(9)&nbsp;of the Investment Company Act of 1940. Control is the power to exercise a controlling
influence over the management or policies of a company, unless such power is solely the result of an official position with such company.
Ownership of 25% or more of a company&rsquo;s outstanding voting Securities is presumed to give the holder thereof control over the company.
Such presumption may be countered by the facts and circumstances of a given situation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Independent
Trustee</U>&rdquo; means a Trustee of the Fund who is not an &ldquo;interested person&rdquo; of the Fund within the meaning of Section&nbsp;2(a)(19)
of the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Initial
Public Offering</U>&rdquo; (&ldquo;IPO&rdquo;) means an offering of Securities registered under the Securities Act of 1933, the issuer
of which, immediately before registration, was not subject to the reporting requirements of Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Securities Exchange Act of 1934.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Portfolio
Manager</U>&rdquo; means an individual, employed with the Investment Manager, who is involved in making the Purchase or Sale decisions
of Securities on behalf of the fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Private
Placement</U>&rdquo; means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section&nbsp;4(2),
Section&nbsp;4(6), or Rules&nbsp;504, 505, or 506 thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&ldquo;<U>Special
Purpose Investment Personnel</U>&rdquo; means each Access Person who, in connection with his or her regular functions (including, where
appropriate, attendance at Board meetings and other meetings at which the official business of the Fund is discussed or carried on), obtains
contemporaneous information regarding the Purchase or Sale of a Security by the Fund. Access Persons meeting this definition are Special
Purpose Investment Personnel only with respect to those Securities as to which the Access Person obtains contemporaneous information.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Purchase
or Sale of a Security</U>&rdquo; includes, among other things, the writing of an option to purchase or sell a Security.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Review
Officer</U>&rdquo; means the officer of the Fund or the Investment Manager designated from time to time to receive and review reports
of purchases and sales by Access Persons. It is recognized that a different Review Officer may be designated with respect to the Fund
and the Investment Manager and Sub-Advisor.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Security</U>&rdquo;
means security as set forth in Section&nbsp;2(a)(36) of the Investment Company Act of 1940, except that it shall not include direct obligations
of the Government of the United States, bankers&rsquo; acceptances, bank certificates of deposit, commercial paper, shares issued by a
registered, open-end mutual Fund (other than exchange-traded Fund), and high quality short-term debt instruments, including repurchase
agreements.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(12)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
Security &ldquo;<U>held or to be acquired</U>&rdquo; by the Fund means (A)&nbsp;any Security which, within the most recent 15 days, (i)&nbsp;is
or has been held by the Fund thereof, or (ii)&nbsp;is being or has been considered by the Fund&rsquo;s Investment Manager or Sub-Advisor
for purchase by the Fund; (B)&nbsp;and any option to purchase or sell and any Security convertible into or exchangeable for any Security
described in (A)&nbsp;above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(13)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
Security is &ldquo;<U>being purchased or sold</U>&rdquo; by the Fund from the time when a Purchase or Sale program has been communicated
to the person who places the buy and sell orders for the Fund until the time when such program has been fully completed or terminated.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prohibited
Purchases and Sales of Securities.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
Access Person shall, in connection with the Purchase or Sale, directly or indirectly, of a Security held or to be acquired by the Fund:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10.5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%">(A)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">employ any device, scheme, or artifice to defraud the Fund;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">(B)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary
in order to make the statements made, in light of the circumstances under which they are made, not misleading;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">(C)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">engage in any act, practice, or course of business which would operate as a fraud or deceit upon the Fund; or</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">(D)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">engage in any manipulative practice with respect to the Fund.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>No Portfolio Manager may purchase or sell, directly or indirectly, any Security as to which such person is a Portfolio Manager in
which he or she had (or by reason of such transaction acquires) any Beneficial Ownership at any time within seven calendar days before
or after the time that the same (or a related) Security is being purchased or sold by the Fund.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>No Special Purpose Investment Personnel may <I>profit</I> in the purchase and sale of a Security as to which he or she is a Special
Purpose Investment Personnel within 60 days of acquiring or selling Beneficial Ownership of that Security.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IV.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Additional
Restrictions and Requirements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Pre-approval of Private Placements&nbsp;&amp; IPOs &ndash; Special Purpose Investment Personnel must obtain approval from the Review
Officer before acquiring Beneficial Ownership of any Securities offered in connection with an IPO or a Private Placement.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Special Purpose Investment Personnel may not purchase IPOs.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>No Access Person shall accept or receive any gift of more than de minimis value from any person or entity that does business with
or on behalf of the Fund.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Each Access Person (other than the Fund&rsquo;s independent trustees and its trustees and officers who are not currently affiliated
with or employed by the Fund&rsquo;s Investment Manager or principal underwriter) who is not required to provide such information under
the terms of a code of ethics described in Section&nbsp;VII hereof must provide to the Review Officer a complete listing of all Securities
owned by such person as of the end of a calendar quarter. The initial listing must be submitted no later than ten days of the date upon
which such person first becomes an Access Person of the Fund, and each update thereafter must be provided no later than 30 days after
the start of the subsequent year.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>V.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Reporting
Obligations.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Each Access Person (other than the Fund&rsquo;s independent trustees) shall report all transactions in Securities in which the person
has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership. Reports shall be filed with the Review Officer
quarterly. The Review Officer shall submit confidential quarterly reports with respect to his or her own personal Securities transactions
to an officer designated to receive his or her reports (&ldquo;Alternate Review Officer&rdquo;), who shall act in all respects in the
manner prescribed herein for the Review Officer.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Every report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report
relates was effected, and shall contain the following information:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5%"></TD><TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The date of the transaction, the title
                                            and the number of shares or the principal amount of each Security involved;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The nature of the transaction (<I>i.e</I>., purchase,
    sale or any other type of acquisition or disposition);</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(C)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The price at which the transaction was effected;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(D)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The name of the broker, dealer, or bank with or
    through whom the transaction was effected; and</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(E)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The date the report was submitted by the Access
    Person.</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>In the event no reportable transactions occurred during the quarter, the report should be so noted and returned signed and dated.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>An Access Person who would otherwise be required to report his or her transactions under this Code shall not be required to file reports
pursuant to this Section&nbsp;V where such person is required to file reports pursuant to a code of ethics described in Section&nbsp;VII
hereof.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>An Independent Trustee shall report transactions in Securities only if such Trustee knew at the time of the transaction or, in the
ordinary course of fulfilling his or her official duties as a Manager, should have known, that during the 15 day period immediately preceding
or following the date of the transaction, such Security was purchased or sold, or was being considered for Purchase or Sale, by the Fund.
(The &ldquo;should have known&rdquo; standard implies no duty of inquiry, does not presume there should have been any deduction or extrapolation
from discussions or memoranda dealing with tactics to be employed meeting the Fund&rsquo;s investment objectives, or that any knowledge
is to be imputed because of prior knowledge of the Fund&rsquo;s portfolio holdings, market considerations, or the Fund&rsquo;s investment
policies, objectives, and restrictions.)</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that
he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Each Independent Trustee shall report the name of any publicly-owned company (or any company anticipating a public offering of its
equity Securities) and the total number of its shares Beneficially Owned by him or her if such total ownership is more than &frac12; of
1% of the company&rsquo;s outstanding shares. Such report shall be made promptly after the date on which such Trustee&rsquo;s ownership
interest equaled or exceeded &frac12; of 1%.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VI.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Review
and Enforcement.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 0.5in; vertical-align: top">(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The Review Officer shall compare all reported personal Securities transactions
    with completed portfolio transactions of the Fund and a list of Securities being considered for Purchase or Sale by the Fund&rsquo;s
    Investment Manager(s)&nbsp;or Sub-Advisor(s)&nbsp;to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any
    person, the Review Officer shall give such person an opportunity to supply additional explanatory material.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>If the Review Officer determines that a violation of this Code may have occurred, he or she shall submit his or her written determination,
together with the confidential monthly report and any additional explanatory material provided by the individual, to the President of
the Fund and outside counsel, who shall make an independent determination as to whether a violation has occurred.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>If the President and outside counsel find that a violation has occurred, the President shall impose upon the individual such sanctions
as he or she deems appropriate and shall report the violation and the sanction imposed to the Board of Trustees of the Fund.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>No person shall participate in a determination of whether he or she has committed a violation of this Code or of the imposition of
any sanction against himself or herself. If a Securities transaction of the President is under consideration, any Vice President shall
act in all respects in the manner prescribed herein for the President.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><B>VII.</B></TD><TD><B>Investment Manager&rsquo;s, Principal Underwriter&rsquo;s, Platform Manager&rsquo;s and Administrator&rsquo;s Code of Ethics.</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The <U>Investment Manager and Principal Underwriter</U> (where applicable)
of the Fund shall:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Submit to the Board of Trustees of the Fund a copy of its code of ethics adopted pursuant to Rule&nbsp;17j-1;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Promptly report to the Fund in writing any material amendments to such code of
ethics;</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Promptly furnish to the Fund upon request copies of any reports made pursuant to such code by any person who is an Access Person as
to the Fund; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Shall immediately furnish to the Fund, without request, all material information regarding any violation of such code by any person
who is an Access Person as to the Fund.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The <U>Platform Manager and Administrator</U> of the Fund shall:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Submit to the Review Officer a copy of its code of ethics adopted pursuant to Rule&nbsp;17j-1;</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Promptly report to the Review Officer in writing any material amendments to such code
of ethics;</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Promptly furnish to the Review Officer upon request copies of any reports made pursuant to such code by any person who is an Access
Person as to the Fund; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Shall immediately furnish to the Review Officer, without request, all material information regarding any violation of such code by
any person who is an Access Person as to the Fund.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIII.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Annual
Written Report to the Board.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At least once a year, the Review Officer shall provide the Board of
Trustees a written report that includes:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Issues Arising Under this Code. The report will describe any issues that arose during the previous year under this Code, including
any material Code violations, and any resulting sanctions.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 0.5in; vertical-align: top">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Certification. The report will certify to the Board of Trustees that the Fund has adopted measures reasonably necessary to prevent
its personnel from violating this Code currently and in the future.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IX.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Records.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;The Fund shall maintain records in the manner and to the extent
set forth below, which records may be maintained under the conditions described in Rule&nbsp;31a-2 under the 1940 Act and shall be available
for examination by representatives of the Securities and Exchange Commission.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved
in an easily accessible place;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible
place for a period of not less than five years following the end of the fiscal year in which the violation occurs;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>A copy of each report made by an Access Person pursuant to this Code shall be preserved for a period of not less than five years from
the end of the fiscal year in which it is made, the first two years in an easily accessible place; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained
in an easily accessible place.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>A copy of each annual report to the Board of Trustees will be maintained for at least five years from the end of the fiscal year in
which it is made, the first two years in an easily accessible place; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>A record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities in an IPO or a Private
Placement, shall be preserved for at least five years after the end of the fiscal year in which the approval is granted.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>X.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Miscellaneous</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 0.5in; vertical-align: top">(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Confidentiality. All reports of Securities transactions and any other information filed with the Fund pursuant to this Code shall be
treated as confidential.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Interpretation of Provisions. The Board of Trustees may from time to time adopt such interpretations of this Code as it deems appropriate.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Periodic Review and Reporting. The Chief Compliance Officer of the Fund shall report to the Board of Trustees at least annually as
to the operation of this Code and shall address in any such report the need (if any) for further changes or modifications to this Code.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<TYPE>EX-99.(2)(R)(2)
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<DESCRIPTION>EXHIBIT 99.(2)(R)(2)
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit (2)(r)(2)</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ELLINGTON
MANAGEMENT GROUP</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CODE OF ETHICS</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 28, 2025</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><U>Table
of Contents</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Introduction</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">1</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt"><I>1.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Adoption of the Code</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt"><I>1</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>1.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Scope of the Code</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>2</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">2. </FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Compliance with the Law</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>2.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Fiduciary Duty and Conflicts of Interest</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>3</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>2.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Compliance with Federal Securities Laws</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>3</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>2.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Compliance with Disclosure to Investors</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>7</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>2.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Compliance with Contractual Terms</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>7</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Adherence to Ellington Policies and Procedures</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">8</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indirect misconduct</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>4.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Indirect violations of Ellington Policy</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>8</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Reporting Misconduct</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">9</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Anonymous Reporting</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>9</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Reporting Circumvention of Internal Controls</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>9</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Reporting Misconduct by Third Parties</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Obligation to Provide all Relevant Information</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Reporting Involvement in Litigation, Regulatory Inquiries, or Disciplinary
    Proceedings</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.6.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Handling of Reported Misconduct</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>5.7.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>No Limitation on Right to Report to Regulators</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The Ombudsman</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>6.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Current Ombudsman</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>6.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Contacting the Ombudsman</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>6.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Handling of Information Received by the Ombudsman</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>6.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Information related to Ellington Financial LLC and Ellington Credit
    Company</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>6.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Consultation with Ombudsman</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Role of the Supervisor</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Role of the Compliance Committee</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">14</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>8.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Composition of the Committee</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">9. </FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Role of the Chief Compliance Officer and the General Counsel</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>9.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Discretion of GC and CCO</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>9.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Delegation of Authority to Designee</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>9.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Exceptions and Prior Approvals</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Disciplinary Procedures</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>10.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Violations of Personal Trading Policy</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Personal Trading</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Definitions</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>16</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Trading Restrictions</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>18</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Restrictions on Trading and Holding of Ellington-Managed Public Companies
    and Mutual Funds That Must Be Pre-cleared</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>22</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Restriction on Investment in IPOs</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>24</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Restriction on Investment in Private Placements</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>24</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.6.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Limit on Investment in Financial Firms</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>25</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.7.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Reporting of Transactions and Holdings</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>25</I></FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt"><I>11.8.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Exceptions for Short Term Personnel, Contractors, Non-employees</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt"><I>28</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>11.9.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Review by Compliance</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>28</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Gifts and Entertainment</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Giving of Gifts or Entertainment</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>29</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Acceptance of Gifts or Entertainment</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>31</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Exceptions for Gifts and Entertainment between Ellington Personnel</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>32</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Personal Gifts or Entertainment Not in Relation to Ellington&rsquo;s
    Business</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>33</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>12.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Making of Personal Loans</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>33</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Outside Activities</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>13.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Exception for Approved Positions</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>34</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>13.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Charitable and Civic Activities</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>34</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>13.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Business Opportunities</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>34</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>13.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Separation of Outside and Professional Activities</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>34</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>13.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Prohibited Payments Involving Third Parties</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>35</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Communication with Third Parties</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Regulators and Government Agencies</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>35</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Press and the Media</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>35</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.3.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Entering into Contracts</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>36</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.4.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Engaging Outside Counsel</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>36</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.5.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Investor Communications</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>36</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>14.6.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>No Communications Disparaging Clients, Investors, Ellington, or Ellington
    Employees</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>36</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">15.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Distribution and Acknowledgement of the Code of Ethics</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>15.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Distribution of the Code of Ethics to Investors</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>37</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">16.</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Political Contributions</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>16.1.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>Activity Requiring Pre-clearance</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>38</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>16.2.</I></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>People Covered</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>38</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><I>16.3.</I></TD>
    <TD STYLE="font-size: 10pt"><I>Contributions by Ellington and Affiliated Entities</I></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><I>39</I></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Appendix A - Personal Trading Quick Reference Guide</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">40</TD></TR>
  </TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
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  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Introduction</U></B></FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Code of Ethics
(the &ldquo;Code of Ethics&rdquo; or the &ldquo;Code&rdquo;) summarizes Ellington policies concerning how all employees are expected
to behave in all their dealings with third parties &ndash; e.g., investors, vendors, counterparties. It also addresses specific provisions
required to be included in our Code as mandated by Securities and Exchange Commission (&ldquo;SEC&rdquo;) rules&nbsp;and regulations
 &ndash; like personal trading. <B>You should carefully review the Code and be familiar with its content and abide by its prescriptions.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Code should
be read in conjunction with the Employee Handbook and the Compliance Manual. The Employee Handbook addresses issues dealing with our
workplace environment, like office protocols and policies, and compensation and benefits. Our Compliance Manual is the more detailed
and comprehensive set of policies and procedures that comprise Ellington&rsquo;s legal framework to facilitate full compliance with all
federal and state rules&nbsp;and regulations applicable to our business.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington is committed
to a culture of integrity and fair dealing in all aspects of our professional environment. That means not only complying with the letter
of the law, but also with its spirit. It means embracing standards of conduct that in some circumstances exceed what is minimally required
by applicable law. It also means valuing Ellington&rsquo;s franchise and reputation &ndash; never undertake actions that you would be
embarrassed by if exposed to the light of day &ndash; whether to your peers, to our competitors or to the public at large.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Following the guidelines
set forth in the Ethics Code, the Compliance Manual and the Employee Handbook will help ensure that you contribute to the positive compliance
culture that Ellington expects. Nevertheless, given the ever evolving (and at times subjective) standards of appropriate and ethical
behavior in our industry it is important that every employee attend training sessions when scheduled, report instances of wrongdoing,
and be uninhibited in asking questions of your supervisor and the professionals in the Legal and Compliance group.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Adoption
                                            of the Code</U></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">This
Code of Ethics has been adopted by Ellington Management Group, L.L.C. and its affiliates, including Ellington Global Asset Management,
L.L.C., Ellington Financial Management, L.L.C., Duke Funding Management, L.L.C., Ellington Credit Company Management LLC, Ellington CLO
Management LLC, and entities formed to act as the managing member or general partner of funds advised by Ellington (collectively, &ldquo;Ellington&rdquo;
or &ldquo;we&rdquo;), in order to set the standard of conduct Ellington expects of all of its principals and employees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Code has been adopted in order to comply with Section&nbsp;204A of the Investment Advisers Act of 1940, as amended, (the &ldquo;Investment
Advisers Act&rdquo;) and the rules&nbsp;thereunder, which require registered investment advisers to adopt and maintain a code of ethics
including provisions addressing compliance with the federal securities laws and the collection of information about the personal trading
of persons with access to non-public information about the adviser&rsquo;s clients.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Code has also been adopted in order to comply with Rule&nbsp;17j-1 under the Investment Company Act of 1940, as amended (the &ldquo;Investment
Company Act&rdquo;), which requires investment advisers to registered investment companies to adopt and maintain a code of ethics including
provisions addressing compliance with the federal securities laws and the collection of information about the personal trading of persons
affiliated with such investment adviser.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Code is also intended to satisfy requirements under the Commodity Exchange Act, including rules&nbsp;adopted thereunder and rules&nbsp;of
the National Futures Association.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">1.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Scope
                                            of the Code</U></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
provisions of this Code apply to all Ellington principals and employees. The term &ldquo;Ellington Personnel&rdquo; used throughout the
Code includes all such persons. All or some of the provisions of this Code may also apply to other categories of personnel, including
contractors, interns, and temporary personnel, though whether such provisions are applicable and the extent to which they are applicable
may depend upon the nature of their role and relationship with Ellington. If you are a contractor, intern, or temporary personnel, you
should assume that the term &ldquo;Ellington Personnel&rdquo; used throughout the Code includes you, unless the terms of your engagement
by Ellington provide contrary guidance concerning the extent to which the Code applies to you, or unless you have received guidance from
the CCO or GC concerning the extent to which the Code applies to you.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
Advisers Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;204A-1(a)&nbsp;(requiring
registered advisers to adopt a code of ethics)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Investment
Company Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;17j-1
(requiring advisers to registered investment companies to adopt a code of ethics)</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Compliance
                                            with the Law</U></B></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington sets
the highest possible standards of ethical and professional conduct for you and for itself. The firm places the highest priority on maintaining
its reputation for integrity and professionalism. Though the firm may set standards for you and itself that are higher than those required
by law, you are also, in all circumstances, expected to comply with the letter and the spirit of all applicable laws, rules, and regulations,
including all applicable federal, state, and foreign laws. You are also expected to live up to the standards and course of conduct Ellington
has committed to with its investors and be mindful of our contractual obligations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington is subject
to laws governing a number of different subject matters, including securities, commodities, anti-trust, employment, and anti-discrimination.
Because the regulatory environment in which the firm operates is complex, and because application of the many rules&nbsp;to which we
are subject can involve difficult questions of judgment, if, at any time, you have questions about whether a law or rule&nbsp;applies,
or about how to interpret disclosure we have made to our investors or the terms of a contract, you are expected to consult with the General
Counsel (&ldquo;GC&rdquo;) or a member of the Legal and Compliance group.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Fiduciary
                                            Duty and Conflicts of Interest</U></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
owes a fiduciary duty to all of its clients, including a duty of honesty, good faith, and undivided loyalty. As a consequence, you must
always place the interests of Ellington&rsquo;s clients before your own interests or the interests of Ellington. You may not cause a
client to take any action, or not to take any action, for your personal benefit, or that is in any way not in the best interest of the
client.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
must report any actual or potential material conflict of interest involving you or one of your family members to the Chief Compliance
Officer (&ldquo;CCO&rdquo;) so that a determination can be made as to whether or not a transaction may proceed, and whether the conflict
must be disclosed to the client. If you have any doubt about whether a conflict of interest exists or whether it is material, you should
discuss it immediately with the GC or CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Conflicts
of interest can also arise among our clients, including when they have overlapping trading strategies, or when they participate in the
same transaction. No Ellington fund or managed account should be permitted under any circumstances to improperly benefit at the expense
of another Ellington client when conflicts of interest arise between them. The firm has specific policies to address certain of the circumstances
in which such conflicts may arise, including policies governing the Allocation of trades and the handling of Cross Transactions (see
the corresponding sections of the Compliance Manual). Conflicts can also arise among our clients when they jointly invest in a venture
or securitization which they control. Potential conflicts can at times be complex and subtle. You are expected to be mindful of potential
conflicts and report material conflicts to the CCO whenever you are involved in a transaction in which multiple Ellington clients are
participating.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Conflicts
of interest can also arise among investors in the funds that we manage. Ellington ultimately owes a duty to the fund itself and the collective
interests of its investors and the competing interests of a particular investor in a client fund should not be improperly favored over
the interests of another investor.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Compliance
                                            with Federal Securities Laws</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
and its Personnel must comply with the spirit and the letter of the federal securities laws. This section summarizes some of the key
provisions applicable to you and the firm. You should also review and be familiar with Ellington&rsquo;s Compliance Manual. This Code
and the Compliance Manual are intended to establish policies and procedures reasonably expected to prevent and detect violations of the
federal securities laws. The Code and the Compliance Manual, however, are not and cannot be exhaustive. If you have questions about the
Code, the Compliance Manual, or the federal securities laws, you are expected to raise them with the CCO or the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Fraud and Manipulative Practices</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;206
of the Advisers Act and the rules&nbsp;thereunder make it unlawful for an investment adviser to engage in fraudulent, deceptive, or manipulative
conduct. In addition, Section&nbsp;206 imposes a basic fiduciary duty on investment advisers. The purpose of this duty is to eliminate
conflicts of interest and to prevent an adviser from overreaching or taking unfair advantage of a client&rsquo;s trust. As a fiduciary,
an investment adviser owes its clients a duty of honesty and good faith and must act solely in the best interests of the client. An investment
adviser must make timely, full, and fair disclosure of all material facts, particularly where the adviser&rsquo;s interest may conflict
with the client&rsquo;s interest.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Among
the specific obligations that the SEC has indicated flow from an adviser&rsquo;s fiduciary duty are:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            duty to have a reasonable, independent basis for any investment advice;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            duty to obtain best execution for clients&rsquo; securities transactions where the adviser
                                            is in a position to direct brokerage transactions;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            duty to ensure that its investment advice is suitable to the client&rsquo;s objectives, needs,
                                            and circumstances; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            duty to be loyal to clients.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.1.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Fraud
                                            under the Advisers Act</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Many
provisions of this section of the Code and the firm&rsquo;s Compliance Manual are intended to help ensure that Ellington and all Ellington
Personnel operate in a manner consistent with the requirements of Section&nbsp;206, the Advisers Act&rsquo;s anti-fraud provision.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Among
the many types of activities that have been found to violate Section&nbsp;206 are:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">front-running
                                            (trading in front of an order being placed on behalf of a client of Ellington);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">misrepresenting
                                            pricing methodology;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">deliberate
                                            mispricing of portfolio holdings; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">favoring
                                            certain clients or the firm itself
                                            in allocating initial public offerings without adequately disclosing the practice.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.1.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Misrepresentation
                                            and general securities fraud</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">In addition
to the anti-fraud provisions of the Advisers Act, which govern our interactions with our clients and investors, you must also be mindful
of the broad anti-fraud provisions under the Securities Exchange Act, which cover material misrepresentations made in connection with
the purchase or sale of a security, including misrepresentations to our investors and to our trading counterparties.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">The
relevant anti-fraud rule, Rule&nbsp;10b-5, provides that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">It shall
be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails
or of any facility of any national securities exchange,</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            employ any device, scheme, or artifice to defraud,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            make any untrue statement of a material fact or to omit to state a material fact necessary
                                            in order to make the statements made, in the light of the circumstances under which they
                                            were made, not misleading, or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            engage in any act, practice, or course of business which operates or would operate as a fraud
                                            or deceit upon any person,</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">in connection
with the purchase or sale of any security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Please
keep in mind that this rule&nbsp;has been applied to a wide range of conduct relating in any way to the securities markets.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.1.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Insider
                                            Trading</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Federal
securities laws also prohibit insider trading and fraud relating to the misuse of confidential information. You must also review and
be familiar and comply with the sections of the firm&rsquo;s Compliance Manual addressing Insider Trading, Confidentiality, and Information
Barriers.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.1.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Manipulative
                                            Practices</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;9(a)&nbsp;(2)&nbsp;of
the Securities Exchange Act makes it unlawful for any person, acting alone or with others, to effect a series of transactions in any
security registered on a national securities exchange creating actual or apparent active trading in such security or raising or depressing
the price of the security, for the purpose of inducing the purchase or sale of such security by others. Rule&nbsp;10b-5 has been interpreted
to proscribe the same type of trading practices in OTC securities. Section&nbsp;9(a)(2)&nbsp;of the Commodity Exchange Act makes it unlawful
for any person to manipulate or attempt to manipulate the price of any commodity future subject to the rules&nbsp;of any contract market.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">The
thrust of the prohibitions against manipulative trading practices is that no employee should, alone or with others, for any account,
including any Personal Account:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engage
                                            in trading or apparent trading activity for the purpose of inducing purchases or sales by
                                            others; or</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engage
                                            in trading or apparent trading activity for the purpose of causing the price of a security
                                            or commodity future to artificially move up or down, and then take advantage of such price
                                            movement by buying or selling at such &ldquo;artificial&rdquo; price level.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Of course,
buy or sell programs may cause stock or commodity future prices to rise or fall, and price changes resulting from supply and demand factors
are not prohibited. Rather, Section&nbsp;9(a)(2)&nbsp;of the Exchange Act and Section&nbsp;9(a)(2)&nbsp;of the Commodity Exchange Act
prohibit activity where there is a purpose to affect the price of a security or commodity future artificially through trading or apparent
trading, not where such change is an incidental result of a change in supply or demand or changes in the intrinsic value of a security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Strategies
involving trades that lack economic substance, including trades in which ownership of an instrument and the associated risk is not passed
between buyer and seller, should raise red flags. Trades that involve informal side arrangements between buyer and seller, including
trades that temporarily &ldquo;park&rdquo; securities with a buyer, should also be of concern. As determinations of whether a trading
practice is or would appear to be manipulative can be very dependent upon the specific facts and circumstances and involves significant
judgment, you are expected to consult with the GC or CCO if you have any doubts or questions about whether a particular practice is or
might be deemed manipulative.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Fraud and Manipulative Practices
under the Investment Company Act</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;36
of the Investment Company Act imposes a fiduciary duty on investment advisers to registered investment companies. Similar to the Advisers
Act fiduciary standards, the purpose of this duty is to eliminate conflicts of interest and to prevent an investment adviser to a registered
investment company from overreaching or taking unfair advantage of a registered investment company client&rsquo;s trust.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to Investment Company Act Rule&nbsp;17j-1, affiliated persons of investment advisers to registered investment companies are specifically
prohibited from, in connection with the (direct or indirect) purchase or sale of a security held or to be acquired by the registered
investment company client:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">employing
                                            any device, scheme or artifice to defraud the registered investment company;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">making
                                            any untrue statement of a material fact to the registered investment company or omitting
                                            to state a material fact necessary in order to make the statements made to the registered
                                            investment company, in light of the circumstances under which they are made, not misleading;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">engaging
                                            in any act, practice or course of business that operates or would operate as a fraud or deceit
                                            on the registered investment company; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">engaging
                                            in any manipulative practice with respect to the registered investment company.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Provisions
of this Code and the firm&rsquo;s Compliance Manual are intended to help ensure that Ellington and all Ellington Personnel operate in
a manner consistent with the requirements of the Investment Company Act, and in particular (but not exclusively) Sections 36 and 17,
and Rule&nbsp;17j-1 thereunder.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Compliance
                                            with Disclosure to Investors</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
makes commitments to our investors to abide by certain procedures and standards of conduct in multiple ways, including through disclosure
in offering materials for our funds, through Parts I and II of Form&nbsp;ADV (the firm&rsquo;s standard disclosure document), in marketing
materials, and in due diligence questionnaires. The firm may also commit to certain standards or practices in the contracts with our
clients, or through provisions in governing or constitutive documents for some of our funds. As an Ellington employee, you are required
to conform your conduct at all times to the standards we have disclosed to our investors or that are set forth in relevant governing
or disclosure documents.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Compliance
                                            with Contractual Terms</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
regularly enters into contracts with third parties, including counterparties. As a general matter, unless you have received specific
instructions from the GC or his designee, you are expected to ensure that you take appropriate steps to comply with the terms of any
contract which govern the work that you do at the firm. If you have questions about the applicability of a contract, or about how a particular
term or provision should be interpreted, you should contact the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Securities
Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;17(a)&nbsp;(prohibiting
fraud in connection with the offer or sale of securities)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Securities
Exchange Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;9(a)(2)&nbsp;(defining
certain manipulative trading practices)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;10(b)&nbsp;and
Rule&nbsp;10b-5 thereunder (prohibiting fraud in connection with the purchase or sale of securities)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Commodity
Exchange Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;9(a)(2)&nbsp;(prohibiting
manipulation or attempted manipulation)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>3.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Adherence
                                            to Ellington Policies and Procedures</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As noted above,
Ellington may set standards of conduct for the firm and its employees that exceed the standards required by law. These standards are
set forth in this Code, in the firm&rsquo;s Compliance Manual, and in the Employee Handbook. You are expected to comply with the letter
and the spirit of the requirements set forth in each of these documents, and in any procedures related to them. Given the complex nature
of the markets and regulatory environment in which the firm operates, and the sometimes difficult or subtle judgments that must be made
in applying rules, regulations, or standards of conduct to particular factual situations, you are expected to exercise caution and consult
a member of the Legal and Compliance group whenever you have any question about the meaning or applicability of any firm policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>4.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Indirect
                                            misconduct</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain securities
laws make it unlawful for any person indirectly, or through or by any other person, to do any act or thing which it would be unlawful
for that person to do directly under those laws or any related rule&nbsp;or regulation. The securities laws also prohibit the aiding
and abetting of violations by others. This means that those who provide substantial assistance to others who violate the law may be liable
as if they had violated the law themselves. Consequently, if you have questions about whether conduct by a counterparty or other third
party with which Ellington does business is improper or may violate the law, you must bring your concerns to the attention of the CCO
or the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">4.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Indirect
                                            violations of Ellington Policy</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
may not indirectly, or through or by any other person, engage in conduct which violates this Code, the Compliance Manual, the Employee
Handbook, or any related policies and procedures. You likewise may not substantially assist violations by another.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><U>Securities Exchange Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Section&nbsp;20(a)&nbsp;(proscribing
violation of the Act through or by means of another person)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Section&nbsp;20(b)&nbsp;(providing
the SEC with authority to prosecute aiding and abetting of violations of the Act)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><U>Investment Advisers Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Section&nbsp;208(c)&nbsp;(prohibition
on violations that are indirect or by or through another person)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><U>Investment Company Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Section&nbsp;48(a)&nbsp;(prohibition
on direct or indirect violations of the Investment Company Act and rules, regulations and orders thereunder, by or through another person)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>5.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Reporting
                                            Misconduct</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">You are required
to promptly report violations of this Code, the firm&rsquo;s Compliance Manual, or the federal securities laws to the CCO or the GC.
Ellington will use its best efforts to keep confidential the identity of any Ellington Personnel making such a report. Complete confidentiality
may not be possible in every case, however, where investigation and regulatory reporting may be required. Nonetheless, Ellington will
not permit retribution, discrimination, or retaliation against, or harassment or intimidation of, employees because they have made such
a report in good faith.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">You are also generally
responsible for being aware of what goes on around you, and for not purposefully ignoring or turning a blind eye to misconduct. Though
you should not, and are not expected to, investigate potential misconduct, you are responsible for paying attention to red flags and
for reporting information to the GC or CCO should you become aware of facts indicating or suggesting misconduct.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As discussed in
more detail below, you are also responsible for reporting circumstances you become aware of in which someone has or has sought to improperly
overridden or circumvented the firm&rsquo;s internal controls.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, if
you become aware of a risk of potential misconduct or the appearance of misconduct associated with Ellington&rsquo;s business or trading
practices or become concerned about practices that are not explicitly addressed in this Code or the firm&rsquo;s Compliance Manual, you
are encouraged to discuss those concerns with your direct supervisor. If, however, you are uncomfortable discussing an issue with your
supervisor, or if you believe an issue has not been appropriately addressed or involves your supervisor, you should bring the matter
to the attention of the CCO or the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Anonymous
                                            Reporting</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Though
absolute anonymity cannot be guaranteed, you can report any concerns you may have, and request anonymity when making such reports, by
contacting the firm&rsquo;s external ombudsman as explained in the Ombudsman section of the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Information Related to Ellington
Financial Inc. or Ellington Credit Company</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">We have
established a procedure under which complaints regarding accounting matters related to Ellington Financial Inc. (&ldquo;EFC&rdquo;) or
Ellington Credit Company may be reported anonymously. Personnel may anonymously report these concerns via a toll-free compliance telephone
hotline at 1-855-431-9961 or electronically via a website at https://Ellington.Ethicspoint.com.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Reporting
                                            Circumvention of Internal Controls</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
firm has established a number of policies, procedures, practices, and oversight committees to help ensure the integrity of the financial,
accounting, portfolio management, and related information we maintain and to assist with the detection and prevention of fraud. Examples
of such controls include segregation of certain responsibilities, e.g. separating portfolio management functions from trade confirmation
or settlement functions, or separating portfolio management functions from oversight of the valuation process, and systems of approval
or permissioning intended to protect the integrity of transactions or data, e.g. requirements that wire transactions receive approval
from certain individuals, and permissions limiting the ability to update key data in our databases to relevant employees. These policies,
procedures, and practices together constitute our system of internal controls.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
should discuss with your supervisor any circumstances in which you become aware that someone is seeking to improperly override or circumvent
our internal controls. In the event such circumstances are not appropriately addressed by or involve your supervisor, you should bring
the matter to the attention of the CCO, the GC, or the head of Internal Audit. Reports of misconduct may also be made to the firm&rsquo;s
Ombudsman (as discussed below), or, for misconduct related to the financial statements of the public companies managed by the firm, to
the whistleblower service for those companies (as discussed above).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">While
certainly not all firm policies and practices are &ldquo;internal controls&rdquo; in the sense discussed above, and you may not be familiar
with controls outside your functional area, you should exercise good judgment about whether issues should be escalated to your supervisor,
and, if you are uncertain whether conduct constitutes an improper attempt to circumvent or override our internal controls, you should
err on the side of discussing the matter with your supervisor.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Reporting
                                            Misconduct by Third Parties</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">If at
any time you become aware of misconduct by or at a firm with which Ellington does business, and that misconduct is related to a transaction
or course of business in which Ellington is engaged with that other company, you must report that misconduct to the CCO or the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Obligation
                                            to Provide all Relevant Information</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
provisions of the Code and the Compliance Manual require you to seek approval before engaging in certain activities, including seeking
approval from the GC or CCO. When seeking approval, and in general when supplying information to the firm and other Ellington Personnel,
you are expected to disclose all relevant information and not to withhold facts that would bear on the matter being considered.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Reporting
                                            Involvement in Litigation, Regulatory Inquiries, or Disciplinary Proceedings</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
should promptly report to the CCO or GC if you i) become involved in litigation related to securities or involving allegations of fraud
or similar misconduct; ii) are contacted as part of a regulatory inquiry by the SEC or a similar government agency; iii) become the subject
of any disciplinary or administrative proceeding related to securities or involving allegations of fraud or similar misconduct, or iv)
are charged with a criminal offense.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Handling
                                            of Reported Misconduct</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
GC and the CCO are responsible for assessing potential misconduct reported to them under this policy and for making decisions concerning
further escalation of reported matters, including reporting to the firm&rsquo;s Executive Committee, Compliance Committee, or other relevant
firm personnel. The GC and CCO, in consultation with outside counsel and other advisors, as appropriate, are further responsible for
advising the firm concerning external reporting obligations for identified misconduct, including whether and how misconduct should be
reported to relevant regulators or other authorities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.7.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>No
                                            Limitation on Right to Report to Regulators</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
reporting obligations in this policy are intended to help the firm identify and address misconduct and potential misconduct on a timely
basis, and to ensure that disclosure regarding involvement in disciplinary matters and regulatory or governmental investigations is complete
and accurate. While we prefer that you report concerns or issues internally as discussed above before discussing them with regulators,
no Ellington policy or procedure, either here, in any other firm policy document, or in the employment or other agreement governing your
relationship with the firm, in any way limits or restricts any right you have to report a violation of law to the SEC or to communicate
with that agency regarding possible securities law violations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>6.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>The
                                            Ombudsman</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As discussed in
Section&nbsp;5 above, you are expected to report misconduct when you become aware of it, including violations of this Code or of provisions
of the firm&rsquo;s Compliance Manual and other Ellington policies and procedures. The firm recognizes that, in certain cases, particularly
where you feel that suspected misconduct involves your supervisor or members of senior management, or where you feel that your concerns
have not been adequately addressed or properly handled, you may feel uncomfortable discussing the matter with your supervisor, or with
the GC or the CCO. In such cases, you should contact the firm&rsquo;s Ombudsman, who is charged with receiving and handling such complaints
or concerns.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Though, as a private
company, Ellington is not required to establish a means for employees and others to anonymously report issues as set forth in Section&nbsp;301
of Sarbanes-Oxley, the firm has appointed the Ombudsman to receive anonymous complaints in order to help ensure that all material concerns
are addressed.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Current
                                            Ombudsman</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Ombudsman is Kenneth A. Lefkowitz, a partner at the law firm of Hughes Hubbard&nbsp;&amp; Reed LLP. Mr.&nbsp;Lefkowitz&rsquo;s practice
concentrates on capital markets, including SEC related issues, and on boards of directors and their special committees in strategic situations.
In addition, Mr.&nbsp;Lefkowitz acts as outside general counsel to many of his clients.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Though
effort will be made to preserve the anonymity of those contacting the Ombudsman, he and Hughes Hubbard serve as counsel to Ellington
and ultimately represent the interests of Ellington. No attorney-client relationship will be established between the Ombudsman and those
employees contacting him.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Contacting
                                            the Ombudsman</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">Directly</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">You
can contact Mr.&nbsp;Lefkowitz directly at 212.837.6557.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">Anonymously</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Although
absolute anonymity cannot be guaranteed, you can send any complaints or concerns to the Ombudsman via regular mail to the following address:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Kenneth A. Lefkowitz</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Hughes Hubbard Reed, LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">One Battery Park Plaza</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">New York, New York 10004-1482</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Handling
                                            of Information Received by the Ombudsman</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Where
it is consistent with the information received to do so, the Ombudsman will contact the CCO or the GC regarding information he has received.
The CCO and GC, in consultation with the Compliance Committee or Executive Committee, as appropriate, will determine whether an investigation
or internal review is warranted, and, if so, will determine the appropriate resources necessary for such a review, including engagement
of external advisors to perform or assist in the review.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Where
in the Ombudsman&rsquo;s judgment information he has received might not be or has not been appropriately handled by the CCO or GC, he
will report such information directly to the Chief Executive Officer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Information
                                            related to Ellington Financial LLC and Ellington Credit Company</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Information
received by the Ombudsman or from the Ombudsman by the CCO or GC related to auditing or accounting matters affecting Ellington Financial,
LLC, Ellington Credit Company, or other publicly traded vehicles managed by the firm will be reported to the head of the respective company&rsquo;s
Audit Committee, In-House Counsel responsible for the company, the company&rsquo;s Chief Financial Officer, or to another recipient designated
in an Open Door or similar policy adopted by the company.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Consultation
                                            with Ombudsman</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Periodically, the CCO will contact
the Ombudsman to verify that all information or complaints received by him have been communicated to the GC or CCO. The CCO will document
the results of these verifying conversations with the Ombudsman.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><U>The Securities Exchange
Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Section&nbsp;10A(m)(4)&nbsp;(requiring
audit committees of public companies to establish procedures for receiving anonymous complaints)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Rule&nbsp;10A-3(b)(3)&nbsp;(requiring
audit committees of public companies to establish procedures for receiving anonymous complaints)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>7.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Role
                                            of the Supervisor</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Under the Advisers
Act, Ellington is responsible for properly supervising its employees, and the SEC may prohibit the firm from engaging in advisory activities
for up to a year if it finds that that the firm has failed to reasonably supervise an employee who has violated the securities laws.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, CFTC
regulations require that Ellington implement policies and procedures for the supervision of branch offices in which investment or marketing
activity takes place.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington recognizes
this duty to supervise the actions of its employees. Adoption, implementation, and enforcement of this Code and of the Compliance Manual
help the firm fulfill this duty by providing guidance to you concerning the standards you are expected to meet in the course of your
employment, and by setting forth the key legal and ethical issues.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, Ellington
relies upon Personnel who act in a supervisory capacity. Supervisors are generally responsible for supervising employees to ensure they
fulfill their job responsibilities diligently and in satisfaction of the firm&rsquo;s high professional standards, and for ensuring that
all Personnel who report directly to them live up to the standards and expectations set out in the Code, the Compliance Manual, and the
Employee Handbook. Though supervisors are certainly expected to appropriately delegate responsibilities to others and to rely upon them
to satisfy delegated responsibilities, it is also incumbent on Supervisors to take reasonable steps, in light of the facts and circumstances,
to monitor the work of those who report to them, and to ask questions and follow up on indications that an employee may not be fulfilling
his or her responsibilities or may be acting improperly.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington has established
clear reporting lines, and all Personnel should be aware of who reports to them and to whom they report.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, Ellington
has adopted Branch Office and Branch Office Manager procedures to address the requirements of NFA Rule&nbsp;9-2 and maintains these as
separate procedures.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Investment
Advisers Act:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;203(i)(D)&nbsp;(providing
the SEC with authority to impose penalties on advisers and their associated persons for failure to supervise)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>8.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Role
                                            of the Compliance Committee</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Compliance
Committee is responsible for oversight of the formulation, adoption, and implementation of this Code, the firm&rsquo;s Compliance Manual,
and related written policies and procedures designed to ensure compliance with applicable law. The Committee is further responsible for
overseeing the firm&rsquo;s practices for monitoring compliance with these policies through testing, audit, surveillance, or examination,
and for assessing the adequacy and effectiveness of the overall compliance program and culture. As appropriate, the Committee may make
recommendations to management to enhance the compliance program, to address any weaknesses in the program, or concerning recommended
responses to any material violations of firm policies and procedures.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">8.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Composition
                                            of the Committee</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The members of the Committee include
the CCO, the GC, and such other employees of the firm as may be appointed from time to time by the Committee.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>9.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Role
                                            of the Chief Compliance Officer and the General Counsel</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The CCO and the
GC are responsible for overseeing the implementation of the firm&rsquo;s compliance program. The CCO is primarily responsible for the
day-to-day operation of the program.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Though the GC and
CCO are responsible for the implementation of the program, you are responsible for ensuring that you are familiar with and understand
firm policy and relevant laws and regulations, and that you conduct yourself in accordance with them. The GC and the CCO serve in an
advisory capacity, including by providing guidance or making recommendations to senior management. While you are expected to seek the
appropriate guidance from the GC and the CCO, you are responsible for your own conduct.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">9.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Discretion
                                            of GC and CCO</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
provisions of the Code and the Compliance Manual call for the CCO or the GC to exercise discretion as to whether a course of action or
proposed transaction is to be approved, or as to whether an exception may be made to firm policy. Decisions made by either the CCO or
the GC in the exercise of this discretion are final and conclusive. It is also within the discretion of each to explain the reasons for
any such decision, or, if appropriate, to provide no reason.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">9.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Delegation
                                            of Authority to Designee</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
GC and the CCO may, within their discretion, delegate specific responsibilities under the Code or under the provisions of the Compliance
Manual, to other Ellington Personnel. Each provision of the Code or the Compliance Manual that calls for an action by the GC or CCO should
be read to permit that such action be taken by the designee of either, respectively.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">9.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Exceptions
                                            and Prior Approvals</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
provisions of this Code and the Compliance Manual provide a framework, but are, of necessity, not exhaustive, and may not anticipate
or fit all factual circumstances. The GC and the CCO generally have the authority to make necessary and appropriate exceptions, and to
grant approval for activities which require prior approval. However, neither the GC nor the CCO may grant an exception or prior approval
concerning themselves. Unless otherwise provided, exceptions related to either will be granted only by the members of the Compliance
Committee excluding the requestor.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>10.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Disciplinary
                                            Procedures</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Any violation of
this Code or the firm&rsquo;s Compliance Manual constitutes grounds for disciplinary action, up to and including dismissal. The disciplinary
action taken in response to a violation will depend upon the seriousness of the violation and all relevant facts and circumstances. The
Compliance Committee is generally responsible for setting guidelines for disciplinary action, and, in serious cases, making recommendations
to senior management concerning what action is to be taken. To the extent consistent with governing employment laws and regulations,
disciplinary action may take, without limitation, the form of issuing a letter of caution or warning, requiring that personal trades
be reversed, requiring the disgorgement of profits or gifts, suspending personal trading, imposing a fine or decreasing discretionary
compensation, suspending employment (without compensation), forfeiture of deferred bonus, making a civil referral to the SEC, making
a criminal referral, terminating employment for cause, or any combination of the foregoing. Nothing herein shall alter or limit the at-will
employment status of Ellington employees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington Personnel,
including the CCO and members of the Compliance Committee, will not determine whether, or participate in the determination of whether,
they have themselves violated the Code or provisions of the Compliance Manual, and will not recommend to management or have a role in
the recommendation to management of what disciplinary action is to be taken with respect to any such violation.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">10.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Violations
                                            of Personal Trading Policy</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">We take
compliance with the pre-clearance and other provisions of our Personal Trading policy very seriously and expect you to exercise care
to ensure that all of your personal trading is consistent with the policy. Failure to secure required pre-clearance is a violation of
our Code of Ethics, even in cases when pre-clearance of a transaction would have been granted had it been requested.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Though
willful violations, and failures to pre-clear transactions that would not have been approved, may have different or more serious consequences,
non-willful failures to pre-clear transactions that would have been approved will be handled as follows:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            first failure will result in suspension of the employee&rsquo;s personal trading for a period
                                            of three months.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            second failure within a 24-month period will result in a suspension of the employee&rsquo;s
                                            personal trading for a period of six months.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An
                                            additional failure within a 24-month period of a second failure will result in a referral
                                            to the Executive Committee for additional disciplinary action.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">During
a suspension, only securities transactions in open-end mutual funds, other &ldquo;Permitted Instruments,&rdquo; and other instrument
categories as approved by the CCO will be permitted. For example, an employee whose personal trading privileges have been suspended may
<U>not</U> even trade in Green List securities, or trade stocks below our <I>de minimis</I> threshold. However, during a suspension,
individual sales or risk-reducing transactions will be considered for approval on a case-by-case basis. Trading by an external adviser
may continue in accounts where management has been delegated to an external adviser and Compliance has previously approved treatment
of the account as a delegated account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">This
disciplinary framework is a general guideline only. Depending upon the gravity of any particular violation, differing or more severe
disciplinary steps may be warranted. The CCO also may exercise discretion, within parameters established by the Compliance Committee,
to impose reduced disciplinary consequences in cases in which there are mitigating factors.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>11.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Personal
                                            Trading</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ellington&rsquo;s
policies with respect to personal transactions in financial instruments by Ellington </FONT><FONT STYLE="font-size: 10pt">Personnel (&ldquo;Personal
Trading&rdquo;) are designed to (1)&nbsp;avoid the misuse of inside information and material non-public information, which could violate
federal securities laws, (2)&nbsp;avoid conflicts of interest or the appearance of conflicts of interest (such as front-running), and
(3)&nbsp;discourage excessive Personal Trading that can distract employees from their professional duties.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should be mindful that personal securities transactions may be limited or prohibited at any time, that </FONT><FONT STYLE="font-size: 10pt">is,
you could be indefinitely prohibited from purchasing a certain security, or, if you own it, you could be prohibited from selling it.
For example, if you own shares of a certain company, and that company is subsequently placed on the Restricted List, you will be prevented
from selling those shares for so long as the company remains on the List, where it may remain for an indefinite period of time.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Definitions</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to make it </FONT><FONT STYLE="font-size: 10pt">easier to review and understand Ellington&rsquo;s Personal Trading policy, a few
key terms are defined below. Capitalized terms used in this Code have the meanings given below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Client Account</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Client
Account&rdquo; means any managed account or investment fund as to which, or for whom, the firm provides investment advisory or management
services.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm
</FONT><FONT STYLE="font-size: 10pt">Account</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Firm
Account&rdquo; means a proprietary investment or trading account maintained by Ellington for the firm or its employees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Green List</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
 &ldquo;Green List&rdquo; is a list, provided to you on a periodic basis </FONT><FONT STYLE="font-size: 10pt">and posted on the Compliance
Intranet page&nbsp;at <U>http://confluence.ellington.com/display/CR</U>, of certain more liquid financial instruments that under certain
circumstances you will be permitted to trade for your Personal Accounts without prior approval, but <U>only</U> as described below in
Section&nbsp;11.2.2.2.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Mutual Funds That Must Be
Pre-cleared list</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
 &ldquo;</FONT><FONT STYLE="font-size: 10pt">Mutual Funds That Must Be Pre-cleared&rdquo; list is a list, provided to you on a periodic
basis and posted on the Compliance Intranet page&nbsp;at <U>http://confluence.ellington.com/display/CR</U>, which includes mutual funds
that are subject to the pre-clearance and reporting requirements in the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Permitted Instruments</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Permitted
Instruments&rdquo; means</FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">direct
                                            obligations of the United States;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">high
                                            quality short-term debt instruments, which include most bankers&rsquo; acceptances, certificates
                                            of deposit, commercial paper, and repurchase agreements;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">shares
                                            issued by open-end mutual funds other than those issued by a mutual fund appearing on the
                                            Mutual Funds That Must Be Pre-cleared list;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">currencies
                                            issued by the U.S., U.K., Canada, France,&nbsp;Italy, Germany (including the Euro), or Japan;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">currencies
                                            issued by any other country if the U.S. Dollar equivalent amount of such currency transaction
                                            or series of transactions does not exceed $1,000,000; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">cryptocurrencies
                                            (but not crypto securities, tokenized securities or interests in trusts or other entities
                                            whose purpose is to hold digital assets or crypto currencies).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Personal Account</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Personal
Account&rdquo;</FONT> <FONT STYLE="font-size: 10pt">means any account that holds or is capable of holding securities, financial instruments
or cryptocurrencies and is either held by Ellington Personnel, over which the Ellington Personnel exercises control over the account
or provides investment advice to the account, or the Ellington Personnel has &ldquo;beneficial ownership&rdquo; of the account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Personal
Account&rdquo; DOES NOT include an account in which the broker/custodian ONLY allows Permitted Instruments to be held (e.g., some mutual
fund accounts are structured this way) unless that account holds a position in an open-end mutual fund included on the </FONT><FONT STYLE="font-size: 10pt">Mutual
Funds That Must Be Pre-cleared list. Client Accounts and Firm Accounts are not within the scope of this Personal Trading policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The term
 &ldquo;beneficial ownership&rdquo; is defined by rules&nbsp;of the SEC. Generally, <U>you are deemed to have beneficial ownership of
securities and other financial instruments held in the name of</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">your
                                            spouse or a minor child;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            relative (including in-laws, stepchildren, or stepparents) sharing the same house; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">anyone
                                            else, if you can obtain ownership of the securities or other financial instruments immediately
                                            or at some future time.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Restricted List</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
 &ldquo;Restricted List&rdquo; is a list of securities and other financial instruments that are subject to trading restrictions. Securities
may be added to the Restricted List for a number of reasons, including to enforce trading restrictions, monitor trading activity, or
control risk related to the receipt of potentially material, non-public information. Absent an express exception granted by the CCO or
the GC, all trading in Restricted List securities and financial instruments by any Ellington Personnel is prohibited. The current Restricted
List is posted on </FONT><FONT STYLE="font-size: 10pt">the Compliance Intranet page&nbsp;at <U>http://confluence.ellington.com/display/CR</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">My Compliance Office</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">My
Compliance Office (&ldquo;MCO&rdquo;) is the web-based service used by the firm to collect and review personal trading information and
to disseminate and collect periodic reports and certifications. You should receive a username and password for MCO; a link for accessing
MCO is available on the Compliance Intranet page&#8239;at <U>http://confluence.ellington.com/display/CR</U></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Trading
                                            Restrictions</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
trading for a Personal Account not in compliance with this section of the Code is strictly prohibited. </FONT><FONT STYLE="font-size: 10pt">Except
as specifically permitted below, this restriction applies to all securities, derivatives, and futures.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Prior Written Approval Required
for Transactions in Personal Accounts</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as explained in &ldquo;</FONT><FONT STYLE="font-size: 10pt">Exceptions to Requirement of Prior Written Approval&rdquo; below, all Ellington
Personnel must obtain prior approval for all transactions for a Personal Account from the CCO or a designee. Approval for transactions
should be secured using the request form in MCO, or by using the most current version of the firm&rsquo;s standard request form.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Scope
                                            of Approval</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
explicitly specified otherwise, written approval for a transaction is valid until the close of business on the business day following
the day on which the approval is given.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Approvals
are also valid only for the number of shares or principal amount specified in the approval.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Approval
                                            of Limit Orders</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
request approval for a limit order. Requests must specify that the requested order is a limit order and specify the limit price. Approvals
for limit orders are valid for 20 trading days following the day on which the approval is given.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Expiration
                                            of Approval and Effect of Notices</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">You are
responsible for making sure approved trades, if executed, are executed prior to expiration of the approval. Though we may arrange for
our personal trading system to provide email notifications when approvals are expiring, you are responsible for ensuring you comply with
the policy, regardless of whether or not you receive notice that an approval is expiring.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.4.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Discretion
                                            Exercised by Others</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as discussed below in &ldquo;</FONT><FONT STYLE="font-size: 10pt">Trades in Accounts over which you have no influence or control,&rdquo;
you are responsible for making sure trades in your reportable accounts are pre-cleared, regardless of whether you are the person who
executes the trade. This means that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            a broker managing your account normally contacts the Compliance group to request pre-clearance
                                            for you, you will still be held accountable under this policy for their failure to request
                                            pre-clearance; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            someone other than you, for example your spouse or a parent, has authority to trade in an
                                            account and they do so without you having obtained a necessary pre-clearance, you will still
                                            be held accountable under this policy.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exceptions to Requirement
of Prior Written Approval</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
approval is <U>not</U> required for certain categories of securities transactions, </FONT><FONT STYLE="font-size: 10pt">although all
transactions in these securities must be reported to the CCO as described in Section&nbsp;11.7, &ldquo;Reporting of Transactions and
Holdings.&rdquo; Prior approval is not required for transactions in:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.5.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Permitted
                                            Instruments</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted
Instruments, as defined in Section&nbsp;11.1.6 above but specifically excluding open-end mutual funds on the </FONT><FONT STYLE="font-size: 10pt">Mutual
Funds That Must Be Pre-cleared list.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.6.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Green
                                            List Instruments</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Green List
Instruments, which means:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            tickers that appear on the Green List or the publicly traded debt of any issuer whose ticker
                                            appears on the Green List, provided, in both cases, that the issuer is not on the Restricted
                                            List;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Exchange
                                            Traded Funds (ETFs) that appear on the Green List but that are not on the Restricted List;
                                            and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            front month or first back month of futures contract series that appear on the Green List,</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>but
only</U></FONT> <FONT STYLE="font-size: 10pt">where:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            the case of non-futures, the &ldquo;aggregate value of all your trades&rdquo; in such issuer
                                            on any given day is less than $150,000, and,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            the case of futures, the &ldquo;aggregate number of your traded contracts&rdquo; in such
                                            series on any given day is less than or equal to the &ldquo;Maximum PA Contract Volume&rdquo;
                                            indicated on the List for that series.</FONT></TD></TR>
                                                                                                   </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Prior approval
is still required for options or other derivatives related to issuers or instruments on the Green List. For the purposes of this section,
the &ldquo;aggregate value of all your trades&rdquo; means the sum of the absolute value of amount of all transactions (i.e., viewing
all buys and sells as positive amounts) for all of your Personal Accounts combined, and the &ldquo;aggregate number of your traded contracts&rdquo;
means the sum of the absolute value of the number of contracts traded in all of your Personal Accounts.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.7.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>de
                                            minimis</U></I><U> trading of public companies</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>de
minimis</I></FONT> <FONT STYLE="font-size: 10pt">trading of public companies, which means the common or preferred shares of any publicly
traded company that is not on the Restricted List if the aggregate value of all purchases of such issuer is less than $5,000 and the
aggregate value of all sales of such issuer is less than $5,000 on a given day. For the purposes of this section, the &ldquo;aggregate
value&rdquo; means the total absolute value of such transactions for all of your Personal Accounts combined.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.8.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Trades
                                            in Accounts over which you have no influence or control</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Trades
in Personal Accounts over which you have no direct or indirect influence or control, provided that the CCO has received evidence sufficient
to establish that you have no such influence or control. Decisions to exempt trading in such Personal Accounts from the prior approval
requirement will be made by the CCO on a case-by-case basis in light of all of the facts and circumstances.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.9.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Municipal
                                            Securities</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Prior approval
is not required for municipal securities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">30-Day Minimum Holding Period
for Public Equities Positions</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">All positions
in publicly traded equities in your Personal Accounts must be held for a minimum of 30 days, subject to the following exceptions:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Positions
                                            held less than 30 days may be closed out if unprofitable;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Positions
                                            in the equities of issuers on the Green List may be held for less than 30 days;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Positions
                                            in ETFs on the Green List may be held for less than 30 days; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Positions
                                            in open-end mutual funds may be held for less than 30 days.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">For purposes
of counting the holding period and for determining whether closing a position is profitable, trades will be matched on a last-in-first-out
or LIFO basis.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">While
we will seek to use functionality in MCO to flag pre-clearance requests that may violate the holding period rule, it is your responsibility
to ensure that you observe the rule.&nbsp; Because trading information in MCO, particularly for employees whose brokers provide paper
statements or confirms, may lag, and because the ultimate price of execution is not known at the time of pre-clearance, you should not
assume that receiving pre-clearance means that a proposed trade is consistent with the holding-period rule.&nbsp; Moreover, the holding-period
rule&nbsp;also applies to <I>de minimis</I> transactions that do not require pre-clearance under our policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.2.1.10.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Treatment
                                            of Options under Holding Period Requirement</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Options
on equities are covered by this holding-period policy.&nbsp; Profitable equity options positions must be held for a minimum of 30 days,
including options referencing Green List issuers, though options on ETFs that do not require pre-clearance may be held for less than
30 days.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
exercise an option within 30 days of acquisition, and holding periods for equities positions acquired pursuant to the exercise of an
option may be counted from the date of the acquisition of the option rather than from the date of exercise.&nbsp; You may, for example,
satisfy the holding period for a profitable option acquired less than 30 days before expiration by exercising the option and holding
the underlying position until 30 days have lapsed since you acquired the option.&nbsp; You may not, however, sell to close a profitable
option position within 30 days of acquisition, whether at expiration or before.&nbsp; Consequently, if you acquire an option less than
30 days before expiration, you must be prepared to exercise the option; in such cases selling to close at expiration will violate this
holding-period policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No Personal Trading Permitted
through Ellington Trading Desks</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Without
the prior, written approval of the CCO or the GC, no transaction for a Personal Account may be effected through or using the influence
of one of Ellington&rsquo;s trading desks.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Personal Trading Requirements
Overview</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In accordance with the policies
outlined above, a detailed summary of the holding period policies for each financial instrument, as well as the pre-clearance requirements
for trading can be found in the Personal Trading Quick Reference Guide located on the firm&rsquo;s intranet site or in Appendix A. If
unsure about the requirements for a specific instrument, you can contact the CCO for more information.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Restrictions
                                            on Trading and Holding of Ellington-Managed Public Companies and Mutual</U></FONT><U> <FONT STYLE="font-size: 10pt">Funds
                                            That Must Be Pre-cleared</FONT></U></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the firm&rsquo;s role with respect to the publicly traded vehicles it manages, including Ellington Financial LLC and Ellington Credit
Company (together &ldquo;Ellington-Managed Public Companies&rdquo;), trading and owning of those companies&rsquo; shares is subject to
the following restrictions. Similarly, investing in Mutual</FONT> <FONT STYLE="font-size: 10pt">Funds That Must Be Pre-cleared without
prior CCO approval is prohibited as well as redeeming any such mutual fund investments that were previously approved. These restrictions
are in addition to any other applicable restrictions included in the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Trading Windows</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington-Managed
Public Companies will ordinarily be maintained on the firm&rsquo;s Restricted List. Trading by employees, however, is expected to be
permitted during trading windows. As explained below, even during a trading window, each trade must be approved beforehand by the CCO
or his designee. If you are interested in trading shares of an Ellington-Managed Public Company, you can contact the CCO for information
about expected trading windows.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Though
windows are expected to open periodically, there is no guarantee that a window will open when expected, or that it will remain open for
the amount of time expected. Consequently, it is possible that you will not be permitted to buy or sell the shares of Ellington-Managed
Public Companies for extended periods of time.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Pre-clearance requests two
days before trading</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Requests
for approval to trade Ellington-Managed Public Companies or invest in Mutual</FONT> <FONT STYLE="font-size: 10pt">Funds That Must Be Pre-cleared
may take longer to review than typical pre-clearance requests. In light of this, you must submit pre-clearance requests for Ellington-Managed
Public Companies and Mutual Funds That Must Be Pre-cleared two business days ahead of the day you expect to trade, though pre-clearance
may be granted more quickly than that. As with any request to trade a security on Ellington&rsquo;s Restricted List, a request to trade
Ellington-Managed Public Companies may be denied by Compliance for any reason (possibly with no explanation provided), and in the case
of Ellington-Managed Public Companies may be denied even if the request is made during an open trading window.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No <I>de minimis</I> exception</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
trading of Ellington-Managed Public Companies or investments in Mutual</FONT> <FONT STYLE="font-size: 10pt">Funds That Must Be Pre-cleared
in a Personal Account must be pre-cleared, regardless of the number of shares or dollar amount of the transaction. The <I>de minimis
</I>exception to the pre-clearance requirement applicable in other circumstances is not available for trading of Ellington-Managed Public
Companies or Mutual Funds That Must Be Pre-cleared.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Required use of designated
broker dealer</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">If you
are going to buy, sell, or hold shares of Ellington-Managed Public Companies, you must do so in an account at a broker-dealer designated
by Ellington for this purpose.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">If you
would like to purchase shares of an Ellington-Managed Public Company, you should contact the CCO for information about which broker-dealers
you are required to use for these purposes.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No shorting</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
not sell short shares of Ellington-Managed Public Companies.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Expected minimum six-month
holding period</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
the securities laws, officers and directors of a public company are not permitted to benefit from &ldquo;short swing&rdquo; trading.
This restriction is intended to prevent officers and directors from unfairly using information they have gained because of their position.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Under
ordinary circumstances, out of an abundance of caution, we expect to apply a similar standard to trading of Ellington-Managed Public
Companies by all Ellington Personnel. As a consequence, you should expect that requests for approval to sell that are within six months
of a purchase, or requests to purchase that are within six months of a sale, are likely to be denied.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No margin borrowing or pledging</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
not borrow against shares of Ellington-Managed Public companies in a margin account or otherwise pledge or hypothecate them as collateral
for a loan. As a practical matter, this means that you should not hold them in an account with a margin feature, or, if you hold them
in a margin account, you should not borrow on margin in that account, or you should otherwise take steps to ensure that such shares are
not used as collateral for margin borrowing.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No trading while in possession
of material, non-public information</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
all of the above, you may not, under any circumstances, trade shares of Ellington-Managed Public Companies or invest in or redeem from
Mutual</FONT> <FONT STYLE="font-size: 10pt">Funds That Must Be Pre-cleared while in the possession of material, non-public information
about them, even during a trading window and even if you have pre-cleared the trade.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Please
see the Insider Trading section of the Compliance Manual for further discussion of materiality and of insider trading law in general.
As noted there, the assessment of whether information is material can be complex and involve significant judgment. If you have doubt
about whether information you possess is material, non-public information, you should consult with the GC or the CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Reporting of executions by
Section&nbsp;16 filers</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Officers,
directors, and owners of 10% or more of the outstanding shares of Ellington-Managed Public Companies (&ldquo;Section&nbsp;16 Filers&rdquo;)
are required to file reports with the SEC under Section&nbsp;16 of the Exchange Act within two business days of reportable transactions.
Ellington Personnel who are Section&nbsp;16 filers should report trade executions to the CCO on trade date to facilitate preparation
and filing of the requisite reports.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Restriction
                                            on Investment in IPOs</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
<U>MAY&nbsp;NOT</U> receive an allocation of a newly issued security issued in connection with an initial public offering (IPO) without
the prior approval of the CCO. The CCO will retain records of each decision with respect to any such request for approval, and the basis
for that decision.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Restriction
                                            on Investment in Private Placements</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
also <U>MAY&nbsp;NOT</U> invest in any private security (including a private placement by a public company, or any privately offered
security such as an investment in another hedge fund, a real estate fund, a private equity fund, or a direct investment in a non-public
company) without the prior approval of the CCO. The CCO will retain records of each decision with respect to any such request for approval,
and the basis for that decision. You also may not redeem or sell any investment in a private security without the prior approval of the
CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">For
these purposes, &ldquo;private security&rdquo; does not include:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Personal
                                            loans to friends and family members; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Loans
                                            to private businesses run by friends and family members, as long as:</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.75in"></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            of the lenders are friends and family members;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.75in"></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">It
                                            is a private business;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.75in"></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">It
                                            is not in the securities or financial services industry; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.75in"></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">It
                                            does not and is not expected to do business with Ellington.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Investment in Ellington-managed
funds</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Subscriptions
and redemptions by Ellington Personnel in Ellington managed funds are handled through Investor Relations and requests should be made
to Investor Relations. Investor Relations will provide prior notice to the CCO of pending subscription and redemption requests from Ellington
Personnel, and the CCO may disallow a subscription or redemption. Though subscriptions and redemptions are handled by Investor Relations,
the Management Company Controller, Chief Financial Officer &ndash; Management Companies or other members of the Financial Reporting group
shall notify Investor Relations if they become aware of pending or requested subscriptions or redemptions that they have reason to believe
may not be known by Investor Relations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Subscriptions
in our private funds are limited to those who meet certain financial criteria or who are deemed knowledgeable employees under applicable
rules. Once a subscription or redemption request has been made to Investor Relations and the CCO has been notified, the CCO may disallow
subscriptions in light of these qualification standards, or for other reasons, including based upon input from the subscriber&rsquo;s
supervisor or members of senior management. The CCO may also disallow redemptions for a number of reasons, including in light of co-investment
or similar agreements, in light of disclosure regarding the amount of investment in Ellington Clients or a particular Ellington Client
by Ellington Personnel, or to avoid the appearance of the misuse of nonpublic information or other appearance of impropriety.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Limit
                                            on Investment in Financial Firms</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
may not own in any Personal Account any stock or any other direct or indirect financial interest in any other organization primarily
engaged in any securities, financial, or related business, except for minority stock ownership or other financial interest in a business
which is publicly owned, <I>provided that</I> you may own a minority interest in a private securities, financial, or related business
if that interest is acquired, owned, or disposed of indirectly through an entity which you do not advise and over which you exercise
no investment discretion, e.g. an interest acquired by a third-party managed private equity or similar fund in which you have invested.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.7.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Reporting
                                            of Transactions and Holdings</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">To ensure
compliance with the Code of Ethics, Ellington&rsquo;s Compliance Manual, and applicable law, Ellington collects information regarding
the personal trading activities and holdings of all Ellington Personnel. To assist with this process, you must submit periodic reports
and certifications concerning your accounts, transactions, and holdings.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Most
of the reporting requirements outlined below can be satisfied through timely completion of reports and certifications you will be asked
to make using MCO, the web-based service used by the firm to facilitate compliance with this section of the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Initial Holdings Report</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You must
provide the CCO or his designee with a list of all Personal Accounts within ten days of (i)&nbsp;becoming an access person at the firm,
(ii)&nbsp;initial receipt of this Code, or (iii)&nbsp;an initial request for such account information. Unless instructed otherwise by
the CCO or his designee, you must also at that time supply the most recent account statements for each of your Personal Accounts and
identify any securities you own which are not reflected on those statements. The statements may be dated no more than 45 days prior to
the commencement of your relationship with Ellington.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Required Delivery of Duplicate
Statements and Confirmations</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You must
arrange for duplicate copies of all confirmations and statements for Personal Accounts in which you hold anything other than Permitted
Instruments to be sent to the CCO or his designee. Through MCO, the firm is able to electronically receive confirmation and statement
information for accounts held at certain brokers. Delivery of duplicate paper statements is not required when the equivalent information
is received electronically through MCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Annual Holdings Report</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">On or
before February&nbsp;14<SUP>th</SUP> of each year, you must provide the CCO with a report of all securities you hold&mdash;excluding
Permitted Instruments&mdash;which are not reflected on duplicate account statements sent directly to the CCO or a designee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Quarterly Transaction Reports</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Within
30 days of the end of each calendar quarter or as otherwise directed in connection with requests for periodic certifications, you must
provide the CCO with a report of all securities transactions in which you engaged during the quarter which are not reflected on duplicate
account statements sent directly to the CCO, excluding transactions in Permitted Instruments. At such time, you may be required to verify
that all of your Personal Accounts have been identified to the CCO or a designee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Reporting of Newly Opened
Accounts</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You must
apprise the CCO within five business days of the opening of a Personal Account, and, as required by Section&nbsp;11.8.2 above, arrange
for duplicate statements and confirmations for any such account to be sent directly to the CCO or a designee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exceptions to Reporting Requirements</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
not be required to satisfy certain of the above reporting requirements with respect to certain Personal Accounts. Decisions as to the
applicability of either of the two exceptions listed below will be made on a case-by-case basis by the CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.7.1.1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Automatic
                                            Investment Plans</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Automatic
investment plans, including Dividend Re-investment Plans, may be exempt from the Quarterly Transaction Report requirement in Section&nbsp;11.7.4
above.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">11.7.1.2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Accounts
                                            over which you have no influence or control</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Personal
Accounts over which you have no direct or indirect influence or control may be exempt from the requirements in Sections 11.7.1 through
11.7.5 above, provided that such accounts must be identified to the CCO as required in Sections 11.7.1, 11.7.4, and 11.7.5 above, and
provided that the CCO has received evidence sufficient to establish that you have no such influence or control.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Identification of Family Members
who are Officers or Directors of Public Companies or whose Employers may do Business with Ellington</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In order
to assist the firm in identifying sources of real or apparent conflicts of interest, Ellington will periodically, typically in connection
with a quarterly or annual holdings or transaction report, ask that you provide information about members of your family or household
who are employed by firms who do or who may do business with Ellington, particularly securities, financial, or related firms, or who
are directors or officers of public companies.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Additional Requests for Information</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">From
time to time the firm may request the information discussed in this section in a different form or at a different time than outlined
above. You are required to supply such information whenever requested to do so.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Reporting by Interns, Contractors,
and Temporary Personnel</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In lieu
of arranging for duplicate statements and confirmations to be sent to the CCO, Ellington Personnel whose expected tenure with the firm
is less than six months and who are required to provide statements may personally deliver a statement dated December&nbsp;31 in connection
with any required Annual Holdings Report during their relationship with the firm, and may, in connection with any required Quarterly
Transaction Report, personally deliver account statements covering transactions during that quarter, provided that such statements are
delivered prior to the date by which such Reports are due.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.8.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Exceptions
                                            for Short Term Personnel, Contractors, Non-employees</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Short
term or temporary Personnel who do not have access to nonpublic information regarding trading on behalf of the firm&rsquo;s clients and
who are not involved in making investment or trading recommendations, may be exempt from the reporting and trade pre-approval requirements
under this section. Exemptions will be granted on a case-by-case basis by the CCO. In addition, the reporting and trade pre-approval
requirements under this section may not apply to contractors, depending upon the nature of their engagement, the services they are providing,
and the information to which they have access. In some cases we may seek to apply some or all of the provisions of this policy to contractors
or temporary personnel who are not Ellington employees but whose role presents sufficient risks to warrant application of this policy.
Decisions regarding application of the policy to non-employees may be made on a case-by-case basis by the CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">11.9.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Review
                                            by Compliance</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
CCO or a designee will review the personal trading information collected pursuant to this Section, and conduct additional inquiry as
necessary, in order to identify potentially abusive trading by Ellington Personnel, and in order to identify violations of this Code.
The CCO is responsible for keeping a record of any such violations and the action taken as a result. The CCO will report potentially
abusive trading and substantive violations of this Code to the Compliance Committee, or to members of the firm&rsquo;s senior management,
as appropriate.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
GC or a designee will review the personal trading of the CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
Advisers Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;204A
(requiring advisers to establish and enforce written policies designed to prevent the illegal use of material nonpublic information by
the adviser and its associated persons)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;204A-1(b)&nbsp;(requiring
submission of transaction and holdings reports by an adviser&rsquo;s access persons)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;204-2(a)(12)(ii)&nbsp;(requiring
retention or a record of all violations of an adviser&rsquo;s code of ethics and action taken as a result of the violation)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;204-2(a)(13)(iii)&nbsp;(requiring
retention of records of decisions and reasons supporting decisions to approve an access person&rsquo;s investment in an IPO or privately
placed security)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
Company Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;17j-1
(requiring investment advisers to registered investment companies to establish and enforce a written code of ethics containing provisions
reasonably necessary to prevent the investment adviser&rsquo;s personnel from engaging in any fraud or other manipulative conduct prohibited
under Rule&nbsp;17j-1(b))</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>12.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Gifts
                                            and Entertainment</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Giving or receiving
gifts in a business setting can give rise to an appearance of impropriety or may raise potential conflicts of interest. Ellington has
adopted the policies set forth below to guide employees whenever gifts are accepted from, or given to (or for the benefit of), any individual
or entity doing business with Ellington.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Generally, you
should not accept or provide any gifts or favors that might influence the recipient&rsquo;s decisions regarding business transactions
involving Ellington or Client Accounts, or even that might reasonably be perceived by others as influencing those decisions. Although
modest gifts and favors may be accepted or given on an occasional basis, even a nominal gift should not be accepted if, to a reasonable
observer, it might appear that the gift would influence the recipient&rsquo;s business decisions. Where there is a law that affects the
acceptance of gifts of nominal value (for example, certain government workers are prohibited from accepting gifts), the law must be followed.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Generally, you
should also not host or attend meals or other forms of business entertainment that might reasonably be perceived as so frequent or excessive
as to improperly influence the guest&rsquo;s decisions regarding business transactions involving Ellington or our Client Accounts.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Because they can
give rise to a similar appearance of conflict or impropriety, you should also not make or accept a personal loan from or to someone with
whom the firm is doing business or who is related to Ellington or its business that, because of its size or terms, might be perceived
as improperly influencing either the lender or the borrower.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">12.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Giving
                                            of Gifts or Entertainment</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
giving of gifts to or entertainment of any person or entity related in any way to Ellington or its business, except as discussed below,
is strictly prohibited without the prior approval of the GC or the CCO, who will keep a record of any such approvals. This includes gifts
and entertainment between or among Ellington Personnel or to or from a member of their families, except as discussed below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Limit on Gifts to or Entertainment
of Certain Classes of Recipients</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the general exceptions listed in 12.1.2 below, provision of gifts or entertainment to certain, specific classes of recipients is subject
to additional restrictions because of laws or regulations applicable to them. Each of these classes of recipients and the applicable
policy are discussed below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In addition
to the gifts and entertainment described in the discussion of each class below, you may provide such recipients with items of nominal
value on an occasional basis. Items of nominal value include, for example, an ordinary promotional item bearing an Ellington logo, modest
meal or snacks provided during an on-site visit, or other non-monetary items less than $10 in value.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.1.1.1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>ERISA
                                            Plan Asset Investors</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">An ERISA
Plan Asset Investor is anyone who you know or should have reason to know is the source, potential source, or who represents the source
or potential source of Ellington-managed assets subject to ERISA (an &ldquo;ERISA Plan Asset Investor&rdquo;). ERISA Plan Asset Investors
include, for example, representatives of pension funds who are or may become Ellington Clients or invest in Ellington-managed funds,
and representatives of advisers to funds-of-funds which include substantial investments by pension plans and which have invested or may
invest in Ellington-managed funds.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
provide ERISA Plan Asset Investors with non-cash gifts or entertainment less than $50 in value, provided that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">gifts
                                            and entertainment in aggregate provided to that recipient during the prior twelve months,
                                            including the proposed gift or entertainment, are less than $100 in value; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            gift or entertainment receives the prior approval of the GC or CCO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.1.1.2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign
                                            Officials</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">A Foreign
Official is any officer or employee of (i)&nbsp;a foreign government, (ii)&nbsp;an agency or instrumentality of a foreign government,
(iii)&nbsp;a foreign political party, or (iv)&nbsp;an enterprise owned or controlled by a foreign government, and any candidate for foreign
political office.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">You may
provide Foreign Officials with non-cash gifts or entertainment, provided that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            gift or entertainment is valued at $50 or less, gifts in aggregate provided to that recipient
                                            during the prior twelve months, including the proposed gift, are less than $50 in value,
                                            and the recipient has been entertained four or fewer times in the previous 12 months, including
                                            the proposed entertainment; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            gift or entertainment receives the prior approval of the GC or CCO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">The intent
of this policy is to limit entertainment of Foreign Officials to entertainment that is of reasonable or moderate value in a given country,
recognizing that a meal that is modest in one country or region could have the same monetary value as one that is extravagant in another.
Because of this, the CCO may in some cases establish higher pre-approval thresholds on a country-by-country basis.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.1.1.3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>State
                                            or Local Pension Officials</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">A State
or Local Pension Official is any officer or employee of a U.S. state, county, or municipal pension. Gifts and entertainment provided
to State or Local Pension Officials, other than items of nominal value as described above, require the prior approval of the GC or CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exceptions to Requirement
of Prior Approval of Giving of Gifts or Entertainment</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Without
in any way diminishing your responsibility to exercise good judgment in accordance with the principles laid out above, including consulting
with the CCO if appropriate, and except as discussed above with respect to ERISA Plan Asset Investors, provision of the following gifts
and entertainment will typically <I>not</I> require prior approval of the GC or CCO:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.1.1.4.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Entertainment
                                            or meals provided under $500 per person per event</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Entertainment
or meals, not to exceed $500 per person per event, provided that you are present as the host at the event or meal, and provided that
you report to the CCO circumstances in which you provide entertainment valued at less than $500 per person per event three or more times
in any three-month period to the same individual.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.1.1.5.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Gifts
                                            and gratuities under $250</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Other non-cash
gifts and gratuities or anything else of value given by you, not to exceed $250 in total value given during any 12-month period to any
individual.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">12.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Acceptance
                                            of Gifts or Entertainment</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
accepting of gifts from or entertainment by any person or entity related in any way to Ellington or its business, except as discussed
below, is strictly prohibited without the prior approval of the GC or the CCO, who will keep a record of such requests and the decision
made with respect to each.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Limit on Gifts or Entertainment
Accepted in Connection with Transactions for ERISA Clients</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the exceptions listed in 12.2.2 below, you may not accept any gift or entertainment offered in whole or in part because Ellington advises
an ERISA Client or because of the amount of business conducted by Ellington on behalf of an ERISA Client. An ERISA Client is any account
managed on behalf of a pension or retirement plan, or any fund 25% or more of which is owned by ERISA Plan Asset Investors.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">For your
reference, ERISA Clients are identified in the fund table in ELLIN by an ERISA flag, which should be set to &ldquo;1&rdquo; for each
fund which is an ERISA Client.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Exceptions to Requirement
of Prior Approval of Acceptance of Gifts or Entertainment</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Without
in any way diminishing your responsibility to exercise good judgment in accordance with the principles laid out above, including consulting
with the CCO if appropriate, and except as discussed above with respect to ERISA Clients, acceptance of the following gifts and entertainment
will typically <I>not</I> require prior approval of the GC or CCO:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.2.1.1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Entertainment
                                            or meals received under $250 per person per event</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Entertainment
or meals, not to exceed $250 per person per event, provided that the host is present with you at the event or meal, and provided that
you report to the CCO circumstances in which you receive entertainment valued at less than $250 per person per event three or more times
in any three month period from the same individual, entity, or group of individuals from the same entity.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">12.2.1.2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Gifts
                                            and gratuities under $250</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Other non-cash
gifts and gratuities or anything else of value received by you, not to exceed $250 in total value in any 12-month period from any individual,
entity, or group of individuals from the same entity.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">12.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Exceptions
                                            for Gifts and Entertainment between Ellington Personnel</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
social entertainment of colleagues and the exchange of modest personal gifts among colleagues is a natural part of a collegial work environment.
Such gifts and entertainment are permitted under this policy, provided they are not sufficiently excessive to raise questions about whether
a reporting line or an employee&rsquo;s fulfillment of his or her function or responsibilities have been compromised.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">To help
monitor for the possible appearance of such a compromise, you should seek approval from the CCO or GC for any gift you are giving to
or receiving from other Ellington Personnel or their families, or any entertaining of other Ellington Personnel or their families unless:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            cumulative value of gifts and entertainment from the giver to the recipient within the prior
                                            twelve months is less than $1,000 and neither the giver nor the recipient is directly or
                                            indirectly above the other party in the supervisory chain,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            cumulative value of gifts and entertainment from the giver to the recipient within the prior
                                            twelve months is less than $500, or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            gift or entertainment is between relatives or members of the same family.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In cases
in which a gift or entertainment is provided to or received from a family member, amounts should be aggregated by the relevant Ellington
Personnel for purposes of these exceptions. For example, a gift from Employee A to the daughter of Employee B should be aggregated with
a gift from Employee A to the son of Employee B.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">12.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Personal
                                            Gifts or Entertainment Not in Relation to Ellington&rsquo;s Business</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In reviewing
any requests for approval of gifts or entertainment exceeding the limits described above, the GC or CCO may consider whether such gift
or entertainment is not in relation to Ellington&rsquo;s business. Factors to be considered in making that determination may include
whether:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">there
                                            is a pre-existing personal or family relationship between the giver and receiver or guest
                                            and host;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">there
                                            is a likelihood that the giver and recipient will substantively interact in connection with
                                            Ellington&rsquo;s business;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            gift or entertainment is associated with a customary life event such as a wedding or the
                                            birth or adoption of a child;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            giver or host is paying for the gift or entertainment personally; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            gift or entertainment might reasonably appear excessive in the circumstances.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">12.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Making
                                            of Personal Loans</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
may not make a Personal Loan, whether secured or unsecured, to an individual with whom the firm does business or to other Ellington Personnel,
or to a family member of either, or receive a Personal Loan, whether secured or unsecured, from an individual with whom the firm does
business or from other Ellington Personnel, or from a family member of either unless:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            loan has been approved by the GC or the CCO;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            outstanding personal loans from the borrower to the lender are less than $5,000;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            personal loan is between Ellington Personnel who are also family members or relatives.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">For
purposes of this policy, a &ldquo;Personal Loan&rdquo; is a loan between two individuals; it does not include loans made by banks or
other financial institutions in the ordinary course of their business. For purposes of calculating the total outstanding amount under
this policy, loans to a borrower should be aggregated with loans to members of that borrower&rsquo;s family.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">NASD
Notice to Members 06-69 (December&nbsp;2006) (providing guidance to member broker-dealers on the treatment of gifts under FINRA Rule&nbsp;3220
(formerly NASD Rule&nbsp;3060))</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">A Resource
Guide to the U.S. Foreign Corrupt Practices Act (November&nbsp;14, 2012) (providing guidance on the FCPA from the U.S. Department of
Justice and the SEC, available at https://www.justice.gov/criminal-fraud/fcpa-resource-guide)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>13.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Outside
                                            Activities</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Outside business
activities, including employment outside Ellington, as well as service on the board of directors of an outside company, could lead to
potential conflicts of interest, raise insider trading concerns, or otherwise interfere with your duties to the firm and its clients.
Except as provided below, you may not be employed by, or serve as a director, officer, or trustee of any public or private company unaffiliated
with Ellington. You also may not engage in outside business activities, including acting as a consultant, or serve on a creditors or
advisory committee with respect to a company unaffiliated with Ellington.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">13.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Exception
                                            for Approved Positions</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In certain
circumstances it may be in the interest of the firm or its clients for you to engage in the outside activities described above. You may
engage in such activities only upon receiving written approval from the GC or CCO. Permission to engage in such an outside activity may
be rescinded at any time if the GC or CCO determines that continuing the outside activity is against the interests of either the firm
or its clients. Thus, though you have received written permission to pursue them, you may be required to resign an outside position,
or discontinue outside business activities at any time.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">13.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Charitable
                                            and Civic Activities</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
encourages you to be involved in the affairs of our community. However, you must receive prior written approval from the GC or the CCO
before serving as a director or trustee of any organization that could potentially do business with Ellington or invest in an Ellington
fund, or with respect to which you would potentially be involved in investment or similar matters. This pre-approval requirement does
not apply to family or personal trusts, but you should keep in mind that investment activities by such trusts should be reported consistent
with the Personal Trading section of this Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
must also seek prior written approval from the GC or the CCO before running for election or seeking appointment to any government-related
position. As with any other outside activity for which you may have received approval, the firm may, at any time, require you to resign
a position approved under this subsection if the interests of the firm or its clients so requires.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">13.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Business
                                            Opportunities</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Without
the prior written consent of the GC or the CCO, you may not take for yourself business opportunities that are offered to you or become
available to you because you are associated with Ellington. You also may not use firm property, including information you receive as
a result of your association with the firm, for personal gain, or to compete with the firm.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">13.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Separation
                                            of Outside and Professional Activities</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Whenever
you engage in activities outside your capacity at Ellington, including when you have been given approval to pursue such outside activities,
you must take care to avoid creating the impression that Ellington endorses or approves of those outside activities. As a general rule,
you should avoid using your association with Ellington to further your pursuits outside the firm, and you may not use firm property or
facilities for outside activities. You are also expected to notify the GC or CCO of any events in connection with any of your outside
activities that could materially impact the firm or its reputation.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Likewise,
you should avoid engaging in outside activities during work hours. Except with the prior written approval of the CCO, you may not solicit
other Ellington Personnel on Ellington&rsquo;s premises, using Ellington equipment or facilities, or while either you or the person solicited
are working.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">13.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Prohibited
                                            Payments Involving Third Parties</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
activities, by their very nature, breach the duty of loyalty that you have to Ellington. Therefore, without the prior written consent
of the CCO or the GC, you may not:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pay,
                                            directly or indirectly, to any individual or entity, any part of your compensation received
                                            from Ellington in connection with any transaction on behalf of Ellington or an Ellington
                                            client;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Accept,
                                            directly or indirectly, from any individual or entity other than Ellington, compensation
                                            of any nature as a bonus, commission, fee, gratuity or other consideration in connection
                                            with any transaction on behalf of Ellington or an Ellington client.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>14.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Communication
                                            with Third Parties</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Care should be
taken in all communications you undertake on behalf of Ellington or our clients. The firm has high standards for fairness, integrity,
and professional conduct and expects that all of your communications will reflect those high standards. In addition, communications with
certain groups of third parties, and communications of certain types, are best handled under the supervision of specialized Ellington
Personnel.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Regulators
                                            and Government Agencies</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as provided in the Regulatory Filings section of the Compliance Manual, all communications received from a regulator or government agency
that oversees the firm, including any from the SEC, CFTC, NFA, or FINRA should be immediately referred to the GC or CCO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Press
                                            and the Media</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">All
communications from a member of the press should be referred to the head of Investor Relations. You may not speak to a member of the
press in your capacity at Ellington or with regard to the business of Ellington, its affiliates, or any Ellington-managed fund or account
without the express permission of Michael Vranos, Laurence Penn, or Andrew Vranos. This not only includes providing background information
or quotes for an article, but also sending reporters any written information, including research papers.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Entering
                                            into Contracts</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Except
for standard or form contracts that have been previously approved for use by the GC, all contracts, prior to execution, should be reviewed
by the GC or his designee, which may include designated outside counsel.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Engaging
                                            Outside Counsel</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
may not engage outside counsel on behalf of the firm, its affiliates, or any Ellington-managed fund or account for a new matter without
the prior approval of the GC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Investor
                                            Communications</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Communication with
our investors must be handled with particular care in light of our duties to them and the complexity of the law governing communications
between an adviser and its clients. A member of the Investor Relations group should be consulted with respect to any communication with
an investor in any Ellington-managed fund or account. Such communications, when they take the form of marketing materials, must also
be reviewed and approved beforehand as provided in the Marketing section of the Compliance Manual.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">14.6
<U>Distribution of Ellington Research&nbsp;&amp; White Papers</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington
sometimes prepares research papers and &ldquo;White Papers&rdquo; on topics of interest to our investors.&nbsp; Ellington employees must
obtain approval from Compliance before such pieces are sent to investors.&nbsp; If an employee wishes to repurpose a piece or broaden
the scope of the audience, additional approval from Compliance must be sought, as the compliance-related issues may change.&nbsp; Additionally,
if the piece takes a particular position, presents potential reputational concerns or is being sent to a wider audience, Peter Green,
Head of Research, must also provide his approval.&nbsp; Peter will decide whether further approval should be sought given the subject
matter of the piece.&nbsp; Any distribution to the press must also be approved by Michael Vranos, Laurence Penn or Andrew Vranos, as
stated above.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">14.6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>No
                                            Communications Disparaging Clients,&nbsp;Investors, Ellington, or Ellington Employees</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">When
communicating with outside parties you should not in any way, either orally or in writing, disparage Ellington or our affiliates, or
any of our current or former clients, investors, or employees, including without limitation by making or soliciting any comments, statements,
or the like to the media or to others that may be considered to be derogatory or detrimental to the good names or business reputations
Ellington or our current or former clients, investors, or employees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>15.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Distribution
                                            and Acknowledgement of the Code of Ethics</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington will
distribute a copy of this Code to all new Personnel upon commencement of their relationship with the firm. All Personnel must acknowledge
in writing that they have received, read, understood, and agree to comply with the Code of Ethics. Ellington will also make the current
version of the Code regularly available to Personnel through the firm&rsquo;s intranet, distribute notice to Personnel of material amendments
to the Code, and request periodic acknowledgement of the Code and agreement to abide by it.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">15.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Distribution
                                            of the Code of Ethics to Investors</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Investor
Relations will provide a copy of the Code of Ethics to investors in Ellington-managed funds upon receiving written request.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
Advisers Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Rule&nbsp;204A-1(a)&nbsp;(requiring
registered advisers to adopt a code of ethics)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Rule&nbsp;204A-1(a)(5)&nbsp;(requiring
registered advisers to distribute their codes and amendments to their supervised persons)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
Company Act</U></FONT><FONT STYLE="font-size: 10pt">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;17j-1(c)&nbsp;(requiring
investment advisers to registered investment companies to adopt a code of ethics)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;17j-1(d)(4)&nbsp;(requiring
investment advisers to registered investment companies to identify all persons required to make reports under Rule&nbsp;17j-1 and inform
those persons of their reporting obligation)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>16.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><U>Political
                                            Contributions</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ellington respects
employee participation in civic and political affairs. Political or campaign contributions by employees of an investment adviser, however,
can in some circumstances create an appearance of impropriety, particularly when the receiving government official is or may be in a
position to influence a decision by a state or government agency to engage the adviser to provide advisory services.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The SEC has adopted
a specific rule&nbsp;in this area known as the &ldquo;Pay-to-play Rule.&rdquo; The Rule&nbsp;limits the ability of an adviser to receive
compensation for advisory services provided to a government entity like a state pension for a period of two years after the adviser or
certain classes of the adviser&rsquo;s employees have made a political contribution to a relevant candidate or official.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have adopted
the policy outlined below in order to preserve the firm&rsquo;s ability to provide investment advisory services to state or municipal
governments, agencies, or pension plans or funds. Because case-by-case application of the Pay-to-play rule&nbsp;can be complex, our policy
requires case-by-case pre-clearance with the CCO for political contributions and fundraising activity.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clearance is
a precautionary measure. Because of the adverse effect that some employee political contributions can have on the firm and its business,
we have adopted this pre-clearance requirement so that the consequences of proposed contributions can be evaluated, and to help ensure
that the firm satisfies applicable record-keeping requirements in this area.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">16.1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Activity
                                            Requiring Pre-clearance</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
 &ldquo;Pay-to-play&rdquo; rule&nbsp;covers both direct political contributions to a candidate and indirect or fundraising activity. As
discussed below, it also covers activities by members of your immediate family.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">You
should seek pre-clearance before:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Contributing
                                            to a candidate for federal, state, or local political office except for contributions to
                                            candidates for President or for U.S. Congress who do not currently hold a state or local
                                            political office;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Contributing
                                            to federal, state, or local officials;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Contributing
                                            to national, state, or local political parties or political action committees;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Hosting,
                                            sponsoring, or organizing an event part of whose purpose is to further campaign efforts or
                                            raise funds for any person holding or seeking state or local office;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Contributing
                                            to a charity controlled by a federal, state, or local official;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Assuming
                                            a role with an organization that regularly engages in political fundraising and endorses
                                            candidates for state or local office;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Volunteering
                                            for a political campaign; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Engaging
                                            in a political fundraising event or activity, including soliciting or coordinating contributions
                                            to a candidate, political action committee, or political party.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">16.2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>People
                                            Covered</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Pay-to-play rule&nbsp;applies to the direct activities of covered Ellington employees, but also applies to &ldquo;indirect&rdquo; contributions
by covered employees. That is, people covered by the rule&nbsp;may not attempt to circumvent it by, for example, directing somebody else,
such as a spouse, to make a contribution on their behalf, or by giving to a group that supports a candidate instead of giving directly
to the candidate.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Because
contributions and fund raising activities by those close to you may create the appearance that they are acting at your request or on
your behalf, we ask that you pre-clear any of the above-enumerated contributions or activities made or undertaken by you or by anyone
in your immediate family. For these purposes your &ldquo;immediate family&rdquo; includes your spouse or spousal equivalent, minor children,
or other relative who shares your household or who is financially dependent on you.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">16.3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Contributions
                                            by Ellington and Affiliated Entities</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
pre-clearance requirement outlined above also applies to any contributions or activities contemplated by Ellington itself, by any of
its affiliated advisers, or by other affiliated entities</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>References</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Investment
Advisers Act</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;206(4)-5
(governing political contributions by certain investment advisers)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;204-2(18)
(required books and records related to political contributions)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;206(4)-3(e)&nbsp;(incorporating
into the Client Solicitations rule&nbsp;provisions of 206(4)-5 concerning solicitation of government entity)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Appendix A</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Ellington
Personal Trading Quick-Reference Guide</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The grid below
summarizes the pre-clearance and holding period requirements in Ellington&rsquo;s personal trading policy. Further information concerning
how these requirements work is included in the policy; this summary is meant to serve as a quick reference guide to help you navigate
the rules&nbsp;concerning pre-clearance and minimum holding periods.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The guidance below
applies only to instruments that are not on the firm&rsquo;s Restricted List and that are not derivatives referencing instruments on
the firm&rsquo;s Restricted List. <B>No transactions in instruments on the Restricted List or derivatives referencing them, regardless
of size, are permitted without prior approval of the CCO.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following pre-clearance
requirements apply regardless of the direction of the transaction in question, i.e. both buys and sells are subject to applicable pre-clearance
requirements, and both long and short positions are subject to the holding period requirement.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-bottom: 4pt; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Instrument</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pre-clearance
    Requirement</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Holding
    Period Requirement</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stocks</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Stocks
    that are on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of securities of that issuer you trade in a day is less than $150,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    holding period requirement</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Publicly
    traded stocks that are <U>not</U> on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of the stock you trade in a day is less than $5,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    30-day holding period unless the position is unprofitable; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EFC
    and EARN &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    always required and likely only available during periodic trading windows, which may be rare &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    six-month holding period; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-bottom: 4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ETFs</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">ETFs
    that are on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of the ETF you trade in a day is less than $150,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    holding period requirement</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ETFs
    that are <U>not</U> on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of the ETF you trade in a day is less than $5,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    30-day holding period unless the position is unprofitable; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mutual
    funds</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Open-end
    mutual funds that are on the Mutual Funds that Must Be Pre-Cleared list &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Open-end
    mutual funds that are <U>not</U> on the Mutual Funds that Must Be Pre-Cleared list &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Closed-end
    funds that are on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required unless the total gross amount of the fund you trade in a day is less than $150,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    holding period requirement</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Closed-end
    funds that are <U>not</U> on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of a fund you trade in a day is less than $5,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    30-day holding period unless the position is unprofitable; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-bottom: 4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Futures</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">Futures
    that are on the futures Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the gross amount of contracts you trade in the series is less than or equal to the<BR> &ldquo;Maximum PA Contract
    Volume&rdquo; listed on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Futures
    that are <U>not</U> on the futures Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre
    clearance is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bonds</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Municipal
    bonds &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Public
    corporate bonds of issuers that are on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of securities of that issuer you trade in a day is less than $150,000 &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    holding period requirement</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other
    corporate bonds &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">U.S.
    treasury bonds and notes &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-bottom: 4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Private
    investments</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">Non-Ellington
    hedge funds and other private funds &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Investment
    in a private company, including a loan to a private company &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loan
    to a private &ldquo;family&rdquo; business &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is not required as long as (i)&nbsp;the business is private, (ii)&nbsp;all of the lenders are friends or family members, (iii)&nbsp;the
    company is not in the securities or financial services industry, and (iv)&nbsp;the company is not expected to do business with Ellington
    &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Personal
    loan to a friend or family member &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Options</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    on stocks </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    30-day holding period unless the position is unprofitable; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Options
    on ETFs on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Options
    on ETFs <U>not</U> on the Green List &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Minimum
    30-day holding period unless the position is unprofitable; holding period requirement applies to positions regardless of size &nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Options
    on futures &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">E l l i n g t o n &#8239;&#8239;M a n a g e m e n t &#8239;&#8239;G r o u p</FONT></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Code of Ethics</B></FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-bottom: 4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currencies</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><FONT STYLE="font-size: 10pt">Spot
    or forward transactions in Yen, Euro, British pound, Canadian dollar or the U.S. dollar &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Spot
    or forward transactions in other currencies &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is required unless the total gross amount of your transactions in a day is less than $1 million &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Real
    Estate</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Residential
    and commercial real estate &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pre-clearance
    is not required, unless owned through an LLC or similar private entity in which you own an interest (interest in LLC should be pre-cleared
    as a private investment) &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CDs</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Certificates
    of Deposit &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-bottom: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cryptocurrencies</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Transactions
    in Bitcoin, Ethereum, or other cryptocurrencies &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
    is not required</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 8pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    minimum holding period</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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  <element name="DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember" id="ck0001560672_DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="DownsideHedgeRiskMember" id="ck0001560672_DownsideHedgeRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="EquitySecuritiesRiskMember" id="ck0001560672_EquitySecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember" id="ck0001560672_FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember" id="ck0001560672_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember" id="ck0001560672_FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundCloInvestmentsAreExposedToChangesInInterestRatesPointMember" id="ck0001560672_FundCloInvestmentsAreExposedToChangesInInterestRatesPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember" id="ck0001560672_FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundCloInvestmentsOftenHaveLimitedLiquidityPointMember" id="ck0001560672_FundCloInvestmentsOftenHaveLimitedLiquidityPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundCompetesWithEllingtonOtherAccountsForAccessToEllingtonAndForOpportunitiesToAcquireAssetsPointMember" id="ck0001560672_FundCompetesWithEllingtonOtherAccountsForAccessToEllingtonAndForOpportunitiesToAcquireAssetsPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundDeclarationOfTrustContainsProvisionsThatMakeRemovalOfItsTrusteesDifficultWhichCouldMakeItDifficultForItsShareholdersToEffectChangesToItsManagementPointMember" id="ck0001560672_FundDeclarationOfTrustContainsProvisionsThatMakeRemovalOfItsTrusteesDifficultWhichCouldMakeItDifficultForItsShareholdersToEffectChangesToItsManagementPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundDependentOnAdviserAndCertainKeyPersonnelOfEllingtonMember" id="ck0001560672_FundDependentOnAdviserAndCertainKeyPersonnelOfEllingtonMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundDistributionRiskMember" id="ck0001560672_FundDistributionRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundDoesNotOwnEllingtonBrandOrTrademarkButMayUseBrandAndTrademarkAsWellAsItsLogoPursuantToTermsOfLicenseGrantedByEllingtonPointMember" id="ck0001560672_FundDoesNotOwnEllingtonBrandOrTrademarkButMayUseBrandAndTrademarkAsWellAsItsLogoPursuantToTermsOfLicenseGrantedByEllingtonPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember" id="ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember" id="ck0001560672_FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember" id="ck0001560672_FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundHasMadeMarkToMarketElectionUnderSectionFourSevenFiveFOfCodePointMember" id="ck0001560672_FundHasMadeMarkToMarketElectionUnderSectionFourSevenFiveFOfCodePointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember" id="ck0001560672_FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember" id="ck0001560672_FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember" id="ck0001560672_FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember" id="ck0001560672_FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember" id="ck0001560672_FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember" id="ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember" id="ck0001560672_FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundIsHighlyDependentOnEllingtonInformationSystemsMember" id="ck0001560672_FundIsHighlyDependentOnEllingtonInformationSystemsMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember" id="ck0001560672_FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember" id="ck0001560672_FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundIsSubjectToRisksRelatedToCorporateSocialResponsibilityPointMember" id="ck0001560672_FundIsSubjectToRisksRelatedToCorporateSocialResponsibilityPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember" id="ck0001560672_FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember" id="ck0001560672_FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundMayInvestInCorporateLoansDirectlyPointMember" id="ck0001560672_FundMayInvestInCorporateLoansDirectlyPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundOperatesInHighlyCompetitiveMarketPointMember" id="ck0001560672_FundOperatesInHighlyCompetitiveMarketPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember" id="ck0001560672_FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember" id="ck0001560672_FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
  <element name="FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember" id="ck0001560672_FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="FutureOfferingsOfDebtSecuritiesWhichWouldRankSeniorToFundCommonSharesUponItsBankruptcyLiquidationMember" id="ck0001560672_FutureOfferingsOfDebtSecuritiesWhichWouldRankSeniorToFundCommonSharesUponItsBankruptcyLiquidationMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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  <element name="InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember" id="ck0001560672_InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" nillable="true"/>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>14
<FILENAME>ck0001560672-20250401_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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<TYPE>EX-101.LAB
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CertainActionsByFederalReserveAndOtherCentralBanksMember_0" xml:lang="en-US">Certain Actions By Federal Reserve And Other Central Banks [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CertainProvisionsOfDelawareStatutoryTrustActAndFundDeclarationOfTrustMember_0" xml:lang="en-US">Certain Provisions Of Delaware Statutory Trust Act And Fund Declaration Of Trust [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CertainProvisionsOfDelawareStatutoryTrustActAndFundDeclarationOfTrustMember_1" xml:lang="en-US">Certain Provisions Of Delaware Statutory Trust Act And Fund Declaration Of Trust And Bylaws Could Deter Takeover Attempts And Have Adverse Impact On Price Of Its Common Shares Point [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_ClimateChangeHasThePotentialToImpactTheFundsInvestmentsMember_0" xml:lang="en-US">Climate Change Has The Potential To Impact The Fund&#8217;s Investments [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CloInvestmentsInvolveComplexDocumentationAndComplexAccountingConsiderationsPointMember_1" xml:lang="en-US">Clo Investments Involve Complex Documentation And Complex Accounting Considerations Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_CloInvestmentsInvolveComplexDocumentationAndComplexAccountingConsiderationsPointMember_2" xml:lang="en-US">CLO investments involve complex documentation and complex accounting considerations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CloInWhichFundInvestsFailsToComplyWithCertainUPointSPointTaxReportingRequirementsMember_0" xml:lang="en-US">Clo In Which Fund Invests Fails To Comply With Certain U Point S Point Tax Reporting Requirements [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CloInWhichFundInvestsFailsToComplyWithCertainUPointSPointTaxReportingRequirementsMember_1" xml:lang="en-US">If Clo In Which Fund Invests Fails To Comply With Certain U Point S Point Tax Reporting Requirements Such Clo May Be Subject To Withholding Requirements That Could Materially And Adversely Affect Its Operating Results And Cash Flows Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_CloInWhichFundInvestsFailsToComplyWithCertainUPointSPointTaxReportingRequirementsMember_2" xml:lang="en-US">If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CloInWhichFundInvestsIsTreatedAsEngagedInUPointSPointTradeMember_1" xml:lang="en-US">If Clo In Which Fund Invests Is Treated As Engaged In U Point S Point Trade Or Business For U Point S Point Federal Income Tax Purposes Such Clo Could Be Subject To U Point S Point Federal Income Tax On Net Basis Which Could Affect Fund Operating Results And Cash Flows Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_CloInWhichFundInvestsIsTreatedAsEngagedInUPointSPointTradeMember_2" xml:lang="en-US">If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#8217;s operating results and cash flows [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_ClosInWhichFundInvestsCouldBecomeSubjectToUPointSPointFederalIncomeTaxOrWithholdingRequirementsPointMember_1" xml:lang="en-US">Clos In Which Fund Invests Could Become Subject To U Point S Point Federal Income Tax Or Withholding Requirements Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_ClosInWhichFundInvestsCouldBecomeSubjectToUPointSPointFederalIncomeTaxOrWithholdingRequirementsPointMember_2" xml:lang="en-US">CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_ClosInWhichFundInvestsMayBeSubjectToRisksAssociatedWithSyndicatedLoansPointMember_0" xml:lang="en-US">Clos In Which Fund Invests May Be Subject To Risks Associated With Syndicated Loans Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_ClosInWhichFundInvestsMayBeSubjectToRisksAssociatedWithSyndicatedLoansPointMember_1" xml:lang="en-US">Clos In Which Fund Invests May Be Subject To Risks Associated With Syndicated Loans Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_ClosInWhichFundInvestsMayBeSubjectToRisksAssociatedWithSyndicatedLoansPointMember_2" xml:lang="en-US">The CLOs in which the Fund invests may be subject to risks associated with syndicated loans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CommonSharesOfClosedEndManagementInvestmentCompaniesMember_0" xml:lang="en-US">Common Shares Of Closed End Management Investment Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CommonSharesOfClosedEndManagementInvestmentCompaniesMember_1" xml:lang="en-US">Common Shares Of Closed End Management Investment Companies Have In Past Traded At Discounts To Their Net Asset Values For Sustained Periods Of Time And There Can Be No Assurance That Market Price Of Fund Common Shares Will Not Decline Below Fund Net Asset Value Per Share Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_ComplyingWithRicRequirementsMayCauseFundToForgoOrLiquidateOtherwiseAttractiveInvestmentsPointMember_0" xml:lang="en-US">Complying With Ric Requirements May Cause Fund To Forgo Or Liquidate Otherwise Attractive Investments Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_ComplyingWithRicRequirementsMayCauseFundToForgoOrLiquidateOtherwiseAttractiveInvestmentsPointMember_1" xml:lang="en-US">Complying With Ric Requirements May Cause Fund To Forgo Or Liquidate Otherwise Attractive Investments Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CompoundingRiskMember_0" xml:lang="en-US">Compounding Risk [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CoveredCallStrategyRiskMember_0" xml:lang="en-US">Covered Call Strategy Risk [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CreditRatingAssignedByRatingAgencyToFundMember_0" xml:lang="en-US">Credit Rating Assigned By Rating Agency To Fund [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CreditRatingAssignedByRatingAgencyToFundMember_1" xml:lang="en-US">A Downgrade Suspension Or Withdrawal Of Any Future Credit Rating Assigned By Rating Agency To Fund Or Any Future Issuances Of Preferred Shares Or Debt Securities If Any Or Change In Debt Markets Could Cause Liquidity Or Market Value Of Fund Preferred Shares Or Debt Securities To Decline Significantly Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_CybersecurityRiskMember_0" xml:lang="en-US">Cybersecurity Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_CybersecurityRiskMember_1" xml:lang="en-US">Cybersecurity Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_DependenceOnSubAdviserMember_0" xml:lang="en-US">Dependence On Sub Adviser [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_DependenceOnSubAdviserMember_1" xml:lang="en-US">Dependence On The Sub Adviser [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_DerivativeInstrumentsMember_0" xml:lang="en-US">Derivative Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_DerivativeInstrumentsMember_1" xml:lang="en-US">Derivative Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember_0" xml:lang="en-US">Difficult Conditions In Corporate Sector As Well As General Market Concerns May Adversely Affect Value Of Assets In Which Fund Invests Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember_1" xml:lang="en-US">Difficult Conditions In Corporate Sector As Well As General Market Concerns May Adversely Affect Value Of Assets In Which Fund Invests Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember_2" xml:lang="en-US">Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_DividendsRiskMember_0" xml:lang="en-US">Dividends Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_DividendsRiskMember_1" xml:lang="en-US">Dividends Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_DownsideHedgeRiskMember_0" xml:lang="en-US">Downside Hedge Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_DownsideHedgeRiskMember_1" xml:lang="en-US">Downside Hedge Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_EquitySecuritiesRiskMember_0" xml:lang="en-US">Equity Securities Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_EquitySecuritiesRiskMember_1" xml:lang="en-US">Equity Securities Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember_0" xml:lang="en-US">Failure By Clo To Satisfy Certain Tests Including As Result Of Loan Defaults And Or Negative Loan Ratings Migration May Place Pressure On Performance Of Fund Investments In Such Clo Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember_1" xml:lang="en-US">Failure By Clo To Satisfy Certain Tests Including As Result Of Loan Defaults And Or Negative Loan Ratings Migration May Place Pressure On Performance Of Fund Investments In Such Clo Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember_2" xml:lang="en-US">Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#8217;s investments in such CLO [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember_0" xml:lang="en-US">Fatca Withholding May Apply To Payments To Certain Foreign Entities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember_1" xml:lang="en-US">Fatca Withholding May Apply To Payments To Certain Foreign Entities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FlexOptionsValuationRiskMember_0" xml:lang="en-US">Flex Options Valuation Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FlexOptionsValuationRiskMember_1" xml:lang="en-US">Flex Options Valuation Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundAbilityToPayDividendsWillDependOnItsOperatingResultsItsFinancialConditionAndOtherFactorsAndFundMayNotBeAbleToPayDividendsAtFixedRateOrAtAllUnderCertainCircumstancesPointMember_0" xml:lang="en-US">Fund Ability To Pay Dividends Will Depend On Its Operating Results Its Financial Condition And Other Factors And Fund May Not Be Able To Pay Dividends At Fixed Rate Or At All Under Certain Circumstances Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundAbilityToPayDividendsWillDependOnItsOperatingResultsItsFinancialConditionAndOtherFactorsAndFundMayNotBeAbleToPayDividendsAtFixedRateOrAtAllUnderCertainCircumstancesPointMember_1" xml:lang="en-US">Fund Ability To Pay Dividends Will Depend On Its Operating Results Its Financial Condition And Other Factors And Fund May Not Be Able To Pay Dividends At Fixed Rate Or At All Under Certain Circumstances Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundAbilityToPayDividendsWillDependOnItsOperatingResultsItsFinancialConditionAndOtherFactorsAndFundMayNotBeAbleToPayDividendsAtFixedRateOrAtAllUnderCertainCircumstancesPointMember_2" xml:lang="en-US">The Fund&#8217;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundAccessToFinancingSourcesMayNotBeAvailableOnFavorableTermsMayBeLimitedOrCompletelyShutOffAndItsLendersAndDerivativeCounterpartiesMayRequireFundToPostAdditionalCollateralPointMember_0" xml:lang="en-US">Fund Access To Financing Sources May Not Be Available On Favorable Terms May Be Limited Or Completely Shut Off And Its Lenders And Derivative Counterparties May Require Fund To Post Additional Collateral Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundAccessToFinancingSourcesMayNotBeAvailableOnFavorableTermsMayBeLimitedOrCompletelyShutOffAndItsLendersAndDerivativeCounterpartiesMayRequireFundToPostAdditionalCollateralPointMember_1" xml:lang="en-US">Fund Access To Financing Sources May Not Be Available On Favorable Terms May Be Limited Or Completely Shut Off And Its Lenders And Derivative Counterparties May Require Fund To Post Additional Collateral Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundAccessToFinancingSourcesMayNotBeAvailableOnFavorableTermsMayBeLimitedOrCompletelyShutOffAndItsLendersAndDerivativeCounterpartiesMayRequireFundToPostAdditionalCollateralPointMember_2" xml:lang="en-US">The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundAndItsCorporateCloInvestmentsAreSubjectToRisksAssociatedWithNonUPointSPointInvestingIncludingInSomeCasesForeignCurrencyRiskPointMember_0" xml:lang="en-US">Fund And Its Corporate Clo Investments Are Subject To Risks Associated With Non U Point S Point Investing Including In Some Cases Foreign Currency Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundAndItsCorporateCloInvestmentsAreSubjectToRisksAssociatedWithNonUPointSPointInvestingIncludingInSomeCasesForeignCurrencyRiskPointMember_1" xml:lang="en-US">Fund And Its Corporate Clo Investments Are Subject To Risks Associated With Non U Point S Point Investing Including In Some Cases Foreign Currency Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundAndItsCorporateCloInvestmentsAreSubjectToRisksAssociatedWithNonUPointSPointInvestingIncludingInSomeCasesForeignCurrencyRiskPointMember_2" xml:lang="en-US">The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember_0" xml:lang="en-US">Fund And Its Investments Are Subject To Prepayment And Reinvestment Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember_1" xml:lang="en-US">Fund And Its Investments Are Subject To Prepayment And Reinvestment Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember_2" xml:lang="en-US">The Fund and its investments are subject to prepayment and reinvestment risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundAuthorizedButUnissuedCommonAndPreferredSharesMayPreventChangeInItsControlPointMember_0" xml:lang="en-US">Fund Authorized But Unissued Common And Preferred Shares May Prevent Change In Its Control Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundAuthorizedButUnissuedCommonAndPreferredSharesMayPreventChangeInItsControlPointMember_1" xml:lang="en-US">Fund Authorized But Unissued Common And Preferred Shares May Prevent Change In Its Control Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCapitalizationRiskMember_0" xml:lang="en-US">Fund Capitalization Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCapitalizationRiskMember_1" xml:lang="en-US">Fund Capitalization Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToChangesInInterestRatesPointMember_0" xml:lang="en-US">Fund Clo Investments Are Exposed To Changes In Interest Rates Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToChangesInInterestRatesPointMember_1" xml:lang="en-US">Fund Clo Investments Are Exposed To Changes In Interest Rates Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToChangesInInterestRatesPointMember_2" xml:lang="en-US">The Fund&#8217;s CLO investments are exposed to changes in interest rates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToMisalignmentOfInterestsOfCloCollateralManagersWithInterestsOfCloInvestorsSuchAsFundPointMember_0" xml:lang="en-US">Fund Clo Investments Are Exposed To Misalignment Of Interests Of Clo Collateral Managers With Interests Of Clo Investors Such As Fund Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToMisalignmentOfInterestsOfCloCollateralManagersWithInterestsOfCloInvestorsSuchAsFundPointMember_1" xml:lang="en-US">Fund Clo Investments Are Exposed To Misalignment Of Interests Of Clo Collateral Managers With Interests Of Clo Investors Such As Fund Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundCloInvestmentsAreExposedToMisalignmentOfInterestsOfCloCollateralManagersWithInterestsOfCloInvestorsSuchAsFundPointMember_2" xml:lang="en-US">The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember_0" xml:lang="en-US">Fund Clo Investments Are Subject To Risks Related To Financial Leverage Employed By Underlying Corporate Borrowers Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember_1" xml:lang="en-US">Fund Clo Investments Are Subject To Risks Related To Financial Leverage Employed By Underlying Corporate Borrowers Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember_2" xml:lang="en-US">The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCloInvestmentsOftenHaveLimitedLiquidityPointMember_0" xml:lang="en-US">Fund Clo Investments Often Have Limited Liquidity Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCloInvestmentsOftenHaveLimitedLiquidityPointMember_1" xml:lang="en-US">Fund Clo Investments Often Have Limited Liquidity Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundCloInvestmentsOftenHaveLimitedLiquidityPointMember_2" xml:lang="en-US">The Fund&#8217;s CLO investments often have limited liquidity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundCompetesWithEllingtonOtherAccountsForAccessToEllingtonAndForOpportunitiesToAcquireAssetsPointMember_0" xml:lang="en-US">Fund Competes With Ellington Other Accounts For Access To Ellington And For Opportunities To Acquire Assets Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundCompetesWithEllingtonOtherAccountsForAccessToEllingtonAndForOpportunitiesToAcquireAssetsPointMember_1" xml:lang="en-US">Fund Competes With Ellington Other Accounts For Access To Ellington And For Opportunities To Acquire Assets Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundDeclarationOfTrustContainsProvisionsThatMakeRemovalOfItsTrusteesDifficultWhichCouldMakeItDifficultForItsShareholdersToEffectChangesToItsManagementPointMember_0" xml:lang="en-US">Fund Declaration Of Trust Contains Provisions That Make Removal Of Its Trustees Difficult Which Could Make It Difficult For Its Shareholders To Effect Changes To Its Management Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundDeclarationOfTrustContainsProvisionsThatMakeRemovalOfItsTrusteesDifficultWhichCouldMakeItDifficultForItsShareholdersToEffectChangesToItsManagementPointMember_1" xml:lang="en-US">Fund Declaration Of Trust Contains Provisions That Make Removal Of Its Trustees Difficult Which Could Make It Difficult For Its Shareholders To Effect Changes To Its Management Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundDependentOnAdviserAndCertainKeyPersonnelOfEllingtonMember_0" xml:lang="en-US">Fund Dependent On Adviser And Certain Key Personnel Of Ellington [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundDependentOnAdviserAndCertainKeyPersonnelOfEllingtonMember_1" xml:lang="en-US">Fund Is Dependent On Adviser And Certain Key Personnel Of Ellington That Are Provided To Fund Through Adviser And May Not Find Suitable Replacement If Adviser Terminates Investment Advisory Agreement Or Such Key Personnel Are No Longer Available To Fund Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundDistributionRiskMember_0" xml:lang="en-US">Fund Distribution Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundDistributionRiskMember_1" xml:lang="en-US">Fund Distribution Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundDoesNotOwnEllingtonBrandOrTrademarkButMayUseBrandAndTrademarkAsWellAsItsLogoPursuantToTermsOfLicenseGrantedByEllingtonPointMember_0" xml:lang="en-US">Fund Does Not Own Ellington Brand Or Trademark But May Use Brand And Trademark As Well As Its Logo Pursuant To Terms Of License Granted By Ellington Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundDoesNotOwnEllingtonBrandOrTrademarkButMayUseBrandAndTrademarkAsWellAsItsLogoPursuantToTermsOfLicenseGrantedByEllingtonPointMember_1" xml:lang="en-US">Fund Does Not Own Ellington Brand Or Trademark But May Use Brand And Trademark As Well As Its Logo Pursuant To Terms Of License Granted By Ellington Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToAdverseLegislativeRegulatoryOrPublicPolicyChangesPointMember_0" xml:lang="en-US">Fund Ellington Or Its Affiliates May Be Subject To Adverse Legislative Regulatory Or Public Policy Changes Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToAdverseLegislativeRegulatoryOrPublicPolicyChangesPointMember_1" xml:lang="en-US">Fund Ellington Or Its Affiliates May Be Subject To Adverse Legislative Regulatory Or Public Policy Changes Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember_0" xml:lang="en-US">Fund Ellington Or Its Affiliates May Be Subject To Regulatory Inquiries And Proceedings Or Other Legal Proceedings Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember_1" xml:lang="en-US">Fund Ellington Or Its Affiliates May Be Subject To Regulatory Inquiries And Proceedings Or Other Legal Proceedings Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember_0" xml:lang="en-US">Fund Engages In Short Selling Transactions Which May Subject It To Additional Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember_1" xml:lang="en-US">Fund Engages In Short Selling Transactions Which May Subject It To Additional Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember_2" xml:lang="en-US">The Fund engages in short selling transactions, which may subject it to additional risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember_0" xml:lang="en-US">Fund Failure To Procure Adequate Funding And Capital Would Adversely Affect Fund Results And May In Turn Negatively Affect Value Of Its Common Shares And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember_1" xml:lang="en-US">Fund Failure To Procure Adequate Funding And Capital Would Adversely Affect Fund Results And May In Turn Negatively Affect Value Of Its Common Shares And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundHasLimitedPriorOperatingHistoryAsClosedEndInvestmentCompanyPointMember_0" xml:lang="en-US">Fund Has Limited Prior Operating History As Closed End Investment Company Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundHasLimitedPriorOperatingHistoryAsClosedEndInvestmentCompanyPointMember_1" xml:lang="en-US">Fund Has Limited Prior Operating History As Closed End Investment Company Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundHasMadeMarkToMarketElectionUnderSectionFourSevenFiveFOfCodePointMember_0" xml:lang="en-US">Fund Has Made Mark To Market Election Under Section Four Seven Five (F) Of Code Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundHasMadeMarkToMarketElectionUnderSectionFourSevenFiveFOfCodePointMember_1" xml:lang="en-US">Fund Has Made Mark To Market Election Under Section Four Seven Five (F) Of Code Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember_0" xml:lang="en-US">Fund Hedging Against Changes In Corporate Credit Risks Interest Rates And Other Risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember_1" xml:lang="en-US">Fund Hedging Against Changes In Corporate Credit Risks Interest Rates And Other Risks Which Could Materially Adversely Affect Fund Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember_2" xml:lang="en-US">The Fund&#8217;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember_0" xml:lang="en-US">Fund Investment Portfolio Is Recorded At Market Value And Or Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember_1" xml:lang="en-US">Fund Investment Portfolio Is Recorded At Market Value And Or Fair Value With Its Board Overseeing Its Valuation Designee In Its Determination Of Fair Value And As Result There Will Be Uncertainty As To Value Of Its Portfolio Investments Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember_2" xml:lang="en-US">The Fund&#8217;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentsAreExpectedToBeConcentratedInSubordinatedAndLowerRatedSecuritiesThatGenerallyHaveGreaterRisksOfLossThanSeniorAndHigherRatedSecuritiesAndAreSubjectToAmplifiedMarketRisksPointMember_0" xml:lang="en-US">Fund Investments Are Expected To Be Concentrated In Subordinated And Lower Rated Securities That Generally Have Greater Risks Of Loss Than Senior And Higher Rated Securities And Are Subject To Amplified Market Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentsAreExpectedToBeConcentratedInSubordinatedAndLowerRatedSecuritiesThatGenerallyHaveGreaterRisksOfLossThanSeniorAndHigherRatedSecuritiesAndAreSubjectToAmplifiedMarketRisksPointMember_1" xml:lang="en-US">Fund Investments Are Expected To Be Concentrated In Subordinated And Lower Rated Securities That Generally Have Greater Risks Of Loss Than Senior And Higher Rated Securities And Are Subject To Amplified Market Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestmentsAreExpectedToBeConcentratedInSubordinatedAndLowerRatedSecuritiesThatGenerallyHaveGreaterRisksOfLossThanSeniorAndHigherRatedSecuritiesAndAreSubjectToAmplifiedMarketRisksPointMember_2" xml:lang="en-US">The Fund&#8217;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember_0" xml:lang="en-US">Fund Investments In Corporate Clos Involve Certain Structural Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember_1" xml:lang="en-US">Fund Investments In Corporate Clos Involve Certain Structural Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember_2" xml:lang="en-US">The Fund&#8217;s investments in corporate CLOs involve certain structural risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember_0" xml:lang="en-US">Fund Investments In Primary Corporate Clo Market Involve Certain Additional Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember_1" xml:lang="en-US">Fund Investments In Primary Corporate Clo Market Involve Certain Additional Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember_2" xml:lang="en-US">The Fund&#8217;s investments in the primary corporate CLO market involve certain additional risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember_0" xml:lang="en-US">Fund Investments May Result In Fund Incurring Tax Or Recognizing Taxable Income Prior To Receiving Cash Distributions Related To Such Income Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember_1" xml:lang="en-US">Fund Investments May Result In Fund Incurring Tax Or Recognizing Taxable Income Prior To Receiving Cash Distributions Related To Such Income Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestmentsThatDenominatedInForeignCurrenciesMember_0" xml:lang="en-US">Fund Investments That Denominated In Foreign Currencies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestmentsThatDenominatedInForeignCurrenciesMember_1" xml:lang="en-US">Fund Investments That Are Denominated In Foreign Currencies Domiciled Outside U Point S Point Or That Involve Non U Point S Point Assets Are Subject To Risks Associated With Non U Point S Point Investing Including In Some Cases Foreign Currency Risk Which Could Materially Adversely Affect Fund Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestmentsThatDenominatedInForeignCurrenciesMember_2" xml:lang="en-US">The Fund&#8217;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember_0" xml:lang="en-US">Fund Invests In Corporate Clos Which Exposes It To Certain Risks Associated With Corporate Loans Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember_1" xml:lang="en-US">It represents as a members.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember_2" xml:lang="en-US">The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember_0" xml:lang="en-US">Fund Is Dependent On Collateral Managers Of Corporate Clos In Which Fund Invests And Those Corporate Clos Are Generally Not Registered Under One Nine Four Zero Act Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember_1" xml:lang="en-US">Fund Is Dependent On Collateral Managers Of Corporate Clos In Which Fund Invests And Those Corporate Clos Are Generally Not Registered Under One Nine Four Zero Act Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember_2" xml:lang="en-US">The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundIsHighlyDependentOnEllingtonInformationSystemsMember_0" xml:lang="en-US">Fund Is Highly Dependent On Ellington Information Systems [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundIsHighlyDependentOnEllingtonInformationSystemsMember_1" xml:lang="en-US">Fund Is Highly Dependent On Ellington Information Systems And Those Of Third Party Service Providers And System Failures Could Significantly Disrupt Fund Business Which Could Materially Adversely Affect Its Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundIsHighlyDependentOnEllingtonInformationSystemsMember_2" xml:lang="en-US">The Fund is highly dependent on Ellington&#8217;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#8217;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember_0" xml:lang="en-US">Fund Is Subject To Risk Of Legislative And Regulatory Changes Impacting Its Business Or Markets In Which Fund Invests Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember_1" xml:lang="en-US">Fund Is Subject To Risk Of Legislative And Regulatory Changes Impacting Its Business Or Markets In Which Fund Invests Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember_0" xml:lang="en-US">Fund Is Subject To Risks Associated With Loan Accumulation Facilities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember_1" xml:lang="en-US">Fund Is Subject To Risks Associated With Loan Accumulation Facilities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember_2" xml:lang="en-US">The Fund is subject to risks associated with loan accumulation facilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundIsSubjectToRisksRelatedToCorporateSocialResponsibilityPointMember_0" xml:lang="en-US">Fund Is Subject To Risks Related To Corporate Social Responsibility Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundIsSubjectToRisksRelatedToCorporateSocialResponsibilityPointMember_1" xml:lang="en-US">Fund Is Subject To Risks Related To Corporate Social Responsibility Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember_0" xml:lang="en-US">Fund May Change Current Certain Operating Policies Investment Criteria And Strategy Hedging Strategy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember_1" xml:lang="en-US">Fund May Change Its Current Certain Operating Policies Investment Criteria And Strategy Hedging Strategy And Asset Allocation Operational And Management Policies Without Notice Or Shareholder Consent Which Could Materially Adversely Affect Its Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember_2" xml:lang="en-US">The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember_0" xml:lang="en-US">Fund May Experience Fluctuations In Its Net Asset Value And Quarterly Operating Results Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember_1" xml:lang="en-US">Fund May Experience Fluctuations In Its Net Asset Value And Quarterly Operating Results Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundMayInvestInCorporateLoansDirectlyPointMember_0" xml:lang="en-US">Fund May Invest In Corporate Loans Directly Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundMayInvestInCorporateLoansDirectlyPointMember_1" xml:lang="en-US">Fund May Invest In Corporate Loans Directly Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundMayInvestInCorporateLoansDirectlyPointMember_2" xml:lang="en-US">The Fund may invest in corporate loans directly [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundOperatesInHighlyCompetitiveMarketPointMember_0" xml:lang="en-US">Fund Operates In Highly Competitive Market Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundOperatesInHighlyCompetitiveMarketPointMember_1" xml:lang="en-US">Fund Operates In Highly Competitive Market Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundOperatesInHighlyCompetitiveMarketPointMember_2" xml:lang="en-US">The Fund operates in a highly competitive market [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundPortfolioOfCorporateCloInvestmentsMayLackDiversificationWhichMaySubjectFundToRiskOfSignificantLossIfOneOrMoreOfTheseCorporateClosExperienceHighLevelOfDefaultsOnCollateralPointMember_0" xml:lang="en-US">Fund Portfolio Of Corporate Clo Investments May Lack Diversification Which May Subject Fund To Risk Of Significant Loss If One Or More Of These Corporate Clos Experience High Level Of Defaults On Collateral Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundPortfolioOfCorporateCloInvestmentsMayLackDiversificationWhichMaySubjectFundToRiskOfSignificantLossIfOneOrMoreOfTheseCorporateClosExperienceHighLevelOfDefaultsOnCollateralPointMember_1" xml:lang="en-US">Fund Portfolio Of Corporate Clo Investments May Lack Diversification Which May Subject Fund To Risk Of Significant Loss If One Or More Of These Corporate Clos Experience High Level Of Defaults On Collateral Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundPortfolioOfCorporateCloInvestmentsMayLackDiversificationWhichMaySubjectFundToRiskOfSignificantLossIfOneOrMoreOfTheseCorporateClosExperienceHighLevelOfDefaultsOnCollateralPointMember_2" xml:lang="en-US">The Fund&#8217;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember_0" xml:lang="en-US">Fund Relies On Analytical Models And Other Data To Analyze Potential Asset Acquisition And Disposition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember_1" xml:lang="en-US">Fund Relies On Analytical Models And Other Data To Analyze Potential Asset Acquisition And Disposition Opportunities And To Manage Its Portfolio Point Such Models And Other Data May Be Incorrect Misleading Or Incomplete Which Could Cause Fund To Purchase Assets That Do Not Meet Fund Expectations Or To Make Asset Management Decisions That Are Not In Line With Its Strategy Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember_2" xml:lang="en-US">The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#8217;s expectations or to make asset management decisions that are not in line with its strategy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember_0" xml:lang="en-US">Fund Rights And Rights Of Its Shareholders To Take Action Against Its Trustees And Officers [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember_1" xml:lang="en-US">Fund Rights And Rights Of Its Shareholders To Take Action Against Its Trustees And Officers Or Against Adviser Or Ellington Are Limited Which Could Limit Shareholders&#8217; Recourse In Event Actions Are Taken That Are Not In Shareholders&#8217; Best Interests Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember_0" xml:lang="en-US">Fund Rights Under Reverse Repurchase Agreements Are Subject To Effects Of Bankruptcy Laws In Event Of Bankruptcy Or Insolvency Of Fund Or Its Lenders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember_1" xml:lang="en-US">Fund Rights Under Reverse Repurchase Agreements Are Subject To Effects Of Bankruptcy Laws In Event Of Bankruptcy Or Insolvency Of Fund Or Its Lenders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember_2" xml:lang="en-US">The Fund&#8217;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundShareholdersAbilityToControlFundOperationsIsSeverelyLimitedPointMember_0" xml:lang="en-US">Fund Shareholders&#8217; Ability To Control Fund Operations Is Severely Limited Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundShareholdersAbilityToControlFundOperationsIsSeverelyLimitedPointMember_1" xml:lang="en-US">Fund Shareholders&#8217; Ability To Control Fund Operations Is Severely Limited Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundShareholdersMayNotReceiveDividendsOrDividendsMayNotGrowOverTimePointMember_0" xml:lang="en-US">Fund Shareholders May Not Receive Dividends Or Dividends May Not Grow Over Time Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundShareholdersMayNotReceiveDividendsOrDividendsMayNotGrowOverTimePointMember_1" xml:lang="en-US">Fund Shareholders May Not Receive Dividends Or Dividends May Not Grow Over Time Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundUseOfDerivativesMayExposeItToCounterpartyRiskPointMember_0" xml:lang="en-US">Fund Use Of Derivatives May Expose It To Counterparty Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundUseOfDerivativesMayExposeItToCounterpartyRiskPointMember_1" xml:lang="en-US">Fund Use Of Derivatives May Expose It To Counterparty Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundUseOfDerivativesMayExposeItToCounterpartyRiskPointMember_2" xml:lang="en-US">The Fund&#8217;s use of derivatives may expose it to counterparty risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundUsesFinancialLeverageInExecutingItsBusinessStrategyMember_0" xml:lang="en-US">Fund Uses Financial Leverage In Executing Its Business Strategy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundUsesFinancialLeverageInExecutingItsBusinessStrategyMember_1" xml:lang="en-US">Fund Uses Financial Leverage In Executing Its Business Strategy Which May Adversely Affect Return On Its Assets And May Reduce Cash Available For Distribution To Its Shareholders As Well As Increase Losses When Economic Conditions Are Unfavorable Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_FundUsesFinancialLeverageInExecutingItsBusinessStrategyMember_2" xml:lang="en-US">The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FundWillBeSubjectToCorporateLevelUPointSPointFederalIncomeTaxMember_0" xml:lang="en-US">Fund Will Be Subject To Corporate Level U Point S Point Federal Income Tax [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FundWillBeSubjectToCorporateLevelUPointSPointFederalIncomeTaxMember_1" xml:lang="en-US">Fund Will Be Subject To Corporate Level U Point S Point Federal Income Tax If It Is Unable To Maintain Its Ric Status Under Subchapter M Of Code Which Could Adversely Affect Value Of Its Common Shares And Could Substantially Reduce Cash Available For Distribution To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FutureOfferingsOfDebtSecuritiesWhichWouldRankSeniorToFundCommonSharesUponItsBankruptcyLiquidationMember_0" xml:lang="en-US">Future Offerings Of Debt Securities Which Would Rank Senior To Fund Common Shares Upon Its Bankruptcy Liquidation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FutureOfferingsOfDebtSecuritiesWhichWouldRankSeniorToFundCommonSharesUponItsBankruptcyLiquidationMember_1" xml:lang="en-US">Future Offerings Of Debt Securities Which Would Rank Senior To Fund Common Shares Upon Its Bankruptcy Liquidation And Future Offerings Of Equity Securities Which Could Dilute Common Share Holdings Of Fund Existing Shareholders And May Be Senior To Fund Common Shares For Purposes Of Dividend And Liquidating Distributions May Adversely Affect Market Price Of Fund Common Shares Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_FutureSalesOfFundCommonSharesOrOtherSecuritiesConvertibleIntoCommonSharesCouldCauseMarketValueOfCommonSharesToDeclineAndCouldResultInDilutionPointMember_0" xml:lang="en-US">Future Sales Of Fund Common Shares Or Other Securities Convertible Into Common Shares Could Cause Market Value Of Common Shares To Decline And Could Result In Dilution Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_FutureSalesOfFundCommonSharesOrOtherSecuritiesConvertibleIntoCommonSharesCouldCauseMarketValueOfCommonSharesToDeclineAndCouldResultInDilutionPointMember_1" xml:lang="en-US">Future Sales Of Fund Common Shares Or Other Securities Convertible Into Common Shares Could Cause Market Value Of Common Shares To Decline And Could Result In Dilution Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_GeneralEconomicAndMarketConditionsMember_0" xml:lang="en-US">General Economic And Market Conditions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_GeneralEconomicAndMarketConditionsMember_1" xml:lang="en-US">General Economic And Market Conditions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_GovernmentInterventionInFinancialMarketsMember_0" xml:lang="en-US">Government Intervention In Financial Markets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_GovernmentInterventionInFinancialMarketsMember_1" xml:lang="en-US">Government Intervention In Financial Markets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_HedgingInstrumentsAndOtherDerivativesIncludingSomeCreditDefaultSwapsMayNotInManyCasesMember_0" xml:lang="en-US">Hedging Instruments And Other Derivatives Including Some Credit Default Swaps May Not In Many Cases [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_HedgingInstrumentsAndOtherDerivativesIncludingSomeCreditDefaultSwapsMayNotInManyCasesMember_1" xml:lang="en-US">Hedging Instruments And Other Derivatives Including Some Credit Default Swaps May Not In Many Cases Be Traded On Exchanges Or May Not Be Guaranteed Or Regulated By Any U Point S Point Or Foreign Governmental Authority And Involve Risks And Costs That Could Result In Material Losses Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_HedgingInstrumentsAndOtherDerivativesIncludingSomeCreditDefaultSwapsMayNotInManyCasesMember_2" xml:lang="en-US">Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_HighlyVolatileMarketsMember_0" xml:lang="en-US">Highly Volatile Markets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_HighlyVolatileMarketsMember_1" xml:lang="en-US">Highly Volatile Markets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_HoldersOfAnyPreferredSharesThatFundMayIssueWouldHaveRightToElectMembersOfBoardAndHaveClassVotingRightsOnCertainMattersPointMember_0" xml:lang="en-US">Holders Of Any Preferred Shares That Fund May Issue Would Have Right To Elect Members Of Board And Have Class Voting Rights On Certain Matters Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_HoldersOfAnyPreferredSharesThatFundMayIssueWouldHaveRightToElectMembersOfBoardAndHaveClassVotingRightsOnCertainMattersPointMember_1" xml:lang="en-US">Holders Of Any Preferred Shares That Fund May Issue Would Have Right To Elect Members Of Board And Have Class Voting Rights On Certain Matters Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_IfAdviserCeasesToBeAdviserOrOneOrMoreOfAdvisersKeyPersonnelCeasesToProvideServicesToFundFundLendersAndItsDerivativeCounterpartiesMayCeaseDoingBusinessWithFundPointMember_0" xml:lang="en-US">If Adviser Ceases To Be Adviser Or One Or More Of Adviser's Key Personnel Ceases To Provide Services To Fund Fund Lenders And Its Derivative Counterparties May Cease Doing Business With Fund Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_IfAdviserCeasesToBeAdviserOrOneOrMoreOfAdvisersKeyPersonnelCeasesToProvideServicesToFundFundLendersAndItsDerivativeCounterpartiesMayCeaseDoingBusinessWithFundPointMember_1" xml:lang="en-US">If Adviser Ceases To Be Adviser Or One Or More Of Adviser's Key Personnel Ceases To Provide Services To Fund Fund Lenders And Its Derivative Counterparties May Cease Doing Business With Fund Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_IfFundIssuesPreferredSharesDebtSecuritiesOrConvertibleDebtSecuritiesNetAssetValueOfItsCommonSharesMayBecomeMoreVolatilePointMember_0" xml:lang="en-US">If Fund Issues Preferred Shares Debt Securities Or Convertible Debt Securities Net Asset Value Of Its Common Shares May Become More Volatile Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_IfFundIssuesPreferredSharesDebtSecuritiesOrConvertibleDebtSecuritiesNetAssetValueOfItsCommonSharesMayBecomeMoreVolatilePointMember_1" xml:lang="en-US">If Fund Issues Preferred Shares Debt Securities Or Convertible Debt Securities Net Asset Value Of Its Common Shares May Become More Volatile Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_IncreaseInInterestRatesMayCauseDecreaseInIssuanceVolumesOfCertainOfFundTargetedAssetsMember_0" xml:lang="en-US">Increase In Interest Rates May Cause Decrease In Issuance Volumes Of Certain Of Fund Targeted Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_IncreaseInInterestRatesMayCauseDecreaseInIssuanceVolumesOfCertainOfFundTargetedAssetsMember_1" xml:lang="en-US">An Increase In Interest Rates May Cause Decrease In Issuance Volumes Of Certain Of Fund Targeted Assets Which Could Adversely Affect Its Ability To Acquire Targeted Assets That Satisfy Its Investment Objectives And To Generate Income And Pay Dividends Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_IncreaseInInterestRatesMayCauseDecreaseInIssuanceVolumesOfCertainOfFundTargetedAssetsMember_2" xml:lang="en-US">An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#8217;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InflationRiskMember_0" xml:lang="en-US">Inflation Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InflationRiskMember_1" xml:lang="en-US">Inflation Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InformationTechnologySectorRiskMember_0" xml:lang="en-US">Information Technology Sector Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InformationTechnologySectorRiskMember_1" xml:lang="en-US">Information Technology Sector Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember_0" xml:lang="en-US">Interest Rate Mismatches Between Fund Assets And Its Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember_1" xml:lang="en-US">Interest Rate Mismatches Between Fund Assets And Its Liabilities And Assets And Liabilities Of Clos In Which Fund Invests May Reduce Fund Income During Periods Of Changing Interest Rates And Volatility In Interest Rates Could Adversely Affect Value Of Fund Assets Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember_2" xml:lang="en-US">Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InvestingInFundCommonSharesInvolvesHighDegreeOfRiskPointMember_0" xml:lang="en-US">Investing In Fund Common Shares Involves High Degree Of Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InvestingInFundCommonSharesInvolvesHighDegreeOfRiskPointMember_1" xml:lang="en-US">Investing In Fund Common Shares Involves High Degree Of Risk Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InvestmentAndMarketRiskMember_0" xml:lang="en-US">Investment And Market Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InvestmentAndMarketRiskMember_1" xml:lang="en-US">Investment And Market Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_InvestmentInFundHasVariousUPointSPointFederalStateAndLocalIncomeTaxRisksPointMember_0" xml:lang="en-US">Investment In Fund Has Various U Point S Point Federal State And Local Income Tax Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_InvestmentInFundHasVariousUPointSPointFederalStateAndLocalIncomeTaxRisksPointMember_1" xml:lang="en-US">Investment In Fund Has Various U Point S Point Federal State And Local Income Tax Risks Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_LackOfLiquidityInFundAssetsMayMateriallyAdverselyAffectItsBusinessFinancialConditionAndResultsOfOperationsAndItsAbilityToPayDividendsToItsShareholdersPointMember_0" xml:lang="en-US">Lack Of Liquidity In Fund Assets May Materially Adversely Affect Its Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_LackOfLiquidityInFundAssetsMayMateriallyAdverselyAffectItsBusinessFinancialConditionAndResultsOfOperationsAndItsAbilityToPayDividendsToItsShareholdersPointMember_1" xml:lang="en-US">Lack Of Liquidity In Fund Assets May Materially Adversely Affect Its Business Financial Condition And Results Of Operations And Its Ability To Pay Dividends To Its Shareholders Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_LackOfLiquidityInFundAssetsMayMateriallyAdverselyAffectItsBusinessFinancialConditionAndResultsOfOperationsAndItsAbilityToPayDividendsToItsShareholdersPointMember_2" xml:lang="en-US">The lack of liquidity in the Fund&#8217;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_LargeCapitalizationCompaniesRiskMember_0" xml:lang="en-US">Large Capitalization Companies Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_LargeCapitalizationCompaniesRiskMember_1" xml:lang="en-US">Large Capitalization Companies Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_LegalTaxAndRegulatoryMember_0" xml:lang="en-US">Legal Tax And Regulatory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_LegalTaxAndRegulatoryMember_1" xml:lang="en-US">Legal Tax And Regulatory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_LimitsOfRiskDisclosuresMember_0" xml:lang="en-US">Limits Of Risk Disclosures [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_LimitsOfRiskDisclosuresMember_1" xml:lang="en-US">Limits Of Risk Disclosures [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_MarketForFundCommonSharesMayBeLimitedAndPriceAndTradingVolumeOfItsCommonSharesMayBeVolatilePointMember_0" xml:lang="en-US">Market For Fund Common Shares May Be Limited And Price And Trading Volume Of Its Common Shares May Be Volatile Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_MarketForFundCommonSharesMayBeLimitedAndPriceAndTradingVolumeOfItsCommonSharesMayBeVolatilePointMember_1" xml:lang="en-US">Market For Fund Common Shares May Be Limited And Price And Trading Volume Of Its Common Shares May Be Volatile Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ck0001560672_NonQualificationAsRegulatedInvestmentCompanyMember_0" xml:lang="en-US">Non Qualification As RIC [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_NonQualificationAsRegulatedInvestmentCompanyMember_1" xml:lang="en-US">Non Qualification As A Regulated Investment Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_NonQualificationAsRegulatedInvestmentCompanyMember_2" xml:lang="en-US">Non Qualification As Regulated Investment Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_NoOperatingHistoryMember_0" xml:lang="en-US">No Operating History [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_NoOperatingHistoryMember_1" xml:lang="en-US">No Operating History [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_OperationalRiskMember_0" xml:lang="en-US">Operational Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_OperationalRiskMember_1" xml:lang="en-US">Operational Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_OptionsRiskMember_0" xml:lang="en-US">Options Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_OptionsRiskMember_1" xml:lang="en-US">Options Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_PeriodsOfHeightenedInflationCouldAdverselyImpactFundFinancialResultsPointMember_0" xml:lang="en-US">Periods Of Heightened Inflation Could Adversely Impact Fund Financial Results Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_PeriodsOfHeightenedInflationCouldAdverselyImpactFundFinancialResultsPointMember_1" xml:lang="en-US">Periods Of Heightened Inflation Could Adversely Impact Fund Financial Results Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_PortfolioTurnoverRiskMember_0" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_PortfolioTurnoverRiskMember_1" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_PrivateOfferingExemptionRiskMember_0" xml:lang="en-US">Private Offering Exemption Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_PrivateOfferingExemptionRiskMember_1" xml:lang="en-US">Represent member of Private Offering Exemption Risk</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_RecentMarketCircumstancesMember_0" xml:lang="en-US">Recent Market Circumstances [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_RecentMarketCircumstancesMember_1" xml:lang="en-US">Recent Market Circumstances [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember_0" xml:lang="en-US">Regulations Governing Fund Operation As Registered Closed End Management Investment Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember_1" xml:lang="en-US">Regulations Governing Fund Operation As Registered Closed End Management Investment Company Including Asset Coverage Ratio Requirements Under One Nine Four Zero Act Affect Fund Ability To Issue Debt Or Preferred Equity Point Raising Of Debt Capital May Expose Fund To Risks Including Typical Risks Associated With Leverage Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ck0001560672_RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember_2" xml:lang="en-US">Regulations governing the Fund&#8217;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#8217;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_SecStaffCouldModifyItsPositionOnCertainNonTraditionalInvestmentsIncludingInvestmentsInCloSecuritiesPointMember_0" xml:lang="en-US">Sec Staff Could Modify Its Position On Certain Non Traditional Investments Including Investments In Clo Securities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_SecStaffCouldModifyItsPositionOnCertainNonTraditionalInvestmentsIncludingInvestmentsInCloSecuritiesPointMember_1" xml:lang="en-US">Sec Staff Could Modify Its Position On Certain Non Traditional Investments Including Investments In Clo Securities Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_SectorAndIndexRiskMember_0" xml:lang="en-US">Sector And Index Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_SectorAndIndexRiskMember_1" xml:lang="en-US">Sector And Index Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_ShareholdersWillExperienceDilutionInTheirOwnershipPercentageIfTheyDoNotParticipateInDividendReinvestmentPlanPointMember_0" xml:lang="en-US">Shareholders Will Experience Dilution In Their Ownership Percentage If They Do Not Participate In Dividend Reinvestment Plan Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_ShareholdersWillExperienceDilutionInTheirOwnershipPercentageIfTheyDoNotParticipateInDividendReinvestmentPlanPointMember_1" xml:lang="en-US">Shareholders Will Experience Dilution In Their Ownership Percentage If They Do Not Participate In Dividend Reinvestment Plan Point [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_TaxRiskMember_0" xml:lang="en-US">Tax Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_TaxRiskMember_1" xml:lang="en-US">Tax Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_TechnologyRiskMember_0" xml:lang="en-US">Technology Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_TechnologyRiskMember_1" xml:lang="en-US">Technology Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ck0001560672_TemporaryDefensiveStrategiesRiskMember_0" xml:lang="en-US">Temporary Defensive Strategies Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_TemporaryDefensiveStrategiesRiskMember_1" xml:lang="en-US">Temporary Defensive Strategies Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ck0001560672_TheFundsInvestmentsAreExpectedToBeConcentratedInSubordinatedAndLowerratedSecuritiesMember_0" xml:lang="en-US">The Funds Investments Are Expected To Be Concentrated In Subordinated And Lower-rated Securities [Member]</label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>ck0001560672-20250401_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="18">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Apr. 01, 2025</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><sup>[10]</sup></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><sup>[11]</sup></th>
<th class="th"><div>Sep. 30, 2024</div></th>
<th class="th"><sup>[11]</sup></th>
<th class="th"><div>Jun. 30, 2024</div></th>
<th class="th"><sup>[11]</sup></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><sup>[11]</sup></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><sup>[12]</sup></th>
<th class="th"><div>Sep. 30, 2023</div></th>
<th class="th"><sup>[12]</sup></th>
<th class="th"><div>Jun. 30, 2023</div></th>
<th class="th"><sup>[12]</sup></th>
<th class="th"><div>Mar. 31, 2023</div></th>
<th class="th"><sup>[12]</sup></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">53 Forest Avenue, Suite&#160;301<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Old Greenwich<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">CT<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">06870<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">203<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">698-1200<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">Apr.  01,  2025<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
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<td class="text">&#160;<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">false<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">true<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">false<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_IntervalFundFlag', window );">Interval Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">false<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">false<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">No<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">false<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">true<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
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          <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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            <td style="font-size:10pt">&#160;</td>
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            <td style="white-space:nowrap;font-size:10pt;text-align:left">&#160;</td>
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          <tr style="vertical-align:bottom">
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            <td style="width:2%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="white-space:nowrap;width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%(1)</td>
          </tr>
          <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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            <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;text-align:left">%(2)</td>
          </tr>
          <tr style="vertical-align:bottom">
            <td style="padding-left:0.125in;font:10pt Times New Roman, Times, Serif;text-align:left">Dividend reinvestment plan expenses</td>
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            <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;text-align:left">%(3)</td>
          </tr>
          <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
            <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Total shareholder transaction fees</td>
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            <td style="white-space:nowrap;font:bold 10pt Times New Roman, Times, Serif;text-align:left">%(4)</td>
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      </table>

      <div>
        <p style="margin-top:0;margin-bottom:0">&#160;</p>
        <div style="margin-top:0;margin-bottom:0;width:100%">
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        </div>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(1)</span></td>
              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose any applicable sales load.</span></td>
            </tr>

        </table>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
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              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund&#8217;s behalf), the offering price and the offering expenses borne by the Fund as a percentage of the offering price.</span></td>
            </tr>

        </table>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(3)</span></td>
              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The expenses of administering the Dividend Reinvestment Plan (the &#8220;<strong>DRP</strong>&#8221;) are included in &#8220;Other Expenses.&#8221; You may pay brokerage charges if you direct your broker or the Plan Agent (as defined herein) to sell your Common Shares that you acquired pursuant to the DRP. See &#8220;<strong><i>Dividend Reinvestment Plan</i></strong>.&#8221;</span></td>
            </tr>

        </table>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(4)</span></td>
              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the offering price and the total shareholder transaction expenses as a percentage of the offering price.</span></td>
            </tr>

        </table>
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    <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
      <div>
        <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px;width:100%">

            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="font:10pt Times New Roman, Times, serif;text-align:left;width:86%">
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 10pt;text-indent:-10pt"><strong>ANNUAL FUND EXPENSES</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 10pt;text-indent:-10pt"><strong>(as a percentage of average Net Asset Value of Common Equity)</strong></p>
              </td>
              <td style="font-size:10pt;width:2%">&#160;</td>
              <td style="font-size:10pt;text-align:left;width:1%">&#160;</td>
              <td style="font-size:10pt;text-align:right;width:10%">&#160;</td>
              <td style="white-space:nowrap;font-size:10pt;text-align:left;width:1%">&#160;</td>
            </tr>
            <tr style="vertical-align:bottom">
              <td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%">Management/Advisory Fees</td>
              <td style="font:10pt Times New Roman, Times, serif;width:2%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%">&#160;</td>
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              <td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%">%(5)</td>
            </tr>
            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%">Performance Fee payable under Investment Advisory Agreement (17.5%)</td>
              <td style="font:10pt Times New Roman, Times, serif;width:2%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%">2.83</td>
              <td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%">%(6)</td>
            </tr>
            <tr style="vertical-align:bottom">
              <td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%">Interest Payments and Fees on Borrowed Funds</td>
              <td style="font:10pt Times New Roman, Times, serif;width:2%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%">2.72</td>
              <td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%">%(7)</td>
            </tr>
            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%">Other Expenses</td>
              <td style="font:10pt Times New Roman, Times, serif;width:2%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%">&#160;</td>
              <td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%">2.13</td>
              <td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%">%(8)</td>
            </tr>
            <tr style="vertical-align:bottom">
              <td style="font:bold 10pt Times New Roman, Times, serif;text-align:left;width:86%">Total annual fund expenses</td>
              <td style="font:bold 10pt Times New Roman, Times, serif;width:2%">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, serif;text-align:left;width:1%">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, serif;text-align:right;width:10%">9.22</td>
              <td style="white-space:nowrap;font:bold 10pt Times New Roman, Times, serif;width:1%">%(9)</td>
            </tr>

        </table>
      </div>

      <div>

          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(5)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#8217;s &#8220;Net Asset Value,&#8221; which means the figure that is equal to the total assets of the Fund minus its total liabilities.</span></td>
              </tr>

          </table>

        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(6)</span></td>
              <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Under the terms of the Investment Advisory Agreement, the Fund pays the Adviser a Performance Fee calculated and payable quarterly in arrears based upon the Fund&#8217;s &#8220;Pre-Performance Fee Net Investment Income&#8221; for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund&#8217;s common equity, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a &#8220;catch-up&#8221; feature. For this purpose, &#8220;Pre-Performance Fee Net Investment Income&#8221; for any fiscal quarter means interest income (including accretions of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income) earned or accrued by the Fund during such fiscal quarter, minus the Fund&#8217;s operating expenses for such quarter (which, for this purpose, will not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether positive or negative) associated with a total return swap, which is the difference between (a)&#160;the interest income and transaction fees related to the reference assets and (b)&#160;all interest and other expenses paid by the Fund to the total return swap counterparty. In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic payments.</span></td>
            </tr>

        </table>
      </div>

        <div>&#160;</div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The calculation of the Performance Fee for each calendar quarter is as follows:</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter does not exceed the Hurdle Amount for such quarter, then no Performance Fee is payable to the Fund&#8217;s Adviser with respect to such quarter;</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#8217;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount (the &#8220;Catch-Up&#8221;) is payable to the Fund&#8217;s Adviser as the Performance Fee with respect to such quarter.</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in">Therefore, once the Fund&#8217;s Pre-Performance Fee Net Investment Income for such quarter exactly reaches 121.21% of the Hurdle Amount, the Fund&#8217;s Adviser will have accrued a Performance Fee with respect to such quarter that is exactly equal to 17.5% of the Pre-Performance Fee Net Investment Income (because 21.21% of the Hurdle Amount (which is the Pre-Performance Fee Net Investment Income captured by the Adviser during the Catch-Up phase) is equal to 17.5% of 121.21% of the Hurdle Amount (which is the entire Pre-Performance Fee Net Investment Income at the end of the Catch-Up phase)); and</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
              <td>If the Fund&#8217;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds 121.21% of the Hurdle Amount for such quarter, then 17.5% of Pre-Performance Fee Net Investment Income is payable to the Fund&#8217;s Adviser as the Performance Fee with respect to such quarter.</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
              <td>With respect to the Performance Fee, there will be no accumulation of the Hurdle Amount from quarter to quarter, no claw back of amounts previously paid if the Pre-Performance Fee Net Investment Income in any subsequent quarter is below the Hurdle Amount for such subsequent quarter, and no delay or adjustment of payment if the Pre-Performance Fee Net Investment Income in any prior quarter was below the Hurdle Amount for such prior quarter.</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in">The fees shown in the expense table above assume a level of Pre-performance Fee Net Investment Income that exceeds 121.21% of the Hurdle Amount for each quarter in the annual period.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(7)</span></td>
              <td>The Fund may issue preferred shares or debt securities. The expenses shown in the table above assume that the Fund has average borrowings of $121 million with an average interest rate of 5.44% per annum. If the Fund issues debt securities, its interest expense, and correspondingly its total annual expenses, would increase.</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(8)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">&#8220;Other expenses&#8221; includes the Fund&#8217;s overhead expenses, including payments under the Administration Agreement based on the Fund&#8217;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#8220;Other expenses&#8221; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.</span></td>
              </tr>

          </table>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

            <tr style="vertical-align:top">
              <td style="width:0"></td>
              <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(9)</span></td>
              <td>
                <p>&#8220;Total annual fund expenses&#8221; is presented as a percentage of average Net Asset Value of Common Equity, because the holders of shares of the Fund&#8217;s common stock (and not the holders of its preferred stock or debt securities, if any) bear all of the fees and expenses included in the table above.&#160;&#160;The indirect expenses associated with the Fund&#8217;s CLO equity investments are not included in the table above, but if such expenses were included in the fee table presentation, the Fund&#8217;s total annual expenses would be 15.57% of the average Net Asset Value of Common Equity.</p>
              </td>
            </tr>

        </table>
      </div>
    <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.54%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.72%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpense1Percent', window );">Other Annual Expense 1 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.83%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpense2Percent', window );">Other Annual Expense 2 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.13%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.22%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following examples illustrate the hypothetical expenses that a common shareholder would pay on a $1,000 investment assuming annual expenses attributable to common shares remain unchanged and common shares earn a 5% annual return:</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

            <tr style="vertical-align:bottom">
              <td style="font:bold 10pt Times New Roman, Times, Serif;border-bottom:Black 1pt solid">Example -</td>
              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">1<br/>Year</td>
              <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">3<br/>Years</td>
              <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">5<br/>Years</td>
              <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">10<br/>Years</td>
              <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
            </tr>
            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="text-indent:-0.125in;padding-left:0.125in;width:55%;font:10pt Times New Roman, Times, Serif;text-align:left">A shareholder would pay the following expenses on a $1,000 investment, assuming a 5% annual return</td>
              <td style="width:2%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">92</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">291</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">509</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
              <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">1,160</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The example and the expenses in the tables above should not be considered a representation of the Fund&#8217;s future expenses, and actual expenses may be greater or less than those shown. While the example assumes a 5.0% annual return, as required by the SEC, the Fund&#8217;s performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see &#8220;<strong><i>Fund Expenses</i></strong>&#8221; and &#8220;<strong><i>The Investment Advisory Agreement&#8212;Management Fees</i></strong>.&#8221;</p>
      </div>
    <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 92<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">291<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">509<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 1,160<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
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<td class="text">
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following table is intended to assist in understanding the costs and expenses that an investor in the Fund&#8217;s common shares will bear, directly or indirectly, based on the assumptions set forth below. The expenses shown in the table under &#8220;Annual Expenses&#8221; are based on estimated amounts for the first full year of operations following the Conversion Date, and assumes that the Fund sells all of its remaining Agency RMBS investments and acquires additional CLO investments during the first quarter of such operations. The expense estimates below also assume that the Fund has an average assets-to-equity ratio of 1.5:1. The percentages indicated in the table below are estimates and may vary in practice. Except where the context suggests otherwise, whenever this table contains a reference to fees or expenses, the Fund will pay such fees and expenses out of its net assets and, consequently, shareholders will indirectly bear such fees or expenses as investors in the Fund.</p>
    <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

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                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(8)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">&#8220;Other expenses&#8221; includes the Fund&#8217;s overhead expenses, including payments under the Administration Agreement based on the Fund&#8217;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#8220;Other expenses&#8221; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.</span></td>
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          </table>
        <span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
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<td class="text">&#160;<span></span>
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          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

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                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(5)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#8217;s &#8220;Net Asset Value,&#8221; which means the figure that is equal to the total assets of the Fund minus its total liabilities.</span></td>
              </tr>

          </table>
        <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>INVESTMENT OBJECTIVE, OPPORTUNITIES AND PRINCIPAL STRATEGIES</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Fund&#8217;s primary investment objectives are </span><span>to generate attractive current yields and risk-adjusted total returns for its shareholders.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Opportunities and Strategies</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>&#8220;Names Rule&#8221; Policy</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In accordance with the requirements of the 1940 Act, the Fund has adopted a policy to invest at least 80% of its assets in the particular type of investments suggested by its name. Accordingly, under normal circumstances, the Fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit-related instruments. For purposes of this policy, the Fund considers credit and credit-related instruments to include, without limitation: (i)&#160;equity and debt tranches of CLOs, LAFs and securities issued by other securitization vehicles, such as CBOs; (ii)&#160;secured and unsecured floating-rate and fixed rate loans; (iii)&#160;investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iv)&#160;debt instruments issued by governments, their agencies, instrumentalities, and central banks; (v)&#160;commercial paper and short-term notes; (vi)&#160;convertible debt securities; (vii)&#160;certificates of deposit, bankers&#8217; acceptances and time deposits; (viii)&#160;corporate equity assets, including common equity, preferred equity, and warrants (which are derivatives that typically give holders the right, but not the obligation, to buy a company&#8217;s common equity at a predetermined price before a specified expiration date), and (ix)&#160;other credit-related instruments. Corporate debt and equity assets may be acquired in conjunction with the liquidations of CLOs (whether CLOs in which the Fund already holds investments, or other CLOs), as well as on an outright basis, although they are not currently a core focus of the Fund&#8217;s investment strategy.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s investments in other investment companies, and other instruments designed to obtain indirect exposure to credit and credit-related instruments will also be counted towards its 80% investment policy to the extent that such instruments have similar economic characteristics to the investments included within that policy. Derivatives instruments used by the Fund will be counted toward the Fund&#8217;s 80% investment policy to the extent the derivatives instruments provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy. The 80% policy with respect to investments in credit and credit-related instruments is not fundamental and may be changed by the Board without prior approval of shareholders. Shareholders will be provided with sixty (60) days&#8217; notice in the manner prescribed by the SEC before making any change to this policy.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Additional Information on the Structure of CLOs</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">CLOs typically have two priority-of-payment schedules (commonly called &#8220;waterfalls&#8221;), which are detailed in a CLO&#8217;s indenture and govern how cash generated from a CLO&#8217;s underlying collateral is distributed to the CLO&#8217;s debt and equity investors.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">First, the &#8220;interest waterfall&#8221; applies to interest payments received on a CLO&#8217;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#8217;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. <span>To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Second, the &#8220;principal waterfall&#8221; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#8217;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.</p>
      </div>

        <div>&#160;</div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A CLO&#8217;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#8217;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#8217;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#8217;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#8217;s outstanding CLO debt securities to be repaid at a sub-optimal time.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Overview of Senior Secured Corporate Loans</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Senior secured corporate loans hold or, in some instances, share the seniormost position in a corporate borrower&#8217;s capital structure. Broadly syndicated senior secured corporate loans, which serve as the vast majority of the collateral backing CLOs, are typically originated and structured by banks on behalf of corporate borrowers. These loans are issued to raise proceeds for a variety of corporate purposes, including leveraged buyout transactions (LBOs), mergers and acquisitions (M&amp;A), stock repurchases, recapitalizations, refinancings, capital expenditures, and internal growth. Broadly syndicated senior secured corporate loans are typically acquired by investors through both primary bank syndications and in the secondary market. These loans are owned by a broad group of investors, including CLOs, loan and high-yield bond registered funds, loan separate accounts, banks, insurance companies, and hedge funds. Senior secured corporate loans are typically floating-rate instruments that make regular interest payments based on a spread over a given index. In most cases, a senior secured corporate loan will be secured by specific collateral of the issuer.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A senior secured corporate loan is generally negotiated between a borrower and several lenders represented by one or more lenders acting as agent for all the lenders. The agent is responsible for negotiating the loan credit agreement that establishes the terms and conditions of the senior secured loan, including the rights of the borrower and the lenders. Senior secured corporate loans can have covenants, which may include mandatory prepayments out of excess cash flows (&#8220;cash flow sweeps&#8221;), restrictions on dividend payments, the maintenance of minimum financial ratios, limits on indebtedness, and financial tests. A breach of these covenants generally constitutes an event of default which, if not waived by the lenders, may give lenders the right to accelerate principal and interest payments on a given loan. Other senior secured corporate loans may be issued with less restrictive covenants. These loans are often characterized as &#8220;covenant-lite&#8221;. In a typical &#8220;covenant-lite&#8221; loan, the covenants that require the borrower to maintain certain financial ratios on an ongoing basis are eliminated altogether, and the lenders can only rely on covenants that restrict a company from &#8220;incurring&#8221; or actively engaging certain action. As an example, a covenant that only restricts a company from incurring new debt cannot be violated simply by a deteriorating financial condition; the company would need to take affirmative action to breach such a covenant.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Access to Ellington&#8217;s Expertise</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In conducting its investment activities, the Fund believes that it will benefit from the scale and resources of Ellington and its affiliates. The Fund is served by Ellington&#8217;s longstanding experience providing portfolio management, risk management, research, fund operations, compliance, and accounting services to its clients.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Composition</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s portfolio is expected to consist of some combination of the following types of investments:</p>
      </div>

        <div>&#160;</div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Collateralized Loan Obligations</i></span>.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund&#8217;s investment portfolio consists primarily of investments in the mezzanine debt and equity tranches of CLOs, which are securitizations that are collateralized by underlying portfolios of corporate credit assets. For most CLOs, the underlying assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and/or secured or unsecured corporate bonds. Each CLO is structured as multiple tranches which offer investors varying degrees of credit risk, maturity and yield characteristics. CLO tranches are typically categorized as either senior debt, mezzanine debt, or subordinated/equity according to their relative seniority, payment priority and degree of risk. If the collateral underlying a given CLO defaults or otherwise underperforms, scheduled payments to senior tranches of such CLO securitization take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s investment strategy. The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Most CLOs are non-static, revolving structures that generally allow for reinvestment of capital by an external manager (the &#8220;<strong>CLO Collateral Manager</strong>&#8221;) over a pre-specified period (the &#8220;<strong>Reinvestment Period</strong>&#8221;), typically up to five years from issuance. The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <div>
          <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A CLO finances its initial purchase of a portfolio of assets via the issuance of CLO debt and equity tranches, with the debt tranches typically carrying floating-rate coupons. CLO debt tranches typically carry ratings at issuance ranging from &#8220;AAA&#8221; (or its equivalent) at the most senior level to &#8220;BB-&#8221; or &#8220;B-&#8221; (or its equivalent), which are below investment grade, at the junior level by Moody&#8217;s Investors Service,&#160;Inc. (&#8220;<strong>Moody&#8217;s</strong>&#8221;), S&amp;P Global Ratings (&#8220;<strong>S&amp;P</strong>&#8221;) and/or Fitch Ratings,&#160;Inc. (&#8220;<strong>Fitch</strong>&#8221;). The coupon on CLO debt tranches is typically lowest at the AAA-level and generally increases at each level down the ratings scale. CLO equity tranches are unrated, and at issuance typically represent approximately 6% to 11% of a CLO&#8217;s capital structure. The diagram below depicts a typical CLO. Some CLOs also include a B-rated debt tranche (in which the Fund may invest), and the structure of CLOs in which the Fund invests may otherwise vary from this example. The left column represents the CLO&#8217;s assets, which support the liabilities and equity in the right column. The right column shows the various classes of debt and equity issued by the illustrative CLO in order of seniority as to relative rights to receive payments from the assets. The ranges appearing directly below the rating of each class represent the percentages that such classes typically comprise, as issuance, of the overall &#8220;capital structure&#8221; (i.e., total debt and equity issued by the CLO).</span></span></div>
        </div>
      </div>

        <div>&#160;</div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><i>Figure 1: Typical CLO &#8220;Balance Sheet&#8221; (Assets vs. Liabilities)</i></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><img alt="" src="tm2510586d2_n2-img01.jpg"/></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">CLOs typically have two priority-of-payment schedules (commonly called &#8220;waterfalls&#8221;), which are detailed in a CLO&#8217;s indenture and govern how cash generated from a CLO&#8217;s underlying collateral is distributed to the CLO&#8217;s debt and equity tranches.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">First, the &#8220;interest waterfall&#8221; applies to interest payments received on a CLO&#8217;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#8217;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. <span>To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.</span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Second, the &#8220;principal waterfall&#8221; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#8217;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">A CLO&#8217;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#8217;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#8217;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#8217;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#8217;s outstanding CLO debt securities to be repaid at a sub-optimal time.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Loan Accumulation Facilities</i></span>. Loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221; or &#8220;<strong>warehouses</strong>&#8221;) are short- to medium-term facilities that are often provided by the bank that will serve as the placement agent or arranger on a new issue CLO transaction. LAFs provide financing for the acquisition of the corporate credit assets (typically, senior secured corporate loans) that are expected to form part (or all) of the portfolio of a future CLO. Investments in LAFs carry similar risks to investments in CLO equity, as they typically employ high levels of financial leverage and are exposed to any defaults or other underperformance in the collateral that they acquire.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Collateralized Bond Obligations</i></span>. A collateralized bond obligation (&#8220;<strong>CBO</strong>&#8221;) is a form of securitization that is similar to a CLO but is primarily backed by high yield corporate bonds (as opposed to almost entirely senior secured corporate loans). As with CLOs, CBOs typically issue various tranches carrying different degrees of credit risk and payment priority. Higher-rated tranches have greater degrees of insulation from collateral deterioration and lower coupons, whereas lower-rated tranches, with greater credit risk and lower payment priority, have higher coupons. CBOs enjoy structural advantages similar to those of CLOs, including collateral coverage/overcollateralization tests, interest coverage tests, and collateral quality tests. CBOs also have similar priority-of-payment structures to CLOs. In contrast to CLOs, CBO debt tranches typically carry fixed rate coupons, as their underlying assets are typically fixed rate in nature. CBOs are typically less levered than traditional CLOs as a result of their differentiated collateral, for which debt investors demand higher credit enhancement.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Derivatives Transactions. </i></span>The Fund may engage in Derivative Transactions from time to time. To the extent the Fund engages in Derivative Transactions, the Fund expects to do so to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. The Fund may use Derivative Transactions for investment purposes to the extent consistent with its investment objectives if the Adviser deems it appropriate to do so. The Fund may purchase and sell a variety of derivative instruments, including exchange-listed and OTC options, futures, options on futures, swaps and similar instruments, various interest rate-related products, such as fixed-to-floating interest rate swaps, caps, floors or collars, and credit transactions and credit default swaps. The Fund also may purchase and sell derivative instruments that combine features of these instruments. The use of Derivative Transactions, if any, will generally be deemed to create leverage for the Fund and involves significant risks. No assurance can be given that the strategy and use of derivatives will be successful, and the Fund&#8217;s investment performance could diminish compared with what it would have been if Derivative Transactions were not used.</span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">As required by the Derivatives Rule, funds that engage in derivatives transactions, other than &#8220;limited derivatives users&#8221; (as defined under the Derivatives Rule), generally must adopt and implement a Derivatives Risk Management Program that is reasonably designed to manage the Fund&#8217;s derivatives risks, while taking into account the Fund&#8217;s derivatives and other investments. The Derivatives Rule&#160;mandates that the fund adopt and/or implement: (i)&#160;VaR; (ii)&#160;a written derivatives risk management program; (iii)&#160;Board oversight responsibilities; and (iv)&#160;reporting and recordkeeping requirements. It is the Fund&#8217;s intention to adopt and implement a Derivatives Risk Management Program. However, the Fund may elect in the future, without notice to shareholders, to operate as a &#8220;limited derivatives user,&#8221; in which case it would no longer be required to maintain its Derivatives Risk Management Program.</span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Investment Process</strong></span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">Ellington&#8217;s CLO investment process typically includes several components, such as (i)&#160;sourcing and trading, (ii)&#160;due diligence (which may include an assessment of collateral, documentation, CLO Collateral Manager, and/or structure), (iii)&#160;stress sensitivity and technical model analyses, and (iv)&#160;investment monitoring. There can be no assurance that any particular component will be used for every investment or that the investment process will achieve its intended results.</span></p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Sourcing and Trading</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Ellington has longstanding experience in the CLO market and in structured products more broadly, providing it with access to a range of market opportunities. The investment team identifies investment opportunities through a network of dealer, investor, and manager relationships that it has developed over time. In some situations, participation in loan accumulation facilities may offer access to certain newly issued CLO equity tranches, where Ellington&#8217;s structured finance experience may benefit its negotiation of terms. Ellington intends to evaluate opportunities across a range of CLO vehicles, managers, and vintages, and will seek to find economic value through its investment analysis, which typically includes a review of the underlying documentation, portfolios, CLO Collateral Managers, and/or structures of a given CLO.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Due Diligence</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In performing diligence on a CLO transaction before investing, the investment team typically reviews the deal&#8217;s underlying documentation, loan portfolio, CLO Collateral Manager and/or structure, and may consider factors such as reinvestment restrictions, regulations on deal calls/refinancings/resets, priorities of payment/&#8220;waterfalls,&#8221; collateral quality and coverage tests, and concentration limitations. Certain underlying assets may be selected for further review within Ellington and/or in consultation with third-party Collateral Managers, and may be subject to valuation adjustments based on these discussions and analyses. The investment team may also evaluate an investment relative to other opportunities, and may consider various portfolio metrics and characteristics as part of its overall assessment.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to analyzing CLO vehicles individually, the investment team may seek to assess overall CLO Collateral Manager performance and incorporate such assessments in its evaluation of individual CLO investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The investment team may also engage in update calls and meetings with CLO Collateral Managers to review and discuss their trading strategies, market outlooks, and positioning. The investment team may consider a combination of historical performance data and insights from these discussions as part of its broader evaluation of CLO tranche investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Stress Sensitivity and Technical Model Analyses</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to a given CLO&#8217;s collateral, documentation, CLO Collateral Manager, and structure, the investment team may conduct sensitivity analyses to evaluate how a CLO tranche could perform under different credit stress scenarios. These analyses may consider several factors, including loan prices, default rates, prepayment rates, and recovery rates to estimate potential cashflows and performance across different market conditions. Scenarios may include historical macroeconomic shocks as well as hypothetical market environments. Individual assets within a CLO may be analyzed and various factors may be considered across each scenario, including how deal tests, cashflows, and triggers are projected to evolve over time, as well as projected credit spreads, yields, tranche weighted average lives (WALs) and credit spread durations. The investment team may assess the potential return profiles across different scenarios as part of its broader evaluation of CLO investments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">In addition to cashflow analyses, the investment team may utilize technical models to assess a CLO tranche relative to other corporate credit investments, including other CLO tranches. This relative value analysis may take into account various factors, including fundamental credit considerations and mark-to-market risk information.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investment Monitoring</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">To help inform decisions on whether to continue holding investments, the investment team employs a monitoring process, as follows.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Portfolio-level reports may be generated by the investment team and the Risk Oversight Group related to the Fund&#8217;s investments. These reports may incorporate a combination of third-party data and analytical tools to assess various factors related to a CLO holding.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Given that CLOs are typically actively managed vehicles prior to the end of their Reinvestment Periods, the CLO investment team may attempt to engage in discussions with CLO Collateral Managers to monitor developments in the deal portfolios. If available, the investment team may also review monthly and quarterly reports from the trustees of its CLO investments, which may contain information on portfolio compositions and structural changes in a deal.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Staffing</i></strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund does not currently have any employees. The Adviser manages its day-to-day investment operations.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund will reimburse the Administrator for its allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing administrative functions, and the compensation of its Chief Financial Officer, Chief Operating Officer, and any administrative support staff, including accounting personnel. See &#8220;<strong><i>The Adviser and the Administrator&#8212;The Administration Agreement</i></strong>.&#8221; The Fund will also pay indirectly the costs associated with the functions performed by its Chief Compliance Officer under the terms of an agreement between the Fund and Vigilant.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Legal Proceedings</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">As of&#160;March&#160;31, 2025, neither the Fund, the Adviser, nor the Administrator were subject to any pending legal proceedings that they considered material.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>RISK FACTORS</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><i>Investors should carefully consider the risk factors described below before deciding on whether to make an investment in the Fund. If any of the following risks actually materialize, the Fund&#8217;s business, financial condition and results of operations could be materially adversely affected. In such case, the Net Asset Value and/or market price of the Fund&#8217;s common shares could decline substantially, in which case investors could lose all or part of their investment in the Fund. Investors should also be aware that during times of increased uncertainty, volatility and distress in economies, financial markets, and labor and health conditions, the risks to which the Fund is subject may also increase significantly compared to normal conditions. Finally, the risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to it, or not presently deemed material by it, may also impair its operations and performance, as well as the Net Asset Value and/or market price of the Fund&#8217;s shares.</i></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Principal Risks of the Fund</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Investments in corporate CLO securities involve certain risks. Corporate CLOs are securitizations that are typically backed by a pool of corporate loans or similar corporate credit-related assets that serve as collateral. The assets underlying the Fund&#8217;s CLO investments generally consist of lower-rated first-lien corporate loans, although certain CLO structures may also allow for limited exposure to other asset classes including unsecured loans, second-lien loans, or corporate bonds. To the extent that the assets underlying the Fund&#8217;s CLO investments are rated for creditworthiness by any nationally recognized statistical ratings organizations, they generally carry lower credit ratings, and certain assets may not be rated by any nationally recognized statistical ratings organization. As a result, the assets underlying the Fund&#8217;s CLO investments are considered to bear significant credit risks. Corporate issuers of lower-rated debt securities may be highly leveraged and may not have access to more traditional methods of financing. During economic downturns or sustained periods of rising interest rates, issuers of lower-rated debt securities may be likely to experience financial stress, especially if such issuers are highly leveraged, and in such periods the market for lower-rated debt securities could be severely disrupted, adversely affecting the value of such securities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The risk of loss for lower-rated debt securities is also magnified to the extent that such securities are unsecured or subordinated to more senior creditors. Lower-rated debt securities generally have limited liquidity and limited secondary market support. These risks are further exacerbated in the case of second-lien loans, as they are subordinated to first-lien loans and have weaker recovery prospects in the event of borrower distress or default. Further, ratings downgrades on the Fund&#8217;s CLO debt investments may result in its investments being viewed as riskier than they were previously thought to be. This perception of increased riskiness resulting from a downgrade can result in adverse impacts to the market value and liquidity of the Fund&#8217;s CLO debt investments, as well as reduce the availability or increase the cost of financing for the Fund&#8217;s CLO debt investments.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests, may acquire loans to smaller companies (&#8220;<strong>middle-market</strong>&#8221; loans), which may carry more inherent risks than loans to larger, publicly traded entities. Compared to larger companies, these middle-market companies tend to have more limited access to capital, weaker financial positions, narrower product lines, and tend to be more vulnerable to competitors&#8217; actions and market conditions, as well as to general economic downturns. As a result, the securities issued by CLOs that hold significant investments in middle-market loans are generally considered riskier than securities issued by CLOs that primarily invest in broadly syndicated loans.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The corporate loans that underlie the Fund&#8217;s CLO investments may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructurings that may result in significant delays in repayment, a significant reduction in the interest rate, and/or a significant write-down of the principal of the loan. A wide range of factors could adversely affect the ability of an underlying corporate borrower to make interest or other payments on its loan. The corporate issuers of the loans or securities underlying the Fund&#8217;s CLO investments may be highly leveraged and may be subject to an increased risk of default depending on certain micro- or macro-economic conditions, such as economic recessions, heightened interest rates and/or inflation, tariffs, and other conditions. The risk of economic recession and declining creditworthiness of corporate borrowers would be amplified by rising corporate default rates, tightening credit conditions, and potential credit downgrades in leveraged loan markets. Accordingly, the subordinated and lower-rated (or unrated) CLO securities in which the Fund invests may experience significant price and performance volatility relative to more senior or higher-rated CLO securities, and they are subject to greater risk of loss than more senior or higher-rated CLO securities which, if realized, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Such defaults and losses, especially those in excess of the market&#8217;s or the Fund&#8217;s expectations, would have a negative impact on the value of the Fund&#8217;s CLO investments, and reduce the cash flows that the Fund receives from its CLO investments, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, if a CLO in which the Fund invests experiences an event of default as a result of the CLO&#8217;s failure to make a payment when due, the erosion of the CLO&#8217;s underlying collateral, or other reasons, the CLO would be subject to the possibility of liquidation. In such cases, the risks are heightened that the collateral underlying the CLO may not be able to be readily liquidated, or that when liquidated, the resulting proceeds would be insufficient to redeem in full the CLO mezzanine debt and equity tranches that are the focus of the Fund&#8217;s investment strategy. CLO equity tranches often suffer a loss of all of their value in these circumstances, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, following an event of default by a CLO, the holders of CLO mezzanine debt and equity tranches typically have limited rights regarding decisions made with respect to the underlying collateral, with the result that such decisions might favor the more senior tranches of the CLO.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event of a bankruptcy or insolvency of an issuer of a loan or of an underlying asset held by a CLO in which the Fund invests, a court or other governmental entity may determine that the related claims held by such CLO are not valid or are subject to significant modification. In addition, any payments previously received by such CLO could be subject to avoidance as a &#8220;preference&#8221; if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under state laws) before insolvency.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Further, </span>&#8220;covenant-lite&#8221; loans may comprise a significant portion of the underlying collateral of the CLOs in which the Fund invests. Generally, covenant-lite loans provide the obligor with more freedom to take actions that could negatively impact their lenders because the obligor&#8217;s covenants are incurrence-based and not maintenance-based, which means that they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower&#8217;s financial condition. At times, covenant-lite loans have represented a significant majority of the syndicated corporate loan market. To the extent that the corporate CLO securities in which the Fund invests hold covenant-lite loans, the Fund may have a greater risk of loss on such investments as compared to investments in CLOs holding loans with more robust covenants.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests may also acquire interests in corporate loans indirectly, by way of participations. In a participation, the underlying debt obligation remains with the institution that has sold the participation, which typically results in a contractual relationship only with such selling institution, and not with the corporate obligor directly. As a result, the holder of a participation assumes the credit risk of both the obligor and the selling institution and may only have limited rights to influence any decisions made by the selling institution in connection with the underlying debt obligation.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The corporate borrowers of the underlying assets in a CLO are typically highly leveraged, and there may be few or no restrictions on the amount of indebtedness such borrowers can incur. Substantial indebtedness adds additional risk with respect to a borrower and could (i)&#160;limit its ability to borrow money or otherwise access funds for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii)&#160;require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii)&#160;make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv)&#160;subject it to restrictive financial and operating covenants, which may preclude it from executing on favorable business activities or from financing future operations or other capital needs. In some cases, proceeds of indebtedness incurred by a borrower could be paid as a dividend to its equity holders rather than retained by the borrowers for its working capital or to pursue favorable opportunities. Highly leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy, or deterioration in the condition of such companies or their industries. A leveraged company&#8217;s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</p>
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      <div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If an underlying borrower is unable to generate sufficient cash flow to meet principal and/or interest payments on its indebtedness, it may be forced to take other actions to satisfy its obligations under its indebtedness. These alternative actions may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund. Furthermore, if the borrower is unable to meet its scheduled debt service obligations even after taking these actions, the borrower may be forced into liquidation, dissolution or insolvency, and the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund, could decline significantly or even be rendered worthless.</p>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the documentation for syndicated loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. In most cases for the Fund&#8217;s syndicated loan investments, the Fund does not expect to hold a sufficient amount of the indebtedness to be able to compel any actions by the agent. Consequently, the Fund would only be able to direct such actions if instructions from it were made in conjunction with other holders of associated indebtedness that together with the Fund compose the requisite percentage of the related indebtedness then entitled to take action. Conversely, if holders of the required amount of the associated indebtedness other than the Fund desire to take certain actions, such actions may be taken even if the Fund did not support such actions. Furthermore, if a syndicated loan is subordinated to one or more senior loans made to the applicable obligor, the Fund&#8217;s ability to exercise such rights may be subordinated to the exercise of such rights by the senior lenders. Whenever the Fund is unable to direct such actions, the parties taking such actions may not have interests that are aligned with the Fund, and the actions taken may not be in the Fund&#8217;s best interests. Furthermore, in recent years, &#8220;priming&#8221; transactions in the distressed debt sector have become more common. These &#8220;priming&#8221; arrangements are transactions where a group of debtholders can move collateral away from existing lenders so that it can serve as the primary source of secured assets for new money and/or restructuring existing debt. If the Fund were to hold distressed debt that became &#8220;primed&#8221; by another group of lenders, it could lose all or a significant part of such investment.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If an investment is a syndicated revolving loan or delayed drawdown loan, other lenders may fail to satisfy their full contractual funding commitments for such loan, which could create a breach of contract, result in a lawsuit by the obligor against the lenders and adversely affect the value of the Fund&#8217;s investment.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, the Fund may be unable to remove the agent in circumstances in which removal would be in the Fund&#8217;s best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice, and the Fund may not find a replacement agent on a timely basis, or at all, in order to protect its investment.</p>
          </div>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments in corporate CLOs involve certain structural risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their relative seniority and degree of risk. If the relevant collateral defaults or otherwise underperforms, payments to the more senior tranches of such securitizations take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s corporate CLO investment strategy. CLOs present risks similar to those of other types of credit investments, including credit, interest rate and prepayment risks. See "<strong><i>&#8212;The Fund invests in corporate CLOs, which exposes it to risks associated with corporate loans.</i></strong>&#8221;</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Even though the Fund expects that most of its CLO mezzanine debt investments will have floating rate coupons, these and other of the Fund&#8217;s CLO investments are still exposed to interest rate risk. There can be significant mismatches between the timing and frequency of coupon resets on the floating rate CLO debt tranches and the underlying floating rate corporate loans, and furthermore some of the underlying corporate loans may bear fixed coupon rates. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. This reduction in excess interest could adversely impact the Fund&#8217;s CLO equity cashflows and valuations, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">CLOs have at times experienced negative credit events in their constituent loans, credit rating downgrades of constituent loans and issued debt tranches, and failures of certain deal metrics. The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of its mezzanine debt and equity tranches.</p>
          </div>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As discussed under &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests</i></strong>,&#8221; CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. This may reduce a CLO collateral manager&#8217;s incentives to prioritize the interests of CLO investors, including the Fund, increase the risk of default as a result of less stringent credit or underwriting standards with respect to the underlying portfolios, and limit investor confidence in the CLOs.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments in the primary corporate CLO market involve certain additional risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Between the pricing date and the closing date of a corporate CLO, the collateral manager generally purchases additional assets for the CLO. During this period, the price and availability of these assets may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of assets that will satisfy specified concentration limitations and allow the CLO to reach the target initial principal amount of collateral prior to the effective date. An inability or delay in reaching the target initial principal amount of collateral may adversely affect the timing and amount of payments received by the holders of CLO mezzanine debt securities and equity securities and could result in early redemptions which could cause significant principal losses on the CLO mezzanine debt and equity securities, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund and its investments are subject to prepayment and reinvestment risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As part of the ordinary management of its portfolio, a CLO will typically generate cash flow from asset repayments and sales that is reinvested into substitute assets, subject to compliance with its investment tests and certain other conditions. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired, the excess interest-related cash flow available for distribution to the CLO equity tranches would decline. In addition, prepayment rates of the assets underlying a CLO are driven by a number of factors, including changing interest rates and other factors that are beyond the Fund&#8217;s control. Furthermore, in most CLO transactions, CLO debt investors are subject to the risk that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, causing such CLO&#8217;s outstanding CLO debt securities to be repaid at par earlier than expected. This and other factors can cause considerable uncertainty in the average lives of the CLO tranches in which the Fund invests.</p>
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      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund operates as a non-diversified investment company under the 1940 Act. Therefore, the Fund does not have any limitations on the ability to invest in any one CLO, and its investments may be concentrated in relatively few CLOs, CLOs that have similar risk profiles (including by being concentrated in a limited number of industries), CLOs where there is an overlap of underlying corporate issuers, or CLOs that are managed by the same collateral manager. The overlap of underlying corporate issuers is often more prevalent across CLOs of the same year of origination, as well as across CLOs managed by the same asset manager or collateral manager.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To the extent that the Fund&#8217;s CLO investments are more concentrated, the Fund is susceptible to a greater risk of loss if one or more of the CLOs in which the Fund is invested performs poorly, or in the event a CLO collateral manager were to fail, experience the loss of key employees or sell its business. To the extent the Fund invests in CLOs that have a high level of overlap of underlying corporate obligors, there is a greater likelihood of experiencing multiple defaults in the Fund&#8217;s CLO portfolio. In general, to the extent that the Fund&#8217;s CLO portfolio is less diversified, the Fund may have a greater likelihood of experiencing large overall losses, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#8217;s investments in such CLO.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of the Fund&#8217;s mezzanine debt and equity tranches. In a typical corporate CLO, nonperforming assets, or performing assets rated &#8220;CCC+&#8221; or lower (or their equivalent) in excess of applicable limits, typically do not receive full par credit for purposes of calculation of the CLO&#8217;s overcollateralization tests. As a result, if an asset were to default, or an asset&#8217;s credit rating were to decrease to a lower credit rating level, also known as &#8220;negative rating migration,&#8221; it could cause a CLO to move out of compliance with some or all of its overcollateralization tests. CLOs are also generally subject to interest coverage tests, under each of which the interest income generated by the underlying assets is compared to the interest owed to a given CLO tranche and all tranches more senior to it. To the extent that any overcollateralization tests or interest coverage tests are breached, cash flows could be diverted away from the CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>CLO investments involve complex documentation and complex accounting considerations.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">CLOs are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over the interpretation or enforceability of the documentation may be higher relative to other types of investments. Further, the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The accounting calculations related to the Fund&#8217;s CLO investments are complex in numerous ways. For instance, under GAAP, the Fund calculates its net investment income&#8212;which is used to determine the performance fee payable to the Adviser&#8212;based on effective yield calculations. These calculations involve significant judgment in projecting expected cash flows. If an investment underperforms expectations, the Fund may accrue more interest income than it ultimately realizes on such investment and pay the Adviser a higher performance fee than it otherwise would have if different projections had been used.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The risks associated with the accounting complexities include inaccurate financial reporting, such as incorrect accruals, reserves and estimates, or the misapplication of accounting standards. These issues could lead to the miscalculation of fees, potentially in favor of the Adviser, and could necessitate a financial restatement. Financial restatements are often costly and time-consuming, and they may lead to regulatory scrutiny, legal proceedings, or shareholder litigation. In addition, a restatement could result in a loss of investor confidence, which would negatively impact the Fund&#8217;s reputation in the marketplace and impair its ability to raise capital on favorable terms in the future. A financial restatement could also trigger a significant decline in the price of the Fund&#8217;s common shares, eroding shareholder value and potentially exacerbating financial and reputational damage. These events could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, as well as its ability to pay dividends to its shareholders.</p>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund invests in CLO securities issued by CLOs that are managed by collateral managers unaffiliated with the Fund, and the Fund is dependent on the skill and expertise of such managers. While the actions of the CLO collateral managers may significantly affect the return on the Fund&#8217;s investments, the Fund typically does not have any direct contractual relationship with these collateral managers.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund also relies on these collateral managers to act in the best interests of the CLOs in which the Fund invests, there can be no assurance that such collateral managers will do so. Moreover, such collateral managers are subject to fiduciary duties owed to other classes of notes besides those in which the Fund invests, and they may have other incentives to manage the CLO portfolios in a manner that disadvantages the particular classes of notes in which the Fund is invested. Furthermore, since the CLO issuer often provides an indemnity to its collateral manager, the CLO tranches the Fund holds may ultimately bear the burden of any legal claims brought against the collateral manager.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, the CLOs in which the Fund invests are generally not registered as investment companies under the 1940 Act. As investors in these CLOs, the Fund is not afforded the protections that shareholders in an investment company registered under the 1940 Act would have.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may only have limited information regarding the underlying assets held by the CLOs in which it invests, and collateral managers may not identify or report issues relating to the underlying assets on a timely basis (or at all) to enable the Fund to take appropriate measures to manage the Fund&#8217;s risks. Furthermore, much of the information furnished to the Fund as an investor in a corporate CLO is neither audited nor reviewed, nor is an opinion expressed, by an independent public accountant. Finally, the Fund is not required to disclose to its shareholders any trustee reports or any other information received concerning any of its CLO investments. Thus, the Fund&#8217;s shareholders will have limited information on the assets held by, and the performance of, the CLOs in which the Fund invests.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Collateral managers are subject to removal or replacement by other holders of CLO securities without the Fund&#8217;s consent and may also voluntarily resign as collateral manager or assign their role as collateral manager to another entity. The removal, replacement, resignation, or assignment of any particular CLO collateral manager&#8217;s role could adversely affect the returns on the CLO securities in which the Fund invests, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments often have limited liquidity.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund expects to focus its CLO investment activity in mezzanine debt and equity tranches, which have less liquidity than many other securities, including as a result of lower or no trading volume, transfer restrictions, and their bespoke nature. This illiquidity results in price volatility and can make it more difficult to value or sell these securities if the need arises, which could require the Fund to realize a greater loss if the Fund is ever required to liquidate such assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

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      </div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The CLOs in which the Fund invests incur significant operating expenses.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests incur significant operating fees and expenses, including but not limited to collateral management fees, administrative expenses, and other operating expenses, which are all indirectly borne by CLO investors. CLO collateral management base fees, which typically range from 0.30% to 0.50% of a CLO&#8217;s total assets, are charged on the CLO&#8217;s total assets and are usually paid from residual cash flows after interest payments to senior debt tranches. Additional CLO operating expenses, estimated at 0.30% to 0.70%, may also apply, although these are not routinely reported in a standardized manner. Furthermore, CLO collateral managers may also earn incentive fees tied to equity cash flows once the equity tranche achieves a cash-on-cash return of capital and a specified &#8220;hurdle&#8221; rate. All of these fees and expenses are borne first by the CLO equity tranche due to its subordinated position. Given that the CLO equity tranche represents only a fraction of the value of the entire CLO, these fees and expenses are greatly magnified when expressed as a percentage of the value of the CLO equity tranche. Both types of CLO tranches in which the Fund invests (equity tranches and mezzanine debt tranches) may bear these expenses, with the equity tranche&#8212;being the most subordinated&#8212;usually shouldering these costs. To the extent that the CLO equity tranche has suffered or will suffer a total principal loss, mezzanine debt tranches will then effectively bear these fees and expenses.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to the collateral management fees, administrative expenses, and other operating expenses accrued in a CLO, the Fund will also remain obligated to pay the Base Management Fee and the Performance Fee to the Adviser. Therefore, each shareholder bears his or her share of the Base Management Fee and the Performance Fee of the Adviser as well as indirectly bearing the ratable share of the collateral management fees, administrative expenses, and other operating expenses of a CLO.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund invests primarily in CLOs that hold underlying U.S. assets, the Fund may also invest in corporate CLOs that hold non-U.S. assets, and the Fund expects that many of the CLO issuers in which the Fund invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#8217;s rights in foreign jurisdictions.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">A portion of the Fund&#8217;s CLO investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates may materially adversely affect the value of these investments.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLO issuers in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure that the CLO is not treated for U.S. federal income tax purposes as engaged in a U.S. trade or business. If a CLO issuer fails to comply with the investment guidelines, or if the Internal Revenue Service otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business, such CLO could be subject to U.S. federal income tax, which could reduce the amount available to distribute to mezzanine debt and equity holders in such CLO, including the Fund.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Foreign Account Tax Compliance Act provisions of the Code impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments received by such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and mezzanine debt holders in such CLO, including the Fund.</p>
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      </div>

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      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser has significant latitude in determining the types of assets the Fund acquires, and there is no specific prohibition in the Fund&#8217;s investment strategy, investment guidelines and/or the RIC qualification requirements against investing in investments that are not CLOs.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To maintain the Fund&#8217;s qualification as a RIC and compliance with the 1940 Act, the Fund is subject to various requirements and tests that impose limits on its investment strategy. However, other than as described in this registration statement, neither the broad investment guidelines in its Investment Advisory Agreement, the RIC qualification requirements, nor the 1940 Act impose any specific limits on, or prohibitions against, investing its capital in investments that are not CLOs. Under the terms of the Investment Advisory Agreement, the Adviser has significant latitude within its broad investment guidelines in determining the types of assets it may acquire. The Board generally does not review individual acquisitions, dispositions, or many other management decisions.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to risks associated with loan accumulation facilities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may invest capital in CLO warehouse facilities, otherwise known as loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221;). LAFs are generally short- to medium- term financing facilities provided by the investment bank that will ultimately serve as the arranger on a CLO transaction. Utilizing equity capital provided by the LAF investors and debt financing provided by the investment bank, LAFs acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. This period of accumulating assets, often known as the &#8220;warehouse period,&#8221; typically terminates when the CLO vehicle issues various tranches of debt and equity securities to the market, using the issuance proceeds to repay the investment bank financing. Investments in LAFs have risks similar to those applicable to investments in CLOs, and the risk of losses is magnified as a result of the leveraged and first-loss nature of these facilities. Further, in the event that the corporate credit assets accumulated by a LAF are not eligible for purchase by the planned CLO, or in the event that the planned CLO is not issued, the LAF investors may be responsible for either holding or disposing of said assets, exposing the Fund to credit and/or mark-to-market risk. This scenario may become more likely in times of economic distress or when the loans comprising the collateral pool of such warehouse, even if still performing, may have declined materially in market value, and the Fund may suffer a loss upon the disposition of these assets. The occurrence of any of the foregoing or similar events could affect the Fund&#8217;s investments in LAFs and, consequently, could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund may invest in corporate loans directly.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to gaining exposure to corporate loans through investments in CLO securities, the Fund may also invest in corporate loans directly. In some cases, these loan investments may result from asset sales or in-kind distributions from CLOs in which the Fund has invested, but in other cases the Fund may acquire such loans directly in the open market. To the extent the Fund invests in corporate loans directly, it will be exposed to all of the risks associated with corporate loans that CLOs are exposed to, as described above. See &#8220;&#8212;<strong><i>The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&#8221;; &#8220;&#8212;The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&#8221; and &#8220;&#8212;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&#8221;</i></strong></p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#8217;s operating results and cash flows.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">It is generally expected that the CLOs in which the Fund invests will operate pursuant to investment guidelines intended to avoid such CLOs being treated as engaged in a U.S. trade or business for U.S. federal income tax purposes. If a CLO fails to comply with its investment guidelines, or if the Internal Revenue Service (the &#8220;<strong>IRS</strong>&#8221;) successfully asserts that the CLO should be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could reduce the amount available to distribute to junior debt and equity holders in such CLO, including the Fund.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Foreign Account Tax Compliance Act provisions of the Code (commonly referred to as &#8220;<strong>FATCA</strong>&#8221;) impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain&#160;non-U.S. entities, including certain&#160;non-U.S. financial institutions and investment funds, unless such&#160;non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as&#160;non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments to such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and junior debt holders in such CLO, and therefore materially and adversely affect the market value and/or fair value of the CLO&#8217;s securities and the Fund&#8217;s operating results and cash flows.</p>
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      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Business</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>There are risks associated with the preparation for and implementation of the Conversion.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Preparation for, and implementation of, the Conversion required the Fund to make several changes to its day-to-day functions, including a number of complex operational, accounting, regulatory, and market-related changes. Each of these changes include significant risks, each of which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In addition, no assurance can be given that these changes will enable the Fund to comply successfully with the 1940 Act and the Code. See &#8220;<strong><i>&#8212;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</i></strong>.&#8221; These risks include, but are not limited to:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Liquidity and Market Risks in Liquidating Pools and TBAs &#8211; In connection with the Conversion, the Fund intends to liquidate its remaining holdings of mortgage-backed securities, including agency pools and long To-Be-Announced (&#8220;<strong>TBA</strong>&#8221;) positions, as well as its related hedges, including short TBA positions and interest-rate swaps. Market conditions at the time of liquidation of any of these positions could result in unfavorable pricing, increased transaction costs, and/or execution delays, any of which could adversely impact the Fund&#8217;s Net Asset Value and performance.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Regulatory and Compliance Risks Related to Bank Custody Rules&#160;&#8211; Following the Conversion, the Fund will be subject to new regulatory requirements, including bank custody rules&#160;that were not previously applicable. Compliance with these rules&#160;necessitated changes in the Fund&#8217;s operational processes, including its custodial arrangements and its master trade agreements with its counterparties, potentially leading to additional costs, operational burdens, or constraints on its available executing counterparties for certain transactions.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Risks Related to the Change in the Fund&#8217;s Tax Year &#8211; To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31, 2025). The Fund expects that it will qualify for an automatic change but if it does not qualify for the automatic change, the Fund will request approval from the IRS to effectuate such change. In that scenario, if the IRS does not approve the application, the Fund may not qualify for a March 31 tax-year end, which could delay the Fund&#8217;s qualification as a RIC to a later date and force the Fund to keep its tax year of December 31 and operate as a taxable C-Corporation until that later date. It is also possible that the IRS may approve such application provided that the Fund recognizes additional income as a RIC in connection with its change of tax year.&#160;&#160;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Tax and Structural Uncertainties &#8211; The Conversion may result in unanticipated tax liabilities, including potential recognition of taxable gains or other inefficiencies that could impact the Fund. Additionally, changes in tax laws,&#160;IRS interpretations, or regulatory guidance before or after the Conversion could further affect the Fund&#8217;s tax treatment and require further adjustments to its structure.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Accounting, Operational and Systems Transition &#8211; The Fund will prospectively apply investment company accounting and, accordingly, it has modified its internal systems, reporting processes, and third-party service provider arrangements as a result of the Conversion. Any delays, errors, or other challenges in transitioning to investment company accounting could result in operational disruptions, compliance issues, or increased administrative costs.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>Legal and Regulatory &#8211; Upon Conversion, the Fund became subject to the 1940 Act, implicating a new regulatory reporting regime, including a new schedule, and new reporting forms, and additional compliance obligations, including the implementation of the Derivatives Risk Management Program. Adapting to this new regime may require enhancements to internal compliance protocols, additional personnel, and increased oversight, all of which could increase costs and regulatory risks and there may be delays, errors, or other challenges in adapting to the rules, regulations and requirements of the 1940 Act.</td>
                </tr>

            </table>
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        </div>
      </div>

        <div>&#160;</div>

      <div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to achieve its objectives once the Conversion is complete is contingent on the Fund&#8217;s ability to manage and maintain all of these, and other changes, to its business. Any failure to do so could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders as well as its ability to comply with the requirements of the 1940 Act. Failure to comply with the 1940 Act may subject the Fund to action by the SEC&#8217;s Division of Enforcement in the form of cease and desist orders, fines and other penalties, and injunctions, civil liability, reputational damages, and restrictions or limitations on future offerings.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Actions by the Federal Reserve (and similar actions by other central banks), including tightening or easing of monetary policy, increases or decreases in short-term interest rates, balance sheet liquidations or runoff, or other actions, or the perception that the Federal Reserve or other central banks are failing to take actions deemed necessary or advisable by the market, could cause elevated market volatility and adversely impact the value and performance of the Fund&#8217;s assets and the ability of the Fund to borrow money or otherwise access capital to fund its operations. See also &#8220;<strong><i>&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets</i></strong>&#8221; for the impact of changing interest rates on the Fund&#8217;s business.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Although most of the assets underlying the Fund&#8217;s CLO investments carry floating rate coupons, some may have fixed rate coupons or have a fixed rate component, which is most apparent when a given CLO is backed by corporate bonds, rather than loans, since bonds generally are issued with a fixed coupon. The fixed coupons on assets of this nature present some risk of cashflow mismatch between the Fund&#8217;s liabilities and its assets, since the Fund&#8217;s primary short term liabilities are expected to be reverse repurchase agreements. Reverse repurchase agreement borrowings typically bear a floating rate, and so are typically sensitive to changes in short term interest rates, since maturing reverse repurchase agreements will typically be replaced by new reverse repurchase agreements bearing interest rates based on short term interest rates at the time of the replacement transaction. If the income from the Fund&#8217;s assets is insufficient to support the interest payments on its liabilities due to a rise in short term interest rates, the Fund may be forced to reduce its positions, potentially during an inopportune time in the market, which could force it to realize losses or be unable to hold its desired amount of assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may also issue fixed rate debt, which could introduce a similar mismatch between interest owed on liabilities and interest income earned on its assets. As noted above, the Fund will primarily invest in CLOs that bear a floating rate coupon. In a falling interest rate environment, the Fund&#8217;s assets can be expected to pay a lower coupon rate, but any fixed-rate debt issued by the Fund will continue to require fixed payments, which could exceed the interest income available from its floating rate assets. This, too, could result in the Fund being forced to sell certain positions in order to meet interest and/or principal payments on its fixed liabilities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may initiate and maintain derivative and similar positions in order to address both forms of interest rate mismatch, though the Fund is not required to do so. There can be no certainty that such positions, if they are initiated, will be effective at eliminating the Fund&#8217;s exposure to interest rate mismatches. Furthermore, derivative and similar positions come with their own risks, including liquidity risk, which may impact the Fund&#8217;s ability to close or adjust such positions efficiently. See &#8220;<strong><i>&#8212;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.</i></strong>&#8221;</p>
          </div>

        <div style="display:none">

            <div>&#160;</div>

        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While increases in interest rates will typically increase the interest income on the Fund&#8217;s CLO debt investments, which are generally floating rate in nature, they could also place pressure on the ability of the corporate borrowers underlying the Fund&#8217;s CLO investments to cover their interest expenses or to refinance their debt, potentially resulting in higher credit losses on the Fund&#8217;s CLO investments. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. Finally, assets held directly or indirectly by the Fund that pay a fixed rate coupon typically decline in value when interest rates increase, and if interest rates were to increase significantly, not only would the market value of these assets be expected to decline, but these assets could lengthen in duration because borrowers would be less likely to prepay their fixed rate corporate borrowings, both of which would be expected to have an adverse impact on the Fund&#8217;s financial results.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Interest rates can change quickly and are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond the Fund&#8217;s control. Moreover, concerns over the United States&#8217; debt ceiling and budget-deficit increase the possibility of downgrades by rating agencies to the U.S. government&#8217;s credit rating, which could cause interest rates and borrowing costs to rise. Interest rate movements are highly uncertain and notoriously difficult to predict. For example, from February&#160;28, 2022 to October&#160;31, 2023, the lower bound of the Federal Reserve&#8217;s Federal Funds Target Rate rose from 0.00% to 5.25%, while the yield on the ten-year U.S. Treasury rose from 1.83% to 4.93%. While the Fund may opportunistically hedge its exposure to changes in interest rates, such hedging may be limited by the tax rules&#160;governing RICs, and the Fund can provide no assurance that its hedges will be successful or that the Fund will be able to enter into or maintain such hedges. As a result, interest rate fluctuations can cause significant losses, reductions in income, and can limit the cash available to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business is materially affected by conditions in the corporate sector, the financial markets, and the economy, including inflation, interest rates, energy costs, unemployment, geopolitical issues, concerns over the creditworthiness of governments worldwide and the stability of the global banking system. Any deterioration of financial markets or the economy or investor perception of the risks associated with financial markets or the economy could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s portfolio is expected to be concentrated in CLO mezzanine debt and equity tranches. These tranches are subordinated in cash flow priority to other more &#8220;senior&#8221; securities of the same CLO securitization and therefore absorb losses from CLO asset defaults before senior tranches are at risk. The CLO equity tranche typically represents less than 15% of the overall principal balance of a CLO, but it absorbs 100% of the CLO&#8217;s credit losses until its principal balance has been written off, after which the mezzanine debt absorbs all losses. As a result, the CLO equity and mezzanine securities that the Fund targets are deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Such securities are therefore considered to be highly speculative investments. When a CLO underlying corporate borrower defaults, the Fund generally has the right to receive payments only from the CLOs and has no direct rights against the underlying borrowers or the entity that sponsored the CLO transaction. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund&#8217;s overall exposure and capital at risk to such CLO. The value and performance of CLO securities are subject to the same types of political and economic factors and risks that affect corporate issuers and capital markets generally, but, for all of the foregoing reasons, these risks are amplified in the case of CLO mezzanine debt and equity tranches.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Before making an investment, the Adviser may decide to conduct (either directly or using third parties) certain due diligence on a potential investment. There can be no assurance that the Adviser will conduct any specific level of due diligence, or that, among other things, the Adviser&#8217;s due diligence processes will uncover all relevant facts or that any purchase will be successful, which could result in losses on these assets, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      </div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#8217;s expectations or to make asset management decisions that are not in line with its strategy.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund relies on the Adviser and the Adviser relies on the analytical models used by Ellington (both proprietary and third-party models) and information and data supplied by third parties. These models and data may be used to value assets or potential asset acquisitions and dispositions and also in connection with the Fund&#8217;s asset management activities. If Ellington&#8217;s models (including the data utilized by the models) and/or third party models or data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon could expose the Fund to potential risks. The Adviser&#8217;s reliance on the models and data used by Ellington may induce it to purchase certain assets at prices that are too high, to sell certain other assets at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging activities that are based on faulty models and data may prove to be unsuccessful.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Some of the risks of relying on analytical models and third-party data include the following:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>collateral cash flows and/or liability structures may be incorrectly modeled in all or only certain scenarios, or may be modeled based on simplifying assumptions that lead to errors;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>information about assets or the underlying collateral may be incorrect, incomplete, or misleading;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>asset, collateral, or CLO historical performance (such as historical prepayments, defaults, cash flows,&#160;etc.) may be incorrectly reported, or subject to interpretation (e.g., different CLO issuers may report delinquency and default statistics based on different definitions of what constitutes a delinquent or defaulted loan); and</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>asset, collateral, or CLO information may be outdated, in which case the models may contain incorrect assumptions as to what has occurred since the date information was last updated.</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Some models, such as prepayment models or default models, may be predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses. In addition, the predictive models used by the Adviser may differ substantially from those models used by other market participants, with the result that valuations based on these predictive models may be substantially higher or lower for certain assets than actual market prices. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data, and, in the case of predicting performance in scenarios with little or no historical precedent (such as extreme broad-based widening in corporate credit yield spreads or deep economic recessions or depressions), such models must employ greater degrees of extrapolation and are therefore more speculative and of more limited reliability.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">All valuation models rely on correct market data inputs. If incorrect market data is entered into even a well-founded valuation model, the resulting valuations will be incorrect. However, even if market data is input correctly, &#8220;model prices&#8221; will often differ substantially from market prices, especially for securities with complex characteristics or whose values are particularly sensitive to various factors. If the Fund&#8217;s market data inputs are incorrect or its model prices differ substantially from market prices, its business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investment portfolio is recorded at market value and/or fair value, with its Board overseeing its Valuation Designee in its determination of fair value and, as a result, there will be uncertainty as to the value of its portfolio investments.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the 1940 Act, the Fund is required to carry its portfolio investments at market value, if such value is readily available, or fair value, if there is no readily available market value, as determined by the Adviser in good faith, as the Fund&#8217;s valuation designee pursuant to Rule&#160;2a-5 under the 1940 Act, in accordance with its written valuation policy and subject to the oversight of the Board. Typically, there will not be a widely visible public market for the type of investments the Fund targets. As a result, the Fund will value these securities at fair value based on relevant information compiled by the Adviser and third-party pricing services (when available), and with oversight conducted by the Board. The values of the Fund&#8217;s investments are often not readily determinable.</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The determination of market value or fair value and, consequently, the amount of unrealized gains and losses in the Fund&#8217;s portfolio, are to a certain degree subjective and dependent on a valuation process conducted by the Adviser and overseen by the Board. Because such valuations are inherently uncertain, may fluctuate over short periods of time, especially during periods of elevated market volatility, and may be based on estimates, the Adviser&#8217;s determinations of fair value may differ from the values that would have been used if a ready market for these assets existed or from the prices at which trades occur. Furthermore, the Fund may not obtain third-party valuations for all of its assets. Changes in the fair value of the Fund&#8217;s assets directly impact its net income through recording unrealized appreciation or depreciation of its investments and derivative instruments, and so the determination of fair value has a material impact on its net income.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While in many cases the Adviser&#8217;s determination of the fair value of its assets is based on valuations provided by third-party dealers and pricing services, the Adviser can and does value assets based upon its judgment, and such valuations may differ from those provided by third-party dealers and pricing services. Valuations of certain assets are often difficult to obtain or are unreliable, and many or all of the Fund&#8217;s CLO investments may trade infrequently and are illiquid. In general, dealers and pricing services heavily disclaim their valuations. Additionally, dealers and pricing services may claim to furnish valuations only as an accommodation and without special compensation, and they may disclaim any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations, including any act of negligence or breach of any warranty. Depending on the complexity and illiquidity of an asset, valuations of the same asset can vary substantially from one dealer or pricing service to another. Higher valuations of the Fund&#8217;s assets have the effect of increasing the amount of management fees the Fund pays to the Adviser. Therefore, conflicts of interest exist because the Adviser is involved in the determination of the fair value of the Fund&#8217;s assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Market-based inputs are generally the preferred source of values for purposes of measuring the fair value of the Fund&#8217;s assets under U.S. GAAP. However, the markets for the Fund&#8217;s investments have experienced, and could in the future experience, extreme volatility, reduced transaction volume and liquidity, and disruption as a result of certain events which has made, and could in the future make, it more difficult for the Fund&#8217;s Adviser, and for third-party dealers and pricing services that the Fund uses, to rely on market-based inputs in connection with the valuation of its assets under U.S. GAAP. Furthermore, in determining the fair value of the Fund&#8217;s assets, the Adviser uses proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates, interest rates, default rates and loss severities. These assumptions might be especially difficult to project accurately during periods of economic disruption. The fair value of certain of the Fund&#8217;s investments may fluctuate over short periods of time, and the Adviser&#8217;s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The fair value of the Fund&#8217;s investments has a material impact on its earnings through the recording of unrealized appreciation or depreciation of investments and may cause its Net Asset Value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. Investors purchasing the Fund&#8217;s securities based on an overstated Net Asset Value may pay a higher price than the value of its investments might warrant. Conversely, investors selling shares during a period in which the Net Asset Value understates the value of the Fund&#8217;s investments may receive a lower price for their shares than the value of its investments might warrant.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected if the Adviser&#8217;s fair value determinations of these assets were materially different from the values that would exist if a ready market existed for these assets.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The lack of liquidity in the Fund&#8217;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the assets and other instruments the Fund acquires are not publicly traded. As such, these assets may be subject to legal and other restrictions on resale, transfer, pledge or other disposition, or will otherwise be less liquid than publicly-traded securities. Other assets that the Fund acquires, while publicly traded, have limited liquidity on account of their complexity, turbulent market conditions, or other factors. Illiquid assets typically experience greater price volatility, because a ready market does not exist, and they can be more difficult to value or sell if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its assets. The Fund may also face other restrictions on its ability to liquidate any assets for which the Fund or the Adviser has or could be attributed with material non-public information. Furthermore, assets that are illiquid are more difficult to finance, and to the extent that the Fund finances assets that are or become illiquid, the Fund may lose that financing or have it reduced. If the Fund is unable to sell its assets at favorable prices or at all, it could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

      </div>

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      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is highly dependent on Ellington&#8217;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#8217;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business is highly dependent on Ellington&#8217;s communications and information systems and those of third-party service providers. Any failure or interruption of Ellington&#8217;s or certain third-party service providers&#8217; systems or cyber-attacks or security breaches of their networks or systems could cause delays or other problems in the Fund&#8217;s securities trading activities, could allow unauthorized access for purposes of misappropriating assets, stealing proprietary and confidential information, corrupting data or causing operational disruption, or could prevent the Fund from receiving distributions to which the Fund is entitled, any of which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Computer malware, ransomware, viruses, and computer hacking and phishing attacks have become more prevalent in the financial services industry and may occur on Ellington&#8217;s or certain third party service providers&#8217; systems in the future. The Fund relies heavily on Ellington&#8217;s financial, accounting and other data processing systems. Financial services institutions have reported breaches of their systems, some of which have been significant, and Ellington has experienced a data breach, which was not material to its or the Fund&#8217;s operations. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that Ellington or certain third-party service providers have experienced an undetected breach, and it is likely that other financial institutions have experienced more breaches than have been detected and reported. There is no assurance that the Fund, Ellington, or certain of the third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of Ellington&#8217;s networks or systems (or the networks or systems of certain third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities) or any failure to maintain performance, reliability and security of Ellington's or certain third-party service providers&#8217; technical infrastructure, but such computer malware, ransomware, viruses, and computer hacking and phishing attacks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, operational failures or cyber incidents relating to the Fund's or Ellington&#8217;s third-party service providers (or their service providers) may negatively impact the Fund&#8217;s business in the future. If a material operational failure or material breach of the information technology systems of its third-party service providers occurs, the Fund could be required to expend significant amounts of money, be delayed in receiving funds (or not receive them at all) or have to expend significant time and resources to respond to these threats or breaches, each of which could materially adversely impact the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">New technologies also continue to develop, including tools that harness generative artificial intelligence and other machine learning techniques (collectively, &#8220;<strong>AI</strong>&#8221;). AI is developing at a rapid pace and becoming more accessible. As a result, the use of such new technologies by the Fund, Ellington, and/or the Fund&#8217;s third-party service providers can present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that the Fund, Ellington, and/or its third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on the Fund and its business. See &#8220;<strong><i>&#8212;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong>&#8221;</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Financing, Hedging, and Derivative Activities</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to fund its operations, meet financial obligations, and finance targeted asset acquisitions may be impacted by an inability to secure and maintain its financing through reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time in the future with its counterparties. Because reverse repurchase agreements are generally short-term transactions, lenders may respond to adverse market conditions by refusing to renew or replace, or making it more difficult for the Fund to renew or replace, the Fund&#8217;s maturing short-term borrowings, including imposing more onerous conditions when replacing (&#8220;<strong>rolling</strong>&#8221;) such repurchase agreements.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s lenders are primarily large global financial institutions, with exposures both to global financial markets and to more localized conditions. In addition to borrowing from large banks, the Fund may also borrow from smaller non-bank financial institutions. Whether because of a global or local financial crisis or other circumstances, such as if one or more of the Fund&#8217;s lenders experiences severe financial difficulties, they or other lenders could become unwilling or unable to provide the Fund with financing, could increase the haircut required for such financing, or could increase the costs of that financing.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Moreover, the Fund is currently party to short-term borrowings (in the form of reverse repurchase agreements) and there can be no assurance that the Fund will be able to roll these borrowings as they mature on a continuous basis and it may be more difficult for the Fund to obtain debt financing on favorable terms, or at all. If the Fund is not able to renew the Fund&#8217;s existing reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time or arrange for new financing on terms acceptable to the Fund, or if the Fund defaults on its financial covenants, is otherwise unable to access funds under its financing arrangements, or is required to post more collateral or face larger haircuts, the Fund may have to dispose of assets at significantly depressed prices and at inopportune times, which could cause significant losses, and may also force the Fund to curtail its asset acquisition activities. Similarly, if the Fund were to move a financing from one counterparty to another that was subject to a larger haircut, the Fund would have to repay more cash to the original counterparty than the Fund would be able to borrow from the new counterparty. To the extent that the Fund might be compelled to liquidate certain assets to repay debts, its compliance with the RIC asset tests, income tests, and distribution and other requirements could be negatively affected, which could jeopardize its qualification as a RIC. See &#8220;&#8212;<em><strong>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</strong></em>.&#8221; Any such forced liquidations could also materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, if there is a contraction in the overall availability of financing for the Fund&#8217;s assets, including if the regulatory capital requirements imposed on its lenders change or its shareholders&#8217; equity decreases to levels that make the Fund a less attractive financing counterparty, its lenders may significantly increase the cost of the financing that they provide to the Fund, increase the amounts of collateral they require as a condition to providing the Fund with financing, or even cease providing it with financing. The Fund&#8217;s lenders also have revised, and may continue to revise, their eligibility requirements for the types of assets that they are willing to finance or the terms of such financing arrangements, including increased haircuts and requiring additional cash collateral, based on, among other factors, the regulatory environment and their management of actual and perceived risk, particularly with respect to assignee liability.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Moreover, the amount of financing that the Fund receives under its financing agreements will be directly related to its lenders&#8217; valuation of the financed assets subject to such agreements. Typically, the master repurchase agreements that govern the Fund&#8217;s borrowings under reverse repurchase agreements grant the lender the right to reevaluate the value of the financed assets subject to such reverse repurchase agreements at any time. If a lender determines that the net decrease in the value of the portfolio of financed assets is greater in magnitude than any applicable threshold, it will generally initiate a margin call. In such cases, a lender&#8217;s valuations of the financed assets may be different than the values that the Fund ascribes to these assets and may be influenced by recent asset sales at distressed levels by forced sellers. A valid margin call requires the Fund to transfer cash or additional qualifying collateral to a lender or to repay a portion of the outstanding borrowings. If the Fund were to dispute the validity of a margin call from a lender under one of its reverse repurchase agreements and refuse to deliver margin collateral as a result, a lender could still send the Fund a notice of default. In this situation, such lender will have possession of the financed assets, and might still decide to exercise its contractual remedies, despite the margin dispute. In the event of the Fund&#8217;s default, its lenders or derivative counterparties can accelerate its indebtedness, terminate its derivative contracts (potentially on unfavorable terms requiring additional payments, including additional fees and costs), increase its borrowing rates, liquidate its collateral, and terminate its ability to borrow. In certain cases, a default on one reverse repurchase agreement or derivative agreement (whether caused by a failure to satisfy margin calls or another event of default) can trigger &#8220;cross defaults&#8221; on other such agreements. Similarly, if the market value of the Fund&#8217;s derivative contracts with a derivative counterparty declines in value, the Fund generally will be subject to a margin call by the derivative counterparty.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Significant margin calls and/or increased reverse repurchase agreement haircuts could have a material adverse effect on the Fund&#8217;s results of operations, financial condition, business, liquidity, and ability to make distributions to its shareholders, and could cause the value of its common shares to decline. During March&#160;and April&#160;of 2020,the Fund observed that many of its financing agreement counterparties assigned lower valuations to certain of its assets, resulting in the Fund having to pay cash to satisfy margin calls, which were higher than historical levels. In addition, during March&#160;and April&#160;of 2020 the Fund also experienced an increase in haircuts on reverse repurchase agreements that the Fund rolled. A sufficiently deep and/or rapid increase in margin calls or haircuts would have an adverse impact on the Fund&#8217;s liquidity. The Fund may have to sell assets at disadvantageous times or prices to meet such obligations.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Consequently, depending on market conditions at the relevant time, the Fund may have to rely on additional equity issuances to meet its capital and financing needs, which may be dilutive to its shareholders, or the Fund may have to rely on less efficient forms of debt financing that consume a larger portion of its cash flow from operations, thereby reducing funds available for its operations, future business opportunities, cash distributions to its shareholders, and other purposes. There can be no assurance that the Fund will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause the Fund to curtail its asset acquisition activities and/or dispose of assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders, or in the worst case, cause its insolvency.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund uses borrowed money to fund many of its investment activities and to enhance its financial returns. These borrowings include short-term reverse repurchase agreements to finance its CLO assets, and may also include credit facilities, including term loans and revolving credit facilities, derivative transactions, issuance of preferred shares and issuance of debt securities, each in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such financings may be used for the acquisition and maintenance of its investments, to pay fees and expenses, and for other purposes. Such leverage may be secured or unsecured. Any such leverage is in addition to leverage embedded or inherent in the CLO structures or derivative instruments in which the Fund may invest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Through the use of leverage, the Fund may acquire positions with market exposure significantly greater than the amount of equity capital committed to the transaction. Leverage can enhance the Fund&#8217;s potential returns but can also exacerbate losses. Even if an asset increases in value, if the asset fails to earn a return that equals or exceeds its cost of borrowing, the leverage will diminish the Fund&#8217;s returns. Leverage also increases the risk of the Fund&#8217;s being forced to swiftly liquidate its assets. See &#8220;<strong><i>&#8212;The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.</i></strong>&#8221;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since financial leverage increases the amount of the Fund&#8217;s assets without a corresponding increase in the Fund&#8217;s common equity, any event that adversely affects the Fund&#8217;s assets would have an amplified effect on the Fund&#8217;s common shares to the extent that leverage is utilized. For instance, any decrease in the yield of the Fund&#8217;s assets would cause the Fund&#8217;s net interest income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund&#8217;s ability to make distributions and other payments to its securityholders. Similarly, the more leverage that the Fund employs, the more likely a substantial change will occur in the Fund&#8217;s Net Asset Value. The Fund&#8217;s expected use of leverage is generally considered to be a speculative investment technique. Its ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. In a market that moves adversely to the Fund&#8217;s assets, the use of leverage would be expected to result in a loss that would be greater than if the Fund&#8217;s assets were not leveraged.</p>
          </div>

        <div style="display:none">

            <div>&#160;</div>

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        <div>&#160;</div>

      <div>
        <div>

            <div>
              <div>
                <div>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund intends to operate as a fully compliant derivatives fund under the Derivatives Rule, including treating reverse repurchase agreement borrowings as derivatives transactions and implementing a Derivatives Risk Management Program. By electing to operate under the full derivatives framework rather than qualifying as a &#8220;limited derivatives user,&#8221; under the Derivatives Rule, the Fund will be permitted to take on a significantly higher level of leverage through the use of derivatives and reverse repurchase agreement transactions than would be allowed for a limited derivatives user. This increased leverage may amplify both potential gains and losses, subjecting the Fund to greater volatility and market risk. While the Fund&#8217;s Derivatives Risk Management Program will include oversight and certain limits, leveraging the fund to a higher degree increases the potential for significant losses during periods of market stress or when asset prices move against its investments. Furthermore, any breach of its leverage or risk limits could result in forced portfolio adjustments, liquidity constraints, or regulatory scrutiny. See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions</i></strong>&#8221; and &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong>&#8221;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, if the Fund&#8217;s asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to declare dividends, incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of its investments to repay some debt or redeem shares of preferred shares when it is disadvantageous to do so. As such, the Fund might not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser&#8217;s and its Board&#8217;s assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that the Fund will be able to obtain credit at all or on terms acceptable to the Fund.</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.</p>
                </div>
              </div>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#8217;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.</p>

              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

                <div>
                  <div>
                    <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumed Return on the Fund&#8217;s Portfolio (Net of Expenses)</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>
                        <tr style="vertical-align:bottom">
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Corresponding return to common shareholder<sup>(1) </sup></span></span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(17.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.22</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.78</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.28</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>

                    </table>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                        <tr style="vertical-align:top">
                          <td style="width:0.25in"></td>
                          <td style="width:0.25in;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1)</span></span></td>
                          <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</span></span></td>
                        </tr>

                    </table>
                  </div>
                </div>

              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Based on the Fund&#8217;s assumed leverage described above, its investment portfolio would have been required to experience an annual return of at least 1.81% to cover interest payments on its assumed indebtedness.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            </div>

        </div>
      </div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Regulations governing the Fund&#8217;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#8217;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may in the future issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which the Fund refers to collectively as &#8220;senior securities,&#8221; up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, the Fund will be permitted, as a registered closed-end management investment company, to issue senior securities representing indebtedness so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, is at least 300% after each issuance of such senior securities. In addition, the Fund will be permitted to issue preferred shares so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of its outstanding preferred shares, is at least 200% after each issuance of such preferred shares. If the value of its assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund&#8217;s leverage, repay a portion of its indebtedness or redeem outstanding preferred shares or debt, in each case at a time when doing so may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness or preferred dividends would not be available for distributions to its common shareholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred shares, the preferred shares would rank &#8220;senior&#8221; to common shares in its capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of its common shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might otherwise provide a premium price to holders of the Fund&#8217;s common shares or otherwise be in the Fund&#8217;s common shareholders&#8217; best interest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund is not generally able to issue and sell its common shares at a price below its net asset value per common share, other than in connection with a rights offering to its existing shareholders. The Fund may, however, sell its common shares at a price below the then-current net asset value per common share if its Board determines that such sale is in the Fund&#8217;s and its shareholders&#8217; best interests, and the Fund&#8217;s shareholders approve such sale. In any such case, the price at which the Fund&#8217;s securities are to be issued and sold may not be less than a price that, in the determination of its Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common shares, then the percentage ownership of its shareholders at that time will decrease, and existing shareholders may experience dilution.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event of the Fund&#8217;s insolvency or bankruptcy, certain reverse repurchase agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay. In the event of the insolvency or bankruptcy of a lender during the term of a reverse repurchase agreement, the lender may be permitted, under applicable insolvency laws, to repudiate the contract, and the Fund&#8217;s claim against the lender for damages may be treated simply as an unsecured claim. In addition, if the lender is a broker or dealer subject to the Securities Investor Protection Act of 1970, or an insured depository institution subject to the Federal Deposit Insurance Act, the Fund&#8217;s ability to exercise its rights to recover its securities under a reverse repurchase agreement or to be compensated for any damages resulting from the lenders' insolvency may be further limited by those statutes. These claims would be subject to significant delay and costs to the Fund and, if and when received, may be substantially less than the damages the Fund actually incurs.</p>
          </div>

      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Subject to maintaining its qualification as a RIC, the Fund may pursue various hedging strategies to seek to reduce its exposure to adverse changes in corporate credit spreads and corporate credit default rates (collectively, &#8220;<strong>corporate credit risks</strong>&#8221;) and interest rates. The Fund&#8217;s hedging activity is expected to vary in scope based on the level and volatility of corporate credit spreads and interest rates, the relative cost of protection against credit defaults, the types of CLO investments held, and other changing market conditions. Hedging may fail to protect or could adversely affect the Fund because, among other things:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>hedging of corporate credit risks and interest rates can be expensive, particularly during periods of higher and volatile credit spreads and interest rates;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>available corporate credit risk and interest rate hedges may not correspond directly, or be correlated in the manner desired with, the credit risk and interest rate risk for which protection is sought;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>many hedges are structured as over-the-counter contracts with counterparties whose creditworthiness is not guaranteed, raising the possibility that the hedging counterparty may default on their obligations;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>to the extent that the creditworthiness of a hedging counterparty deteriorates, it may be difficult or impossible to terminate or assign any hedging transactions with such counterparty to another counterparty;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules&#160;to reflect changes in market value and/or fair value. Downward adjustments (&#8220;<strong>mark-to-market losses</strong>&#8221;) would reduce the Fund&#8217;s earnings and its shareholders' equity;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the Fund may fail to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the assets in the portfolio being hedged;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the Adviser may fail to recalculate, re-adjust, and execute hedges in an efficient and timely manner; and</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the hedging transactions may actually result in poorer overall performance for the Fund than if it had not engaged in the hedging transactions.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">For these and other reasons, the Fund&#8217;s hedging activity could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Hedging instruments and other derivatives, including certain types of credit default swaps, involve risk because they may not, in many cases, be traded on exchanges or cleared on a CCP (as defined below). Consequently, for these instruments there may be less stringent requirements with respect to record keeping and compliance with applicable statutory and regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. The Adviser is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Furthermore, the Adviser has only a limited internal credit function to evaluate the creditworthiness of its counterparties, mainly relying on its experience with such counterparties and/or their general reputation as participants in these markets. Under the terms of many of the Fund&#8217;s derivatives transaction contracts, the business failure of a derivatives transaction counterparty with whom the Fund enters into a derivatives transaction will most likely result in a default under the governing agreement. Default by a party with whom the Fund enters into a derivatives transaction may result in losses and may force the Fund to re-initiate similar derivatives transactions with other counterparties at the then-prevailing market levels. Generally, the Fund will seek to reserve the right to terminate its derivatives transactions upon a counterparty&#8217;s insolvency, but absent an actual insolvency, the Fund may not be able to terminate a derivatives transaction without the consent of the derivatives transaction counterparty, and the Fund may not be able to assign or otherwise dispose of a derivatives transaction to another counterparty without the consent of both the original derivatives counterparty and the potential assignee. If the Fund terminates a derivatives transaction, the Fund may not be able to enter into a replacement contract in order to cover its risk. There can be no assurance that a liquid secondary market will exist for derivatives transactions purchased or sold, and therefore the Fund may be required to maintain any derivatives transaction until exercise or expiration, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In this regard, the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives to meet the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties. See &#8220;&#8212;<strong><i>The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral</i></strong>.&#8221;</p>
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      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, some portion of the Fund&#8217;s derivatives transactions may be cleared through a central counterparty clearinghouse (&#8220;<strong>CCP</strong>&#8221;), which the Fund accesses through a futures commission merchant (&#8220;<strong>FCM</strong>&#8221;). The Fund&#8217;s futures positions also are cleared with a CCP through an FCM. If an FCM that holds the Fund&#8217;s futures or cleared derivatives account were to become insolvent, the CCP will make an effort to move the Fund&#8217;s futures and cleared derivatives positions to an alternate FCM, though it is possible that no alternate FCM could be found to accept the Fund&#8217;s positions, which could result in a total cancellation of its positions in the account; in such a case, if the Fund wished to reinstate such positions, the Fund would have to re-initiate such positions with an alternate FCM. In addition, in the case of both futures and cleared derivatives, there could be knock-on effects of the Fund&#8217;s FCM&#8217;s insolvency, such as the failure of co-customers of the FCM or other FCMs of the same CCP. In such cases, there could be a shortfall in the funds available to the CCP due to such additional insolvencies and/or exhaustion of the CCP's guaranty fund that could lead to total loss of the Fund&#8217;s positions in the FCM account. Finally, the Fund faces a risk of loss (including total cancellation) of positions in the account in the event of fraud by its FCM or other FCMs of the CCP, where ordinary course remedies would not apply.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Using derivatives also subjects the Fund to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Commodity Futures Trading Commission (&#8220;<strong>CFTC</strong>&#8221;) and certain commodity exchanges have established limits referred to as speculative position limits or position limits on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options. Limits on trading in options contracts also have been established by the various options exchanges. It is possible that trading decisions may have to be modified and that positions held may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s use of derivatives may expose it to counterparty risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may enter into derivatives transactions that have not been cleared by a CCP. If a derivative counterparty cannot perform under the terms of the derivative contract, the Fund would not receive payments due under that agreement, the Fund may lose any unrealized gain associated with the derivative, and, in the case of a derivative used as a hedging instrument, the asset or liability being hedged would cease to be hedged by such instrument. If a derivative counterparty becomes insolvent or files for bankruptcy, the Fund may also be at risk for any collateral the Fund has pledged to such counterparty to secure its obligations under derivative contracts, and the Fund may incur significant costs in attempting to recover such collateral.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund engages in short selling transactions, which may subject it to additional risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the Fund&#8217;s hedging transactions, and occasionally its investment transactions, may be short sales or short positions. Short selling may involve selling securities that are not owned and typically borrowing the same securities for delivery to the purchaser, with an obligation to repurchase the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. A short sale may create the risk of an unlimited loss, in that the price of the underlying security might theoretically increase without limit, thus increasing the cost of repurchasing the securities. There can be no assurance that securities sold short will be available for repurchase or borrowing. Market conditions, including lower liquidity in certain asset classes and derivatives, and increased short sale restrictions imposed by regulators during periods of financial stress, could limit the Fund&#8217;s ability to execute or maintain short positions effectively.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Repurchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby exacerbating the loss, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s investments that are denominated in foreign currencies subject the Fund to foreign currency risk arising from fluctuations in exchange rates between such foreign currencies and the U.S. dollar. While the Fund currently attempts to hedge the vast majority of its foreign currency exposure, it may not always choose to hedge such exposure, or it may not be able to hedge such exposure. To the extent that the Fund is exposed to foreign currency risk, changes in exchange rates of such foreign currencies to the U.S. dollar could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Further, the Fund also invests in CLOs that hold non-U.S. assets, and the Fund expect that many of the CLO issuers in which it invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#8217;s rights in foreign jurisdictions.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Other Business Risks</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and </i></strong></span><strong><i>its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Other than a modification or waiver that would be deemed to be fundamental, the Board will have the authority to modify or waive its current operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies at any time without notice to or consent from its shareholders. As a result, the types or mix of assets, liabilities, or hedging transactions in the Fund&#8217;s portfolio may be different from, and possibly riskier than, the types or mix of assets, liabilities, and hedging transactions that the Fund has historically held, or that are otherwise described in this report. A change in the Fund&#8217;s strategy may increase its exposure to corporate credit asset values, credit spreads, interest rates, and other factors. Changes in the Fund&#8217;s investment strategy may also affect its ability to qualify as a RIC or cause the Fund to determine that it is not in the best interests of the Fund and its shareholders for it to continue to qualify as a RIC. The Fund&#8217;s Board determines its investment guidelines and its operational policies, and may amend or revise the Fund&#8217;s policies, including those with respect to its acquisitions, growth, operations, indebtedness, capitalization, and dividends or approve transactions that deviate from these policies without a vote of, or notice to, its shareholders. The Fund cannot predict the effect of any changes to its current operating policies, its investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies and any such changes could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund operates in a highly competitive market.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s profitability depends, in large part, on its ability to acquire targeted assets at favorable prices. The Fund competes with a number of entities when acquiring its targeted assets, including other registered closed-end funds, public and private funds, investment banks, business development companies, hedge funds, private credit funds, structured credit funds, distressed debt funds, and mezzanine funds. Many of the Fund&#8217;s competitors are substantially larger and have considerably more favorable access to capital and other resources than the Fund does. Furthermore, new companies with significant amounts of capital have been formed or have raised additional capital, and may continue to be formed and raise additional capital in the future, and these companies may have objectives that overlap with the Fund&#8217;s, which may create competition for assets the Fund wishes to acquire. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund&#8217;s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of assets to acquire or pay higher prices than the Fund can. The Fund also may have different operating constraints from those of its competitors including, among others, (i)&#160;tax-, legal-, or accounting-driven constraints such as those arising from its qualification as a RIC, including asset diversification and distribution requirements, (ii)&#160;restraints imposed on the Fund by the 1940 Act as a registered closed-end fund and (iii)&#160;restraints and additional costs arising from the Fund&#8217;s status as a public company. Furthermore, competition for assets in the Fund&#8217;s targeted asset classes may lead to the price of such assets increasing, which may further limit its ability to generate desired returns. The competitive pressures the Fund faces could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#8217;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Rising interest rates generally reduce the demand for corporate loans due to the higher cost of borrowing. A reduction in the volume of corporate loans originated may affect the volume of targeted assets available to the Fund, which could adversely affect the Fund&#8217;s ability to acquire assets that satisfy its investment objectives. If rising interest rates cause the Fund to be unable to acquire a sufficient volume of the Fund&#8217;s targeted assets with a yield that is above its borrowing cost, the Fund&#8217;s ability to satisfy its investment objectives and to generate income and pay dividends to its shareholders may be materially and adversely affected.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund intends to pay dividends to its shareholders in amounts such that the Fund distribute all or substantially all of each year's taxable income (subject to certain adjustments). This distribution policy will enable the Fund to avoid being subject to U.S. federal income tax on its RIC taxable income that the Fund distribute to its shareholders. However, the Fund&#8217;s ability to pay dividends will depend on its earnings, its financial condition and such other factors as its Board may deem relevant from time to time. The Fund will declare and pay dividends only to the extent approved by its Board.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Risks Related to the Fund&#8217;s Relationship with </strong></span><strong>the Adviser and Ellington</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>There are risks and conflicts of interests associated with the Performance Fee the Fund is obligated to pay </i></strong></span>the <strong><i>Adviser.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to its Base Management Fee, the Adviser is entitled to receive the Performance Fee based, in large part, upon its achievement of targeted levels of Pre-Performance Fee Net Investment Income. The Performance Fee payable to the Adviser is based on the Fund&#8217;s Pre-Performance Fee Net Investment Income, without considering any realized or unrealized gains or losses on its investments. As a result, (i)&#160;for quarters in which a Performance Fee is payable, such Performance Fee will exceed 17.5% of the Fund&#8217;s GAAP net income if the Fund generated net realized and unrealized losses on its investments during such quarter, (ii)&#160;the Adviser could earn a Performance Fee for fiscal quarters during which the Fund generates a GAAP net loss, and (iii)&#160;the Adviser might be incentivized to manage the Fund&#8217;s portfolio using higher risk assets, using assets with deferred interest features, or using more financial leverage through indebtedness, to generate more income than would be the case if there were no Performance Fee, both of which could result in higher investment losses, especially during economic downturns.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Performance Fee is calculated quarterly, treating each quarter in isolation. As a result, the Hurdle Amount does not accumulate from quarter to quarter, and decreases in the Fund&#8217;s Net Asset Value of Common Equity, such as those due to unrealized losses, will reduce the Hurdle Amount, potentially making it easier for the Adviser to earn a Performance Fee. The Fund will not have the ability to claw back, delay, or adjust the payment of any Performance Fee based on financial results in prior or subsequent quarters. In addition, over a series of quarters, if the Fund&#8217;s Pre-Performance Fee Net Investment Income is positive in some quarters but negative in others, it is likely, when viewing the series of quarters as a whole, for the aggregate Performance Fee payable to the Adviser to exceed 17.5% of its aggregate Pre-Performance Fee Net Investment Income.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a conflict of interest related to management&#8217;s involvement in many accounting determinations (including but not limited to valuations, which affect the calculation of the Hurdle Amount, and calculations of interest income) that can affect the Fund&#8217;s Performance Fee.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Finally, because the Hurdle Rate does not float with overall interest rates, an increase in interest rates will likely make it easier for Pre-Performance Fee Net Investment Income to exceed the Hurdle Amount. The Performance Fee Catch-Up feature (which provides that if the Fund&#8217;s Pre-Performance Fee Net Investment Income for a quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#8217;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount is payable to the Adviser with respect to such quarter) may also cause the Fund&#8217;s Adviser to capture a disproportionate share of any increase in the Fund&#8217;s investment income resulting from higher interest rates.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is dependent on the Adviser and certain key personnel of Ellington that are provided to the Fund through the Adviser and may not find a suitable replacement if the Adviser terminates the Investment Advisory Agreement or such key personnel are no longer available to the Fund.</i></strong></p>
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      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund does not have any employees of its own. The Fund&#8217;s officers are employees of Ellington or one or more of its affiliates. The Fund has no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation of its operating policies and execution of its business strategies and risk management practices. The Fund also depends on the Adviser&#8217;s access to the professionals of Ellington as well as information and deal flow generated by Ellington. The employees of Ellington identify, evaluate, negotiate, structure, close, and monitor the Fund&#8217;s portfolio. The departure of any of the senior officers of the Adviser, or of a significant number of investment professionals of Ellington or the inability of such personnel to perform their duties due to acts of God, pandemics such as the COVID-19 pandemic, war or other geopolitical conflict, terrorism, elevated inflation, high energy costs, social unrest, or civil disturbances, could have a material adverse effect on the Fund&#8217;s ability to achieve its objectives. The Fund can offer no assurance that the Adviser will remain investment adviser or that the Fund will continue to have access to the Adviser&#8217;s senior management. The Fund is subject to the risk that the Adviser will terminate the Investment Advisory Agreement or that the Fund may deem it necessary to terminate the Investment Advisory Agreement or prevent certain individuals from performing services for the Fund and that no suitable replacement will be found to manage the Fund.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>There are risks and conflicts of interests associated with the Base Management Fee the Fund is obligated to pay the Adviser.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund pays the Adviser a Base Management Fee based on the Fund&#8217;s Net Asset Value, regardless of the performance of the Fund&#8217;s portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund&#8217;s portfolio, which could result in worse performance for the Fund&#8217;s portfolio and could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, the participation of the Adviser (including the Adviser&#8217;s investment professionals) in the Fund&#8217;s valuation process, and the financial interest of the Fund&#8217;s interested trustees in the Adviser, creates a conflict of interest as the Base Management Fee payable to the Adviser is based, in part, on the Fund&#8217;s Net Asset Value.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Board has approved a very broad investment strategy and will generally not review or approve the decisions made by the Adviser to acquire, dispose of, or otherwise manage an asset.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Adviser is authorized to follow a very broad strategy in pursuing the Fund&#8217;s investment objectives. While the Fund&#8217;s Board periodically reviews the Fund&#8217;s investment strategy and the Adviser&#8217;s portfolio and asset-management decisions, it generally does not review the Fund&#8217;s proposed acquisitions, dispositions, and other management decisions. In addition, in conducting periodic reviews, the Board relies primarily on information provided to them by the Adviser. Furthermore, the Adviser may arrange for the Fund to use complex strategies or to enter into complex transactions that may be difficult or impossible to unwind by the time they are reviewed by the Board. The Adviser has great latitude in determining the types of assets it may decide are proper for the Fund to acquire, and in connection with other decisions with respect to the management of those assets. Poor decisions could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund competes with Ellington&#8217;s other accounts for access to Ellington and for opportunities to acquire assets.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Ellington has sponsored and/or currently manages accounts with a focus that overlaps with the Fund&#8217;s investment focus and expects to continue to do so in the future. Ellington is not restricted in any way from sponsoring or accepting capital from new accounts, even for investing in asset classes or strategies that are similar to, or overlapping with, the Fund&#8217;s asset classes or strategies. Therefore, the Fund competes for access to the benefits that its relationship with the Adviser and Ellington provides the Fund. For the same reasons, the personnel of Ellington and the Adviser may be unable to dedicate a substantial portion of their time to managing the Fund&#8217;s assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Further, to the extent that the Fund&#8217;s targeted assets are also targeted assets of other Ellington accounts, the Fund will compete with those accounts for opportunities to acquire assets. Ellington has no duty to allocate such opportunities in a manner that preferentially favors the Fund. Ellington makes available to the Fund all opportunities to acquire assets that it determines, in its reasonable and good faith judgment, based on the Fund&#8217;s objectives, policies and strategies, and other relevant factors, are appropriate for the Fund in accordance with Ellington&#8217;s written investment allocation policy, it being understood that the Fund might not participate in each such opportunity, but will equitably participate with Ellington's other accounts in such opportunities on an overall basis.</p>
          </div>

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        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since many of the Fund&#8217;s targeted assets are typically available only in specified quantities and are also targeted assets for other Ellington accounts, Ellington often is not able to buy as much of any asset or group of assets as would be required to satisfy the needs of all of Ellington&#8217;s accounts. In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital. As part of these policies, accounts that are in a &#8220;start-up&#8221; or &#8220;ramp-up&#8221; phase may get allocations above their proportion of available capital, which could work to the Fund&#8217;s disadvantage, particularly because there are no limitations surrounding Ellington's ability to create new accounts. In addition, the policies permit departure from proportional allocations under certain circumstances, for example when such allocation would result in an inefficiently small amount of the security or assets being purchased for an account, which may also result in the Fund not participating in certain allocations.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>There are other conflicts of interest in </i></strong></span><strong><i>the Fund&#8217;s relationships with the Adviser and Ellington, which could result in decisions that are not in the best interests of the Fund&#8217;s shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund is subject to conflicts of interest arising out of its relationship with Ellington and the Adviser. Certain of the Fund&#8217;s executive officers and trustees are employees of Ellington or one or more of its affiliates. As a result, the Adviser and its officers may have conflicts between their duties to the Fund and their duties to, and interests in, Ellington or the Adviser. For example, Mr.&#160;Penn, the Fund&#8217;s President and Chief Executive Officer and one of the Fund&#8217;s trustees, also serves as the President and Chief Executive Officer of, and as a member of the Board of Directors of, Ellington Financial Inc., and Vice Chairman and Chief Operating Officer of Ellington. Mr.&#160;Vranos, one of the Fund&#8217;s trustees and one of the Fund&#8217;s portfolio managers, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and Chairman of Ellington. Mr.&#160;Borenstein, a managing director at Ellington and one of the Fund&#8217;s portfolio managers, Mr.&#160;Tecotzky, the Fund&#8217;s Executive Vice President, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and as Vice Chairman of Ellington. Mr.&#160;Smernoff, the Fund&#8217;s Chief Financial Officer, also serves as the Chief Accounting Officer of Ellington Financial Inc. Mr.&#160;Herlihy, the Fund&#8217;s Chief Operating Officer, also serves as the Chief Financial Officer of Ellington Financial Inc., and as a Managing Director of Ellington.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may acquire or sell assets in which Ellington or its affiliates have or may have an interest. Similarly, Ellington or its affiliates may acquire or sell assets in which the Fund has or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, the Fund nonetheless may pursue and consummate such transactions. Additionally, the Fund may engage in transactions directly with Ellington or its affiliates, including the purchase and sale of all or a portion of a portfolio asset.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Acquisitions made for entities with similar objectives may be different from those made on the Fund&#8217;s s behalf. Ellington may have economic interests in, or other relationships with, others in whose obligations or securities the Fund may acquire. In particular, such persons may make and/or hold an investment in securities that the Fund acquires that may be pari passu, senior, or junior in ranking to its interest in the securities or in which partners, security holders, officers, directors, agents, or employees of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities and otherwise create conflicts of interest. In such instances, Ellington may, in its sole discretion, make recommendations and decisions regarding such securities for other entities that may be the same as or different from those made with respect to such securities and may take actions (or omit to take actions) in the context of these other economic interests or relationships the consequences of which may be adverse to the Fund&#8217;s interests.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In deciding whether to issue additional debt or equity securities, the Fund will rely in part on recommendations made by the Adviser. While such decisions are subject to the approval of the Board, two of the Fund&#8217;s trustees are Interested Trustees. Because the Adviser earns Base Management Fees that are based on the total amount of its equity capital, and because the Adviser earns Performance Fees that would be expected to increase should the Fund&#8217;s equity capital increase, the Adviser may have an incentive to recommend that the Fund issue additional equity securities. Future offerings of debt securities, which would rank senior to the Fund&#8217;s common shares upon liquidation, and future offerings of equity securities which would dilute the common share holdings of its existing shareholders and may be senior to its common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#8217;s common shares.</p>
          </div>

        <div style="display:none">

            <div>&#160;</div>

        </div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      </div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and Ellington and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and Ellington employees, other entities that Ellington advises or manages will likewise require greater focus and attention, placing the Adviser and Ellington's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if Ellington or its affiliates did not act as a manager for other entities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund, directly or through Ellington, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund does possess confidential information about such companies or securities, there may be restrictions on its ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser's and Ellington&#8217;s management of other accounts could create a conflict of interest to the extent the Adviser or Ellington is aware of material non-public information concerning potential investment decisions. For example, an Ellington affiliate&#8217;s membership in a loan syndicate or on a loan borrower&#8217;s creditors&#8217; committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund&#8217;s operations. These limitations imposed by access to confidential information could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser&#8217;s liability is limited under the Investment Advisory Agreement, and the Fund has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Fund&#8217;s behalf than it would when acting for its own account.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Fund&#8217;s Board in following or declining to follow the Adviser&#8217;s advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#8217;s duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#8217;s duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund&#8217;s behalf than it would when acting for its own account.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser may fail to identify and acquire assets that meet the Fund&#8217;s asset criteria or perform its responsibilities under the Investment Advisory Agreement could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to achieve its objectives depends on the Adviser&#8217;s ability to identify and acquire assets that meet the Fund&#8217;s asset criteria. Accomplishing the Fund&#8217;s objectives is largely a function of the Adviser&#8217;s structuring of the Fund&#8217;s investment process, its access to financing on acceptable terms, and general market conditions. The Fund&#8217;s shareholders do not have input into the investment decisions. All of these factors increase the uncertainty, and thus the risk, of investing in the Fund&#8217;s common shares. The senior management team of the Adviser has substantial responsibilities under the Investment Advisory Agreement. In order to implement certain strategies, the Adviser may need to hire, train, supervise, and manage new employees successfully. Any failure to manage the Fund&#8217;s future growth effectively could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders and its ability to maintain its qualification as a RIC.</p>
          </div>

      </div>

        <div>&#160;</div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If the Adviser ceases to be the Adviser or one or more of the Adviser's key personnel ceases to provide services to the Fund, the Fund&#8217;s lenders and its derivative counterparties may cease doing business with the Fund.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the Adviser ceases to be the Adviser, including upon the non-renewal of the Investment Advisory Agreement, or if one or more of the Adviser&#8217;s key personnel cease to provide services for the Fund, it could constitute an event of default or early termination event under many of the Fund&#8217;s reverse repurchase agreement financing and derivative hedging agreements, upon which the relevant counterparties would have the right to terminate their agreements with the Fund. If the Adviser ceases to be the Adviser for any reason, including upon the non-renewal of its Investment Advisory Agreement, and the Fund is unable to obtain or renew financing or enter into or maintain derivative transactions, it could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund does not own the Ellington brand or trademark but may use the brand and trademark as well as its logo pursuant to the terms of a license granted by Ellington.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Ellington has licensed the &#8220;Ellington&#8221; brand, trademark, and logo to the Fund for so long as the Adviser or another affiliate of Ellington continues to act as its investment adviser. The Fund does not own the brand, trademark, or logo that the Fund will use in its business and may be unable to protect this intellectual property against infringement from third parties. Ellington retains the right to continue using the &#8220;Ellington&#8221; brand and trademark. The Fund will further be unable to preclude Ellington from licensing or transferring the ownership of the &#8220;Ellington&#8221; brand and trademark to third parties, some of whom may compete against the Fund. Consequently, the Fund will be unable to prevent any damage to goodwill that may occur as a result of the activities of Ellington or others. Furthermore, in the event the Adviser or another affiliate of Ellington ceases to act as the Fund&#8217;s investment adviser, or in the event Ellington terminates the license, the Fund will be required to change its name and trademark. Any of these events could disrupt the Fund&#8217;s recognition in the marketplace, damage any goodwill the Fund may have generated, and otherwise harm its business. Finally, the license is a domestic license in the United States only and does not give the Fund any right to use the &#8220;Ellington&#8221; brand, trademark, and logo overseas even though the Fund expects to use the brand, trademark, and logo overseas. The Fund&#8217;s use of the &#8220;Ellington&#8221; brand, trademark and logo overseas will therefore be unlicensed and could expose the Fund to a claim of infringement.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Common Shares</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values, for sustained periods of time, and there can be no assurance that the market price of the Fund&#8217;s common shares will not decline below the Fund&#8217;s net asset value per common share.</i></strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values and the Fund&#8217;s stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that the Fund&#8217;s net asset value per common share may decline. The Fund cannot predict whether its common shares will trade above, at, or below its Net Asset Value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common shares purchased in an offering soon after such offering. In addition, if the Fund&#8217;s common shares trade below its Net Asset Value, the Fund will not be able to sell additional common shares to the public at its market price except (i) in connection with a rights offering to the Fund&#8217;s existing shareholders, (ii) with the consent of the majority of the Fund&#8217;s shareholders, (iii) upon the conversion of a convertible security in accordance with its terms or (iv) under such circumstances as the SEC may permit.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s shareholders may not receive dividends or dividends may not grow over time.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The declaration, amount, nature, and payment of any future dividends on the Fund&#8217;s common shares are at the sole discretion of its Board. Under Delaware law, cash dividends on a company&#8217;s capital stock may only be paid if, after payment, the company will be able to pay its debts as they become due in the ordinary course of business; and the company&#8217;s assets will be greater than its liabilities, plus, unless the charter permits otherwise, the amount that would be needed, if the company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights on dissolution are superior to those receiving the distribution. Further, even if the Fund is permitted to pay a dividend under Delaware law, the Fund may not have sufficient cash to pay dividends on its common shares. In addition, in order to preserve the Fund&#8217;s liquidity, its Board may not declare a dividend at all or declare all or any portion of a dividend to be payable in stock, may delay the record date or payment date for any previously declared, but unpaid, dividend, convert a previously declared, but unpaid, cash dividend on the Fund&#8217;s common shares to a dividend paid partially or completely in common shares, or even revoke a declared, but unpaid, dividend.</p>
          </div>

        <div style="display:none">

            <div>&#160;</div>

        </div>
      </div>

        <div>&#160;</div>

      <div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to pay dividends may be impaired if any of the risks described in this prospectus, or any of the Fund&#8217;s other periodic or current reports filed with the SEC, were to occur. In addition, payment of dividends depends upon the Fund&#8217;s earnings, liquidity, financial condition, the RIC distribution requirements, its financial covenants, and other factors that the Board may deem relevant from time to time. There can be no assurance that the Fund&#8217;s business will generate sufficient cash flow from operations or that future borrowings or other capital will be available to the Fund in an amount sufficient to enable the Fund to make distributions on its common shares, to pay its indebtedness, or to fund other liquidity needs. The Board will continue to assess the dividend rate on its common shares on an ongoing basis, as market conditions and its financial position continue to evolve. The Board is under no obligation to declare any dividend distribution. There can be no assurance that the Fund will achieve results that will allow it to pay a specified level of dividends or to increase dividends from one period to the next.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>An increase in interest rates may have an adverse effect on the market price of the Fund&#8217;s common shares and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">One of the factors that investors may consider in deciding whether to buy or sell the Fund&#8217;s common shares is its dividend rate (or expected future dividend rate) as a percentage of its common share price, relative to market interest rates. If market interest rates increase or do not decline from their current levels, prospective investors may demand a higher dividend rate on the Fund&#8217;s common shares or seek alternative investments paying higher dividends or interest. There can be no assurance that the Fund will achieve results that will allow it to increase its dividend rate in response to market interest rate increases. As a result, interest rate fluctuations and capital market conditions can affect the market price of the Fund&#8217;s common shares independent of the effects such conditions may have on its portfolio. For instance, if interest rates rise without an increase in the Fund&#8217;s dividend rate, the market price of its common shares could decrease because potential investors may require a higher dividend yield on its common shares as market rates on interest-bearing instruments such as bonds rise. In addition, to the extent the Fund has variable rate debt, such as its reverse repurchase agreement financing, rising interest rates would result in increased interest expense on this variable rate debt, which might not be offset by increased interest income, and thereby adversely affecting the Fund&#8217;s cash flow and its ability to service its indebtedness and pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investing in the Fund&#8217;s common shares involves a high degree of risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The assets the Fund purchase in accordance with its objectives may result in a higher amount of risk than other alternative asset acquisition options. The assets the Fund acquires may be highly speculative and aggressive and may be subject to a variety of risks, including credit risk, prepayment risk, interest rate risk, and market risk. As a result, an investment in the Fund&#8217;s common shares may not be suitable for investors with lower risk tolerance.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If the Fund issues preferred shares, debt securities or convertible debt securities, its net asset value per common share may become more volatile.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund cannot assure shareholders that the issuance of preferred shares and/or debt securities would result in a higher yield or return to the shareholders. The issuance of preferred shares, debt securities and/or convertible debt would likely cause the Fund&#8217;s net asset value per common share to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to approach the net rate of return on the Fund&#8217;s investment portfolio, the benefit of leverage to shareholders would be reduced. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to exceed the net rate of return on the Fund&#8217;s portfolio, the use of leverage would result in a lower rate of return to shareholders than if the Fund had not issued the preferred shares or debt securities. Any decline in the value of its investment would be borne entirely by the holders of the Fund&#8217;s common shares. Therefore, if the market value of the Fund&#8217;s portfolio were to decline, the leverage would result in a greater decrease in the Fund's net asset value per common share than if the Fund were not leveraged through the issuance of preferred shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a risk that, in the event of a sharp decline in the value of its net assets, the Fund would be in danger of: (i)&#160;failing to maintain the required asset coverage ratios which may be required by the preferred shares, debt securities, convertible debt or units, or by the 1940 Act; (ii)&#160;a downgrade in the ratings of the preferred shares, debt securities, convertible debt or units, if such instruments were rated; or (iii)&#160;the Fund&#8217;s current investment income not being sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. If the Fund does not maintain its required asset coverage ratios, the Fund may not be permitted to declare dividends which could violate its distribution requirements and fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. In order to counteract such an event, the Fund might need to liquidate investments in order to fund redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, the Fund would pay (and the holders of its common shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt or any combination of these securities. Holders of preferred shares, debt securities or convertible debt may have different interests than holders of common shares and may, at times, have disproportionate influence over the Fund&#8217;s affairs.</p>
          </div>

      </div>

        <div>&#160;</div>

      <div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Holders of any preferred shares that the Fund may issue would have the right to elect members of the Board and have class voting rights on certain matters.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The 1940 Act requires that holders of shares of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>A downgrade, suspension or withdrawal of any future credit rating assigned by a rating agency to the Fund or any future issuances of preferred shares or debt securities, if any, or change in the debt markets could cause the liquidity or market value of the Fund&#8217;s preferred shares or debt securities to decline significantly.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Any credit rating to the Fund would be an assessment by rating agencies of the Fund&#8217;s ability to pay its debts when due. Consequently, real or anticipated changes in any credit ratings will generally affect the market value of any issuances of preferred shares or debt securities. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Fund&#8217;s preferred shares and debt securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither the Fund nor any underwriter undertakes any obligations to obtain or maintain any credit ratings or to advise holders of its preferred shares or debt securities of any changes in any credit ratings. There can be no assurance that any credit ratings will be assigned to the Fund or remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if, in their judgment, future circumstances relating to the basis of the credit rating, such as adverse changes in the Fund, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Fund&#8217;s preferred shares and debt securities.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>FATCA withholding may apply to payments to certain foreign entities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Payments made under the Fund&#8217;s securities to a foreign financial institution (&#8220;<strong>FFI</strong>&#8221;), or non-financial foreign entity (&#8220;<strong>NFFE</strong>&#8221;) (including such an institution or entity acting as an intermediary), may be subject to a U.S. withholding tax of 30% under FATCA. This withholding tax may apply to certain payments of interest on the Fund&#8217;s debt securities or dividends on its shares unless the FFI or NFFE complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any of the Fund&#8217;s debt securities or shares are held, the holder could be subject to this 30% withholding tax in respect of any interest paid on its debt securities or dividends on its shares. Investors should consult their own tax advisors regarding FATCA and how it may affect an investment in the Fund&#8217;s securities.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Risks Related to the Fund&#8217;s Organization and Structure</strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund has a limited prior operating history as a closed-end investment company.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund was recently reorganized as an externally managed, non-diversified, closed-end management investment company with a limited prior operating history as such. As a result, the Fund&#8217;s current and historical financial information may not be suitable for evaluating an investment in the Fund as a closed-end management investment company. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of an investment in the Fund could decline substantially or become worthless. As the Fund finalizes the rotation of its investment portfolio out of agency mortgage-backed securities and into CLOs, the Fund could invest some of its capital in temporary investments, including, but not limited to, cash and cash equivalents, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">From January&#160;1, 2024 through March&#160;31, 2025, the Fund operated as a C-Corporation and focused on investments in both corporate collateralized loan obligations and agency mortgage-backed securities. Prior to January&#160;1, 2024, the fund operated as a real estate investment trust focusing on agency mortgage-backed securities.</p>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s shareholders&#8217; ability to control the Fund&#8217;s operations is severely limited.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Board has approval rights with respect to the Fund&#8217;s major strategies, including strategies regarding investments, financing, growth, debt capitalization, compliance with the 1940 Act, RIC qualification and distributions. The Board may amend or revise these and other strategies without a vote of its shareholders, subject to such amendments or revisions not being fundamental.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Certain provisions of the Delaware Statutory Trust Act and the Fund&#8217;s Declaration of Trust and Bylaws could deter takeover attempts and have an adverse impact on the price of its common shares.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Delaware Statutory Trust Act, the Fund&#8217;s declaration of trust and its bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for the Fund. The Control Share Statute is a provision of the Delaware Statutory Trust Act that limits the voting rights of shares held in excess of certain specified thresholds.&#160;<strong><i>See &#8220;Description of the Fund&#8217;s Securities&#8212;Certain Aspects of the Delaware Control Share Statute.&#8221;</i></strong>&#160;In addition, certain provisions in the Declaration of Trust impose limits on the rights of shareholders with respect to bringing claims against or on behalf of the Fund.&#160;<strong><i>See &#8220;Description of the Fund&#8217;s Securities&#8212;Anti-Takeover Provisions in the Declaration of Trust.&#8221;</i></strong>&#160;Further, the Fund&#8217;s bylaws contain a provision requiring advance notice of shareholder nominees for trustee.</span></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Notwithstanding the foregoing, through the inclusion of Section 10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#8220;opted-out&#8221; of the Control Share Statute.</span></span></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s authorized but unissued common and preferred shares may prevent a change in its control.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust authorizes the Fund to issue an unlimited number of shares, including common shares and preferred shares. In addition, the Board, without shareholder approval, may classify or reclassify any unissued common shares or preferred shares, may set the preferences, rights and other terms of the classified or reclassified shares and, with respect to the establishment of the terms of such preferred shares, may amend the declaration of trust as they deem necessary or appropriate. As a result, among other things, the Board may establish a class or series of common shares or preferred shares that could delay or prevent a transaction or a change in control of the Fund that might involve a premium price for its common shares or otherwise be in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>The Fund&#8217;s rights and the rights of its shareholders to take action against its trustees and officers or against </i></strong></span><strong><i>the Adviser or Ellington are limited, which could limit shareholders&#8217; recourse in the event actions are taken that are not in shareholders&#8217; best interests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust limits the liability of its present and former trustees and officers to the Fund and its shareholders or any other person or entity for money damages other than liability arising from (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. The Fund&#8217;s declaration of trust limits the liability of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust requires the Fund to indemnify each of its present and former trustees and officers against any liabilities and expenses incurred in connection with actions taken by such trustee or officer in those capacities except with respect to any matter as to which he or she has not acted in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which he or she had reasonable cause to believe that the conduct was unlawful and provided that no trustee or officer shall be indemnified against any liability to any person or entity or any expense of such trustee or officer arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. Further, no indemnification shall be made unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction that such trustee or officer is entitled to indemnification or, (ii)&#160;in the absence of such a decision, by (1)&#160;a majority vote of a quorum of trustees who are neither &#8220;Interested Persons&#8221; (as defined in the 1940 Act) of the Trust nor parties to the proceeding, that such trustee or officer is entitled to indemnification, or (2)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that such trustee or officer should be entitled to indemnification. The Fund&#8217;s declaration of trust requires indemnification of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law. In addition, the Fund is obligated to pay or reimburse the expenses incurred by its present and former trustees and officers if certain conditions are satisfied.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As a result, the Fund and its shareholders may have more limited rights against its present and former trustees and officers than might otherwise exist absent the current provisions in its declaration of trust or that might exist with other companies, which could limit recourse available to shareholders in the event actions are taken that are not in shareholders&#8217; best interest.</p>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s declaration of trust contains provisions that make removal of its trustees difficult, which could make it difficult for its shareholders to effect changes to its management.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust provides that, subject to the rights of holders of any series of preferred shares, a trustee may be removed only for cause, and only by action taken by a majority of the remaining Trustees. Vacancies generally may be filled only by a majority of the remaining trustees in office, even if less than a quorum, for the full term of the class of trustees in which the vacancy occurred. These requirements make it more difficult to change the Fund&#8217;s management by removing and replacing trustees and may prevent a change in its control that is in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Legal and regulatory changes</i></span>. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations that could adversely affect the Fund may be imposed by the Commodity Futures Trading Commission, or the &#8220;<strong>CFTC</strong>,&#8221; the SEC, the U.S. Federal Reserve and the other Central Banks, other banking regulators, other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets. In particular, these agencies are empowered to promulgate a variety of new rules&#160;pursuant to recently enacted financial reform legislation in the United States and the countries which they operate in. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules&#160;by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund&#8217;s investment focus shifting from the areas of expertise of the investment team to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund&#8217;s results of operations and the value of an investment in the Fund.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Relief from Registration as Commodity Pool Operator</i></span>.&#160;With respect to the Fund&#8217;s operation, the Adviser has claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; pursuant to CFTC Rule&#160;4.5, which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include: (i)&#160;&#8220;bona fide hedging&#8221; transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#8217;s assets committed to margin and option premiums; and (ii)&#160;non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a)&#160;the sum of the amount of initial margin and premiums required to establish the Fund&#8217;s commodity interest positions would exceed 5% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b)&#160;the aggregate net notional value of the Fund&#8217;s commodity interest positions would exceed 100% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event the Fund fails to qualify the Adviser for the exclusion, and the Adviser is required to register as a &#8220;commodity pool operator&#8221; in connection with serving as its investment adviser and becomes subject to additional disclosure, recordkeeping and reporting requirements, its expenses may increase. The Fund currently intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Derivative Investments</i></span>.&#160;The derivative investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the &#8220;<strong>Dodd-Frank Act</strong>,&#8221; require certain standardized derivatives to be executed on a regulated market and cleared through a CCP, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The &#8220;<strong>Derivatives Rule</strong>&#8221; (i.e., Rule&#160;18f-4 under the 1940 Act) regulates and, in some cases limits, the use of derivatives, reverse repurchase agreements, and certain other transactions by funds registered under the 1940 Act. Unless the Fund qualifies as a &#8220;<strong>limited derivatives user</strong>,&#8221; as defined in the Derivatives Rule, the Fund is required to establish a comprehensive Derivatives Risk Management Program, to comply with certain value-at-risk based leverage limits and reporting requirements, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding the Fund&#8217;s derivatives positions. Even if the Fund did qualify as a limited derivatives user, the Derivatives Rule&#160;would still require the Fund to have policies and procedures to manage its derivatives risk and limit its derivatives exposure. Under the Derivatives Rule, when the Fund trades reverse repurchase agreements or similar financing transactions, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating its asset coverage ratio or treat all such transactions as derivatives transactions. The Derivatives Rule&#160;also provides special treatment for reverse repurchase agreements and similar financing transactions. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions&#8221; subject to the requirements of the Derivatives Rule&#160;or as senior securities equivalent to bank borrowings for purposes of Section&#160;18 of the 1940 Act.&#160;The Fund has elected to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions.&#8221; See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions.</i></strong>&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The SEC also has provided guidance in connection with the Derivatives Rule&#160;regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i)&#160;the Fund intend to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#8220;<strong>Delayed-Settlement Securities Provision</strong>&#8221;). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#8220;derivatives transaction&#8221; for purposes of compliance with the Derivatives Rule. Furthermore, under the Derivatives Rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may increase the cost of the Fund&#8217;s investments and cost of doing business.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>European Credit Derivatives</i></span>. Furthermore, the E.U. Regulation No 648/2012 on over the counter (&#8220;<strong>OTC</strong>&#8221;) derivatives, central counterparties and trade repositories (also known as the European Market Infrastructure Regulation (&#8220;<strong>EMIR</strong>&#8221;), which came into force on 16 August&#160;2012, introduced uniform requirements in respect of OTC derivative transactions by requiring certain &#8220;eligible&#8221; OTC derivative transactions to be submitted for clearing to regulated central clearing counterparties and by mandating the reporting of certain details of derivative transactions to trade repositories. In addition, EMIR imposes requirements for appropriate procedures and arrangements to measure, monitor and mitigate operational and counterparty credit risk in respect of OTC derivatives contracts which are not subject to mandatory clearing. These requirements include the exchange of margin and, where initial margin is exchanged, its segregation by the parties, including by the Fund. While many of the obligations under EMIR have already come into force, the requirement to submit certain OTC derivative transactions to central clearing counterparties and the margin requirements for non- cleared OTC derivative transactions are subject to a staggered implementation timeline. It is not yet fully clear how the OTC derivatives market will adapt to the new regulatory regime. Accordingly, it is difficult to predict the full impact of EMIR on the Fund, which may include an increase in the overall costs of entering into and maintaining OTC derivative contracts. Prospective investors should be aware that the regulatory changes arising from EMIR and other similar regulations may in due course adversely affect the Fund&#8217;s ability to adhere to its hedging policy and achieve its objectives.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Volcker Rule</i></span>.&#160;Section&#160;619 of the Dodd-Frank Act, commonly referred to as the &#8220;Volcker Rule,&#8221; generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund (&#8220;<strong>covered funds</strong>&#8221;), which has been broadly defined in a way which could include many CLOs. Although certain CLOs are exempt from &#8220;covered fund&#8221; status and amendments to the Volcker Rule&#160;have eased the ability of CLOs to meet those exemptions, any future changes to the Volcker Rule&#160;that further limit banking entities&#8217; ability to invest in CLOs may adversely affect the market value or liquidity of any or all of the investments held by the Fund. It is uncertain how any future changes to the Volcker Rule&#160;could impact the Fund.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>U.S. Risk Retention</i></span>. In 2014, pursuant to the Dodd-Frank Act, U.S. federal regulators adopted joint final rules&#160;(the &#8220;<strong>U.S. Risk Retention Rules</strong>&#8221;) implementing certain credit risk retention requirements which generally require the &#8220;securitizer&#8221; of an asset-backed security to retain an exposure to certain credit risk in the securitization for a certain period of time. However, in 2018, a federal court of appeals interpreting the credit risk retention requirements in the Dodd-Frank Act held that open market CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. Therefore, CLO collateral managers of open market CLOs are not required to hold retained interests in those CLOs, and they may dispose of any retained interest they may hold at any time. This could reduce the alignment of interests between managers and noteholders, including the Fund, potentially influencing management decisions in ways that are adverse to the Fund. See &#8220;<strong><i>&#8212;The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.</i></strong>&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>EU/UK Risk Retention.</i></span> Regulators in the European Union (EU) and the United Kingdom (UK) have imposed significant securitization-related regulations (collectively, the &#8220;Securitization Regulations&#8221;).</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Pursuant to the Securitization Regulations, sponsors of CLOs issued in the EU or UK (collectively, &#8220;European CLOs&#8221;) are required to retain a material net economic interest in such securitizations (&#8220;risk retention&#8221;), and such sponsors are also subject to various disclosure-related obligations. To the extent that the Securitization Regulations relating to CLO sponsors or managers (including risk retention requirements) are made less stringent or rescinded, the sponsors or managers of European CLOs may have reduced incentives to prioritize the interests of CLO investors, which may increase the risk of poor performance or default because of less careful construction or management of the underlying loan portfolios; this could also limit investor confidence in such CLOs. To the extent that the Securitization Regulations relating to sponsors or managers are made more stringent, sponsors could be dissuaded from sponsoring new European CLOs, which could limit the available supply of such CLOs. Pursuant to the Securitization Regulations, EU-based or UK-based investors purchasing certain securitizations (including CLOs) are required, prior to purchasing interests in such securitizations, to carry out due diligence assessments relating to the credit risks and other material risks of such interests (including verifying that such securitizations comply with risk retention), and such investors are also subject to various monitoring obligations related to the ongoing performance and risks of such interests. To the extent that the Securitization Regulations relating to EU-based or UK-based investors are made more stringent, such investors may be dissuaded from investing in (or maintaining their investments in) CLOs, which could adversely affect the price and liquidity of such CLOs.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">European CLOs are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent the Fund invests in CLO securities that have not been structured to comply with the Securitization Regulations, the price and liquidity of such securities may be adversely affected.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The SEC staff could modify its position on certain non-traditional investments, including investments in CLO securities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The staff of the SEC (and other regulators, including the European Securities and Markets Authority (&#8220;<strong>ESMA</strong>&#8221;)) from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities by the SEC or ESMA, as applicable, could adversely impact the Fund&#8217;s ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on the Fund&#8217;s shareholders, its financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund may experience fluctuations in its Net Asset Value and quarterly operating results.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund could experience fluctuations in its Net Asset Value from month to month and in its quarterly operating results due to a number of factors, including the timing of distributions to its shareholders, fluctuations in the value of the CLO securities that the Fund hold, its ability or inability to make investments that meet its investment criteria, the interest and other income earned on its investments, the level of its expenses (including the interest or dividend rate payable on the debt securities or preferred shares the Fund issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, the Fund&#8217;s Net Asset Value and results for any period should not be relied upon as being indicative of its Net Asset Value and results in future periods.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>U.S. Federal Income Tax Risks</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investment in the Fund has various U.S. federal, state, and local income tax risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund strongly urges investors to consult their own tax advisors concerning the effects of U.S. federal, state, and local income tax law on an investment in the Fund&#8217;s common shares.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. federal income tax laws governing RICs are complex, and interpretations of the U.S. federal income tax laws governing qualification as a RIC are limited. Qualifying as a RIC requires the Fund to meet various tests regarding the nature of its assets, its income and the amount of its distributions on an ongoing basis. The Fund&#8217;s ability to satisfy the RIC asset and income tests depends upon the characterization and fair market values of its assets, many of which are not precisely determinable, and for which the Fund may not obtain independent appraisals. The Fund&#8217;s compliance with the RIC asset and income tests and the accuracy of its tax reporting to shareholders also depend upon its ability to successfully manage the calculation and composition of its taxable income and its assets on an ongoing basis. Even a technical or inadvertent mistake could jeopardize the Fund&#8217;s RIC status. Under certain circumstances, the Fund may be able to cure a failure to meet the RIC asset and income tests if such failure was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund&#8217;s returns. Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that it will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, it generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to its shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if it distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to its shareholders. If the Fund fails to qualify or to maintain its qualification as a RIC in any calendar year, it would be required to pay U.S. federal income tax (and any applicable state and local taxes) on its taxable income at regular corporate rates, and dividends paid to its shareholders would not be deductible by the Fund in computing its taxable income (although such dividends received by certain non-corporate U.S. taxpayers generally would be subject to a preferential rate of taxation). Further, if the Fund fails to maintain its qualification as a RIC, it might need to borrow money or sell assets in order to pay any resulting tax. The Fund&#8217;s payment of income tax would decrease the amount of its income available for distribution to its shareholders and could adversely affect the value of its common shares. Furthermore, if the Fund fails to maintain its qualification as a RIC, it no longer would be required under U.S. federal tax laws to distribute substantially all of its taxable income to its shareholders.</p>
          </div>

      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments may result in the Fund incurring tax or recognizing taxable income prior to receiving cash distributions related to such income.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The tax implications of the corporate CLOs in which the Fund invests are complex and, in some circumstances, unclear. In particular, the Fund may recognize taxable income on certain of its CLO investments without the concurrent receipt of cash.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund expects that most of its investments in securities will be marked to market for tax purposes pursuant to its election under Section&#160;475(f)&#160;of the Code (see &#8220;<strong><i>&#8212;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong>&#8221;), regardless of whether the investments are generating cash flow. For any of the Fund&#8217;s investments that are not marked to market for tax purposes, such as certain CLO equity investments, the tax implications of such investments are often complex and, in some circumstances, unclear, which could also cause the Fund to recognize taxable income on such investments without the concurrent receipt of cash. If the Fund holds 10% or more (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation (&#8220;<strong>CFC</strong>&#8221;) (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to its pro rata share of the corporation&#8217;s &#8220;subpart F income&#8221; for the tax year (including both ordinary earnings and capital gains). Treasury Regulations generally treat the Fund&#8217;s income inclusion with respect to a CFC as qualifying income for purposes of determining its ability to be subject to tax as a RIC if either (i)&#160;there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii)&#160;such inclusion is derived with respect to the Fund&#8217;s business of investing in stock, securities, or currencies. If the Fund fails to qualify or maintain its qualification for tax treatment as a RIC under Subchapter M of the Code for any reason, the Fund would be required to pay U.S. federal income tax on its taxable income at regular corporate rates, which could substantially reduce the Fund&#8217;s net assets, as well as the amount of income available for distributions, and the amount of such distributions, to the Fund&#8217;s shareholders and for payments to the holders of the Fund&#8217;s other equity securities or obligations. See &#8220;&#8212;<strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</i></strong>.<strong><i>&#8221;</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Because the annual RIC distribution requirements are based on the RIC&#8217;s taxable income as opposed to the cash flow received by the RIC, if the Fund recognizes taxable income on its investments in excess of the cash either received from such investments or otherwise maintained on hand by the Fund, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the RIC distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund has made an election under Section&#160;475(f)&#160;of the Code to mark its securities to market. There are limited authorities under Section&#160;475(f)&#160;of the Code as to what constitutes a trader for U.S. federal income tax purposes. Under other sections of the Code, the status of a trader in securities depends on all of the facts and circumstances, including the nature of the income derived from the taxpayer&#8217;s activities, the frequency, extent and regularity of the taxpayer's securities transactions, and the taxpayer&#8217;s investment intent. There can be no assurance that the Fund will continue to qualify as a trader in securities eligible to make a mark-to-market election. The Fund has not received, nor is it seeking, an opinion from counsel or a ruling from the IRS regarding its qualification as a trader. If the qualification for, or the Fund&#8217;s application of, such election were successfully challenged by the IRS, in whole or in part, it could, depending on the circumstances, result in retroactive (or prospective) changes in the amount or timing of recognized gross income, and potentially jeopardize its RIC qualification. If the IRS were to successfully challenge the treatment or timing of recognition of its securities, the Fund could fail to maintain its qualification as a RIC. Finally, mark-to-market gains and losses could cause volatility in the amount of its taxable income. For instance, the mark-to-market election could generate losses in one taxable year that the Fund is unable to use to offset taxable income, followed by mark-to-market gains in a subsequent taxable year that force the Fund to make additional distributions to its shareholders. Hence, the mark-to-market gains and losses could cause the Fund to distribute more dividends to its shareholders in a particular period than would otherwise be desirable from a business perspective.</p>
          </div>

      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Complying with RIC requirements may cause the Fund to forgo or liquidate otherwise attractive investments.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To maintain its qualification as a RIC, the Fund must continually satisfy various tests regarding the sources of its income, the nature and diversification of its assets and the amounts it distributes to its shareholders. In order to meet these tests, the Fund may be required to forgo investments it might otherwise make. It may be required to pay dividends to shareholders at disadvantageous times or when it does not have funds readily available for distribution and may be unable to pursue investments that would be otherwise advantageous to the Fund in order to satisfy the source of income or asset diversification requirements for qualifying as a RIC. Thus, compliance with the RIC requirements may hinder the Fund&#8217;s investment performance.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>General Risk Factors</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund, Ellington, or its affiliates may be subject to adverse legislative, regulatory or public policy changes.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At any time, U.S. federal, state, local, or foreign laws or regulations that impact the Fund&#8217;s business, or the administrative interpretations of those laws or regulations, may be enacted or amended.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund cannot predict when or if any new law, regulation, or administrative interpretation, or any amendment to or repeal of any existing law, regulation, or administrative interpretation, will be adopted or promulgated or will become effective. Additionally, the adoption or implementation of any new law, regulation, or administrative interpretation, or any revisions in or repeals of these laws, regulations, or administrative interpretations, could cause the Fund to change its portfolio, could constrain its strategy, or increase its costs. The Fund could be adversely affected by any change in or any promulgation of new law, regulation, or administrative interpretation.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, political leaders in the U.S. and certain foreign countries have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate certain existing trade agreements with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the Fund&#8217;s performance.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections and otherwise, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The Fund cannot predict the ultimate impact of the foregoing on it, its business and investments, or the industries in which it invests generally, and any prolonged uncertainty could also have an adverse impact on the Fund and its investment objectives. Future changes may adversely affect the Fund&#8217;s operating environment, including through increasing competition, and therefore its business, operating costs, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s failure to procure adequate funding and capital would adversely affect the Fund&#8217;s results and may, in turn, negatively affect the value of its common shares and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund depends upon the availability of adequate funding and capital for its operations. To maintain its status as a RIC, the Fund is required to distribute to its shareholders at least 90% of its RIC taxable income annually, which generally includes ordinary income (e.g. dividends and interest) and net short-term capital gains. As a result, the Fund is not able to retain much or any of its earnings for new investments. There can be no assurance that any, or sufficient, funding or capital will be available to the Fund in the future on terms that are acceptable to the Fund. The Fund&#8217;s access to external capital will depend upon a number of factors, including the market price of its common shares, the market&#8217;s perception of its financial condition and potential future earnings, and general market conditions. In the event that the Fund cannot obtain sufficient funding and capital on acceptable terms, there may be a negative impact on the value of its common shares and the Fund&#8217;s ability to pay dividends to its shareholders, and shareholders may lose part or all of their investment.</p>
          </div>

      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;margin-left:0in;text-indent:0in">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund, Ellington, or its affiliates may be subject to regulatory inquiries and proceedings, or other legal proceedings.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At any time, industry-wide or company-specific regulatory inquiries or proceedings can be initiated, and the Fund cannot predict when or if any such regulatory inquiries or proceedings will be initiated that involve the Fund or Ellington or its affiliates, including the Adviser. The Fund believes that the heightened scrutiny of the financial services industry increases the risk of inquiries and requests from regulatory or enforcement agencies. For example, as discussed under the caption &#8220;<strong><i>Investment Objective, Opportunities and Principal Strategies&#8212;Legal Proceedings&#8221;, </i></strong>over the years, Ellington and its affiliates have received, and the Fund expects in the future that the Fund and they may receive, inquiries and requests for documents and information from various federal, state, and foreign regulators.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund can give no assurances that, whether the result of regulatory inquiries or otherwise, neither the Fund nor Ellington nor its affiliates will become subject to investigations, enforcement actions, fines, penalties or the assertion of private litigation claims. If any such events were to occur, the Fund, or the Adviser's ability to perform its obligations to the Fund under the Investment Advisory Agreement between the Fund and the Adviser, or Ellington's ability to perform its obligations to the Adviser under the services agreement between Ellington and the Adviser, could be materially adversely impacted, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The market for the Fund&#8217;s common shares may be limited, and the price and trading volume of its common shares may be volatile.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund&#8217;s common shares are listed on the NYSE, such listing does not provide any assurance as to whether or not the market price reflects its actual financial performance, the liquidity of its stock, a holder's ability to sell its stock and/or at what price such holder could sell its stock. Market prices for the Fund&#8217;s common shares may be volatile and subject to wide fluctuations, including as a result of trading volumes. There can be no assurance that the market price of the Fund&#8217;s common shares will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect the price of the Fund&#8217;s common shares, or result in fluctuations in the price or trading volume of its common shares include:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>actual or anticipated variations in the Fund&#8217;s dividends or operating results;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>changes in the Fund&#8217;s earnings estimates, failure to meet earnings or operating results expectations of public market analysts and investors, or publication of research reports about the Fund or the CLO closed-end fund and/or similar industries;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>increases in market interest rates that lead purchasers of the Fund&#8217;s common shares to demand a higher yield;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
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                  <td>repurchases and issuances by the Fund of its common shares;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>passage of legislation, changes in applicable law, court rulings, enforcement actions or other regulatory developments that adversely affect the Fund or its industry;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>changes in government policies or changes in timing of implementation of government policies;</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left">&#9679;</td>
                  <td>changes in market valuations of similar companies;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>adverse market reaction to any increased indebtedness the Fund incurs in the future;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>additions or departures of key management personnel;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>actions by shareholders;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>speculation in the press or investment community;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>adverse changes in global, national, regional and local economic and market conditions, including those relating to pandemics, high unemployment, elevated inflation, volatile interest rates, volatile and/or elevated credit spreads, concerns regarding a recession, geopolitical conflicts, social unrest, or civil disturbances, and concerns regarding leveraged loan defaults and credit losses;</td>
                </tr>

            </table>
          </div>

        <div style="display:none">

            <div>&#160;</div>

        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the Fund&#8217;s inclusion in, or exclusion from, various stock indices;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the Fund&#8217;s operating performance and the performance of other similar companies; and</td>
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            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
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                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>changes in accounting principles.</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations may also adversely affect the market price of the Fund&#8217;s common shares.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Future offerings of debt securities, which would rank senior to the Fund&#8217;s common shares upon its bankruptcy liquidation, and future offerings of equity securities which could dilute the common share holdings of the Fund&#8217;s existing shareholders and may be senior to the Fund&#8217;s common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#8217;s common shares.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the future, the Fund may attempt to increase its capital resources by making offerings of debt securities or additional offerings of equity securities. Upon bankruptcy or liquidation, holders of the Fund&#8217;s debt securities and preferred shares, if any, and lenders with respect to other borrowings will receive a distribution of the Fund&#8217;s available assets prior to the holders of the Fund&#8217;s common shares. The Fund&#8217;s preferred shares, if issued, could have a preference on liquidating distributions or a preference on dividend payments or both that could limit the Fund&#8217;s ability to pay a dividend or other distribution to the holders of its common shares. Because the Fund&#8217;s decision to issue securities in any future offering will depend on market conditions and other factors beyond its control, the Fund cannot predict or estimate the amount, timing or nature of its future offerings. Thus, holders of the Fund&#8217;s common shares bear the risk of the Fund&#8217;s future offerings reducing the market price of the Fund&#8217;s common shares and diluting their holdings in the Fund.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Future sales of the Fund&#8217;s common shares or other securities convertible into common shares could cause the market value of the common shares to decline and could result in dilution.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Sales of substantial amounts of the Fund&#8217;s common shares or other securities convertible into its common shares could cause the market price of the Fund&#8217;s common shares to decrease significantly. The Fund cannot predict the effect, if any, of future sales of its common shares or other securities convertible into its common shares, or the availability of such securities for future sales, on the market price of its common shares. Sales of substantial amounts of the Fund&#8217;s common shares or other securities convertible into the Fund&#8217;s common shares, or the perception that such sales could occur, may adversely affect prevailing market values for the Fund&#8217;s common shares.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Shareholders will experience dilution in their ownership percentage if they do not participate in the dividend reinvestment plan.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">All distributions declared in cash payable to shareholders that are participants in the Fund&#8217;s dividend reinvestment plan are automatically reinvested in common shares. As a result, shareholders of the Fund that do not participate in its dividend reinvestment plan will experience dilution in their ownership percentage of the Fund&#8217;s common shares over time.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to risks related to corporate social responsibility.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business faces public scrutiny related to environmental, social and governance (&#8220;<strong>ESG</strong>&#8221;) activities. The Fund may risk damage to its reputation if the Fund or affiliates of the Adviser are viewed as failing to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in the Fund&#8217;s investment processes. Some investors have become more focused on ESG factors, including climate risks, in determining whether to invest in companies. However, regional and investor specific sentiment often differ in what constitutes a material positive or negative ESG corporate practice. The Fund&#8217;s corporate social responsibility practices will not uniformly fit investors&#8217; definitions, particularly across geographies and investor types, of best practices for ESG considerations. Adverse incidents with respect to ESG activities could impact the cost of the Fund&#8217;s operations and relationships with investors, all of which could adversely affect its business and results of operations.</p>
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        <div style="display:none">

            <div>&#160;</div>

        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors to enable investors to validate and better understand sustainability claims, including an increased regulatory focused on the accuracy of those claims. As a result, the Fund is subject to evolving rules&#160;and regulations promulgated by various governmental and self-regulatory organizations, including the SEC, the NYSE and the Financial Accounting Standards Board. These rules&#160;continue to expand in scope and complexity, with new requirements potentially increasing compliance challenges and uncertainty. If the Fund is perceived as, or accused of, "greenwashing" or overstating the extent of its sustainability-related practices, such allegations could damage the Fund&#8217;s reputation, result in litigation or regulatory actions, and negatively impact its ability to raise capital.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At the same time, so-called &#8220;anti-ESG&#8221; sentiment has also gained momentum across the U.S., with several states having enacted or proposed &#8220;anti-ESG&#8221; policies, legislation, or issued related legal opinions. For example, certain states now require that relevant state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors or have enacted "boycott bills." If investors subject to such legislation viewed the Fund, its policies, or its practices, as being in contradiction of such &#8220;anti-ESG&#8221; policies, legislation or legal opinions, such investors may not invest in the Fund, which could negatively affect its financial performance.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the Fund fails or is perceived to fail to comply with or meet applicable rules, regulations and stakeholder expectations, it could negatively impact the Fund&#8217;s reputation and its business results. Further, the Fund&#8217;s business could become subject to additional regulations, penalties and/or risks of regulatory scrutiny and enforcement in the future. Moreover, the requirements of various regulations the Fund may become subject to may not be consistent with each other. There can be no assurance that the Fund&#8217;s current ESG practices will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs.</p>
          </div>

        <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>

          <div>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"><strong><i>Climate change has the potential to impact the Fund&#8217;s investments.</i></strong></p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;Currently, it is not possible to predict how legislation or new regulations that may be adopted to address greenhouse gas emissions will impact the assets underlying the Fund&#8217;s investments. However, any such future laws and regulations imposing reporting obligations, limitations on greenhouse gas emissions, or additional taxation of energy use could negatively affect the businesses of the underlying borrowers on the CLOs in which the Fund invests, including, for example by requiring an underlying borrower to make significant expenditures to attain and maintain compliance. Any new legislative or regulatory initiatives related to climate change could adversely affect the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s business.</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;The physical impact of climate change could also have a material adverse effect on the assets underlying the Fund&#8217;s investments. Physical effects of climate change such as increases in temperature, sea levels, the severity of weather events and the frequency of natural disasters, such as hurricanes, tropical storms, tornadoes, wildfires, droughts, floods and earthquakes, among other effects, could reduce the value of the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s investments.</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Periods of heightened inflation could adversely impact the Fund&#8217;s financial results.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">High inflation, whether caused by low unemployment, high corporate demand, supply-chain issues, geopolitical conflicts, quantitative easting, imposition of tariffs by the federal government, or a combination of these or other factors, may undermine the performance of the Fund&#8217;s investments by reducing the value of such investments and/or the income received from such investments. Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, significant effects on interest rates and negative effects on economies and financial markets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies and particularly for some of the corporate sectors in which the Fund&#8217;s underlying obligors operate. For example, if a corporate borrower under an asset held by one of the Fund&#8217;s CLO investments is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. As inflation rises, an underlying obligor may earn more revenue but may incur higher expenses, as wages and prices of inputs increase during periods of inflation. Thus, heightened inflationary pressures could increase the risk of default by the underlying borrowers in CLOs. In addition, during any periods of rising inflation, interest rates would be expected to rise, which could create a mismatch between the Fund&#8217;s assets and liabilities. See &#8220;&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and between the assets and liabilities of the CLOs in which the Fund invests, the Fund&#8217;s CLO investments and their underlying corporate credit assets may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets.&#8221; Conversely, as inflation declines, the Fund and any CLO in which the Fund invests and any underlying corporate borrower of its CLO investments may not be able to reduce expenses commensurate with any resulting reduction in revenue.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, actions that the Federal Reserve has taken, and could continue to take in response to changes in inflation, could have an adverse impact on the economy broadly and/or on the Fund&#8217;s financial results specifically. See &#8220;<strong><i>Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders</i></strong>.&#8221;</p>
          </div>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The use of AI by the Fund and others, and the overall adoption of AI throughout society, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to the Fund&#8217;s business. There is substantial uncertainty about the extent to which AI will result in dramatic changes throughout the world, and the Fund may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. These changes could potentially disrupt, among other things, the Fund&#8217;s business model, investment strategies and operational processes. Some of the Fund&#8217;s competitors may be more successful than it in the development and implementation of new technologies, including services and platforms based on AI, to improve their operations. If the Fund is unable to adequately advance its capabilities in these areas, or do so at a slower pace than others in its industry, the Fund may be at a competitive disadvantage.</p>
          </div>

        <div style="display:none">

            <div>&#160;</div>

        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the data the Fund, or third parties whose services the Fund relies on, use in connection with the possible development or deployment of AI is incomplete, inadequate or biased in some way, the performance of the Fund&#8217;s business could suffer. In addition, recent technological advances in AI both present opportunities and pose risks to the Fund. Data in technology that uses AI may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in the Fund&#8217;s business. The volume and reliance on data and algorithms also make AI more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data or other intellectual property. The personnel provided to the Fund by the Adviser, and/or its third-party service providers could, without being known to the Fund, improperly utilize AI and machine learning-technology while carrying out their responsibilities. This could reduce the effectiveness of AI technologies and adversely impact the Fund and its operations to the extent that it relies on the AI&#8217;s work product.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a risk that AI may be misused or misappropriated by the Fund&#8217;s third party service providers. For example, a user may input confidential information, including material non-public information, into AI applications, resulting in the information becoming a part of a dataset that is accessible by third-party technology applications and users, including the Fund&#8217;s competitors. Further, the Fund may not be able to control how third-party AI that it chooses to use is developed or maintained, or how data the Fund inputs is used or disclosed. The misuse or misappropriation of the Fund&#8217;s data could have an adverse impact on its reputation and could subject it to legal and regulatory investigations or actions or create competitive risk.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, the use of AI by the Fund or others may require compliance with legal or regulatory frameworks that are not fully developed or tested, and the Fund may face litigation and regulatory actions related to its use of AI. There has been increased scrutiny, including from global regulators, regarding the use of &#8220;big data,&#8221; diligence of data sets and oversight of data vendors. The Fund&#8217;s ability to use data to gain insights into and manage its business may be limited in the future by regulatory scrutiny and legal developments.</p>
          </div>

      </div>
    <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#8217;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.</p>
              <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualCoverageReturnRatePercent', window );">Annual Coverage Return Rate [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.81%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTableTextBlock', window );">Effects of Leverage [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">
                <div>
                  <div>
                    <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumed Return on the Fund&#8217;s Portfolio (Net of Expenses)</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>
                        <tr style="vertical-align:bottom">
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Corresponding return to common shareholder<sup>(1) </sup></span></span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(17.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.22</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.78</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.28</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>

                    </table>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                        <tr style="vertical-align:top">
                          <td style="width:0.25in"></td>
                          <td style="width:0.25in;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1)</span></span></td>
                          <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</span></span></td>
                        </tr>

                    </table>
                  </div>
                </div>
              <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusTenPercent', window );">Return at Minus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(17.72%)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusFivePercent', window );">Return at Minus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10.22%)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtZeroPercent', window );">Return at Zero [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2.72%)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusFivePercent', window );">Return at Plus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.78%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusTenPercent', window );">Return at Plus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.28%<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
        <div>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%;border-spacing:0px">

              <tr style="vertical-align:bottom">
                <td style="text-indent:-0.125in;padding-left:0.125in;font-size:10pt;text-align:center">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center">net asset</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Closing Sales Price</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center">Premium<br/>(Discount)<br/>of High<br/>Sales<br/>Price<br/>to net asset</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center">Premium<br/>(Discount)<br/>of Low<br/>Sales<br/>Price<br/>to net asset</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center">Distributions</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="border-bottom:Black 1pt solid;text-indent:-0.125in;padding-left:0.125in;font:bold 10pt Times New Roman, Times, Serif">Period</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">value(1)</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">High</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Low</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">value(2)</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">value(2)</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Declared(3)</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Fiscal year ending December&#160;31, 2023<sup>(4)</sup></strong></span></td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;width:34%;text-align:left">First quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">8.31</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">8.10</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">6.96</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">(2.5</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">(16.2</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">Second quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">8.12</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.37</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.77</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(9.2</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(16.6</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">Third quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.02</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.57</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.20</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.8</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(11.7</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">Fourth quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.32</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.40</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
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                <td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Fiscal year ending December&#160;31, 2024<sup>(5)</sup>&#160;</strong></span></td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.99</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.55</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.91</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.22</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.55</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.5</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(5.2</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">Third quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.85</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.15</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.52</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.4</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(4.8</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">Fourth quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.53</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.03</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.33</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.7</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(3.1</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Fiscal year ending December&#160;31, 2025<sup>(6)</sup></strong></span></td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
                <td style="font-size:10pt;text-align:right">&#160;</td>
                <td style="font-size:10pt;text-align:left">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left">First quarter</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(7</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.82</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">5.41</span></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(7</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(7</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              </tr>

          </table>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin-top:0;margin-bottom:0;width:100%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
          </div>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(1)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Net asset value per common share is determined as of the final day of the quarter and is based on outstanding common shares at the end of each period. As such, it does not reflect the net asset value per common share on each of the dates of the high and low sales prices. </span>For all preceding periods, &#8220;net asset value&#8221; represents a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share.</td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(2)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Calculated as of the respective high or low closing sales price divided by the Net Asset Value on the final day of the applicable quarter.</span></td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(3)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Represents the cash distributions (including dividends, dividends reinvested and returns of capital, if any) per common share declared in the specified quarter. Tax characteristics of such distributions varied.</span></td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(4)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">For the fiscal year ending December&#160;31, 2023, as reported on the Fund&#8217;s 2023 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.5952 per common share.</span></td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(5)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">For the fiscal year ending December&#160;31, 2024, as reported on the Fund&#8217;s 2024 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.7290 per common share.</span></td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(6)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">For the fiscal year ending December&#160;31, 2025, distributions of $0.24 per common share were made, a portion of which may consist, in part, of a return of capital, as calculated on a per common share basis.</span></td>
              </tr>

          </table>
          <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

              <tr style="vertical-align:top">
                <td style="width:0"></td>
                <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">(7)</span></td>
                <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">&#8220;Net asset value&#8221; is not available as of the date of the filing of this registration statement.</span></td>
              </tr>

          </table>
        </div>
      <span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="nump">$ 5.41<span></span>
</td>
<td colspan="2" class="nump">$ 6.33<span></span>
</td>
<td colspan="2" class="nump">$ 6.52<span></span>
</td>
<td colspan="2" class="nump">$ 6.55<span></span>
</td>
<td colspan="2" class="nump">$ 5.55<span></span>
</td>
<td colspan="2" class="nump">$ 5.15<span></span>
</td>
<td colspan="2" class="nump">$ 6.2<span></span>
</td>
<td colspan="2" class="nump">$ 6.77<span></span>
</td>
<td colspan="2" class="nump">$ 6.96<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="nump">$ 6.82<span></span>
</td>
<td colspan="2" class="nump">$ 7.03<span></span>
</td>
<td colspan="2" class="nump">$ 7.15<span></span>
</td>
<td colspan="2" class="nump">$ 7.22<span></span>
</td>
<td colspan="2" class="nump">$ 6.99<span></span>
</td>
<td colspan="2" class="nump">$ 6.4<span></span>
</td>
<td colspan="2" class="nump">$ 7.57<span></span>
</td>
<td colspan="2" class="nump">$ 7.37<span></span>
</td>
<td colspan="2" class="nump">$ 8.1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="num">(7.00%)<span></span>
</td>
<td colspan="2" class="nump">7.70%<span></span>
</td>
<td colspan="2" class="nump">4.40%<span></span>
</td>
<td colspan="2" class="nump">4.50%<span></span>
</td>
<td colspan="2" class="num">(3.10%)<span></span>
</td>
<td colspan="2" class="num">(12.60%)<span></span>
</td>
<td colspan="2" class="nump">7.80%<span></span>
</td>
<td colspan="2" class="num">(9.20%)<span></span>
</td>
<td colspan="2" class="num">(2.50%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="num">(7.00%)<span></span>
</td>
<td colspan="2" class="num">(3.10%)<span></span>
</td>
<td colspan="2" class="num">(4.80%)<span></span>
</td>
<td colspan="2" class="num">(5.20%)<span></span>
</td>
<td colspan="2" class="num">(23.00%)<span></span>
</td>
<td colspan="2" class="num">(29.60%)<span></span>
</td>
<td colspan="2" class="num">(11.70%)<span></span>
</td>
<td colspan="2" class="num">(16.60%)<span></span>
</td>
<td colspan="2" class="num">(16.20%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6.62<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="nump">$ 7<span></span>
</td>
<td colspan="2" class="nump">$ 6.53<span></span>
</td>
<td colspan="2" class="nump">$ 6.85<span></span>
</td>
<td colspan="2" class="nump">$ 6.91<span></span>
</td>
<td colspan="2" class="nump">$ 7.21<span></span>
</td>
<td colspan="2" class="nump">$ 7.32<span></span>
</td>
<td colspan="2" class="nump">$ 7.02<span></span>
</td>
<td colspan="2" class="nump">$ 8.12<span></span>
</td>
<td colspan="2" class="nump">$ 8.31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
          <div>
            <div>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="n2_013"><span style="text-transform:uppercase"><strong>DESCRIPTION OF THE FUND&#8217;S SECURITIES</strong></span></span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">This registration statement contains a summary of the Fund&#8217;s common shares. These summaries are not meant to be a complete description of each security.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following are its authorized and outstanding classes of securities as of April&#160;1, 2025:</p>

                <div>
                  <div>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%;border-spacing:0px">

                        <tr style="vertical-align:bottom">
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:25%">Title of Class</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Authorized*</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Held By Fund</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Outstanding</td>
                        </tr>
                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt;font-family:Times New Roman">Shares of Beneficial Interest</span></td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">None</td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">37,559,195 shares</td>
                        </tr>

                    </table>
                  </div>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                      <tr style="vertical-align:top">
                        <td style="width:0"></td>
                        <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">*</span></td>
                        <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Under the Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares and is not subject to a dollar limit on the size of the Fund.</span></td>
                      </tr>

                  </table>
                </div>

            </div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <div>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Anti-Takeover Provisions in the Declaration of Trust</strong></span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">The Declaration of Trust includes provisions that could have the effect of limiting the ability of any entities or persons to acquire control of the Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Derivative Actions</i></span>. In addition to the requirements set forth in Section&#160;3816 of the Delaware Statutory Trust Act, Section&#160;5.6 of the Declaration of Trust states that a shareholder or shareholders may bring a derivative action on behalf of the Fund only if all of the following conditions are met: (i)&#160;the shareholder or shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to succeed, and a demand on the Board of Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not &#8220;independent trustees&#8221; (as such term is defined in the Delaware Statutory Trust Act); (ii)&#160;shareholders holding at least 10% of the outstanding Shares of the Fund join in the request for the Board of Trustees to commence such action; and (iii)&#160;the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Board of Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Board of Trustees determines not to bring such action. Additionally, the Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who are &#8220;independent trustees&#8221; (as such term in defined in the Delaware Statutory Trust Act). However, these requirements do not apply to claims brought under the federal securities laws.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i>Exclusive Delaware Jurisdiction and Jury Waiver</i></span>. Any claims, suits, actions or proceedings arising out of or relating in any way to the Fund, the Delaware Statutory Trust Act, the Declaration of Trust or the By-Laws shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, and irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. However, these requirements do not apply to claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund&#8217;s asset, or liquidation. The foregoing is only a summary of certain aspects of the Declaration of Trust. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif"><strong>Certain Aspects of the Delaware Control Share Statute</strong></span></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman,Times,serif">Because the Fund is organized as a Delaware statutory trust, unless it expressly &#8220;opts-out,&#8221; it is subject to the Delaware Control Share Statute included in the Control Share Statute. The Control Share Statute became automatically applicable to listed closed-end funds organized as Delaware statutory trusts, such as the Fund, upon its effective date of August&#160;1, 2022. Notwithstanding the foregoing and the following, through the inclusion of Section&#160;10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#8220;opted-out&#8221; of the Control Share Statute.</span></p>
            </div>
          </div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. These voting power thresholds are as follows:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>10% or more, but less than 15% of all voting power;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>15% or more, but less than 20% of all voting power;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>20% or more, but less than 25% of all voting power;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>25% or more, but less than 30% of all voting power;</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>30% or more, but less than a majority of all voting power; or</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0"></td>
                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>a majority or more of all voting power.</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its &#8220;associates,&#8221; which is broadly defined by the Control Share Statute.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Once a threshold is reached, an acquirer has no voting rights under the Delaware Statutory Trust Act or the governing documents of a fund with respect to shares acquired in excess of that threshold (i.e., the &#8220;<strong>control shares</strong>&#8221;) unless approved by shareholders of the fund or exempted by the board. Approval by the shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by the fund&#8217;s shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level. The board is permitted, but not obligated to, exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to August&#160;1, 2022. However, such shares will be aggregated with any shares acquired after August&#160;1, 2022 for purposes of determining whether a voting power threshold is exceeded, resulting in the newly acquired shares constituting control shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any information that the Board reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Control Share Statute may protect the long-term interests of Fund shareholders by limiting the ability of certain investors to use their ownership to attempt to disrupt the Fund&#8217;s long-term strategy such as by forcing a liquidity event. However, the Control Share Statute may also serve to entrench the Board and make it less responsive to shareholder requests. The totality of positive or negative effects is difficult to predict as the Control Share Statute has been in effect for a relatively short period of time.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The foregoing is only a summary of certain aspects of the Control Share Statute. shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.</p>
          </div>

            <div>&#160;</div>

      <div>
        <div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="text-transform:uppercase"><strong>DESCRIPTION OF THE FUND&#8217;S COMMON SHARES</strong></span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The following description is based on relevant portions of the Delaware Statutory Trust Statute and its Declaration of Trust and Bylaws. This summary is not necessarily complete, and the Fund refers you to the Delaware Statutory Trust Statute, Declaration of Trust and Bylaws for a more detailed description of the provisions summarized below.</p>
        </div>
      </div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>General</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund is an unincorporated statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware on the Conversion Date. The Fund&#8217;s Declaration of Trust was amended and restated as the Fund re-domiciled from the State of Maryland to the State of Delaware in connection with the Conversion. The Declaration of Trust provides that the Trustees of the Fund may authorize separate classes of common shares of beneficial interest. The Trustees have authorized an unlimited number of common shares. The Fund holds annual meetings of its shareholders. As of the Conversion Date, 37,559,195 common shares of the Fund were outstanding, of which none were owned by the Fund.</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value, as well as the other securities described in this registration statement. Each common share of beneficial interest of the Fund represents an equal proportionate interest in the assets of the Fund with each other common share of beneficial interest in the Fund. Holders of common shares of beneficial interest will be entitled to the payment of dividends when, as and if declared by the Board. The Fund currently intends to make dividend distributions to its shareholders of common shares of beneficial interest after payment of Fund operating expenses including interest on outstanding borrowings, if any, monthly and no less frequently than annually. Dividends declared on common shares will be automatically reinvested in additional common shares of the Fund unless a common shareholder elects to opt-out. See &#8220;<strong><i>Dividend Reinvestment Plan</i></strong>.&#8221; The 1940 Act may limit the payment of dividends to the holders of common shares. Each whole and partial common share of beneficial interest shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The common shares of beneficial interest as well as the other securities described in this registration statement are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the common shares of beneficial interest or other securities described in this registration statement. The Declaration of Trust provides that the Fund&#8217;s common shareholders are not liable for any liabilities of the Fund. Although common shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote.</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">The Fund generally will not issue share certificates. However, a share certificate may be issued at the Fund&#8217;s discretion for any or all of the full common shares credited to an investor&#8217;s account. Share certificates that have been issued to an investor may be returned at any time. The Transfer Agent will maintain an account for each shareholder upon which the registration of common shares is recorded, and transfers, permitted only in rare circumstances, such as death, will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">
                <div>
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                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                        <tr style="vertical-align:bottom">
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:25%">Title of Class</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Authorized*</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Held By Fund</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center">Amount Outstanding</td>
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                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt;font-family:Times New Roman">Shares of Beneficial Interest</span></td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">None</td>
                          <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:center">37,559,195 shares</td>
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                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                      <tr style="vertical-align:top">
                        <td style="width:0"></td>
                        <td style="width:0.25in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">*</span></td>
                        <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Under the Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares and is not subject to a dollar limit on the size of the Fund.</span></td>
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                  </table>
                </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Shares of Beneficial Interest</span><span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">37,559,195<span></span>
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember', window );">The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td colspan="2" class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Investments in corporate CLO securities involve certain risks. Corporate CLOs are securitizations that are typically backed by a pool of corporate loans or similar corporate credit-related assets that serve as collateral. The assets underlying the Fund&#8217;s CLO investments generally consist of lower-rated first-lien corporate loans, although certain CLO structures may also allow for limited exposure to other asset classes including unsecured loans, second-lien loans, or corporate bonds. To the extent that the assets underlying the Fund&#8217;s CLO investments are rated for creditworthiness by any nationally recognized statistical ratings organizations, they generally carry lower credit ratings, and certain assets may not be rated by any nationally recognized statistical ratings organization. As a result, the assets underlying the Fund&#8217;s CLO investments are considered to bear significant credit risks. Corporate issuers of lower-rated debt securities may be highly leveraged and may not have access to more traditional methods of financing. During economic downturns or sustained periods of rising interest rates, issuers of lower-rated debt securities may be likely to experience financial stress, especially if such issuers are highly leveraged, and in such periods the market for lower-rated debt securities could be severely disrupted, adversely affecting the value of such securities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The risk of loss for lower-rated debt securities is also magnified to the extent that such securities are unsecured or subordinated to more senior creditors. Lower-rated debt securities generally have limited liquidity and limited secondary market support. These risks are further exacerbated in the case of second-lien loans, as they are subordinated to first-lien loans and have weaker recovery prospects in the event of borrower distress or default. Further, ratings downgrades on the Fund&#8217;s CLO debt investments may result in its investments being viewed as riskier than they were previously thought to be. This perception of increased riskiness resulting from a downgrade can result in adverse impacts to the market value and liquidity of the Fund&#8217;s CLO debt investments, as well as reduce the availability or increase the cost of financing for the Fund&#8217;s CLO debt investments.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests, may acquire loans to smaller companies (&#8220;<strong>middle-market</strong>&#8221; loans), which may carry more inherent risks than loans to larger, publicly traded entities. Compared to larger companies, these middle-market companies tend to have more limited access to capital, weaker financial positions, narrower product lines, and tend to be more vulnerable to competitors&#8217; actions and market conditions, as well as to general economic downturns. As a result, the securities issued by CLOs that hold significant investments in middle-market loans are generally considered riskier than securities issued by CLOs that primarily invest in broadly syndicated loans.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The corporate loans that underlie the Fund&#8217;s CLO investments may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructurings that may result in significant delays in repayment, a significant reduction in the interest rate, and/or a significant write-down of the principal of the loan. A wide range of factors could adversely affect the ability of an underlying corporate borrower to make interest or other payments on its loan. The corporate issuers of the loans or securities underlying the Fund&#8217;s CLO investments may be highly leveraged and may be subject to an increased risk of default depending on certain micro- or macro-economic conditions, such as economic recessions, heightened interest rates and/or inflation, tariffs, and other conditions. The risk of economic recession and declining creditworthiness of corporate borrowers would be amplified by rising corporate default rates, tightening credit conditions, and potential credit downgrades in leveraged loan markets. Accordingly, the subordinated and lower-rated (or unrated) CLO securities in which the Fund invests may experience significant price and performance volatility relative to more senior or higher-rated CLO securities, and they are subject to greater risk of loss than more senior or higher-rated CLO securities which, if realized, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
          </div>

            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Such defaults and losses, especially those in excess of the market&#8217;s or the Fund&#8217;s expectations, would have a negative impact on the value of the Fund&#8217;s CLO investments, and reduce the cash flows that the Fund receives from its CLO investments, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, if a CLO in which the Fund invests experiences an event of default as a result of the CLO&#8217;s failure to make a payment when due, the erosion of the CLO&#8217;s underlying collateral, or other reasons, the CLO would be subject to the possibility of liquidation. In such cases, the risks are heightened that the collateral underlying the CLO may not be able to be readily liquidated, or that when liquidated, the resulting proceeds would be insufficient to redeem in full the CLO mezzanine debt and equity tranches that are the focus of the Fund&#8217;s investment strategy. CLO equity tranches often suffer a loss of all of their value in these circumstances, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, following an event of default by a CLO, the holders of CLO mezzanine debt and equity tranches typically have limited rights regarding decisions made with respect to the underlying collateral, with the result that such decisions might favor the more senior tranches of the CLO.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event of a bankruptcy or insolvency of an issuer of a loan or of an underlying asset held by a CLO in which the Fund invests, a court or other governmental entity may determine that the related claims held by such CLO are not valid or are subject to significant modification. In addition, any payments previously received by such CLO could be subject to avoidance as a &#8220;preference&#8221; if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under state laws) before insolvency.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Further, </span>&#8220;covenant-lite&#8221; loans may comprise a significant portion of the underlying collateral of the CLOs in which the Fund invests. Generally, covenant-lite loans provide the obligor with more freedom to take actions that could negatively impact their lenders because the obligor&#8217;s covenants are incurrence-based and not maintenance-based, which means that they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower&#8217;s financial condition. At times, covenant-lite loans have represented a significant majority of the syndicated corporate loan market. To the extent that the corporate CLO securities in which the Fund invests hold covenant-lite loans, the Fund may have a greater risk of loss on such investments as compared to investments in CLOs holding loans with more robust covenants.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests may also acquire interests in corporate loans indirectly, by way of participations. In a participation, the underlying debt obligation remains with the institution that has sold the participation, which typically results in a contractual relationship only with such selling institution, and not with the corporate obligor directly. As a result, the holder of a participation assumes the credit risk of both the obligor and the selling institution and may only have limited rights to influence any decisions made by the selling institution in connection with the underlying debt obligation.</p>
          </div>
        <span></span>
</td>
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember', window );">The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The corporate borrowers of the underlying assets in a CLO are typically highly leveraged, and there may be few or no restrictions on the amount of indebtedness such borrowers can incur. Substantial indebtedness adds additional risk with respect to a borrower and could (i)&#160;limit its ability to borrow money or otherwise access funds for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii)&#160;require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii)&#160;make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv)&#160;subject it to restrictive financial and operating covenants, which may preclude it from executing on favorable business activities or from financing future operations or other capital needs. In some cases, proceeds of indebtedness incurred by a borrower could be paid as a dividend to its equity holders rather than retained by the borrowers for its working capital or to pursue favorable opportunities. Highly leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy, or deterioration in the condition of such companies or their industries. A leveraged company&#8217;s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</p>
          </div>

            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If an underlying borrower is unable to generate sufficient cash flow to meet principal and/or interest payments on its indebtedness, it may be forced to take other actions to satisfy its obligations under its indebtedness. These alternative actions may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund. Furthermore, if the borrower is unable to meet its scheduled debt service obligations even after taking these actions, the borrower may be forced into liquidation, dissolution or insolvency, and the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund, could decline significantly or even be rendered worthless.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ClosInWhichFundInvestsMayBeSubjectToRisksAssociatedWithSyndicatedLoansPointMember', window );">The CLOs in which the Fund invests may be subject to risks associated with syndicated loans [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the documentation for syndicated loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. In most cases for the Fund&#8217;s syndicated loan investments, the Fund does not expect to hold a sufficient amount of the indebtedness to be able to compel any actions by the agent. Consequently, the Fund would only be able to direct such actions if instructions from it were made in conjunction with other holders of associated indebtedness that together with the Fund compose the requisite percentage of the related indebtedness then entitled to take action. Conversely, if holders of the required amount of the associated indebtedness other than the Fund desire to take certain actions, such actions may be taken even if the Fund did not support such actions. Furthermore, if a syndicated loan is subordinated to one or more senior loans made to the applicable obligor, the Fund&#8217;s ability to exercise such rights may be subordinated to the exercise of such rights by the senior lenders. Whenever the Fund is unable to direct such actions, the parties taking such actions may not have interests that are aligned with the Fund, and the actions taken may not be in the Fund&#8217;s best interests. Furthermore, in recent years, &#8220;priming&#8221; transactions in the distressed debt sector have become more common. These &#8220;priming&#8221; arrangements are transactions where a group of debtholders can move collateral away from existing lenders so that it can serve as the primary source of secured assets for new money and/or restructuring existing debt. If the Fund were to hold distressed debt that became &#8220;primed&#8221; by another group of lenders, it could lose all or a significant part of such investment.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If an investment is a syndicated revolving loan or delayed drawdown loan, other lenders may fail to satisfy their full contractual funding commitments for such loan, which could create a breach of contract, result in a lawsuit by the obligor against the lenders and adversely affect the value of the Fund&#8217;s investment.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, the Fund may be unable to remove the agent in circumstances in which removal would be in the Fund&#8217;s best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice, and the Fund may not find a replacement agent on a timely basis, or at all, in order to protect its investment.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember', window );">The Fund&#8217;s investments in corporate CLOs involve certain structural risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments in corporate CLOs involve certain structural risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their relative seniority and degree of risk. If the relevant collateral defaults or otherwise underperforms, payments to the more senior tranches of such securitizations take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#8217;s corporate CLO investment strategy. CLOs present risks similar to those of other types of credit investments, including credit, interest rate and prepayment risks. See "<strong><i>&#8212;The Fund invests in corporate CLOs, which exposes it to risks associated with corporate loans.</i></strong>&#8221;</p>
          </div>

            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Even though the Fund expects that most of its CLO mezzanine debt investments will have floating rate coupons, these and other of the Fund&#8217;s CLO investments are still exposed to interest rate risk. There can be significant mismatches between the timing and frequency of coupon resets on the floating rate CLO debt tranches and the underlying floating rate corporate loans, and furthermore some of the underlying corporate loans may bear fixed coupon rates. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. This reduction in excess interest could adversely impact the Fund&#8217;s CLO equity cashflows and valuations, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">CLOs have at times experienced negative credit events in their constituent loans, credit rating downgrades of constituent loans and issued debt tranches, and failures of certain deal metrics. The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of its mezzanine debt and equity tranches.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundCloInvestmentsAreExposedToMisalignmentOfInterestsOfCloCollateralManagersWithInterestsOfCloInvestorsSuchAsFundPointMember', window );">The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As discussed under &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests</i></strong>,&#8221; CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. This may reduce a CLO collateral manager&#8217;s incentives to prioritize the interests of CLO investors, including the Fund, increase the risk of default as a result of less stringent credit or underwriting standards with respect to the underlying portfolios, and limit investor confidence in the CLOs.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember', window );">The Fund&#8217;s investments in the primary corporate CLO market involve certain additional risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments in the primary corporate CLO market involve certain additional risks.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Between the pricing date and the closing date of a corporate CLO, the collateral manager generally purchases additional assets for the CLO. During this period, the price and availability of these assets may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of assets that will satisfy specified concentration limitations and allow the CLO to reach the target initial principal amount of collateral prior to the effective date. An inability or delay in reaching the target initial principal amount of collateral may adversely affect the timing and amount of payments received by the holders of CLO mezzanine debt securities and equity securities and could result in early redemptions which could cause significant principal losses on the CLO mezzanine debt and equity securities, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember', window );">The Fund and its investments are subject to prepayment and reinvestment risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund and its investments are subject to prepayment and reinvestment risk.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As part of the ordinary management of its portfolio, a CLO will typically generate cash flow from asset repayments and sales that is reinvested into substitute assets, subject to compliance with its investment tests and certain other conditions. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired, the excess interest-related cash flow available for distribution to the CLO equity tranches would decline. In addition, prepayment rates of the assets underlying a CLO are driven by a number of factors, including changing interest rates and other factors that are beyond the Fund&#8217;s control. Furthermore, in most CLO transactions, CLO debt investors are subject to the risk that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, causing such CLO&#8217;s outstanding CLO debt securities to be repaid at par earlier than expected. This and other factors can cause considerable uncertainty in the average lives of the CLO tranches in which the Fund invests.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundPortfolioOfCorporateCloInvestmentsMayLackDiversificationWhichMaySubjectFundToRiskOfSignificantLossIfOneOrMoreOfTheseCorporateClosExperienceHighLevelOfDefaultsOnCollateralPointMember', window );">The Fund&#8217;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund operates as a non-diversified investment company under the 1940 Act. Therefore, the Fund does not have any limitations on the ability to invest in any one CLO, and its investments may be concentrated in relatively few CLOs, CLOs that have similar risk profiles (including by being concentrated in a limited number of industries), CLOs where there is an overlap of underlying corporate issuers, or CLOs that are managed by the same collateral manager. The overlap of underlying corporate issuers is often more prevalent across CLOs of the same year of origination, as well as across CLOs managed by the same asset manager or collateral manager.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To the extent that the Fund&#8217;s CLO investments are more concentrated, the Fund is susceptible to a greater risk of loss if one or more of the CLOs in which the Fund is invested performs poorly, or in the event a CLO collateral manager were to fail, experience the loss of key employees or sell its business. To the extent the Fund invests in CLOs that have a high level of overlap of underlying corporate obligors, there is a greater likelihood of experiencing multiple defaults in the Fund&#8217;s CLO portfolio. In general, to the extent that the Fund&#8217;s CLO portfolio is less diversified, the Fund may have a greater likelihood of experiencing large overall losses, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember', window );">Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#8217;s investments in such CLO [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#8217;s investments in such CLO.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of the Fund&#8217;s mezzanine debt and equity tranches. In a typical corporate CLO, nonperforming assets, or performing assets rated &#8220;CCC+&#8221; or lower (or their equivalent) in excess of applicable limits, typically do not receive full par credit for purposes of calculation of the CLO&#8217;s overcollateralization tests. As a result, if an asset were to default, or an asset&#8217;s credit rating were to decrease to a lower credit rating level, also known as &#8220;negative rating migration,&#8221; it could cause a CLO to move out of compliance with some or all of its overcollateralization tests. CLOs are also generally subject to interest coverage tests, under each of which the interest income generated by the underlying assets is compared to the interest owed to a given CLO tranche and all tranches more senior to it. To the extent that any overcollateralization tests or interest coverage tests are breached, cash flows could be diverted away from the CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CloInvestmentsInvolveComplexDocumentationAndComplexAccountingConsiderationsPointMember', window );">CLO investments involve complex documentation and complex accounting considerations [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>CLO investments involve complex documentation and complex accounting considerations.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">CLOs are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over the interpretation or enforceability of the documentation may be higher relative to other types of investments. Further, the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The accounting calculations related to the Fund&#8217;s CLO investments are complex in numerous ways. For instance, under GAAP, the Fund calculates its net investment income&#8212;which is used to determine the performance fee payable to the Adviser&#8212;based on effective yield calculations. These calculations involve significant judgment in projecting expected cash flows. If an investment underperforms expectations, the Fund may accrue more interest income than it ultimately realizes on such investment and pay the Adviser a higher performance fee than it otherwise would have if different projections had been used.</p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The risks associated with the accounting complexities include inaccurate financial reporting, such as incorrect accruals, reserves and estimates, or the misapplication of accounting standards. These issues could lead to the miscalculation of fees, potentially in favor of the Adviser, and could necessitate a financial restatement. Financial restatements are often costly and time-consuming, and they may lead to regulatory scrutiny, legal proceedings, or shareholder litigation. In addition, a restatement could result in a loss of investor confidence, which would negatively impact the Fund&#8217;s reputation in the marketplace and impair its ability to raise capital on favorable terms in the future. A financial restatement could also trigger a significant decline in the price of the Fund&#8217;s common shares, eroding shareholder value and potentially exacerbating financial and reputational damage. These events could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, as well as its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember', window );">The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act [Member]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund invests in CLO securities issued by CLOs that are managed by collateral managers unaffiliated with the Fund, and the Fund is dependent on the skill and expertise of such managers. While the actions of the CLO collateral managers may significantly affect the return on the Fund&#8217;s investments, the Fund typically does not have any direct contractual relationship with these collateral managers.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund also relies on these collateral managers to act in the best interests of the CLOs in which the Fund invests, there can be no assurance that such collateral managers will do so. Moreover, such collateral managers are subject to fiduciary duties owed to other classes of notes besides those in which the Fund invests, and they may have other incentives to manage the CLO portfolios in a manner that disadvantages the particular classes of notes in which the Fund is invested. Furthermore, since the CLO issuer often provides an indemnity to its collateral manager, the CLO tranches the Fund holds may ultimately bear the burden of any legal claims brought against the collateral manager.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, the CLOs in which the Fund invests are generally not registered as investment companies under the 1940 Act. As investors in these CLOs, the Fund is not afforded the protections that shareholders in an investment company registered under the 1940 Act would have.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may only have limited information regarding the underlying assets held by the CLOs in which it invests, and collateral managers may not identify or report issues relating to the underlying assets on a timely basis (or at all) to enable the Fund to take appropriate measures to manage the Fund&#8217;s risks. Furthermore, much of the information furnished to the Fund as an investor in a corporate CLO is neither audited nor reviewed, nor is an opinion expressed, by an independent public accountant. Finally, the Fund is not required to disclose to its shareholders any trustee reports or any other information received concerning any of its CLO investments. Thus, the Fund&#8217;s shareholders will have limited information on the assets held by, and the performance of, the CLOs in which the Fund invests.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Collateral managers are subject to removal or replacement by other holders of CLO securities without the Fund&#8217;s consent and may also voluntarily resign as collateral manager or assign their role as collateral manager to another entity. The removal, replacement, resignation, or assignment of any particular CLO collateral manager&#8217;s role could adversely affect the returns on the CLO securities in which the Fund invests, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundCloInvestmentsOftenHaveLimitedLiquidityPointMember', window );">The Fund&#8217;s CLO investments often have limited liquidity [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s CLO investments often have limited liquidity.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund expects to focus its CLO investment activity in mezzanine debt and equity tranches, which have less liquidity than many other securities, including as a result of lower or no trading volume, transfer restrictions, and their bespoke nature. This illiquidity results in price volatility and can make it more difficult to value or sell these securities if the need arises, which could require the Fund to realize a greater loss if the Fund is ever required to liquidate such assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ClosInWhichFundInvestsIncurSignificantOperatingExpensesPointMember', window );">The CLOs in which the Fund invests incur significant operating expenses [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The CLOs in which the Fund invests incur significant operating expenses.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLOs in which the Fund invests incur significant operating fees and expenses, including but not limited to collateral management fees, administrative expenses, and other operating expenses, which are all indirectly borne by CLO investors. CLO collateral management base fees, which typically range from 0.30% to 0.50% of a CLO&#8217;s total assets, are charged on the CLO&#8217;s total assets and are usually paid from residual cash flows after interest payments to senior debt tranches. Additional CLO operating expenses, estimated at 0.30% to 0.70%, may also apply, although these are not routinely reported in a standardized manner. Furthermore, CLO collateral managers may also earn incentive fees tied to equity cash flows once the equity tranche achieves a cash-on-cash return of capital and a specified &#8220;hurdle&#8221; rate. All of these fees and expenses are borne first by the CLO equity tranche due to its subordinated position. Given that the CLO equity tranche represents only a fraction of the value of the entire CLO, these fees and expenses are greatly magnified when expressed as a percentage of the value of the CLO equity tranche. Both types of CLO tranches in which the Fund invests (equity tranches and mezzanine debt tranches) may bear these expenses, with the equity tranche&#8212;being the most subordinated&#8212;usually shouldering these costs. To the extent that the CLO equity tranche has suffered or will suffer a total principal loss, mezzanine debt tranches will then effectively bear these fees and expenses.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to the collateral management fees, administrative expenses, and other operating expenses accrued in a CLO, the Fund will also remain obligated to pay the Base Management Fee and the Performance Fee to the Adviser. Therefore, each shareholder bears his or her share of the Base Management Fee and the Performance Fee of the Adviser as well as indirectly bearing the ratable share of the collateral management fees, administrative expenses, and other operating expenses of a CLO.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundAndItsCorporateCloInvestmentsAreSubjectToRisksAssociatedWithNonUPointSPointInvestingIncludingInSomeCasesForeignCurrencyRiskPointMember', window );">The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund invests primarily in CLOs that hold underlying U.S. assets, the Fund may also invest in corporate CLOs that hold non-U.S. assets, and the Fund expects that many of the CLO issuers in which the Fund invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#8217;s rights in foreign jurisdictions.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">A portion of the Fund&#8217;s CLO investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates may materially adversely affect the value of these investments.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ClosInWhichFundInvestsCouldBecomeSubjectToUPointSPointFederalIncomeTaxOrWithholdingRequirementsPointMember', window );">CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The CLO issuers in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure that the CLO is not treated for U.S. federal income tax purposes as engaged in a U.S. trade or business. If a CLO issuer fails to comply with the investment guidelines, or if the Internal Revenue Service otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business, such CLO could be subject to U.S. federal income tax, which could reduce the amount available to distribute to mezzanine debt and equity holders in such CLO, including the Fund.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Foreign Account Tax Compliance Act provisions of the Code impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments received by such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and mezzanine debt holders in such CLO, including the Fund.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_TypesOfAssetsFundAcquiresAndThereIsNoSpecificProhibitionInFundInvestmentStrategyMember', window );">The Adviser has significant latitude in determining the types of assets the Fund acquires, and there is no specific prohibition in the Fund&#8217;s investment strategy, investment guidelines and/or the RIC qualification requirements against investing in investments that are not CLOs [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser has significant latitude in determining the types of assets the Fund acquires, and there is no specific prohibition in the Fund&#8217;s investment strategy, investment guidelines and/or the RIC qualification requirements against investing in investments that are not CLOs.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To maintain the Fund&#8217;s qualification as a RIC and compliance with the 1940 Act, the Fund is subject to various requirements and tests that impose limits on its investment strategy. However, other than as described in this registration statement, neither the broad investment guidelines in its Investment Advisory Agreement, the RIC qualification requirements, nor the 1940 Act impose any specific limits on, or prohibitions against, investing its capital in investments that are not CLOs. Under the terms of the Investment Advisory Agreement, the Adviser has significant latitude within its broad investment guidelines in determining the types of assets it may acquire. The Board generally does not review individual acquisitions, dispositions, or many other management decisions.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember', window );">The Fund is subject to risks associated with loan accumulation facilities [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to risks associated with loan accumulation facilities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may invest capital in CLO warehouse facilities, otherwise known as loan accumulation facilities (&#8220;<strong>LAFs</strong>&#8221;). LAFs are generally short- to medium- term financing facilities provided by the investment bank that will ultimately serve as the arranger on a CLO transaction. Utilizing equity capital provided by the LAF investors and debt financing provided by the investment bank, LAFs acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. This period of accumulating assets, often known as the &#8220;warehouse period,&#8221; typically terminates when the CLO vehicle issues various tranches of debt and equity securities to the market, using the issuance proceeds to repay the investment bank financing. Investments in LAFs have risks similar to those applicable to investments in CLOs, and the risk of losses is magnified as a result of the leveraged and first-loss nature of these facilities. Further, in the event that the corporate credit assets accumulated by a LAF are not eligible for purchase by the planned CLO, or in the event that the planned CLO is not issued, the LAF investors may be responsible for either holding or disposing of said assets, exposing the Fund to credit and/or mark-to-market risk. This scenario may become more likely in times of economic distress or when the loans comprising the collateral pool of such warehouse, even if still performing, may have declined materially in market value, and the Fund may suffer a loss upon the disposition of these assets. The occurrence of any of the foregoing or similar events could affect the Fund&#8217;s investments in LAFs and, consequently, could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundMayInvestInCorporateLoansDirectlyPointMember', window );">The Fund may invest in corporate loans directly [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund may invest in corporate loans directly.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to gaining exposure to corporate loans through investments in CLO securities, the Fund may also invest in corporate loans directly. In some cases, these loan investments may result from asset sales or in-kind distributions from CLOs in which the Fund has invested, but in other cases the Fund may acquire such loans directly in the open market. To the extent the Fund invests in corporate loans directly, it will be exposed to all of the risks associated with corporate loans that CLOs are exposed to, as described above. See &#8220;&#8212;<strong><i>The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&#8221;; &#8220;&#8212;The Fund&#8217;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&#8221; and &#8220;&#8212;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&#8221;</i></strong></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CloInWhichFundInvestsIsTreatedAsEngagedInUPointSPointTradeMember', window );">If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#8217;s operating results and cash flows [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#8217;s operating results and cash flows.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">It is generally expected that the CLOs in which the Fund invests will operate pursuant to investment guidelines intended to avoid such CLOs being treated as engaged in a U.S. trade or business for U.S. federal income tax purposes. If a CLO fails to comply with its investment guidelines, or if the Internal Revenue Service (the &#8220;<strong>IRS</strong>&#8221;) successfully asserts that the CLO should be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could reduce the amount available to distribute to junior debt and equity holders in such CLO, including the Fund.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CloInWhichFundInvestsFailsToComplyWithCertainUPointSPointTaxReportingRequirementsMember', window );">If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Foreign Account Tax Compliance Act provisions of the Code (commonly referred to as &#8220;<strong>FATCA</strong>&#8221;) impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain&#160;non-U.S. entities, including certain&#160;non-U.S. financial institutions and investment funds, unless such&#160;non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as&#160;non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments to such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and junior debt holders in such CLO, and therefore materially and adversely affect the market value and/or fair value of the CLO&#8217;s securities and the Fund&#8217;s operating results and cash flows.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ThereAreRisksAssociatedWithPreparationForAndImplementationOfConversionPointMember', window );">There are risks associated with the preparation for and implementation of the Conversion [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>There are risks associated with the preparation for and implementation of the Conversion.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Preparation for, and implementation of, the Conversion required the Fund to make several changes to its day-to-day functions, including a number of complex operational, accounting, regulatory, and market-related changes. Each of these changes include significant risks, each of which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In addition, no assurance can be given that these changes will enable the Fund to comply successfully with the 1940 Act and the Code. See &#8220;<strong><i>&#8212;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</i></strong>.&#8221; These risks include, but are not limited to:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>Liquidity and Market Risks in Liquidating Pools and TBAs &#8211; In connection with the Conversion, the Fund intends to liquidate its remaining holdings of mortgage-backed securities, including agency pools and long To-Be-Announced (&#8220;<strong>TBA</strong>&#8221;) positions, as well as its related hedges, including short TBA positions and interest-rate swaps. Market conditions at the time of liquidation of any of these positions could result in unfavorable pricing, increased transaction costs, and/or execution delays, any of which could adversely impact the Fund&#8217;s Net Asset Value and performance.</td>
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                  <td>Regulatory and Compliance Risks Related to Bank Custody Rules&#160;&#8211; Following the Conversion, the Fund will be subject to new regulatory requirements, including bank custody rules&#160;that were not previously applicable. Compliance with these rules&#160;necessitated changes in the Fund&#8217;s operational processes, including its custodial arrangements and its master trade agreements with its counterparties, potentially leading to additional costs, operational burdens, or constraints on its available executing counterparties for certain transactions.</td>
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                  <td>Risks Related to the Change in the Fund&#8217;s Tax Year &#8211; To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31, 2025). The Fund expects that it will qualify for an automatic change but if it does not qualify for the automatic change, the Fund will request approval from the IRS to effectuate such change. In that scenario, if the IRS does not approve the application, the Fund may not qualify for a March 31 tax-year end, which could delay the Fund&#8217;s qualification as a RIC to a later date and force the Fund to keep its tax year of December 31 and operate as a taxable C-Corporation until that later date. It is also possible that the IRS may approve such application provided that the Fund recognizes additional income as a RIC in connection with its change of tax year.&#160;&#160;</td>
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                  <td>Tax and Structural Uncertainties &#8211; The Conversion may result in unanticipated tax liabilities, including potential recognition of taxable gains or other inefficiencies that could impact the Fund. Additionally, changes in tax laws,&#160;IRS interpretations, or regulatory guidance before or after the Conversion could further affect the Fund&#8217;s tax treatment and require further adjustments to its structure.</td>
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                  <td>Accounting, Operational and Systems Transition &#8211; The Fund will prospectively apply investment company accounting and, accordingly, it has modified its internal systems, reporting processes, and third-party service provider arrangements as a result of the Conversion. Any delays, errors, or other challenges in transitioning to investment company accounting could result in operational disruptions, compliance issues, or increased administrative costs.</td>
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                  <td>Legal and Regulatory &#8211; Upon Conversion, the Fund became subject to the 1940 Act, implicating a new regulatory reporting regime, including a new schedule, and new reporting forms, and additional compliance obligations, including the implementation of the Derivatives Risk Management Program. Adapting to this new regime may require enhancements to internal compliance protocols, additional personnel, and increased oversight, all of which could increase costs and regulatory risks and there may be delays, errors, or other challenges in adapting to the rules, regulations and requirements of the 1940 Act.</td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to achieve its objectives once the Conversion is complete is contingent on the Fund&#8217;s ability to manage and maintain all of these, and other changes, to its business. Any failure to do so could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders as well as its ability to comply with the requirements of the 1940 Act. Failure to comply with the 1940 Act may subject the Fund to action by the SEC&#8217;s Division of Enforcement in the form of cease and desist orders, fines and other penalties, and injunctions, civil liability, reputational damages, and restrictions or limitations on future offerings.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CertainActionsByFederalReserveAndOtherCentralBanksMember', window );">Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Actions by the Federal Reserve (and similar actions by other central banks), including tightening or easing of monetary policy, increases or decreases in short-term interest rates, balance sheet liquidations or runoff, or other actions, or the perception that the Federal Reserve or other central banks are failing to take actions deemed necessary or advisable by the market, could cause elevated market volatility and adversely impact the value and performance of the Fund&#8217;s assets and the ability of the Fund to borrow money or otherwise access capital to fund its operations. See also &#8220;<strong><i>&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets</i></strong>&#8221; for the impact of changing interest rates on the Fund&#8217;s business.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_InterestRateMismatchesBetweenFundAssetsAndItsLiabilitiesMember', window );">Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Although most of the assets underlying the Fund&#8217;s CLO investments carry floating rate coupons, some may have fixed rate coupons or have a fixed rate component, which is most apparent when a given CLO is backed by corporate bonds, rather than loans, since bonds generally are issued with a fixed coupon. The fixed coupons on assets of this nature present some risk of cashflow mismatch between the Fund&#8217;s liabilities and its assets, since the Fund&#8217;s primary short term liabilities are expected to be reverse repurchase agreements. Reverse repurchase agreement borrowings typically bear a floating rate, and so are typically sensitive to changes in short term interest rates, since maturing reverse repurchase agreements will typically be replaced by new reverse repurchase agreements bearing interest rates based on short term interest rates at the time of the replacement transaction. If the income from the Fund&#8217;s assets is insufficient to support the interest payments on its liabilities due to a rise in short term interest rates, the Fund may be forced to reduce its positions, potentially during an inopportune time in the market, which could force it to realize losses or be unable to hold its desired amount of assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may also issue fixed rate debt, which could introduce a similar mismatch between interest owed on liabilities and interest income earned on its assets. As noted above, the Fund will primarily invest in CLOs that bear a floating rate coupon. In a falling interest rate environment, the Fund&#8217;s assets can be expected to pay a lower coupon rate, but any fixed-rate debt issued by the Fund will continue to require fixed payments, which could exceed the interest income available from its floating rate assets. This, too, could result in the Fund being forced to sell certain positions in order to meet interest and/or principal payments on its fixed liabilities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may initiate and maintain derivative and similar positions in order to address both forms of interest rate mismatch, though the Fund is not required to do so. There can be no certainty that such positions, if they are initiated, will be effective at eliminating the Fund&#8217;s exposure to interest rate mismatches. Furthermore, derivative and similar positions come with their own risks, including liquidity risk, which may impact the Fund&#8217;s ability to close or adjust such positions efficiently. See &#8220;<strong><i>&#8212;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.</i></strong>&#8221;</p>
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            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While increases in interest rates will typically increase the interest income on the Fund&#8217;s CLO debt investments, which are generally floating rate in nature, they could also place pressure on the ability of the corporate borrowers underlying the Fund&#8217;s CLO investments to cover their interest expenses or to refinance their debt, potentially resulting in higher credit losses on the Fund&#8217;s CLO investments. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. Finally, assets held directly or indirectly by the Fund that pay a fixed rate coupon typically decline in value when interest rates increase, and if interest rates were to increase significantly, not only would the market value of these assets be expected to decline, but these assets could lengthen in duration because borrowers would be less likely to prepay their fixed rate corporate borrowings, both of which would be expected to have an adverse impact on the Fund&#8217;s financial results.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Interest rates can change quickly and are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond the Fund&#8217;s control. Moreover, concerns over the United States&#8217; debt ceiling and budget-deficit increase the possibility of downgrades by rating agencies to the U.S. government&#8217;s credit rating, which could cause interest rates and borrowing costs to rise. Interest rate movements are highly uncertain and notoriously difficult to predict. For example, from February&#160;28, 2022 to October&#160;31, 2023, the lower bound of the Federal Reserve&#8217;s Federal Funds Target Rate rose from 0.00% to 5.25%, while the yield on the ten-year U.S. Treasury rose from 1.83% to 4.93%. While the Fund may opportunistically hedge its exposure to changes in interest rates, such hedging may be limited by the tax rules&#160;governing RICs, and the Fund can provide no assurance that its hedges will be successful or that the Fund will be able to enter into or maintain such hedges. As a result, interest rate fluctuations can cause significant losses, reductions in income, and can limit the cash available to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_DifficultConditionsInCorporateSectorAsWellAsGeneralMarketConcernsMayAdverselyAffectValueOfAssetsInWhichFundInvestsPointMember', window );">Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business is materially affected by conditions in the corporate sector, the financial markets, and the economy, including inflation, interest rates, energy costs, unemployment, geopolitical issues, concerns over the creditworthiness of governments worldwide and the stability of the global banking system. Any deterioration of financial markets or the economy or investor perception of the risks associated with financial markets or the economy could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s portfolio is expected to be concentrated in CLO mezzanine debt and equity tranches. These tranches are subordinated in cash flow priority to other more &#8220;senior&#8221; securities of the same CLO securitization and therefore absorb losses from CLO asset defaults before senior tranches are at risk. The CLO equity tranche typically represents less than 15% of the overall principal balance of a CLO, but it absorbs 100% of the CLO&#8217;s credit losses until its principal balance has been written off, after which the mezzanine debt absorbs all losses. As a result, the CLO equity and mezzanine securities that the Fund targets are deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Such securities are therefore considered to be highly speculative investments. When a CLO underlying corporate borrower defaults, the Fund generally has the right to receive payments only from the CLOs and has no direct rights against the underlying borrowers or the entity that sponsored the CLO transaction. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund&#8217;s overall exposure and capital at risk to such CLO. The value and performance of CLO securities are subject to the same types of political and economic factors and risks that affect corporate issuers and capital markets generally, but, for all of the foregoing reasons, these risks are amplified in the case of CLO mezzanine debt and equity tranches.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ToExtentThatDueDiligenceIsConductedOnPotentialAssetsSuchDueDiligenceMayNotRevealAllRisksAssociatedWithSuchAssetsAndMayNotRevealOtherWeaknessesInSuchAssetsWhichCouldLeadToLossesPointMember', window );">To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Before making an investment, the Adviser may decide to conduct (either directly or using third parties) certain due diligence on a potential investment. There can be no assurance that the Adviser will conduct any specific level of due diligence, or that, among other things, the Adviser&#8217;s due diligence processes will uncover all relevant facts or that any purchase will be successful, which could result in losses on these assets, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember', window );">The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#8217;s expectations or to make asset management decisions that are not in line with its strategy [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#8217;s expectations or to make asset management decisions that are not in line with its strategy.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund relies on the Adviser and the Adviser relies on the analytical models used by Ellington (both proprietary and third-party models) and information and data supplied by third parties. These models and data may be used to value assets or potential asset acquisitions and dispositions and also in connection with the Fund&#8217;s asset management activities. If Ellington&#8217;s models (including the data utilized by the models) and/or third party models or data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon could expose the Fund to potential risks. The Adviser&#8217;s reliance on the models and data used by Ellington may induce it to purchase certain assets at prices that are too high, to sell certain other assets at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging activities that are based on faulty models and data may prove to be unsuccessful.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Some of the risks of relying on analytical models and third-party data include the following:</p>
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                  <td>collateral cash flows and/or liability structures may be incorrectly modeled in all or only certain scenarios, or may be modeled based on simplifying assumptions that lead to errors;</td>
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                  <td>information about assets or the underlying collateral may be incorrect, incomplete, or misleading;</td>
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                  <td>asset, collateral, or CLO historical performance (such as historical prepayments, defaults, cash flows,&#160;etc.) may be incorrectly reported, or subject to interpretation (e.g., different CLO issuers may report delinquency and default statistics based on different definitions of what constitutes a delinquent or defaulted loan); and</td>
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                  <td>asset, collateral, or CLO information may be outdated, in which case the models may contain incorrect assumptions as to what has occurred since the date information was last updated.</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Some models, such as prepayment models or default models, may be predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses. In addition, the predictive models used by the Adviser may differ substantially from those models used by other market participants, with the result that valuations based on these predictive models may be substantially higher or lower for certain assets than actual market prices. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data, and, in the case of predicting performance in scenarios with little or no historical precedent (such as extreme broad-based widening in corporate credit yield spreads or deep economic recessions or depressions), such models must employ greater degrees of extrapolation and are therefore more speculative and of more limited reliability.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">All valuation models rely on correct market data inputs. If incorrect market data is entered into even a well-founded valuation model, the resulting valuations will be incorrect. However, even if market data is input correctly, &#8220;model prices&#8221; will often differ substantially from market prices, especially for securities with complex characteristics or whose values are particularly sensitive to various factors. If the Fund&#8217;s market data inputs are incorrect or its model prices differ substantially from market prices, its business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember', window );">The Fund&#8217;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investment portfolio is recorded at market value and/or fair value, with its Board overseeing its Valuation Designee in its determination of fair value and, as a result, there will be uncertainty as to the value of its portfolio investments.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the 1940 Act, the Fund is required to carry its portfolio investments at market value, if such value is readily available, or fair value, if there is no readily available market value, as determined by the Adviser in good faith, as the Fund&#8217;s valuation designee pursuant to Rule&#160;2a-5 under the 1940 Act, in accordance with its written valuation policy and subject to the oversight of the Board. Typically, there will not be a widely visible public market for the type of investments the Fund targets. As a result, the Fund will value these securities at fair value based on relevant information compiled by the Adviser and third-party pricing services (when available), and with oversight conducted by the Board. The values of the Fund&#8217;s investments are often not readily determinable.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The determination of market value or fair value and, consequently, the amount of unrealized gains and losses in the Fund&#8217;s portfolio, are to a certain degree subjective and dependent on a valuation process conducted by the Adviser and overseen by the Board. Because such valuations are inherently uncertain, may fluctuate over short periods of time, especially during periods of elevated market volatility, and may be based on estimates, the Adviser&#8217;s determinations of fair value may differ from the values that would have been used if a ready market for these assets existed or from the prices at which trades occur. Furthermore, the Fund may not obtain third-party valuations for all of its assets. Changes in the fair value of the Fund&#8217;s assets directly impact its net income through recording unrealized appreciation or depreciation of its investments and derivative instruments, and so the determination of fair value has a material impact on its net income.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While in many cases the Adviser&#8217;s determination of the fair value of its assets is based on valuations provided by third-party dealers and pricing services, the Adviser can and does value assets based upon its judgment, and such valuations may differ from those provided by third-party dealers and pricing services. Valuations of certain assets are often difficult to obtain or are unreliable, and many or all of the Fund&#8217;s CLO investments may trade infrequently and are illiquid. In general, dealers and pricing services heavily disclaim their valuations. Additionally, dealers and pricing services may claim to furnish valuations only as an accommodation and without special compensation, and they may disclaim any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations, including any act of negligence or breach of any warranty. Depending on the complexity and illiquidity of an asset, valuations of the same asset can vary substantially from one dealer or pricing service to another. Higher valuations of the Fund&#8217;s assets have the effect of increasing the amount of management fees the Fund pays to the Adviser. Therefore, conflicts of interest exist because the Adviser is involved in the determination of the fair value of the Fund&#8217;s assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Market-based inputs are generally the preferred source of values for purposes of measuring the fair value of the Fund&#8217;s assets under U.S. GAAP. However, the markets for the Fund&#8217;s investments have experienced, and could in the future experience, extreme volatility, reduced transaction volume and liquidity, and disruption as a result of certain events which has made, and could in the future make, it more difficult for the Fund&#8217;s Adviser, and for third-party dealers and pricing services that the Fund uses, to rely on market-based inputs in connection with the valuation of its assets under U.S. GAAP. Furthermore, in determining the fair value of the Fund&#8217;s assets, the Adviser uses proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates, interest rates, default rates and loss severities. These assumptions might be especially difficult to project accurately during periods of economic disruption. The fair value of certain of the Fund&#8217;s investments may fluctuate over short periods of time, and the Adviser&#8217;s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The fair value of the Fund&#8217;s investments has a material impact on its earnings through the recording of unrealized appreciation or depreciation of investments and may cause its Net Asset Value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. Investors purchasing the Fund&#8217;s securities based on an overstated Net Asset Value may pay a higher price than the value of its investments might warrant. Conversely, investors selling shares during a period in which the Net Asset Value understates the value of the Fund&#8217;s investments may receive a lower price for their shares than the value of its investments might warrant.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected if the Adviser&#8217;s fair value determinations of these assets were materially different from the values that would exist if a ready market existed for these assets.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_LackOfLiquidityInFundAssetsMayMateriallyAdverselyAffectItsBusinessFinancialConditionAndResultsOfOperationsAndItsAbilityToPayDividendsToItsShareholdersPointMember', window );">The lack of liquidity in the Fund&#8217;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The lack of liquidity in the Fund&#8217;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the assets and other instruments the Fund acquires are not publicly traded. As such, these assets may be subject to legal and other restrictions on resale, transfer, pledge or other disposition, or will otherwise be less liquid than publicly-traded securities. Other assets that the Fund acquires, while publicly traded, have limited liquidity on account of their complexity, turbulent market conditions, or other factors. Illiquid assets typically experience greater price volatility, because a ready market does not exist, and they can be more difficult to value or sell if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its assets. The Fund may also face other restrictions on its ability to liquidate any assets for which the Fund or the Adviser has or could be attributed with material non-public information. Furthermore, assets that are illiquid are more difficult to finance, and to the extent that the Fund finances assets that are or become illiquid, the Fund may lose that financing or have it reduced. If the Fund is unable to sell its assets at favorable prices or at all, it could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundIsHighlyDependentOnEllingtonInformationSystemsMember', window );">The Fund is highly dependent on Ellington&#8217;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#8217;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is highly dependent on Ellington&#8217;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#8217;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business is highly dependent on Ellington&#8217;s communications and information systems and those of third-party service providers. Any failure or interruption of Ellington&#8217;s or certain third-party service providers&#8217; systems or cyber-attacks or security breaches of their networks or systems could cause delays or other problems in the Fund&#8217;s securities trading activities, could allow unauthorized access for purposes of misappropriating assets, stealing proprietary and confidential information, corrupting data or causing operational disruption, or could prevent the Fund from receiving distributions to which the Fund is entitled, any of which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Computer malware, ransomware, viruses, and computer hacking and phishing attacks have become more prevalent in the financial services industry and may occur on Ellington&#8217;s or certain third party service providers&#8217; systems in the future. The Fund relies heavily on Ellington&#8217;s financial, accounting and other data processing systems. Financial services institutions have reported breaches of their systems, some of which have been significant, and Ellington has experienced a data breach, which was not material to its or the Fund&#8217;s operations. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that Ellington or certain third-party service providers have experienced an undetected breach, and it is likely that other financial institutions have experienced more breaches than have been detected and reported. There is no assurance that the Fund, Ellington, or certain of the third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of Ellington&#8217;s networks or systems (or the networks or systems of certain third parties that facilitate the Fund&#8217;s and Ellington&#8217;s business activities) or any failure to maintain performance, reliability and security of Ellington's or certain third-party service providers&#8217; technical infrastructure, but such computer malware, ransomware, viruses, and computer hacking and phishing attacks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, operational failures or cyber incidents relating to the Fund's or Ellington&#8217;s third-party service providers (or their service providers) may negatively impact the Fund&#8217;s business in the future. If a material operational failure or material breach of the information technology systems of its third-party service providers occurs, the Fund could be required to expend significant amounts of money, be delayed in receiving funds (or not receive them at all) or have to expend significant time and resources to respond to these threats or breaches, each of which could materially adversely impact the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">New technologies also continue to develop, including tools that harness generative artificial intelligence and other machine learning techniques (collectively, &#8220;<strong>AI</strong>&#8221;). AI is developing at a rapid pace and becoming more accessible. As a result, the use of such new technologies by the Fund, Ellington, and/or the Fund&#8217;s third-party service providers can present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that the Fund, Ellington, and/or its third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on the Fund and its business. See &#8220;<strong><i>&#8212;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong>&#8221;</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundAccessToFinancingSourcesMayNotBeAvailableOnFavorableTermsMayBeLimitedOrCompletelyShutOffAndItsLendersAndDerivativeCounterpartiesMayRequireFundToPostAdditionalCollateralPointMember', window );">The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to fund its operations, meet financial obligations, and finance targeted asset acquisitions may be impacted by an inability to secure and maintain its financing through reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time in the future with its counterparties. Because reverse repurchase agreements are generally short-term transactions, lenders may respond to adverse market conditions by refusing to renew or replace, or making it more difficult for the Fund to renew or replace, the Fund&#8217;s maturing short-term borrowings, including imposing more onerous conditions when replacing (&#8220;<strong>rolling</strong>&#8221;) such repurchase agreements.</p>
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            <div>&#160;</div>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s lenders are primarily large global financial institutions, with exposures both to global financial markets and to more localized conditions. In addition to borrowing from large banks, the Fund may also borrow from smaller non-bank financial institutions. Whether because of a global or local financial crisis or other circumstances, such as if one or more of the Fund&#8217;s lenders experiences severe financial difficulties, they or other lenders could become unwilling or unable to provide the Fund with financing, could increase the haircut required for such financing, or could increase the costs of that financing.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Moreover, the Fund is currently party to short-term borrowings (in the form of reverse repurchase agreements) and there can be no assurance that the Fund will be able to roll these borrowings as they mature on a continuous basis and it may be more difficult for the Fund to obtain debt financing on favorable terms, or at all. If the Fund is not able to renew the Fund&#8217;s existing reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time or arrange for new financing on terms acceptable to the Fund, or if the Fund defaults on its financial covenants, is otherwise unable to access funds under its financing arrangements, or is required to post more collateral or face larger haircuts, the Fund may have to dispose of assets at significantly depressed prices and at inopportune times, which could cause significant losses, and may also force the Fund to curtail its asset acquisition activities. Similarly, if the Fund were to move a financing from one counterparty to another that was subject to a larger haircut, the Fund would have to repay more cash to the original counterparty than the Fund would be able to borrow from the new counterparty. To the extent that the Fund might be compelled to liquidate certain assets to repay debts, its compliance with the RIC asset tests, income tests, and distribution and other requirements could be negatively affected, which could jeopardize its qualification as a RIC. See &#8220;&#8212;<em><strong>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</strong></em>.&#8221; Any such forced liquidations could also materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, if there is a contraction in the overall availability of financing for the Fund&#8217;s assets, including if the regulatory capital requirements imposed on its lenders change or its shareholders&#8217; equity decreases to levels that make the Fund a less attractive financing counterparty, its lenders may significantly increase the cost of the financing that they provide to the Fund, increase the amounts of collateral they require as a condition to providing the Fund with financing, or even cease providing it with financing. The Fund&#8217;s lenders also have revised, and may continue to revise, their eligibility requirements for the types of assets that they are willing to finance or the terms of such financing arrangements, including increased haircuts and requiring additional cash collateral, based on, among other factors, the regulatory environment and their management of actual and perceived risk, particularly with respect to assignee liability.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Moreover, the amount of financing that the Fund receives under its financing agreements will be directly related to its lenders&#8217; valuation of the financed assets subject to such agreements. Typically, the master repurchase agreements that govern the Fund&#8217;s borrowings under reverse repurchase agreements grant the lender the right to reevaluate the value of the financed assets subject to such reverse repurchase agreements at any time. If a lender determines that the net decrease in the value of the portfolio of financed assets is greater in magnitude than any applicable threshold, it will generally initiate a margin call. In such cases, a lender&#8217;s valuations of the financed assets may be different than the values that the Fund ascribes to these assets and may be influenced by recent asset sales at distressed levels by forced sellers. A valid margin call requires the Fund to transfer cash or additional qualifying collateral to a lender or to repay a portion of the outstanding borrowings. If the Fund were to dispute the validity of a margin call from a lender under one of its reverse repurchase agreements and refuse to deliver margin collateral as a result, a lender could still send the Fund a notice of default. In this situation, such lender will have possession of the financed assets, and might still decide to exercise its contractual remedies, despite the margin dispute. In the event of the Fund&#8217;s default, its lenders or derivative counterparties can accelerate its indebtedness, terminate its derivative contracts (potentially on unfavorable terms requiring additional payments, including additional fees and costs), increase its borrowing rates, liquidate its collateral, and terminate its ability to borrow. In certain cases, a default on one reverse repurchase agreement or derivative agreement (whether caused by a failure to satisfy margin calls or another event of default) can trigger &#8220;cross defaults&#8221; on other such agreements. Similarly, if the market value of the Fund&#8217;s derivative contracts with a derivative counterparty declines in value, the Fund generally will be subject to a margin call by the derivative counterparty.</p>
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            <div>&#160;</div>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Significant margin calls and/or increased reverse repurchase agreement haircuts could have a material adverse effect on the Fund&#8217;s results of operations, financial condition, business, liquidity, and ability to make distributions to its shareholders, and could cause the value of its common shares to decline. During March&#160;and April&#160;of 2020,the Fund observed that many of its financing agreement counterparties assigned lower valuations to certain of its assets, resulting in the Fund having to pay cash to satisfy margin calls, which were higher than historical levels. In addition, during March&#160;and April&#160;of 2020 the Fund also experienced an increase in haircuts on reverse repurchase agreements that the Fund rolled. A sufficiently deep and/or rapid increase in margin calls or haircuts would have an adverse impact on the Fund&#8217;s liquidity. The Fund may have to sell assets at disadvantageous times or prices to meet such obligations.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Consequently, depending on market conditions at the relevant time, the Fund may have to rely on additional equity issuances to meet its capital and financing needs, which may be dilutive to its shareholders, or the Fund may have to rely on less efficient forms of debt financing that consume a larger portion of its cash flow from operations, thereby reducing funds available for its operations, future business opportunities, cash distributions to its shareholders, and other purposes. There can be no assurance that the Fund will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause the Fund to curtail its asset acquisition activities and/or dispose of assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders, or in the worst case, cause its insolvency.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundUsesFinancialLeverageInExecutingItsBusinessStrategyMember', window );">The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable [Member]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund uses borrowed money to fund many of its investment activities and to enhance its financial returns. These borrowings include short-term reverse repurchase agreements to finance its CLO assets, and may also include credit facilities, including term loans and revolving credit facilities, derivative transactions, issuance of preferred shares and issuance of debt securities, each in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such financings may be used for the acquisition and maintenance of its investments, to pay fees and expenses, and for other purposes. Such leverage may be secured or unsecured. Any such leverage is in addition to leverage embedded or inherent in the CLO structures or derivative instruments in which the Fund may invest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Through the use of leverage, the Fund may acquire positions with market exposure significantly greater than the amount of equity capital committed to the transaction. Leverage can enhance the Fund&#8217;s potential returns but can also exacerbate losses. Even if an asset increases in value, if the asset fails to earn a return that equals or exceeds its cost of borrowing, the leverage will diminish the Fund&#8217;s returns. Leverage also increases the risk of the Fund&#8217;s being forced to swiftly liquidate its assets. See &#8220;<strong><i>&#8212;The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.</i></strong>&#8221;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since financial leverage increases the amount of the Fund&#8217;s assets without a corresponding increase in the Fund&#8217;s common equity, any event that adversely affects the Fund&#8217;s assets would have an amplified effect on the Fund&#8217;s common shares to the extent that leverage is utilized. For instance, any decrease in the yield of the Fund&#8217;s assets would cause the Fund&#8217;s net interest income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund&#8217;s ability to make distributions and other payments to its securityholders. Similarly, the more leverage that the Fund employs, the more likely a substantial change will occur in the Fund&#8217;s Net Asset Value. The Fund&#8217;s expected use of leverage is generally considered to be a speculative investment technique. Its ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. In a market that moves adversely to the Fund&#8217;s assets, the use of leverage would be expected to result in a loss that would be greater than if the Fund&#8217;s assets were not leveraged.</p>
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            <div>
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                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund intends to operate as a fully compliant derivatives fund under the Derivatives Rule, including treating reverse repurchase agreement borrowings as derivatives transactions and implementing a Derivatives Risk Management Program. By electing to operate under the full derivatives framework rather than qualifying as a &#8220;limited derivatives user,&#8221; under the Derivatives Rule, the Fund will be permitted to take on a significantly higher level of leverage through the use of derivatives and reverse repurchase agreement transactions than would be allowed for a limited derivatives user. This increased leverage may amplify both potential gains and losses, subjecting the Fund to greater volatility and market risk. While the Fund&#8217;s Derivatives Risk Management Program will include oversight and certain limits, leveraging the fund to a higher degree increases the potential for significant losses during periods of market stress or when asset prices move against its investments. Furthermore, any breach of its leverage or risk limits could result in forced portfolio adjustments, liquidity constraints, or regulatory scrutiny. See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions</i></strong>&#8221; and &#8220;<strong><i>&#8212;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong>&#8221;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Additionally, if the Fund&#8217;s asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to declare dividends, incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of its investments to repay some debt or redeem shares of preferred shares when it is disadvantageous to do so. As such, the Fund might not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser&#8217;s and its Board&#8217;s assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that the Fund will be able to obtain credit at all or on terms acceptable to the Fund.</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.</p>
                </div>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#8217;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.</p>

              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

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                          <td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumed Return on the Fund&#8217;s Portfolio (Net of Expenses)</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td>
                          <td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>
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                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Corresponding return to common shareholder<sup>(1) </sup></span></span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(17.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10.22</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2.72</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.78</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.28</span></span></td>
                          <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td>
                        </tr>

                    </table>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px">

                        <tr style="vertical-align:top">
                          <td style="width:0.25in"></td>
                          <td style="width:0.25in;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1)</span></span></td>
                          <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</span></span></td>
                        </tr>

                    </table>
                  </div>
                </div>

              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Based on the Fund&#8217;s assumed leverage described above, its investment portfolio would have been required to experience an annual return of at least 1.81% to cover interest payments on its assumed indebtedness.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember', window );">Regulations governing the Fund&#8217;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#8217;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Regulations governing the Fund&#8217;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#8217;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may in the future issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which the Fund refers to collectively as &#8220;senior securities,&#8221; up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, the Fund will be permitted, as a registered closed-end management investment company, to issue senior securities representing indebtedness so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, is at least 300% after each issuance of such senior securities. In addition, the Fund will be permitted to issue preferred shares so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of its outstanding preferred shares, is at least 200% after each issuance of such preferred shares. If the value of its assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund&#8217;s leverage, repay a portion of its indebtedness or redeem outstanding preferred shares or debt, in each case at a time when doing so may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness or preferred dividends would not be available for distributions to its common shareholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred shares, the preferred shares would rank &#8220;senior&#8221; to common shares in its capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of its common shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might otherwise provide a premium price to holders of the Fund&#8217;s common shares or otherwise be in the Fund&#8217;s common shareholders&#8217; best interest.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund is not generally able to issue and sell its common shares at a price below its net asset value per common share, other than in connection with a rights offering to its existing shareholders. The Fund may, however, sell its common shares at a price below the then-current net asset value per common share if its Board determines that such sale is in the Fund&#8217;s and its shareholders&#8217; best interests, and the Fund&#8217;s shareholders approve such sale. In any such case, the price at which the Fund&#8217;s securities are to be issued and sold may not be less than a price that, in the determination of its Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common shares, then the percentage ownership of its shareholders at that time will decrease, and existing shareholders may experience dilution.</p>
          </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember', window );">The Fund&#8217;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event of the Fund&#8217;s insolvency or bankruptcy, certain reverse repurchase agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay. In the event of the insolvency or bankruptcy of a lender during the term of a reverse repurchase agreement, the lender may be permitted, under applicable insolvency laws, to repudiate the contract, and the Fund&#8217;s claim against the lender for damages may be treated simply as an unsecured claim. In addition, if the lender is a broker or dealer subject to the Securities Investor Protection Act of 1970, or an insured depository institution subject to the Federal Deposit Insurance Act, the Fund&#8217;s ability to exercise its rights to recover its securities under a reverse repurchase agreement or to be compensated for any damages resulting from the lenders' insolvency may be further limited by those statutes. These claims would be subject to significant delay and costs to the Fund and, if and when received, may be substantially less than the damages the Fund actually incurs.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember', window );">The Fund&#8217;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Subject to maintaining its qualification as a RIC, the Fund may pursue various hedging strategies to seek to reduce its exposure to adverse changes in corporate credit spreads and corporate credit default rates (collectively, &#8220;<strong>corporate credit risks</strong>&#8221;) and interest rates. The Fund&#8217;s hedging activity is expected to vary in scope based on the level and volatility of corporate credit spreads and interest rates, the relative cost of protection against credit defaults, the types of CLO investments held, and other changing market conditions. Hedging may fail to protect or could adversely affect the Fund because, among other things:</p>
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                  <td>hedging of corporate credit risks and interest rates can be expensive, particularly during periods of higher and volatile credit spreads and interest rates;</td>
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                  <td>available corporate credit risk and interest rate hedges may not correspond directly, or be correlated in the manner desired with, the credit risk and interest rate risk for which protection is sought;</td>
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                  <td>many hedges are structured as over-the-counter contracts with counterparties whose creditworthiness is not guaranteed, raising the possibility that the hedging counterparty may default on their obligations;</td>
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                  <td>to the extent that the creditworthiness of a hedging counterparty deteriorates, it may be difficult or impossible to terminate or assign any hedging transactions with such counterparty to another counterparty;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules&#160;to reflect changes in market value and/or fair value. Downward adjustments (&#8220;<strong>mark-to-market losses</strong>&#8221;) would reduce the Fund&#8217;s earnings and its shareholders' equity;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>the Fund may fail to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the assets in the portfolio being hedged;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>the Adviser may fail to recalculate, re-adjust, and execute hedges in an efficient and timely manner; and</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td>the hedging transactions may actually result in poorer overall performance for the Fund than if it had not engaged in the hedging transactions.</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">For these and other reasons, the Fund&#8217;s hedging activity could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_HedgingInstrumentsAndOtherDerivativesIncludingSomeCreditDefaultSwapsMayNotInManyCasesMember', window );">Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Hedging instruments and other derivatives, including certain types of credit default swaps, involve risk because they may not, in many cases, be traded on exchanges or cleared on a CCP (as defined below). Consequently, for these instruments there may be less stringent requirements with respect to record keeping and compliance with applicable statutory and regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. The Adviser is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Furthermore, the Adviser has only a limited internal credit function to evaluate the creditworthiness of its counterparties, mainly relying on its experience with such counterparties and/or their general reputation as participants in these markets. Under the terms of many of the Fund&#8217;s derivatives transaction contracts, the business failure of a derivatives transaction counterparty with whom the Fund enters into a derivatives transaction will most likely result in a default under the governing agreement. Default by a party with whom the Fund enters into a derivatives transaction may result in losses and may force the Fund to re-initiate similar derivatives transactions with other counterparties at the then-prevailing market levels. Generally, the Fund will seek to reserve the right to terminate its derivatives transactions upon a counterparty&#8217;s insolvency, but absent an actual insolvency, the Fund may not be able to terminate a derivatives transaction without the consent of the derivatives transaction counterparty, and the Fund may not be able to assign or otherwise dispose of a derivatives transaction to another counterparty without the consent of both the original derivatives counterparty and the potential assignee. If the Fund terminates a derivatives transaction, the Fund may not be able to enter into a replacement contract in order to cover its risk. There can be no assurance that a liquid secondary market will exist for derivatives transactions purchased or sold, and therefore the Fund may be required to maintain any derivatives transaction until exercise or expiration, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In this regard, the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives to meet the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties. See &#8220;&#8212;<strong><i>The Fund&#8217;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral</i></strong>.&#8221;</p>
          </div>

            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, some portion of the Fund&#8217;s derivatives transactions may be cleared through a central counterparty clearinghouse (&#8220;<strong>CCP</strong>&#8221;), which the Fund accesses through a futures commission merchant (&#8220;<strong>FCM</strong>&#8221;). The Fund&#8217;s futures positions also are cleared with a CCP through an FCM. If an FCM that holds the Fund&#8217;s futures or cleared derivatives account were to become insolvent, the CCP will make an effort to move the Fund&#8217;s futures and cleared derivatives positions to an alternate FCM, though it is possible that no alternate FCM could be found to accept the Fund&#8217;s positions, which could result in a total cancellation of its positions in the account; in such a case, if the Fund wished to reinstate such positions, the Fund would have to re-initiate such positions with an alternate FCM. In addition, in the case of both futures and cleared derivatives, there could be knock-on effects of the Fund&#8217;s FCM&#8217;s insolvency, such as the failure of co-customers of the FCM or other FCMs of the same CCP. In such cases, there could be a shortfall in the funds available to the CCP due to such additional insolvencies and/or exhaustion of the CCP's guaranty fund that could lead to total loss of the Fund&#8217;s positions in the FCM account. Finally, the Fund faces a risk of loss (including total cancellation) of positions in the account in the event of fraud by its FCM or other FCMs of the CCP, where ordinary course remedies would not apply.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Using derivatives also subjects the Fund to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. Commodity Futures Trading Commission (&#8220;<strong>CFTC</strong>&#8221;) and certain commodity exchanges have established limits referred to as speculative position limits or position limits on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options. Limits on trading in options contracts also have been established by the various options exchanges. It is possible that trading decisions may have to be modified and that positions held may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could materially adversely affect the Fund&#8217;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundUseOfDerivativesMayExposeItToCounterpartyRiskPointMember', window );">The Fund&#8217;s use of derivatives may expose it to counterparty risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s use of derivatives may expose it to counterparty risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may enter into derivatives transactions that have not been cleared by a CCP. If a derivative counterparty cannot perform under the terms of the derivative contract, the Fund would not receive payments due under that agreement, the Fund may lose any unrealized gain associated with the derivative, and, in the case of a derivative used as a hedging instrument, the asset or liability being hedged would cease to be hedged by such instrument. If a derivative counterparty becomes insolvent or files for bankruptcy, the Fund may also be at risk for any collateral the Fund has pledged to such counterparty to secure its obligations under derivative contracts, and the Fund may incur significant costs in attempting to recover such collateral.</p>
          </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember', window );">The Fund engages in short selling transactions, which may subject it to additional risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund engages in short selling transactions, which may subject it to additional risks.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Certain of the Fund&#8217;s hedging transactions, and occasionally its investment transactions, may be short sales or short positions. Short selling may involve selling securities that are not owned and typically borrowing the same securities for delivery to the purchaser, with an obligation to repurchase the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. A short sale may create the risk of an unlimited loss, in that the price of the underlying security might theoretically increase without limit, thus increasing the cost of repurchasing the securities. There can be no assurance that securities sold short will be available for repurchase or borrowing. Market conditions, including lower liquidity in certain asset classes and derivatives, and increased short sale restrictions imposed by regulators during periods of financial stress, could limit the Fund&#8217;s ability to execute or maintain short positions effectively.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Repurchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby exacerbating the loss, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestmentsThatDenominatedInForeignCurrenciesMember', window );">The Fund&#8217;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s investments that are denominated in foreign currencies subject the Fund to foreign currency risk arising from fluctuations in exchange rates between such foreign currencies and the U.S. dollar. While the Fund currently attempts to hedge the vast majority of its foreign currency exposure, it may not always choose to hedge such exposure, or it may not be able to hedge such exposure. To the extent that the Fund is exposed to foreign currency risk, changes in exchange rates of such foreign currencies to the U.S. dollar could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Further, the Fund also invests in CLOs that hold non-U.S. assets, and the Fund expect that many of the CLO issuers in which it invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#8217;s rights in foreign jurisdictions.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember', window );">The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and </i></strong></span><strong><i>its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Other than a modification or waiver that would be deemed to be fundamental, the Board will have the authority to modify or waive its current operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies at any time without notice to or consent from its shareholders. As a result, the types or mix of assets, liabilities, or hedging transactions in the Fund&#8217;s portfolio may be different from, and possibly riskier than, the types or mix of assets, liabilities, and hedging transactions that the Fund has historically held, or that are otherwise described in this report. A change in the Fund&#8217;s strategy may increase its exposure to corporate credit asset values, credit spreads, interest rates, and other factors. Changes in the Fund&#8217;s investment strategy may also affect its ability to qualify as a RIC or cause the Fund to determine that it is not in the best interests of the Fund and its shareholders for it to continue to qualify as a RIC. The Fund&#8217;s Board determines its investment guidelines and its operational policies, and may amend or revise the Fund&#8217;s policies, including those with respect to its acquisitions, growth, operations, indebtedness, capitalization, and dividends or approve transactions that deviate from these policies without a vote of, or notice to, its shareholders. The Fund cannot predict the effect of any changes to its current operating policies, its investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies and any such changes could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundOperatesInHighlyCompetitiveMarketPointMember', window );">The Fund operates in a highly competitive market [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund operates in a highly competitive market.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s profitability depends, in large part, on its ability to acquire targeted assets at favorable prices. The Fund competes with a number of entities when acquiring its targeted assets, including other registered closed-end funds, public and private funds, investment banks, business development companies, hedge funds, private credit funds, structured credit funds, distressed debt funds, and mezzanine funds. Many of the Fund&#8217;s competitors are substantially larger and have considerably more favorable access to capital and other resources than the Fund does. Furthermore, new companies with significant amounts of capital have been formed or have raised additional capital, and may continue to be formed and raise additional capital in the future, and these companies may have objectives that overlap with the Fund&#8217;s, which may create competition for assets the Fund wishes to acquire. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund&#8217;s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of assets to acquire or pay higher prices than the Fund can. The Fund also may have different operating constraints from those of its competitors including, among others, (i)&#160;tax-, legal-, or accounting-driven constraints such as those arising from its qualification as a RIC, including asset diversification and distribution requirements, (ii)&#160;restraints imposed on the Fund by the 1940 Act as a registered closed-end fund and (iii)&#160;restraints and additional costs arising from the Fund&#8217;s status as a public company. Furthermore, competition for assets in the Fund&#8217;s targeted asset classes may lead to the price of such assets increasing, which may further limit its ability to generate desired returns. The competitive pressures the Fund faces could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_IncreaseInInterestRatesMayCauseDecreaseInIssuanceVolumesOfCertainOfFundTargetedAssetsMember', window );">An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#8217;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#8217;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Rising interest rates generally reduce the demand for corporate loans due to the higher cost of borrowing. A reduction in the volume of corporate loans originated may affect the volume of targeted assets available to the Fund, which could adversely affect the Fund&#8217;s ability to acquire assets that satisfy its investment objectives. If rising interest rates cause the Fund to be unable to acquire a sufficient volume of the Fund&#8217;s targeted assets with a yield that is above its borrowing cost, the Fund&#8217;s ability to satisfy its investment objectives and to generate income and pay dividends to its shareholders may be materially and adversely affected.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundAbilityToPayDividendsWillDependOnItsOperatingResultsItsFinancialConditionAndOtherFactorsAndFundMayNotBeAbleToPayDividendsAtFixedRateOrAtAllUnderCertainCircumstancesPointMember', window );">The Fund&#8217;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances [Member]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund intends to pay dividends to its shareholders in amounts such that the Fund distribute all or substantially all of each year's taxable income (subject to certain adjustments). This distribution policy will enable the Fund to avoid being subject to U.S. federal income tax on its RIC taxable income that the Fund distribute to its shareholders. However, the Fund&#8217;s ability to pay dividends will depend on its earnings, its financial condition and such other factors as its Board may deem relevant from time to time. The Fund will declare and pay dividends only to the extent approved by its Board.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>There are risks and conflicts of interests associated with the Performance Fee the Fund is obligated to pay </i></strong></span>the <strong><i>Adviser.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition to its Base Management Fee, the Adviser is entitled to receive the Performance Fee based, in large part, upon its achievement of targeted levels of Pre-Performance Fee Net Investment Income. The Performance Fee payable to the Adviser is based on the Fund&#8217;s Pre-Performance Fee Net Investment Income, without considering any realized or unrealized gains or losses on its investments. As a result, (i)&#160;for quarters in which a Performance Fee is payable, such Performance Fee will exceed 17.5% of the Fund&#8217;s GAAP net income if the Fund generated net realized and unrealized losses on its investments during such quarter, (ii)&#160;the Adviser could earn a Performance Fee for fiscal quarters during which the Fund generates a GAAP net loss, and (iii)&#160;the Adviser might be incentivized to manage the Fund&#8217;s portfolio using higher risk assets, using assets with deferred interest features, or using more financial leverage through indebtedness, to generate more income than would be the case if there were no Performance Fee, both of which could result in higher investment losses, especially during economic downturns.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Performance Fee is calculated quarterly, treating each quarter in isolation. As a result, the Hurdle Amount does not accumulate from quarter to quarter, and decreases in the Fund&#8217;s Net Asset Value of Common Equity, such as those due to unrealized losses, will reduce the Hurdle Amount, potentially making it easier for the Adviser to earn a Performance Fee. The Fund will not have the ability to claw back, delay, or adjust the payment of any Performance Fee based on financial results in prior or subsequent quarters. In addition, over a series of quarters, if the Fund&#8217;s Pre-Performance Fee Net Investment Income is positive in some quarters but negative in others, it is likely, when viewing the series of quarters as a whole, for the aggregate Performance Fee payable to the Adviser to exceed 17.5% of its aggregate Pre-Performance Fee Net Investment Income.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a conflict of interest related to management&#8217;s involvement in many accounting determinations (including but not limited to valuations, which affect the calculation of the Hurdle Amount, and calculations of interest income) that can affect the Fund&#8217;s Performance Fee.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Finally, because the Hurdle Rate does not float with overall interest rates, an increase in interest rates will likely make it easier for Pre-Performance Fee Net Investment Income to exceed the Hurdle Amount. The Performance Fee Catch-Up feature (which provides that if the Fund&#8217;s Pre-Performance Fee Net Investment Income for a quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#8217;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount is payable to the Adviser with respect to such quarter) may also cause the Fund&#8217;s Adviser to capture a disproportionate share of any increase in the Fund&#8217;s investment income resulting from higher interest rates.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is dependent on the Adviser and certain key personnel of Ellington that are provided to the Fund through the Adviser and may not find a suitable replacement if the Adviser terminates the Investment Advisory Agreement or such key personnel are no longer available to the Fund.</i></strong></p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund does not have any employees of its own. The Fund&#8217;s officers are employees of Ellington or one or more of its affiliates. The Fund has no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation of its operating policies and execution of its business strategies and risk management practices. The Fund also depends on the Adviser&#8217;s access to the professionals of Ellington as well as information and deal flow generated by Ellington. The employees of Ellington identify, evaluate, negotiate, structure, close, and monitor the Fund&#8217;s portfolio. The departure of any of the senior officers of the Adviser, or of a significant number of investment professionals of Ellington or the inability of such personnel to perform their duties due to acts of God, pandemics such as the COVID-19 pandemic, war or other geopolitical conflict, terrorism, elevated inflation, high energy costs, social unrest, or civil disturbances, could have a material adverse effect on the Fund&#8217;s ability to achieve its objectives. The Fund can offer no assurance that the Adviser will remain investment adviser or that the Fund will continue to have access to the Adviser&#8217;s senior management. The Fund is subject to the risk that the Adviser will terminate the Investment Advisory Agreement or that the Fund may deem it necessary to terminate the Investment Advisory Agreement or prevent certain individuals from performing services for the Fund and that no suitable replacement will be found to manage the Fund.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>There are risks and conflicts of interests associated with the Base Management Fee the Fund is obligated to pay the Adviser.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund pays the Adviser a Base Management Fee based on the Fund&#8217;s Net Asset Value, regardless of the performance of the Fund&#8217;s portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund&#8217;s portfolio, which could result in worse performance for the Fund&#8217;s portfolio and could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, the participation of the Adviser (including the Adviser&#8217;s investment professionals) in the Fund&#8217;s valuation process, and the financial interest of the Fund&#8217;s interested trustees in the Adviser, creates a conflict of interest as the Base Management Fee payable to the Adviser is based, in part, on the Fund&#8217;s Net Asset Value.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Board has approved a very broad investment strategy and will generally not review or approve the decisions made by the Adviser to acquire, dispose of, or otherwise manage an asset.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Adviser is authorized to follow a very broad strategy in pursuing the Fund&#8217;s investment objectives. While the Fund&#8217;s Board periodically reviews the Fund&#8217;s investment strategy and the Adviser&#8217;s portfolio and asset-management decisions, it generally does not review the Fund&#8217;s proposed acquisitions, dispositions, and other management decisions. In addition, in conducting periodic reviews, the Board relies primarily on information provided to them by the Adviser. Furthermore, the Adviser may arrange for the Fund to use complex strategies or to enter into complex transactions that may be difficult or impossible to unwind by the time they are reviewed by the Board. The Adviser has great latitude in determining the types of assets it may decide are proper for the Fund to acquire, and in connection with other decisions with respect to the management of those assets. Poor decisions could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund competes with Ellington&#8217;s other accounts for access to Ellington and for opportunities to acquire assets.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Ellington has sponsored and/or currently manages accounts with a focus that overlaps with the Fund&#8217;s investment focus and expects to continue to do so in the future. Ellington is not restricted in any way from sponsoring or accepting capital from new accounts, even for investing in asset classes or strategies that are similar to, or overlapping with, the Fund&#8217;s asset classes or strategies. Therefore, the Fund competes for access to the benefits that its relationship with the Adviser and Ellington provides the Fund. For the same reasons, the personnel of Ellington and the Adviser may be unable to dedicate a substantial portion of their time to managing the Fund&#8217;s assets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Further, to the extent that the Fund&#8217;s targeted assets are also targeted assets of other Ellington accounts, the Fund will compete with those accounts for opportunities to acquire assets. Ellington has no duty to allocate such opportunities in a manner that preferentially favors the Fund. Ellington makes available to the Fund all opportunities to acquire assets that it determines, in its reasonable and good faith judgment, based on the Fund&#8217;s objectives, policies and strategies, and other relevant factors, are appropriate for the Fund in accordance with Ellington&#8217;s written investment allocation policy, it being understood that the Fund might not participate in each such opportunity, but will equitably participate with Ellington's other accounts in such opportunities on an overall basis.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Since many of the Fund&#8217;s targeted assets are typically available only in specified quantities and are also targeted assets for other Ellington accounts, Ellington often is not able to buy as much of any asset or group of assets as would be required to satisfy the needs of all of Ellington&#8217;s accounts. In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital. As part of these policies, accounts that are in a &#8220;start-up&#8221; or &#8220;ramp-up&#8221; phase may get allocations above their proportion of available capital, which could work to the Fund&#8217;s disadvantage, particularly because there are no limitations surrounding Ellington's ability to create new accounts. In addition, the policies permit departure from proportional allocations under certain circumstances, for example when such allocation would result in an inefficiently small amount of the security or assets being purchased for an account, which may also result in the Fund not participating in certain allocations.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ThereAreOtherConflictsOfInterestInFundRelationshipsWithAdviserAndEllingtonWhichCouldResultInDecisionsThatAreNotInBestInterestsOfFundShareholdersPointMember', window );">There Are Other Conflicts Of Interest In Fund Relationships With Adviser And Ellington Which Could Result In Decisions That Are Not In Best Interests Of Fund Shareholders Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>There are other conflicts of interest in </i></strong></span><strong><i>the Fund&#8217;s relationships with the Adviser and Ellington, which could result in decisions that are not in the best interests of the Fund&#8217;s shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund is subject to conflicts of interest arising out of its relationship with Ellington and the Adviser. Certain of the Fund&#8217;s executive officers and trustees are employees of Ellington or one or more of its affiliates. As a result, the Adviser and its officers may have conflicts between their duties to the Fund and their duties to, and interests in, Ellington or the Adviser. For example, Mr.&#160;Penn, the Fund&#8217;s President and Chief Executive Officer and one of the Fund&#8217;s trustees, also serves as the President and Chief Executive Officer of, and as a member of the Board of Directors of, Ellington Financial Inc., and Vice Chairman and Chief Operating Officer of Ellington. Mr.&#160;Vranos, one of the Fund&#8217;s trustees and one of the Fund&#8217;s portfolio managers, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and Chairman of Ellington. Mr.&#160;Borenstein, a managing director at Ellington and one of the Fund&#8217;s portfolio managers, Mr.&#160;Tecotzky, the Fund&#8217;s Executive Vice President, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and as Vice Chairman of Ellington. Mr.&#160;Smernoff, the Fund&#8217;s Chief Financial Officer, also serves as the Chief Accounting Officer of Ellington Financial Inc. Mr.&#160;Herlihy, the Fund&#8217;s Chief Operating Officer, also serves as the Chief Financial Officer of Ellington Financial Inc., and as a Managing Director of Ellington.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund may acquire or sell assets in which Ellington or its affiliates have or may have an interest. Similarly, Ellington or its affiliates may acquire or sell assets in which the Fund has or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, the Fund nonetheless may pursue and consummate such transactions. Additionally, the Fund may engage in transactions directly with Ellington or its affiliates, including the purchase and sale of all or a portion of a portfolio asset.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Acquisitions made for entities with similar objectives may be different from those made on the Fund&#8217;s s behalf. Ellington may have economic interests in, or other relationships with, others in whose obligations or securities the Fund may acquire. In particular, such persons may make and/or hold an investment in securities that the Fund acquires that may be pari passu, senior, or junior in ranking to its interest in the securities or in which partners, security holders, officers, directors, agents, or employees of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities and otherwise create conflicts of interest. In such instances, Ellington may, in its sole discretion, make recommendations and decisions regarding such securities for other entities that may be the same as or different from those made with respect to such securities and may take actions (or omit to take actions) in the context of these other economic interests or relationships the consequences of which may be adverse to the Fund&#8217;s interests.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In deciding whether to issue additional debt or equity securities, the Fund will rely in part on recommendations made by the Adviser. While such decisions are subject to the approval of the Board, two of the Fund&#8217;s trustees are Interested Trustees. Because the Adviser earns Base Management Fees that are based on the total amount of its equity capital, and because the Adviser earns Performance Fees that would be expected to increase should the Fund&#8217;s equity capital increase, the Adviser may have an incentive to recommend that the Fund issue additional equity securities. Future offerings of debt securities, which would rank senior to the Fund&#8217;s common shares upon liquidation, and future offerings of equity securities which would dilute the common share holdings of its existing shareholders and may be senior to its common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#8217;s common shares.</p>
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            <div>&#160;</div>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and Ellington and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and Ellington employees, other entities that Ellington advises or manages will likewise require greater focus and attention, placing the Adviser and Ellington's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if Ellington or its affiliates did not act as a manager for other entities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund, directly or through Ellington, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund does possess confidential information about such companies or securities, there may be restrictions on its ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser's and Ellington&#8217;s management of other accounts could create a conflict of interest to the extent the Adviser or Ellington is aware of material non-public information concerning potential investment decisions. For example, an Ellington affiliate&#8217;s membership in a loan syndicate or on a loan borrower&#8217;s creditors&#8217; committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund&#8217;s operations. These limitations imposed by access to confidential information could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_AdviserLiabilityIsLimitedUnderInvestmentAdvisoryAgreementAndFundHasAgreedToIndemnifyAdviserAgainstCertainLiabilitiesMember', window );">Adviser Liability Is Limited Under Investment Advisory Agreement And Fund Has Agreed To Indemnify Adviser Against Certain Liabilities [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser&#8217;s liability is limited under the Investment Advisory Agreement, and the Fund has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Fund&#8217;s behalf than it would when acting for its own account.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Fund&#8217;s Board in following or declining to follow the Adviser&#8217;s advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#8217;s duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#8217;s duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund&#8217;s behalf than it would when acting for its own account.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Adviser may fail to identify and acquire assets that meet the Fund&#8217;s asset criteria or perform its responsibilities under the Investment Advisory Agreement could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to achieve its objectives depends on the Adviser&#8217;s ability to identify and acquire assets that meet the Fund&#8217;s asset criteria. Accomplishing the Fund&#8217;s objectives is largely a function of the Adviser&#8217;s structuring of the Fund&#8217;s investment process, its access to financing on acceptable terms, and general market conditions. The Fund&#8217;s shareholders do not have input into the investment decisions. All of these factors increase the uncertainty, and thus the risk, of investing in the Fund&#8217;s common shares. The senior management team of the Adviser has substantial responsibilities under the Investment Advisory Agreement. In order to implement certain strategies, the Adviser may need to hire, train, supervise, and manage new employees successfully. Any failure to manage the Fund&#8217;s future growth effectively could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders and its ability to maintain its qualification as a RIC.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_IfAdviserCeasesToBeAdviserOrOneOrMoreOfAdvisersKeyPersonnelCeasesToProvideServicesToFundFundLendersAndItsDerivativeCounterpartiesMayCeaseDoingBusinessWithFundPointMember', window );">If Adviser Ceases To Be Adviser Or One Or More Of Adviser's Key Personnel Ceases To Provide Services To Fund Fund Lenders And Its Derivative Counterparties May Cease Doing Business With Fund Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If the Adviser ceases to be the Adviser or one or more of the Adviser's key personnel ceases to provide services to the Fund, the Fund&#8217;s lenders and its derivative counterparties may cease doing business with the Fund.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the Adviser ceases to be the Adviser, including upon the non-renewal of the Investment Advisory Agreement, or if one or more of the Adviser&#8217;s key personnel cease to provide services for the Fund, it could constitute an event of default or early termination event under many of the Fund&#8217;s reverse repurchase agreement financing and derivative hedging agreements, upon which the relevant counterparties would have the right to terminate their agreements with the Fund. If the Adviser ceases to be the Adviser for any reason, including upon the non-renewal of its Investment Advisory Agreement, and the Fund is unable to obtain or renew financing or enter into or maintain derivative transactions, it could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundDoesNotOwnEllingtonBrandOrTrademarkButMayUseBrandAndTrademarkAsWellAsItsLogoPursuantToTermsOfLicenseGrantedByEllingtonPointMember', window );">Fund Does Not Own Ellington Brand Or Trademark But May Use Brand And Trademark As Well As Its Logo Pursuant To Terms Of License Granted By Ellington Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund does not own the Ellington brand or trademark but may use the brand and trademark as well as its logo pursuant to the terms of a license granted by Ellington.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Ellington has licensed the &#8220;Ellington&#8221; brand, trademark, and logo to the Fund for so long as the Adviser or another affiliate of Ellington continues to act as its investment adviser. The Fund does not own the brand, trademark, or logo that the Fund will use in its business and may be unable to protect this intellectual property against infringement from third parties. Ellington retains the right to continue using the &#8220;Ellington&#8221; brand and trademark. The Fund will further be unable to preclude Ellington from licensing or transferring the ownership of the &#8220;Ellington&#8221; brand and trademark to third parties, some of whom may compete against the Fund. Consequently, the Fund will be unable to prevent any damage to goodwill that may occur as a result of the activities of Ellington or others. Furthermore, in the event the Adviser or another affiliate of Ellington ceases to act as the Fund&#8217;s investment adviser, or in the event Ellington terminates the license, the Fund will be required to change its name and trademark. Any of these events could disrupt the Fund&#8217;s recognition in the marketplace, damage any goodwill the Fund may have generated, and otherwise harm its business. Finally, the license is a domestic license in the United States only and does not give the Fund any right to use the &#8220;Ellington&#8221; brand, trademark, and logo overseas even though the Fund expects to use the brand, trademark, and logo overseas. The Fund&#8217;s use of the &#8220;Ellington&#8221; brand, trademark and logo overseas will therefore be unlicensed and could expose the Fund to a claim of infringement.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values, for sustained periods of time, and there can be no assurance that the market price of the Fund&#8217;s common shares will not decline below the Fund&#8217;s net asset value per common share.</i></strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values and the Fund&#8217;s stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that the Fund&#8217;s net asset value per common share may decline. The Fund cannot predict whether its common shares will trade above, at, or below its Net Asset Value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common shares purchased in an offering soon after such offering. In addition, if the Fund&#8217;s common shares trade below its Net Asset Value, the Fund will not be able to sell additional common shares to the public at its market price except (i) in connection with a rights offering to the Fund&#8217;s existing shareholders, (ii) with the consent of the majority of the Fund&#8217;s shareholders, (iii) upon the conversion of a convertible security in accordance with its terms or (iv) under such circumstances as the SEC may permit.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundShareholdersMayNotReceiveDividendsOrDividendsMayNotGrowOverTimePointMember', window );">Fund Shareholders May Not Receive Dividends Or Dividends May Not Grow Over Time Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s shareholders may not receive dividends or dividends may not grow over time.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The declaration, amount, nature, and payment of any future dividends on the Fund&#8217;s common shares are at the sole discretion of its Board. Under Delaware law, cash dividends on a company&#8217;s capital stock may only be paid if, after payment, the company will be able to pay its debts as they become due in the ordinary course of business; and the company&#8217;s assets will be greater than its liabilities, plus, unless the charter permits otherwise, the amount that would be needed, if the company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights on dissolution are superior to those receiving the distribution. Further, even if the Fund is permitted to pay a dividend under Delaware law, the Fund may not have sufficient cash to pay dividends on its common shares. In addition, in order to preserve the Fund&#8217;s liquidity, its Board may not declare a dividend at all or declare all or any portion of a dividend to be payable in stock, may delay the record date or payment date for any previously declared, but unpaid, dividend, convert a previously declared, but unpaid, cash dividend on the Fund&#8217;s common shares to a dividend paid partially or completely in common shares, or even revoke a declared, but unpaid, dividend.</p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s ability to pay dividends may be impaired if any of the risks described in this prospectus, or any of the Fund&#8217;s other periodic or current reports filed with the SEC, were to occur. In addition, payment of dividends depends upon the Fund&#8217;s earnings, liquidity, financial condition, the RIC distribution requirements, its financial covenants, and other factors that the Board may deem relevant from time to time. There can be no assurance that the Fund&#8217;s business will generate sufficient cash flow from operations or that future borrowings or other capital will be available to the Fund in an amount sufficient to enable the Fund to make distributions on its common shares, to pay its indebtedness, or to fund other liquidity needs. The Board will continue to assess the dividend rate on its common shares on an ongoing basis, as market conditions and its financial position continue to evolve. The Board is under no obligation to declare any dividend distribution. There can be no assurance that the Fund will achieve results that will allow it to pay a specified level of dividends or to increase dividends from one period to the next.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_AnIncreaseInInterestRatesMayHaveAdverseEffectOnMarketPriceOfFundCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember', window );">An Increase In Interest Rates May Have Adverse Effect On Market Price Of Fund Common Shares And Its Ability To Pay Dividends To Its Shareholders Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>An increase in interest rates may have an adverse effect on the market price of the Fund&#8217;s common shares and its ability to pay dividends to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">One of the factors that investors may consider in deciding whether to buy or sell the Fund&#8217;s common shares is its dividend rate (or expected future dividend rate) as a percentage of its common share price, relative to market interest rates. If market interest rates increase or do not decline from their current levels, prospective investors may demand a higher dividend rate on the Fund&#8217;s common shares or seek alternative investments paying higher dividends or interest. There can be no assurance that the Fund will achieve results that will allow it to increase its dividend rate in response to market interest rate increases. As a result, interest rate fluctuations and capital market conditions can affect the market price of the Fund&#8217;s common shares independent of the effects such conditions may have on its portfolio. For instance, if interest rates rise without an increase in the Fund&#8217;s dividend rate, the market price of its common shares could decrease because potential investors may require a higher dividend yield on its common shares as market rates on interest-bearing instruments such as bonds rise. In addition, to the extent the Fund has variable rate debt, such as its reverse repurchase agreement financing, rising interest rates would result in increased interest expense on this variable rate debt, which might not be offset by increased interest income, and thereby adversely affecting the Fund&#8217;s cash flow and its ability to service its indebtedness and pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_InvestingInFundCommonSharesInvolvesHighDegreeOfRiskPointMember', window );">Investing In Fund Common Shares Involves High Degree Of Risk Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investing in the Fund&#8217;s common shares involves a high degree of risk.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The assets the Fund purchase in accordance with its objectives may result in a higher amount of risk than other alternative asset acquisition options. The assets the Fund acquires may be highly speculative and aggressive and may be subject to a variety of risks, including credit risk, prepayment risk, interest rate risk, and market risk. As a result, an investment in the Fund&#8217;s common shares may not be suitable for investors with lower risk tolerance.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_IfFundIssuesPreferredSharesDebtSecuritiesOrConvertibleDebtSecuritiesNetAssetValueOfItsCommonSharesMayBecomeMoreVolatilePointMember', window );">If Fund Issues Preferred Shares Debt Securities Or Convertible Debt Securities Net Asset Value Of Its Common Shares May Become More Volatile Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>If the Fund issues preferred shares, debt securities or convertible debt securities, its net asset value per common share may become more volatile.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund cannot assure shareholders that the issuance of preferred shares and/or debt securities would result in a higher yield or return to the shareholders. The issuance of preferred shares, debt securities and/or convertible debt would likely cause the Fund&#8217;s net asset value per common share to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to approach the net rate of return on the Fund&#8217;s investment portfolio, the benefit of leverage to shareholders would be reduced. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to exceed the net rate of return on the Fund&#8217;s portfolio, the use of leverage would result in a lower rate of return to shareholders than if the Fund had not issued the preferred shares or debt securities. Any decline in the value of its investment would be borne entirely by the holders of the Fund&#8217;s common shares. Therefore, if the market value of the Fund&#8217;s portfolio were to decline, the leverage would result in a greater decrease in the Fund's net asset value per common share than if the Fund were not leveraged through the issuance of preferred shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a risk that, in the event of a sharp decline in the value of its net assets, the Fund would be in danger of: (i)&#160;failing to maintain the required asset coverage ratios which may be required by the preferred shares, debt securities, convertible debt or units, or by the 1940 Act; (ii)&#160;a downgrade in the ratings of the preferred shares, debt securities, convertible debt or units, if such instruments were rated; or (iii)&#160;the Fund&#8217;s current investment income not being sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. If the Fund does not maintain its required asset coverage ratios, the Fund may not be permitted to declare dividends which could violate its distribution requirements and fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. In order to counteract such an event, the Fund might need to liquidate investments in order to fund redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, the Fund would pay (and the holders of its common shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt or any combination of these securities. Holders of preferred shares, debt securities or convertible debt may have different interests than holders of common shares and may, at times, have disproportionate influence over the Fund&#8217;s affairs.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_HoldersOfAnyPreferredSharesThatFundMayIssueWouldHaveRightToElectMembersOfBoardAndHaveClassVotingRightsOnCertainMattersPointMember', window );">Holders Of Any Preferred Shares That Fund May Issue Would Have Right To Elect Members Of Board And Have Class Voting Rights On Certain Matters Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Holders of any preferred shares that the Fund may issue would have the right to elect members of the Board and have class voting rights on certain matters.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The 1940 Act requires that holders of shares of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CreditRatingAssignedByRatingAgencyToFundMember', window );">Credit Rating Assigned By Rating Agency To Fund [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>A downgrade, suspension or withdrawal of any future credit rating assigned by a rating agency to the Fund or any future issuances of preferred shares or debt securities, if any, or change in the debt markets could cause the liquidity or market value of the Fund&#8217;s preferred shares or debt securities to decline significantly.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Any credit rating to the Fund would be an assessment by rating agencies of the Fund&#8217;s ability to pay its debts when due. Consequently, real or anticipated changes in any credit ratings will generally affect the market value of any issuances of preferred shares or debt securities. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Fund&#8217;s preferred shares and debt securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither the Fund nor any underwriter undertakes any obligations to obtain or maintain any credit ratings or to advise holders of its preferred shares or debt securities of any changes in any credit ratings. There can be no assurance that any credit ratings will be assigned to the Fund or remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if, in their judgment, future circumstances relating to the basis of the credit rating, such as adverse changes in the Fund, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Fund&#8217;s preferred shares and debt securities.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember', window );">Fatca Withholding May Apply To Payments To Certain Foreign Entities Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>FATCA withholding may apply to payments to certain foreign entities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Payments made under the Fund&#8217;s securities to a foreign financial institution (&#8220;<strong>FFI</strong>&#8221;), or non-financial foreign entity (&#8220;<strong>NFFE</strong>&#8221;) (including such an institution or entity acting as an intermediary), may be subject to a U.S. withholding tax of 30% under FATCA. This withholding tax may apply to certain payments of interest on the Fund&#8217;s debt securities or dividends on its shares unless the FFI or NFFE complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any of the Fund&#8217;s debt securities or shares are held, the holder could be subject to this 30% withholding tax in respect of any interest paid on its debt securities or dividends on its shares. Investors should consult their own tax advisors regarding FATCA and how it may affect an investment in the Fund&#8217;s securities.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundHasLimitedPriorOperatingHistoryAsClosedEndInvestmentCompanyPointMember', window );">Fund Has Limited Prior Operating History As Closed End Investment Company Point [Member]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund has a limited prior operating history as a closed-end investment company.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund was recently reorganized as an externally managed, non-diversified, closed-end management investment company with a limited prior operating history as such. As a result, the Fund&#8217;s current and historical financial information may not be suitable for evaluating an investment in the Fund as a closed-end management investment company. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of an investment in the Fund could decline substantially or become worthless. As the Fund finalizes the rotation of its investment portfolio out of agency mortgage-backed securities and into CLOs, the Fund could invest some of its capital in temporary investments, including, but not limited to, cash and cash equivalents, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.</p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">From January&#160;1, 2024 through March&#160;31, 2025, the Fund operated as a C-Corporation and focused on investments in both corporate collateralized loan obligations and agency mortgage-backed securities. Prior to January&#160;1, 2024, the fund operated as a real estate investment trust focusing on agency mortgage-backed securities.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s shareholders&#8217; ability to control the Fund&#8217;s operations is severely limited.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Board has approval rights with respect to the Fund&#8217;s major strategies, including strategies regarding investments, financing, growth, debt capitalization, compliance with the 1940 Act, RIC qualification and distributions. The Board may amend or revise these and other strategies without a vote of its shareholders, subject to such amendments or revisions not being fundamental.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_CertainProvisionsOfDelawareStatutoryTrustActAndFundDeclarationOfTrustMember', window );">Certain Provisions Of Delaware Statutory Trust Act And Fund Declaration Of Trust [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Certain provisions of the Delaware Statutory Trust Act and the Fund&#8217;s Declaration of Trust and Bylaws could deter takeover attempts and have an adverse impact on the price of its common shares.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Delaware Statutory Trust Act, the Fund&#8217;s declaration of trust and its bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for the Fund. The Control Share Statute is a provision of the Delaware Statutory Trust Act that limits the voting rights of shares held in excess of certain specified thresholds.&#160;<strong><i>See &#8220;Description of the Fund&#8217;s Securities&#8212;Certain Aspects of the Delaware Control Share Statute.&#8221;</i></strong>&#160;In addition, certain provisions in the Declaration of Trust impose limits on the rights of shareholders with respect to bringing claims against or on behalf of the Fund.&#160;<strong><i>See &#8220;Description of the Fund&#8217;s Securities&#8212;Anti-Takeover Provisions in the Declaration of Trust.&#8221;</i></strong>&#160;Further, the Fund&#8217;s bylaws contain a provision requiring advance notice of shareholder nominees for trustee.</span></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Notwithstanding the foregoing, through the inclusion of Section 10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#8220;opted-out&#8221; of the Control Share Statute.</span></span></p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s authorized but unissued common and preferred shares may prevent a change in its control.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust authorizes the Fund to issue an unlimited number of shares, including common shares and preferred shares. In addition, the Board, without shareholder approval, may classify or reclassify any unissued common shares or preferred shares, may set the preferences, rights and other terms of the classified or reclassified shares and, with respect to the establishment of the terms of such preferred shares, may amend the declaration of trust as they deem necessary or appropriate. As a result, among other things, the Board may establish a class or series of common shares or preferred shares that could delay or prevent a transaction or a change in control of the Fund that might involve a premium price for its common shares or otherwise be in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong><i>The Fund&#8217;s rights and the rights of its shareholders to take action against its trustees and officers or against </i></strong></span><strong><i>the Adviser or Ellington are limited, which could limit shareholders&#8217; recourse in the event actions are taken that are not in shareholders&#8217; best interests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust limits the liability of its present and former trustees and officers to the Fund and its shareholders or any other person or entity for money damages other than liability arising from (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. The Fund&#8217;s declaration of trust limits the liability of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust requires the Fund to indemnify each of its present and former trustees and officers against any liabilities and expenses incurred in connection with actions taken by such trustee or officer in those capacities except with respect to any matter as to which he or she has not acted in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which he or she had reasonable cause to believe that the conduct was unlawful and provided that no trustee or officer shall be indemnified against any liability to any person or entity or any expense of such trustee or officer arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. Further, no indemnification shall be made unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction that such trustee or officer is entitled to indemnification or, (ii)&#160;in the absence of such a decision, by (1)&#160;a majority vote of a quorum of trustees who are neither &#8220;Interested Persons&#8221; (as defined in the 1940 Act) of the Trust nor parties to the proceeding, that such trustee or officer is entitled to indemnification, or (2)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that such trustee or officer should be entitled to indemnification. The Fund&#8217;s declaration of trust requires indemnification of the Fund&#8217;s present and former trustees and officers to the maximum extent permitted under applicable law. In addition, the Fund is obligated to pay or reimburse the expenses incurred by its present and former trustees and officers if certain conditions are satisfied.</p>
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            <div>&#160;</div>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">As a result, the Fund and its shareholders may have more limited rights against its present and former trustees and officers than might otherwise exist absent the current provisions in its declaration of trust or that might exist with other companies, which could limit recourse available to shareholders in the event actions are taken that are not in shareholders&#8217; best interest.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s declaration of trust contains provisions that make removal of its trustees difficult, which could make it difficult for its shareholders to effect changes to its management.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s declaration of trust provides that, subject to the rights of holders of any series of preferred shares, a trustee may be removed only for cause, and only by action taken by a majority of the remaining Trustees. Vacancies generally may be filled only by a majority of the remaining trustees in office, even if less than a quorum, for the full term of the class of trustees in which the vacancy occurred. These requirements make it more difficult to change the Fund&#8217;s management by removing and replacing trustees and may prevent a change in its control that is in the best interests of its shareholders.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Legal and regulatory changes</i></span>. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations that could adversely affect the Fund may be imposed by the Commodity Futures Trading Commission, or the &#8220;<strong>CFTC</strong>,&#8221; the SEC, the U.S. Federal Reserve and the other Central Banks, other banking regulators, other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets. In particular, these agencies are empowered to promulgate a variety of new rules&#160;pursuant to recently enacted financial reform legislation in the United States and the countries which they operate in. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules&#160;by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund&#8217;s investment focus shifting from the areas of expertise of the investment team to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund&#8217;s results of operations and the value of an investment in the Fund.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Relief from Registration as Commodity Pool Operator</i></span>.&#160;With respect to the Fund&#8217;s operation, the Adviser has claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; pursuant to CFTC Rule&#160;4.5, which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include: (i)&#160;&#8220;bona fide hedging&#8221; transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#8217;s assets committed to margin and option premiums; and (ii)&#160;non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a)&#160;the sum of the amount of initial margin and premiums required to establish the Fund&#8217;s commodity interest positions would exceed 5% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b)&#160;the aggregate net notional value of the Fund&#8217;s commodity interest positions would exceed 100% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the event the Fund fails to qualify the Adviser for the exclusion, and the Adviser is required to register as a &#8220;commodity pool operator&#8221; in connection with serving as its investment adviser and becomes subject to additional disclosure, recordkeeping and reporting requirements, its expenses may increase. The Fund currently intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Derivative Investments</i></span>.&#160;The derivative investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the &#8220;<strong>Dodd-Frank Act</strong>,&#8221; require certain standardized derivatives to be executed on a regulated market and cleared through a CCP, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The &#8220;<strong>Derivatives Rule</strong>&#8221; (i.e., Rule&#160;18f-4 under the 1940 Act) regulates and, in some cases limits, the use of derivatives, reverse repurchase agreements, and certain other transactions by funds registered under the 1940 Act. Unless the Fund qualifies as a &#8220;<strong>limited derivatives user</strong>,&#8221; as defined in the Derivatives Rule, the Fund is required to establish a comprehensive Derivatives Risk Management Program, to comply with certain value-at-risk based leverage limits and reporting requirements, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding the Fund&#8217;s derivatives positions. Even if the Fund did qualify as a limited derivatives user, the Derivatives Rule&#160;would still require the Fund to have policies and procedures to manage its derivatives risk and limit its derivatives exposure. Under the Derivatives Rule, when the Fund trades reverse repurchase agreements or similar financing transactions, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating its asset coverage ratio or treat all such transactions as derivatives transactions. The Derivatives Rule&#160;also provides special treatment for reverse repurchase agreements and similar financing transactions. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions&#8221; subject to the requirements of the Derivatives Rule&#160;or as senior securities equivalent to bank borrowings for purposes of Section&#160;18 of the 1940 Act.&#160;The Fund has elected to treat reverse repurchase agreements and similar financing transactions as &#8220;derivatives transactions.&#8221; See &#8220;<strong><i>Summary&#8212;Financing and Hedging Strategy&#8212;Derivative Transactions.</i></strong>&#8221;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The SEC also has provided guidance in connection with the Derivatives Rule&#160;regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i)&#160;the Fund intend to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#8220;<strong>Delayed-Settlement Securities Provision</strong>&#8221;). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#8220;derivatives transaction&#8221; for purposes of compliance with the Derivatives Rule. Furthermore, under the Derivatives Rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may increase the cost of the Fund&#8217;s investments and cost of doing business.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>European Credit Derivatives</i></span>. Furthermore, the E.U. Regulation No 648/2012 on over the counter (&#8220;<strong>OTC</strong>&#8221;) derivatives, central counterparties and trade repositories (also known as the European Market Infrastructure Regulation (&#8220;<strong>EMIR</strong>&#8221;), which came into force on 16 August&#160;2012, introduced uniform requirements in respect of OTC derivative transactions by requiring certain &#8220;eligible&#8221; OTC derivative transactions to be submitted for clearing to regulated central clearing counterparties and by mandating the reporting of certain details of derivative transactions to trade repositories. In addition, EMIR imposes requirements for appropriate procedures and arrangements to measure, monitor and mitigate operational and counterparty credit risk in respect of OTC derivatives contracts which are not subject to mandatory clearing. These requirements include the exchange of margin and, where initial margin is exchanged, its segregation by the parties, including by the Fund. While many of the obligations under EMIR have already come into force, the requirement to submit certain OTC derivative transactions to central clearing counterparties and the margin requirements for non- cleared OTC derivative transactions are subject to a staggered implementation timeline. It is not yet fully clear how the OTC derivatives market will adapt to the new regulatory regime. Accordingly, it is difficult to predict the full impact of EMIR on the Fund, which may include an increase in the overall costs of entering into and maintaining OTC derivative contracts. Prospective investors should be aware that the regulatory changes arising from EMIR and other similar regulations may in due course adversely affect the Fund&#8217;s ability to adhere to its hedging policy and achieve its objectives.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Volcker Rule</i></span>.&#160;Section&#160;619 of the Dodd-Frank Act, commonly referred to as the &#8220;Volcker Rule,&#8221; generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund (&#8220;<strong>covered funds</strong>&#8221;), which has been broadly defined in a way which could include many CLOs. Although certain CLOs are exempt from &#8220;covered fund&#8221; status and amendments to the Volcker Rule&#160;have eased the ability of CLOs to meet those exemptions, any future changes to the Volcker Rule&#160;that further limit banking entities&#8217; ability to invest in CLOs may adversely affect the market value or liquidity of any or all of the investments held by the Fund. It is uncertain how any future changes to the Volcker Rule&#160;could impact the Fund.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>U.S. Risk Retention</i></span>. In 2014, pursuant to the Dodd-Frank Act, U.S. federal regulators adopted joint final rules&#160;(the &#8220;<strong>U.S. Risk Retention Rules</strong>&#8221;) implementing certain credit risk retention requirements which generally require the &#8220;securitizer&#8221; of an asset-backed security to retain an exposure to certain credit risk in the securitization for a certain period of time. However, in 2018, a federal court of appeals interpreting the credit risk retention requirements in the Dodd-Frank Act held that open market CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. Therefore, CLO collateral managers of open market CLOs are not required to hold retained interests in those CLOs, and they may dispose of any retained interest they may hold at any time. This could reduce the alignment of interests between managers and noteholders, including the Fund, potentially influencing management decisions in ways that are adverse to the Fund. See &#8220;<strong><i>&#8212;The Fund&#8217;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.</i></strong>&#8221;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>EU/UK Risk Retention.</i></span> Regulators in the European Union (EU) and the United Kingdom (UK) have imposed significant securitization-related regulations (collectively, the &#8220;Securitization Regulations&#8221;).</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Pursuant to the Securitization Regulations, sponsors of CLOs issued in the EU or UK (collectively, &#8220;European CLOs&#8221;) are required to retain a material net economic interest in such securitizations (&#8220;risk retention&#8221;), and such sponsors are also subject to various disclosure-related obligations. To the extent that the Securitization Regulations relating to CLO sponsors or managers (including risk retention requirements) are made less stringent or rescinded, the sponsors or managers of European CLOs may have reduced incentives to prioritize the interests of CLO investors, which may increase the risk of poor performance or default because of less careful construction or management of the underlying loan portfolios; this could also limit investor confidence in such CLOs. To the extent that the Securitization Regulations relating to sponsors or managers are made more stringent, sponsors could be dissuaded from sponsoring new European CLOs, which could limit the available supply of such CLOs. Pursuant to the Securitization Regulations, EU-based or UK-based investors purchasing certain securitizations (including CLOs) are required, prior to purchasing interests in such securitizations, to carry out due diligence assessments relating to the credit risks and other material risks of such interests (including verifying that such securitizations comply with risk retention), and such investors are also subject to various monitoring obligations related to the ongoing performance and risks of such interests. To the extent that the Securitization Regulations relating to EU-based or UK-based investors are made more stringent, such investors may be dissuaded from investing in (or maintaining their investments in) CLOs, which could adversely affect the price and liquidity of such CLOs.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">European CLOs are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent the Fund invests in CLO securities that have not been structured to comply with the Securitization Regulations, the price and liquidity of such securities may be adversely affected.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The SEC staff could modify its position on certain non-traditional investments, including investments in CLO securities.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The staff of the SEC (and other regulators, including the European Securities and Markets Authority (&#8220;<strong>ESMA</strong>&#8221;)) from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities by the SEC or ESMA, as applicable, could adversely impact the Fund&#8217;s ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on the Fund&#8217;s shareholders, its financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund may experience fluctuations in its Net Asset Value and quarterly operating results.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund could experience fluctuations in its Net Asset Value from month to month and in its quarterly operating results due to a number of factors, including the timing of distributions to its shareholders, fluctuations in the value of the CLO securities that the Fund hold, its ability or inability to make investments that meet its investment criteria, the interest and other income earned on its investments, the level of its expenses (including the interest or dividend rate payable on the debt securities or preferred shares the Fund issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, the Fund&#8217;s Net Asset Value and results for any period should not be relied upon as being indicative of its Net Asset Value and results in future periods.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_InvestmentInFundHasVariousUPointSPointFederalStateAndLocalIncomeTaxRisksPointMember', window );">Investment In Fund Has Various U Point S Point Federal State And Local Income Tax Risks Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Investment in the Fund has various U.S. federal, state, and local income tax risks.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund strongly urges investors to consult their own tax advisors concerning the effects of U.S. federal, state, and local income tax law on an investment in the Fund&#8217;s common shares.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The U.S. federal income tax laws governing RICs are complex, and interpretations of the U.S. federal income tax laws governing qualification as a RIC are limited. Qualifying as a RIC requires the Fund to meet various tests regarding the nature of its assets, its income and the amount of its distributions on an ongoing basis. The Fund&#8217;s ability to satisfy the RIC asset and income tests depends upon the characterization and fair market values of its assets, many of which are not precisely determinable, and for which the Fund may not obtain independent appraisals. The Fund&#8217;s compliance with the RIC asset and income tests and the accuracy of its tax reporting to shareholders also depend upon its ability to successfully manage the calculation and composition of its taxable income and its assets on an ongoing basis. Even a technical or inadvertent mistake could jeopardize the Fund&#8217;s RIC status. Under certain circumstances, the Fund may be able to cure a failure to meet the RIC asset and income tests if such failure was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund&#8217;s returns. Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that it will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, it generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to its shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if it distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to its shareholders. If the Fund fails to qualify or to maintain its qualification as a RIC in any calendar year, it would be required to pay U.S. federal income tax (and any applicable state and local taxes) on its taxable income at regular corporate rates, and dividends paid to its shareholders would not be deductible by the Fund in computing its taxable income (although such dividends received by certain non-corporate U.S. taxpayers generally would be subject to a preferential rate of taxation). Further, if the Fund fails to maintain its qualification as a RIC, it might need to borrow money or sell assets in order to pay any resulting tax. The Fund&#8217;s payment of income tax would decrease the amount of its income available for distribution to its shareholders and could adversely affect the value of its common shares. Furthermore, if the Fund fails to maintain its qualification as a RIC, it no longer would be required under U.S. federal tax laws to distribute substantially all of its taxable income to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember', window );">Fund Investments May Result In Fund Incurring Tax Or Recognizing Taxable Income Prior To Receiving Cash Distributions Related To Such Income Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s investments may result in the Fund incurring tax or recognizing taxable income prior to receiving cash distributions related to such income.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The tax implications of the corporate CLOs in which the Fund invests are complex and, in some circumstances, unclear. In particular, the Fund may recognize taxable income on certain of its CLO investments without the concurrent receipt of cash.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund expects that most of its investments in securities will be marked to market for tax purposes pursuant to its election under Section&#160;475(f)&#160;of the Code (see &#8220;<strong><i>&#8212;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong>&#8221;), regardless of whether the investments are generating cash flow. For any of the Fund&#8217;s investments that are not marked to market for tax purposes, such as certain CLO equity investments, the tax implications of such investments are often complex and, in some circumstances, unclear, which could also cause the Fund to recognize taxable income on such investments without the concurrent receipt of cash. If the Fund holds 10% or more (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation (&#8220;<strong>CFC</strong>&#8221;) (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to its pro rata share of the corporation&#8217;s &#8220;subpart F income&#8221; for the tax year (including both ordinary earnings and capital gains). Treasury Regulations generally treat the Fund&#8217;s income inclusion with respect to a CFC as qualifying income for purposes of determining its ability to be subject to tax as a RIC if either (i)&#160;there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii)&#160;such inclusion is derived with respect to the Fund&#8217;s business of investing in stock, securities, or currencies. If the Fund fails to qualify or maintain its qualification for tax treatment as a RIC under Subchapter M of the Code for any reason, the Fund would be required to pay U.S. federal income tax on its taxable income at regular corporate rates, which could substantially reduce the Fund&#8217;s net assets, as well as the amount of income available for distributions, and the amount of such distributions, to the Fund&#8217;s shareholders and for payments to the holders of the Fund&#8217;s other equity securities or obligations. See &#8220;&#8212;<strong><i>The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders</i></strong>.<strong><i>&#8221;</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Because the annual RIC distribution requirements are based on the RIC&#8217;s taxable income as opposed to the cash flow received by the RIC, if the Fund recognizes taxable income on its investments in excess of the cash either received from such investments or otherwise maintained on hand by the Fund, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the RIC distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund has made an election under Section&#160;475(f)&#160;of the Code to mark its securities to market. There are limited authorities under Section&#160;475(f)&#160;of the Code as to what constitutes a trader for U.S. federal income tax purposes. Under other sections of the Code, the status of a trader in securities depends on all of the facts and circumstances, including the nature of the income derived from the taxpayer&#8217;s activities, the frequency, extent and regularity of the taxpayer's securities transactions, and the taxpayer&#8217;s investment intent. There can be no assurance that the Fund will continue to qualify as a trader in securities eligible to make a mark-to-market election. The Fund has not received, nor is it seeking, an opinion from counsel or a ruling from the IRS regarding its qualification as a trader. If the qualification for, or the Fund&#8217;s application of, such election were successfully challenged by the IRS, in whole or in part, it could, depending on the circumstances, result in retroactive (or prospective) changes in the amount or timing of recognized gross income, and potentially jeopardize its RIC qualification. If the IRS were to successfully challenge the treatment or timing of recognition of its securities, the Fund could fail to maintain its qualification as a RIC. Finally, mark-to-market gains and losses could cause volatility in the amount of its taxable income. For instance, the mark-to-market election could generate losses in one taxable year that the Fund is unable to use to offset taxable income, followed by mark-to-market gains in a subsequent taxable year that force the Fund to make additional distributions to its shareholders. Hence, the mark-to-market gains and losses could cause the Fund to distribute more dividends to its shareholders in a particular period than would otherwise be desirable from a business perspective.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ComplyingWithRicRequirementsMayCauseFundToForgoOrLiquidateOtherwiseAttractiveInvestmentsPointMember', window );">Complying With Ric Requirements May Cause Fund To Forgo Or Liquidate Otherwise Attractive Investments Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Complying with RIC requirements may cause the Fund to forgo or liquidate otherwise attractive investments.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">To maintain its qualification as a RIC, the Fund must continually satisfy various tests regarding the sources of its income, the nature and diversification of its assets and the amounts it distributes to its shareholders. In order to meet these tests, the Fund may be required to forgo investments it might otherwise make. It may be required to pay dividends to shareholders at disadvantageous times or when it does not have funds readily available for distribution and may be unable to pursue investments that would be otherwise advantageous to the Fund in order to satisfy the source of income or asset diversification requirements for qualifying as a RIC. Thus, compliance with the RIC requirements may hinder the Fund&#8217;s investment performance.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToAdverseLegislativeRegulatoryOrPublicPolicyChangesPointMember', window );">Fund Ellington Or Its Affiliates May Be Subject To Adverse Legislative Regulatory Or Public Policy Changes Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund, Ellington, or its affiliates may be subject to adverse legislative, regulatory or public policy changes.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At any time, U.S. federal, state, local, or foreign laws or regulations that impact the Fund&#8217;s business, or the administrative interpretations of those laws or regulations, may be enacted or amended.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund cannot predict when or if any new law, regulation, or administrative interpretation, or any amendment to or repeal of any existing law, regulation, or administrative interpretation, will be adopted or promulgated or will become effective. Additionally, the adoption or implementation of any new law, regulation, or administrative interpretation, or any revisions in or repeals of these laws, regulations, or administrative interpretations, could cause the Fund to change its portfolio, could constrain its strategy, or increase its costs. The Fund could be adversely affected by any change in or any promulgation of new law, regulation, or administrative interpretation.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, political leaders in the U.S. and certain foreign countries have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate certain existing trade agreements with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the Fund&#8217;s performance.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections and otherwise, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The Fund cannot predict the ultimate impact of the foregoing on it, its business and investments, or the industries in which it invests generally, and any prolonged uncertainty could also have an adverse impact on the Fund and its investment objectives. Future changes may adversely affect the Fund&#8217;s operating environment, including through increasing competition, and therefore its business, operating costs, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember', window );">Fund Failure To Procure Adequate Funding And Capital Would Adversely Affect Fund Results And May In Turn Negatively Affect Value Of Its Common Shares And Its Ability To Pay Dividends To Its Shareholders Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund&#8217;s failure to procure adequate funding and capital would adversely affect the Fund&#8217;s results and may, in turn, negatively affect the value of its common shares and its ability to pay dividends to its shareholders.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund depends upon the availability of adequate funding and capital for its operations. To maintain its status as a RIC, the Fund is required to distribute to its shareholders at least 90% of its RIC taxable income annually, which generally includes ordinary income (e.g. dividends and interest) and net short-term capital gains. As a result, the Fund is not able to retain much or any of its earnings for new investments. There can be no assurance that any, or sufficient, funding or capital will be available to the Fund in the future on terms that are acceptable to the Fund. The Fund&#8217;s access to external capital will depend upon a number of factors, including the market price of its common shares, the market&#8217;s perception of its financial condition and potential future earnings, and general market conditions. In the event that the Fund cannot obtain sufficient funding and capital on acceptable terms, there may be a negative impact on the value of its common shares and the Fund&#8217;s ability to pay dividends to its shareholders, and shareholders may lose part or all of their investment.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember', window );">Fund Ellington Or Its Affiliates May Be Subject To Regulatory Inquiries And Proceedings Or Other Legal Proceedings Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund, Ellington, or its affiliates may be subject to regulatory inquiries and proceedings, or other legal proceedings.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At any time, industry-wide or company-specific regulatory inquiries or proceedings can be initiated, and the Fund cannot predict when or if any such regulatory inquiries or proceedings will be initiated that involve the Fund or Ellington or its affiliates, including the Adviser. The Fund believes that the heightened scrutiny of the financial services industry increases the risk of inquiries and requests from regulatory or enforcement agencies. For example, as discussed under the caption &#8220;<strong><i>Investment Objective, Opportunities and Principal Strategies&#8212;Legal Proceedings&#8221;, </i></strong>over the years, Ellington and its affiliates have received, and the Fund expects in the future that the Fund and they may receive, inquiries and requests for documents and information from various federal, state, and foreign regulators.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund can give no assurances that, whether the result of regulatory inquiries or otherwise, neither the Fund nor Ellington nor its affiliates will become subject to investigations, enforcement actions, fines, penalties or the assertion of private litigation claims. If any such events were to occur, the Fund, or the Adviser's ability to perform its obligations to the Fund under the Investment Advisory Agreement between the Fund and the Adviser, or Ellington's ability to perform its obligations to the Adviser under the services agreement between Ellington and the Adviser, could be materially adversely impacted, which could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_MarketForFundCommonSharesMayBeLimitedAndPriceAndTradingVolumeOfItsCommonSharesMayBeVolatilePointMember', window );">Market For Fund Common Shares May Be Limited And Price And Trading Volume Of Its Common Shares May Be Volatile Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The market for the Fund&#8217;s common shares may be limited, and the price and trading volume of its common shares may be volatile.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">While the Fund&#8217;s common shares are listed on the NYSE, such listing does not provide any assurance as to whether or not the market price reflects its actual financial performance, the liquidity of its stock, a holder's ability to sell its stock and/or at what price such holder could sell its stock. Market prices for the Fund&#8217;s common shares may be volatile and subject to wide fluctuations, including as a result of trading volumes. There can be no assurance that the market price of the Fund&#8217;s common shares will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect the price of the Fund&#8217;s common shares, or result in fluctuations in the price or trading volume of its common shares include:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>adverse market reaction to any increased indebtedness the Fund incurs in the future;</td>
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                  <td>additions or departures of key management personnel;</td>
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                  <td>actions by shareholders;</td>
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                  <td>speculation in the press or investment community;</td>
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                  <td>the Fund&#8217;s inclusion in, or exclusion from, various stock indices;</td>
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                  <td style="width:0.25in;text-align:left"><span style="font-size:10pt">&#9679;</span></td>
                  <td>the Fund&#8217;s operating performance and the performance of other similar companies; and</td>
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                  <td style="width:0.25in"></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FutureOfferingsOfDebtSecuritiesWhichWouldRankSeniorToFundCommonSharesUponItsBankruptcyLiquidationMember', window );">Future Offerings Of Debt Securities Which Would Rank Senior To Fund Common Shares Upon Its Bankruptcy Liquidation [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Future offerings of debt securities, which would rank senior to the Fund&#8217;s common shares upon its bankruptcy liquidation, and future offerings of equity securities which could dilute the common share holdings of the Fund&#8217;s existing shareholders and may be senior to the Fund&#8217;s common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#8217;s common shares.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In the future, the Fund may attempt to increase its capital resources by making offerings of debt securities or additional offerings of equity securities. Upon bankruptcy or liquidation, holders of the Fund&#8217;s debt securities and preferred shares, if any, and lenders with respect to other borrowings will receive a distribution of the Fund&#8217;s available assets prior to the holders of the Fund&#8217;s common shares. The Fund&#8217;s preferred shares, if issued, could have a preference on liquidating distributions or a preference on dividend payments or both that could limit the Fund&#8217;s ability to pay a dividend or other distribution to the holders of its common shares. Because the Fund&#8217;s decision to issue securities in any future offering will depend on market conditions and other factors beyond its control, the Fund cannot predict or estimate the amount, timing or nature of its future offerings. Thus, holders of the Fund&#8217;s common shares bear the risk of the Fund&#8217;s future offerings reducing the market price of the Fund&#8217;s common shares and diluting their holdings in the Fund.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_FutureSalesOfFundCommonSharesOrOtherSecuritiesConvertibleIntoCommonSharesCouldCauseMarketValueOfCommonSharesToDeclineAndCouldResultInDilutionPointMember', window );">Future Sales Of Fund Common Shares Or Other Securities Convertible Into Common Shares Could Cause Market Value Of Common Shares To Decline And Could Result In Dilution Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Future sales of the Fund&#8217;s common shares or other securities convertible into common shares could cause the market value of the common shares to decline and could result in dilution.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001560672_ShareholdersWillExperienceDilutionInTheirOwnershipPercentageIfTheyDoNotParticipateInDividendReinvestmentPlanPointMember', window );">Shareholders Will Experience Dilution In Their Ownership Percentage If They Do Not Participate In Dividend Reinvestment Plan Point [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Shareholders will experience dilution in their ownership percentage if they do not participate in the dividend reinvestment plan.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">All distributions declared in cash payable to shareholders that are participants in the Fund&#8217;s dividend reinvestment plan are automatically reinvested in common shares. As a result, shareholders of the Fund that do not participate in its dividend reinvestment plan will experience dilution in their ownership percentage of the Fund&#8217;s common shares over time.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>The Fund is subject to risks related to corporate social responsibility.</i></strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The Fund&#8217;s business faces public scrutiny related to environmental, social and governance (&#8220;<strong>ESG</strong>&#8221;) activities. The Fund may risk damage to its reputation if the Fund or affiliates of the Adviser are viewed as failing to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in the Fund&#8217;s investment processes. Some investors have become more focused on ESG factors, including climate risks, in determining whether to invest in companies. However, regional and investor specific sentiment often differ in what constitutes a material positive or negative ESG corporate practice. The Fund&#8217;s corporate social responsibility practices will not uniformly fit investors&#8217; definitions, particularly across geographies and investor types, of best practices for ESG considerations. Adverse incidents with respect to ESG activities could impact the cost of the Fund&#8217;s operations and relationships with investors, all of which could adversely affect its business and results of operations.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors to enable investors to validate and better understand sustainability claims, including an increased regulatory focused on the accuracy of those claims. As a result, the Fund is subject to evolving rules&#160;and regulations promulgated by various governmental and self-regulatory organizations, including the SEC, the NYSE and the Financial Accounting Standards Board. These rules&#160;continue to expand in scope and complexity, with new requirements potentially increasing compliance challenges and uncertainty. If the Fund is perceived as, or accused of, "greenwashing" or overstating the extent of its sustainability-related practices, such allegations could damage the Fund&#8217;s reputation, result in litigation or regulatory actions, and negatively impact its ability to raise capital.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">At the same time, so-called &#8220;anti-ESG&#8221; sentiment has also gained momentum across the U.S., with several states having enacted or proposed &#8220;anti-ESG&#8221; policies, legislation, or issued related legal opinions. For example, certain states now require that relevant state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors or have enacted "boycott bills." If investors subject to such legislation viewed the Fund, its policies, or its practices, as being in contradiction of such &#8220;anti-ESG&#8221; policies, legislation or legal opinions, such investors may not invest in the Fund, which could negatively affect its financial performance.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the Fund fails or is perceived to fail to comply with or meet applicable rules, regulations and stakeholder expectations, it could negatively impact the Fund&#8217;s reputation and its business results. Further, the Fund&#8217;s business could become subject to additional regulations, penalties and/or risks of regulatory scrutiny and enforcement in the future. Moreover, the requirements of various regulations the Fund may become subject to may not be consistent with each other. There can be no assurance that the Fund&#8217;s current ESG practices will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"><strong><i>Climate change has the potential to impact the Fund&#8217;s investments.</i></strong></p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;Currently, it is not possible to predict how legislation or new regulations that may be adopted to address greenhouse gas emissions will impact the assets underlying the Fund&#8217;s investments. However, any such future laws and regulations imposing reporting obligations, limitations on greenhouse gas emissions, or additional taxation of energy use could negatively affect the businesses of the underlying borrowers on the CLOs in which the Fund invests, including, for example by requiring an underlying borrower to make significant expenditures to attain and maintain compliance. Any new legislative or regulatory initiatives related to climate change could adversely affect the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s business.</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160;</p>
            <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif">&#160; &#160; &#160; &#160;The physical impact of climate change could also have a material adverse effect on the assets underlying the Fund&#8217;s investments. Physical effects of climate change such as increases in temperature, sea levels, the severity of weather events and the frequency of natural disasters, such as hurricanes, tropical storms, tornadoes, wildfires, droughts, floods and earthquakes, among other effects, could reduce the value of the assets underlying the Fund&#8217;s investments and, therefore, the Fund&#8217;s investments.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Periods of heightened inflation could adversely impact the Fund&#8217;s financial results.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">High inflation, whether caused by low unemployment, high corporate demand, supply-chain issues, geopolitical conflicts, quantitative easting, imposition of tariffs by the federal government, or a combination of these or other factors, may undermine the performance of the Fund&#8217;s investments by reducing the value of such investments and/or the income received from such investments. Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, significant effects on interest rates and negative effects on economies and financial markets.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies and particularly for some of the corporate sectors in which the Fund&#8217;s underlying obligors operate. For example, if a corporate borrower under an asset held by one of the Fund&#8217;s CLO investments is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. As inflation rises, an underlying obligor may earn more revenue but may incur higher expenses, as wages and prices of inputs increase during periods of inflation. Thus, heightened inflationary pressures could increase the risk of default by the underlying borrowers in CLOs. In addition, during any periods of rising inflation, interest rates would be expected to rise, which could create a mismatch between the Fund&#8217;s assets and liabilities. See &#8220;&#8212;Interest rate mismatches between the Fund&#8217;s assets and its liabilities, and between the assets and liabilities of the CLOs in which the Fund invests, the Fund&#8217;s CLO investments and their underlying corporate credit assets may reduce the Fund&#8217;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#8217;s assets.&#8221; Conversely, as inflation declines, the Fund and any CLO in which the Fund invests and any underlying corporate borrower of its CLO investments may not be able to reduce expenses commensurate with any resulting reduction in revenue.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, actions that the Federal Reserve has taken, and could continue to take in response to changes in inflation, could have an adverse impact on the economy broadly and/or on the Fund&#8217;s financial results specifically. See &#8220;<strong><i>Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#8217;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders</i></strong>.&#8221;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><i>Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#8217;s business in ways that the Fund cannot predict.</i></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">The use of AI by the Fund and others, and the overall adoption of AI throughout society, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to the Fund&#8217;s business. There is substantial uncertainty about the extent to which AI will result in dramatic changes throughout the world, and the Fund may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. These changes could potentially disrupt, among other things, the Fund&#8217;s business model, investment strategies and operational processes. Some of the Fund&#8217;s competitors may be more successful than it in the development and implementation of new technologies, including services and platforms based on AI, to improve their operations. If the Fund is unable to adequately advance its capabilities in these areas, or do so at a slower pace than others in its industry, the Fund may be at a competitive disadvantage.</p>
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            <div>&#160;</div>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">If the data the Fund, or third parties whose services the Fund relies on, use in connection with the possible development or deployment of AI is incomplete, inadequate or biased in some way, the performance of the Fund&#8217;s business could suffer. In addition, recent technological advances in AI both present opportunities and pose risks to the Fund. Data in technology that uses AI may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in the Fund&#8217;s business. The volume and reliance on data and algorithms also make AI more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data or other intellectual property. The personnel provided to the Fund by the Adviser, and/or its third-party service providers could, without being known to the Fund, improperly utilize AI and machine learning-technology while carrying out their responsibilities. This could reduce the effectiveness of AI technologies and adversely impact the Fund and its operations to the extent that it relies on the AI&#8217;s work product.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">There is also a risk that AI may be misused or misappropriated by the Fund&#8217;s third party service providers. For example, a user may input confidential information, including material non-public information, into AI applications, resulting in the information becoming a part of a dataset that is accessible by third-party technology applications and users, including the Fund&#8217;s competitors. Further, the Fund may not be able to control how third-party AI that it chooses to use is developed or maintained, or how data the Fund inputs is used or disclosed. The misuse or misappropriation of the Fund&#8217;s data could have an adverse impact on its reputation and could subject it to legal and regulatory investigations or actions or create competitive risk.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in">In addition, the use of AI by the Fund or others may require compliance with legal or regulatory frameworks that are not fully developed or tested, and the Fund may face litigation and regulatory actions related to its use of AI. There has been increased scrutiny, including from global regulators, regarding the use of &#8220;big data,&#8221; diligence of data sets and oversight of data vendors. The Fund&#8217;s ability to use data to gain insights into and manage its business may be limited in the future by regulatory scrutiny and legal developments.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
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<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
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<td colspan="2" class="text">&#160;<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Old Greenwich<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CT<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">06870<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Daniel Margolis<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<tr><td colspan="21"></td></tr>
<tr><td colspan="21"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose any applicable sales load.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The expenses of administering the Dividend Reinvestment Plan (the &#8220;DRP&#8221;) are included in &#8220;Other Expenses.&#8221; You may pay brokerage charges if you direct your broker or the Plan Agent (as defined herein) to sell your Common Shares that you acquired pursuant to the DRP. See &#8220;Dividend Reinvestment Plan.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund&#8217;s behalf), the offering price and the offering expenses borne by the Fund as a percentage of the offering price.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#8217;s &#8220;Net Asset Value,&#8221; which means the figure that is equal to the total assets of the Fund minus its total liabilities.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">The Fund may issue preferred shares or debt securities. The expenses shown in the table above assume that the Fund has average borrowings of $121 million with an average interest rate of 5.44% per annum. If the Fund issues debt securities, its interest expense, and correspondingly its total annual expenses, would increase.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Under the terms of the Investment Advisory Agreement, the Fund pays the Adviser a Performance Fee calculated and payable quarterly in arrears based upon the Fund&#8217;s &#8220;Pre-Performance Fee Net Investment Income&#8221; for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund&#8217;s common equity, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a &#8220;catch-up&#8221; feature. For this purpose, &#8220;Pre-Performance Fee Net Investment Income&#8221; for any fiscal quarter means interest income (including accretions of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income) earned or accrued by the Fund during such fiscal quarter, minus the Fund&#8217;s operating expenses for such quarter (which, for this purpose, will not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether positive or negative) associated with a total return swap, which is the difference between (a) the interest income and transaction fees related to the reference assets and (b) all interest and other expenses paid by the Fund to the total return swap counterparty. In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic payments.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">&#8220;Other expenses&#8221; includes the Fund&#8217;s overhead expenses, including payments under the Administration Agreement based on the Fund&#8217;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#8220;Other expenses&#8221; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">&#8220;Total annual fund expenses&#8221; is presented as a percentage of average Net Asset Value of Common Equity, because the holders of shares of the Fund&#8217;s common stock (and not the holders of its preferred stock or debt securities, if any) bear all of the fees and expenses included in the table above.  The indirect expenses associated with the Fund&#8217;s CLO equity investments are not included in the table above, but if such expenses were included in the fee table presentation, the Fund&#8217;s total annual expenses would be 15.95% of the average Net Asset Value of Common Equity.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[10]</td>
<td style="vertical-align: top;" valign="top">For the fiscal year ending December 31, 2025, distributions of $0.24 per common share were made, a portion of which may consist, in part, of a return of capital, as calculated on a per common share basis.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[11]</td>
<td style="vertical-align: top;" valign="top">For the fiscal year ending December 31, 2024, as reported on the Fund&#8217;s 2024 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.7290 per common share.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[12]</td>
<td style="vertical-align: top;" valign="top">For the fiscal year ending December 31, 2023, as reported on the Fund&#8217;s 2023 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.5952 per common share.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[13]</td>
<td style="vertical-align: top;" valign="top">Calculated as of the respective high or low closing sales price divided by the Net Asset Value on the final day of the applicable quarter.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[14]</td>
<td style="vertical-align: top;" valign="top">Net asset value per common share is determined as of the final day of the quarter and is based on outstanding common shares at the end of each period. As such, it does not reflect the net asset value per common share on each of the dates of the high and low sales prices. For all preceding periods, &#8220;net asset value&#8221; represents a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share.</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IntervalFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NewCefOrBdcRegistrantFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense1Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense2Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense2Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfQualifiedFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RegisteredClosedEndFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtZeroPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtZeroPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecurities462b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ApproximateDateOfCommencementOfProposedSaleToThePublic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Section 8<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveWhenDeclaredSection8c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 313<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInvCompanyType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:invCompanyType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ExhibitsOnly462d">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ExhibitsOnly462d</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActRegistration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActRegistration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NewEffectiveDateForPreviousFiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoSubstantiveChanges462c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001560672_FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_HoldersOfAnyPreferredSharesThatFundMayIssueWouldHaveRightToElectMembersOfBoardAndHaveClassVotingRightsOnCertainMattersPointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_CreditRatingAssignedByRatingAgencyToFundMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundHasLimitedPriorOperatingHistoryAsClosedEndInvestmentCompanyPointMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundShareholdersAbilityToControlFundOperationsIsSeverelyLimitedPointMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_CertainProvisionsOfDelawareStatutoryTrustActAndFundDeclarationOfTrustMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundAuthorizedButUnissuedCommonAndPreferredSharesMayPreventChangeInItsControlPointMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundDeclarationOfTrustContainsProvisionsThatMakeRemovalOfItsTrusteesDifficultWhichCouldMakeItDifficultForItsShareholdersToEffectChangesToItsManagementPointMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_SecStaffCouldModifyItsPositionOnCertainNonTraditionalInvestmentsIncludingInvestmentsInCloSecuritiesPointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_InvestmentInFundHasVariousUPointSPointFederalStateAndLocalIncomeTaxRisksPointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundWillBeSubjectToCorporateLevelUPointSPointFederalIncomeTaxMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundInvestmentsMayResultInFundIncurringTaxOrRecognizingTaxableIncomePriorToReceivingCashDistributionsRelatedToSuchIncomePointMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundHasMadeMarkToMarketElectionUnderSectionFourSevenFiveFOfCodePointMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_ComplyingWithRicRequirementsMayCauseFundToForgoOrLiquidateOtherwiseAttractiveInvestmentsPointMember</td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundEllingtonOrItsAffiliatesMayBeSubjectToAdverseLegislativeRegulatoryOrPublicPolicyChangesPointMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=ck0001560672_FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember</td>
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      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The following table is intended to assist in understanding the costs and expenses that an investor in the Fund&#x2019;s common shares will bear, directly or indirectly, based on the assumptions set forth below. The expenses shown in the table under &#x201c;Annual Expenses&#x201d; are based on estimated amounts for the first full year of operations following the Conversion Date, and assumes that the Fund sells all of its remaining Agency RMBS investments and acquires additional CLO investments during the first quarter of such operations. The expense estimates below also assume that the Fund has an average assets-to-equity ratio of 1.5:1. The percentages indicated in the table below are estimates and may vary in practice. Except where the context suggests otherwise, whenever this table contains a reference to fees or expenses, the Fund will pay such fees and expenses out of its net assets and, consequently, shareholders will indirectly bear such fees or expenses as investors in the Fund.&lt;/p&gt;
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            &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
            &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
            &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
            &lt;td style="white-space:nowrap;font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
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            &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
            &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&#x2014;&lt;/td&gt;
            &lt;td style="white-space:nowrap;width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%(1)&lt;/td&gt;
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            &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
            &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&#x2014;&lt;/td&gt;
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            &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
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            &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Total shareholder transaction fees&lt;/td&gt;
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            &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
            &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:right"&gt;&#x2014;&lt;/td&gt;
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      &lt;/table&gt;

      &lt;div&gt;
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          &lt;div style="font-size:1pt;border-top:Black 1pt solid"&gt;&#160;&lt;/div&gt;
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              &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose any applicable sales load.&lt;/span&gt;&lt;/td&gt;
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        &lt;/table&gt;
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            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund&#x2019;s behalf), the offering price and the offering expenses borne by the Fund as a percentage of the offering price.&lt;/span&gt;&lt;/td&gt;
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        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the offering price and the total shareholder transaction expenses as a percentage of the offering price.&lt;/span&gt;&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
      &lt;/div&gt;
    </cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="C_20250401to20250401"
      decimals="2"
      id="Fxbrl_20250331194612874"
      unitRef="Pure">0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="C_20250401to20250401"
      decimals="2"
      id="Fxbrl_20250331203949509"
      unitRef="Pure">0</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331203956516"
      unitRef="USD">0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331194424140">
      &lt;div&gt;
        &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px;width:100%"&gt;

            &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 10pt;text-indent:-10pt"&gt;&lt;strong&gt;ANNUAL FUND EXPENSES&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 10pt;text-indent:-10pt"&gt;&lt;strong&gt;(as a percentage of average Net Asset Value of Common Equity)&lt;/strong&gt;&lt;/p&gt;
              &lt;/td&gt;
              &lt;td style="font-size:10pt;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font-size:10pt;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font-size:10pt;text-align:right;width:10%"&gt;&#160;&lt;/td&gt;
              &lt;td style="white-space:nowrap;font-size:10pt;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;Management/Advisory Fees&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%"&gt;1.54&lt;/td&gt;
              &lt;td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%"&gt;%(5)&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
              &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;Performance Fee payable under Investment Advisory Agreement (17.5%)&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%"&gt;2.83&lt;/td&gt;
              &lt;td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%"&gt;%(6)&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;Interest Payments and Fees on Borrowed Funds&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%"&gt;2.72&lt;/td&gt;
              &lt;td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%"&gt;%(7)&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
              &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;Other Expenses&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, serif;text-align:right;width:10%"&gt;2.13&lt;/td&gt;
              &lt;td style="white-space:nowrap;font:10pt Times New Roman, Times, serif;width:1%"&gt;%(8)&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, serif;text-align:left;width:86%"&gt;Total annual fund expenses&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, serif;width:2%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, serif;text-align:left;width:1%"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, serif;text-align:right;width:10%"&gt;9.22&lt;/td&gt;
              &lt;td style="white-space:nowrap;font:bold 10pt Times New Roman, Times, serif;width:1%"&gt;%(9)&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#x2019;s &#x201c;Net Asset Value,&#x201d; which means the figure that is equal to the total assets of the Fund minus its total liabilities.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;

        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(6)&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Under the terms of the Investment Advisory Agreement, the Fund pays the Adviser a Performance Fee calculated and payable quarterly in arrears based upon the Fund&#x2019;s &#x201c;Pre-Performance Fee Net Investment Income&#x201d; for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund&#x2019;s common equity, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a &#x201c;catch-up&#x201d; feature. For this purpose, &#x201c;Pre-Performance Fee Net Investment Income&#x201d; for any fiscal quarter means interest income (including accretions of discounts, amortization of premiums, and payment-in-kind income), dividend income, and any other income (including any fee income) earned or accrued by the Fund during such fiscal quarter, minus the Fund&#x2019;s operating expenses for such quarter (which, for this purpose, will not include any litigation-related expenses, any extraordinary expenses, or Performance Fee). Pre-Performance Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing Pre-Performance Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, Pre-Performance Fee Net Investment Income includes net interest (whether positive or negative) associated with a total return swap, which is the difference between (a)&#160;the interest income and transaction fees related to the reference assets and (b)&#160;all interest and other expenses paid by the Fund to the total return swap counterparty. In the case of an interest rate swap, Pre-Performance Fee Net Investment Income includes the net payments and net accruals of periodic payments.&lt;/span&gt;&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The calculation of the Performance Fee for each calendar quarter is as follows:&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;If the Fund&#x2019;s Pre-Performance Fee Net Investment Income for a fiscal quarter does not exceed the Hurdle Amount for such quarter, then no Performance Fee is payable to the Fund&#x2019;s Adviser with respect to such quarter;&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;If the Fund&#x2019;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#x2019;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount (the &#x201c;Catch-Up&#x201d;) is payable to the Fund&#x2019;s Adviser as the Performance Fee with respect to such quarter.&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in"&gt;Therefore, once the Fund&#x2019;s Pre-Performance Fee Net Investment Income for such quarter exactly reaches 121.21% of the Hurdle Amount, the Fund&#x2019;s Adviser will have accrued a Performance Fee with respect to such quarter that is exactly equal to 17.5% of the Pre-Performance Fee Net Investment Income (because 21.21% of the Hurdle Amount (which is the Pre-Performance Fee Net Investment Income captured by the Adviser during the Catch-Up phase) is equal to 17.5% of 121.21% of the Hurdle Amount (which is the entire Pre-Performance Fee Net Investment Income at the end of the Catch-Up phase)); and&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;If the Fund&#x2019;s Pre-Performance Fee Net Investment Income for a fiscal quarter exceeds 121.21% of the Hurdle Amount for such quarter, then 17.5% of Pre-Performance Fee Net Investment Income is payable to the Fund&#x2019;s Adviser as the Performance Fee with respect to such quarter.&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;With respect to the Performance Fee, there will be no accumulation of the Hurdle Amount from quarter to quarter, no claw back of amounts previously paid if the Pre-Performance Fee Net Investment Income in any subsequent quarter is below the Hurdle Amount for such subsequent quarter, and no delay or adjustment of payment if the Pre-Performance Fee Net Investment Income in any prior quarter was below the Hurdle Amount for such prior quarter.&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in"&gt;The fees shown in the expense table above assume a level of Pre-performance Fee Net Investment Income that exceeds 121.21% of the Hurdle Amount for each quarter in the annual period.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(7)&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;The Fund may issue preferred shares or debt securities. The expenses shown in the table above assume that the Fund has average borrowings of $121 million with an average interest rate of 5.44% per annum. If the Fund issues debt securities, its interest expense, and correspondingly its total annual expenses, would increase.&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(8)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&#x201c;Other expenses&#x201d; includes the Fund&#x2019;s overhead expenses, including payments under the Administration Agreement based on the Fund&#x2019;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#x201c;Other expenses&#x201d; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:top"&gt;
              &lt;td style="width:0"&gt;&lt;/td&gt;
              &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(9)&lt;/span&gt;&lt;/td&gt;
              &lt;td&gt;
                &lt;p&gt;&#x201c;Total annual fund expenses&#x201d; is presented as a percentage of average Net Asset Value of Common Equity, because the holders of shares of the Fund&#x2019;s common stock (and not the holders of its preferred stock or debt securities, if any) bear all of the fees and expenses included in the table above.&#160;&#160;The indirect expenses associated with the Fund&#x2019;s CLO equity investments are not included in the table above, but if such expenses were included in the fee table presentation, the Fund&#x2019;s total annual expenses would be 15.57% of the average Net Asset Value of Common Equity.&lt;/p&gt;
              &lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
      &lt;/div&gt;
    </cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331204009624"
      unitRef="Pure">0.0154</cef:ManagementFeesPercent>
    <cef:OtherAnnualExpense1Percent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331204018168"
      unitRef="Pure">0.0283</cef:OtherAnnualExpense1Percent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331204024726"
      unitRef="Pure">0.0272</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpense2Percent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331204027823"
      unitRef="Pure">0.0213</cef:OtherAnnualExpense2Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331204035890"
      unitRef="Pure">0.0922</cef:TotalAnnualExpensesPercent>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331210019748">
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the Fund&#x2019;s &#x201c;Net Asset Value,&#x201d; which means the figure that is equal to the total assets of the Fund minus its total liabilities.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
        </cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331205945897">
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(8)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&#x201c;Other expenses&#x201d; includes the Fund&#x2019;s overhead expenses, including payments under the Administration Agreement based on the Fund&#x2019;s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. &#x201c;Other expenses&#x201d; also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, and compensation of the independent trustees.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
        </cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331205717281">
      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The following examples illustrate the hypothetical expenses that a common shareholder would pay on a $1,000 investment assuming annual expenses attributable to common shares remain unchanged and common shares earn a 5% annual return:&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, Serif;border-bottom:Black 1pt solid"&gt;Example -&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;1&lt;br/&gt;Year&lt;/td&gt;
              &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;3&lt;br/&gt;Years&lt;/td&gt;
              &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;5&lt;br/&gt;Years&lt;/td&gt;
              &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;10&lt;br/&gt;Years&lt;/td&gt;
              &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
              &lt;td style="text-indent:-0.125in;padding-left:0.125in;width:55%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;A shareholder would pay the following expenses on a $1,000 investment, assuming a 5% annual return&lt;/td&gt;
              &lt;td style="width:2%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
              &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;92&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
              &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;291&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
              &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;509&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
              &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1,160&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The example and the expenses in the tables above should not be considered a representation of the Fund&#x2019;s future expenses, and actual expenses may be greater or less than those shown. While the example assumes a 5.0% annual return, as required by the SEC, the Fund&#x2019;s performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see &#x201c;&lt;strong&gt;&lt;i&gt;Fund Expenses&lt;/i&gt;&lt;/strong&gt;&#x201d; and &#x201c;&lt;strong&gt;&lt;i&gt;The Investment Advisory Agreement&#x2014;Management Fees&lt;/i&gt;&lt;/strong&gt;.&#x201d;&lt;/p&gt;
      &lt;/div&gt;
    </cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331205756676"
      unitRef="USD">92</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331205810134"
      unitRef="USD">291</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331205813011"
      unitRef="USD">509</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331205816198"
      unitRef="USD">1160</cef:ExpenseExampleYears1to10>
    <cef:RiskFactorsTableTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331204841176">
      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;strong&gt;RISK FACTORS&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;i&gt;Investors should carefully consider the risk factors described below before deciding on whether to make an investment in the Fund. If any of the following risks actually materialize, the Fund&#x2019;s business, financial condition and results of operations could be materially adversely affected. In such case, the Net Asset Value and/or market price of the Fund&#x2019;s common shares could decline substantially, in which case investors could lose all or part of their investment in the Fund. Investors should also be aware that during times of increased uncertainty, volatility and distress in economies, financial markets, and labor and health conditions, the risks to which the Fund is subject may also increase significantly compared to normal conditions. Finally, the risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to it, or not presently deemed material by it, may also impair its operations and performance, as well as the Net Asset Value and/or market price of the Fund&#x2019;s shares.&lt;/i&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Principal Risks of the Fund&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Investments in corporate CLO securities involve certain risks. Corporate CLOs are securitizations that are typically backed by a pool of corporate loans or similar corporate credit-related assets that serve as collateral. The assets underlying the Fund&#x2019;s CLO investments generally consist of lower-rated first-lien corporate loans, although certain CLO structures may also allow for limited exposure to other asset classes including unsecured loans, second-lien loans, or corporate bonds. To the extent that the assets underlying the Fund&#x2019;s CLO investments are rated for creditworthiness by any nationally recognized statistical ratings organizations, they generally carry lower credit ratings, and certain assets may not be rated by any nationally recognized statistical ratings organization. As a result, the assets underlying the Fund&#x2019;s CLO investments are considered to bear significant credit risks. Corporate issuers of lower-rated debt securities may be highly leveraged and may not have access to more traditional methods of financing. During economic downturns or sustained periods of rising interest rates, issuers of lower-rated debt securities may be likely to experience financial stress, especially if such issuers are highly leveraged, and in such periods the market for lower-rated debt securities could be severely disrupted, adversely affecting the value of such securities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The risk of loss for lower-rated debt securities is also magnified to the extent that such securities are unsecured or subordinated to more senior creditors. Lower-rated debt securities generally have limited liquidity and limited secondary market support. These risks are further exacerbated in the case of second-lien loans, as they are subordinated to first-lien loans and have weaker recovery prospects in the event of borrower distress or default. Further, ratings downgrades on the Fund&#x2019;s CLO debt investments may result in its investments being viewed as riskier than they were previously thought to be. This perception of increased riskiness resulting from a downgrade can result in adverse impacts to the market value and liquidity of the Fund&#x2019;s CLO debt investments, as well as reduce the availability or increase the cost of financing for the Fund&#x2019;s CLO debt investments.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests, may acquire loans to smaller companies (&#x201c;&lt;strong&gt;middle-market&lt;/strong&gt;&#x201d; loans), which may carry more inherent risks than loans to larger, publicly traded entities. Compared to larger companies, these middle-market companies tend to have more limited access to capital, weaker financial positions, narrower product lines, and tend to be more vulnerable to competitors&#x2019; actions and market conditions, as well as to general economic downturns. As a result, the securities issued by CLOs that hold significant investments in middle-market loans are generally considered riskier than securities issued by CLOs that primarily invest in broadly syndicated loans.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The corporate loans that underlie the Fund&#x2019;s CLO investments may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructurings that may result in significant delays in repayment, a significant reduction in the interest rate, and/or a significant write-down of the principal of the loan. A wide range of factors could adversely affect the ability of an underlying corporate borrower to make interest or other payments on its loan. The corporate issuers of the loans or securities underlying the Fund&#x2019;s CLO investments may be highly leveraged and may be subject to an increased risk of default depending on certain micro- or macro-economic conditions, such as economic recessions, heightened interest rates and/or inflation, tariffs, and other conditions. The risk of economic recession and declining creditworthiness of corporate borrowers would be amplified by rising corporate default rates, tightening credit conditions, and potential credit downgrades in leveraged loan markets. Accordingly, the subordinated and lower-rated (or unrated) CLO securities in which the Fund invests may experience significant price and performance volatility relative to more senior or higher-rated CLO securities, and they are subject to greater risk of loss than more senior or higher-rated CLO securities which, if realized, could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Such defaults and losses, especially those in excess of the market&#x2019;s or the Fund&#x2019;s expectations, would have a negative impact on the value of the Fund&#x2019;s CLO investments, and reduce the cash flows that the Fund receives from its CLO investments, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, if a CLO in which the Fund invests experiences an event of default as a result of the CLO&#x2019;s failure to make a payment when due, the erosion of the CLO&#x2019;s underlying collateral, or other reasons, the CLO would be subject to the possibility of liquidation. In such cases, the risks are heightened that the collateral underlying the CLO may not be able to be readily liquidated, or that when liquidated, the resulting proceeds would be insufficient to redeem in full the CLO mezzanine debt and equity tranches that are the focus of the Fund&#x2019;s investment strategy. CLO equity tranches often suffer a loss of all of their value in these circumstances, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, following an event of default by a CLO, the holders of CLO mezzanine debt and equity tranches typically have limited rights regarding decisions made with respect to the underlying collateral, with the result that such decisions might favor the more senior tranches of the CLO.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event of a bankruptcy or insolvency of an issuer of a loan or of an underlying asset held by a CLO in which the Fund invests, a court or other governmental entity may determine that the related claims held by such CLO are not valid or are subject to significant modification. In addition, any payments previously received by such CLO could be subject to avoidance as a &#x201c;preference&#x201d; if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under state laws) before insolvency.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Further, &lt;/span&gt;&#x201c;covenant-lite&#x201d; loans may comprise a significant portion of the underlying collateral of the CLOs in which the Fund invests. Generally, covenant-lite loans provide the obligor with more freedom to take actions that could negatively impact their lenders because the obligor&#x2019;s covenants are incurrence-based and not maintenance-based, which means that they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower&#x2019;s financial condition. At times, covenant-lite loans have represented a significant majority of the syndicated corporate loan market. To the extent that the corporate CLO securities in which the Fund invests hold covenant-lite loans, the Fund may have a greater risk of loss on such investments as compared to investments in CLOs holding loans with more robust covenants.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests may also acquire interests in corporate loans indirectly, by way of participations. In a participation, the underlying debt obligation remains with the institution that has sold the participation, which typically results in a contractual relationship only with such selling institution, and not with the corporate obligor directly. As a result, the holder of a participation assumes the credit risk of both the obligor and the selling institution and may only have limited rights to influence any decisions made by the selling institution in connection with the underlying debt obligation.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The corporate borrowers of the underlying assets in a CLO are typically highly leveraged, and there may be few or no restrictions on the amount of indebtedness such borrowers can incur. Substantial indebtedness adds additional risk with respect to a borrower and could (i)&#160;limit its ability to borrow money or otherwise access funds for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii)&#160;require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii)&#160;make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv)&#160;subject it to restrictive financial and operating covenants, which may preclude it from executing on favorable business activities or from financing future operations or other capital needs. In some cases, proceeds of indebtedness incurred by a borrower could be paid as a dividend to its equity holders rather than retained by the borrowers for its working capital or to pursue favorable opportunities. Highly leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy, or deterioration in the condition of such companies or their industries. A leveraged company&#x2019;s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If an underlying borrower is unable to generate sufficient cash flow to meet principal and/or interest payments on its indebtedness, it may be forced to take other actions to satisfy its obligations under its indebtedness. These alternative actions may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund. Furthermore, if the borrower is unable to meet its scheduled debt service obligations even after taking these actions, the borrower may be forced into liquidation, dissolution or insolvency, and the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund, could decline significantly or even be rendered worthless.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the documentation for syndicated loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. In most cases for the Fund&#x2019;s syndicated loan investments, the Fund does not expect to hold a sufficient amount of the indebtedness to be able to compel any actions by the agent. Consequently, the Fund would only be able to direct such actions if instructions from it were made in conjunction with other holders of associated indebtedness that together with the Fund compose the requisite percentage of the related indebtedness then entitled to take action. Conversely, if holders of the required amount of the associated indebtedness other than the Fund desire to take certain actions, such actions may be taken even if the Fund did not support such actions. Furthermore, if a syndicated loan is subordinated to one or more senior loans made to the applicable obligor, the Fund&#x2019;s ability to exercise such rights may be subordinated to the exercise of such rights by the senior lenders. Whenever the Fund is unable to direct such actions, the parties taking such actions may not have interests that are aligned with the Fund, and the actions taken may not be in the Fund&#x2019;s best interests. Furthermore, in recent years, &#x201c;priming&#x201d; transactions in the distressed debt sector have become more common. These &#x201c;priming&#x201d; arrangements are transactions where a group of debtholders can move collateral away from existing lenders so that it can serve as the primary source of secured assets for new money and/or restructuring existing debt. If the Fund were to hold distressed debt that became &#x201c;primed&#x201d; by another group of lenders, it could lose all or a significant part of such investment.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If an investment is a syndicated revolving loan or delayed drawdown loan, other lenders may fail to satisfy their full contractual funding commitments for such loan, which could create a breach of contract, result in a lawsuit by the obligor against the lenders and adversely affect the value of the Fund&#x2019;s investment.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, the Fund may be unable to remove the agent in circumstances in which removal would be in the Fund&#x2019;s best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice, and the Fund may not find a replacement agent on a timely basis, or at all, in order to protect its investment.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments in corporate CLOs involve certain structural risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their relative seniority and degree of risk. If the relevant collateral defaults or otherwise underperforms, payments to the more senior tranches of such securitizations take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#x2019;s corporate CLO investment strategy. CLOs present risks similar to those of other types of credit investments, including credit, interest rate and prepayment risks. See "&lt;strong&gt;&lt;i&gt;&#x2014;The Fund invests in corporate CLOs, which exposes it to risks associated with corporate loans.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Even though the Fund expects that most of its CLO mezzanine debt investments will have floating rate coupons, these and other of the Fund&#x2019;s CLO investments are still exposed to interest rate risk. There can be significant mismatches between the timing and frequency of coupon resets on the floating rate CLO debt tranches and the underlying floating rate corporate loans, and furthermore some of the underlying corporate loans may bear fixed coupon rates. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. This reduction in excess interest could adversely impact the Fund&#x2019;s CLO equity cashflows and valuations, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;CLOs have at times experienced negative credit events in their constituent loans, credit rating downgrades of constituent loans and issued debt tranches, and failures of certain deal metrics. The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of its mezzanine debt and equity tranches.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As discussed under &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests&lt;/i&gt;&lt;/strong&gt;,&#x201d; CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. This may reduce a CLO collateral manager&#x2019;s incentives to prioritize the interests of CLO investors, including the Fund, increase the risk of default as a result of less stringent credit or underwriting standards with respect to the underlying portfolios, and limit investor confidence in the CLOs.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments in the primary corporate CLO market involve certain additional risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Between the pricing date and the closing date of a corporate CLO, the collateral manager generally purchases additional assets for the CLO. During this period, the price and availability of these assets may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of assets that will satisfy specified concentration limitations and allow the CLO to reach the target initial principal amount of collateral prior to the effective date. An inability or delay in reaching the target initial principal amount of collateral may adversely affect the timing and amount of payments received by the holders of CLO mezzanine debt securities and equity securities and could result in early redemptions which could cause significant principal losses on the CLO mezzanine debt and equity securities, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund and its investments are subject to prepayment and reinvestment risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As part of the ordinary management of its portfolio, a CLO will typically generate cash flow from asset repayments and sales that is reinvested into substitute assets, subject to compliance with its investment tests and certain other conditions. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired, the excess interest-related cash flow available for distribution to the CLO equity tranches would decline. In addition, prepayment rates of the assets underlying a CLO are driven by a number of factors, including changing interest rates and other factors that are beyond the Fund&#x2019;s control. Furthermore, in most CLO transactions, CLO debt investors are subject to the risk that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, causing such CLO&#x2019;s outstanding CLO debt securities to be repaid at par earlier than expected. This and other factors can cause considerable uncertainty in the average lives of the CLO tranches in which the Fund invests.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund operates as a non-diversified investment company under the 1940 Act. Therefore, the Fund does not have any limitations on the ability to invest in any one CLO, and its investments may be concentrated in relatively few CLOs, CLOs that have similar risk profiles (including by being concentrated in a limited number of industries), CLOs where there is an overlap of underlying corporate issuers, or CLOs that are managed by the same collateral manager. The overlap of underlying corporate issuers is often more prevalent across CLOs of the same year of origination, as well as across CLOs managed by the same asset manager or collateral manager.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To the extent that the Fund&#x2019;s CLO investments are more concentrated, the Fund is susceptible to a greater risk of loss if one or more of the CLOs in which the Fund is invested performs poorly, or in the event a CLO collateral manager were to fail, experience the loss of key employees or sell its business. To the extent the Fund invests in CLOs that have a high level of overlap of underlying corporate obligors, there is a greater likelihood of experiencing multiple defaults in the Fund&#x2019;s CLO portfolio. In general, to the extent that the Fund&#x2019;s CLO portfolio is less diversified, the Fund may have a greater likelihood of experiencing large overall losses, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#x2019;s investments in such CLO.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of the Fund&#x2019;s mezzanine debt and equity tranches. In a typical corporate CLO, nonperforming assets, or performing assets rated &#x201c;CCC+&#x201d; or lower (or their equivalent) in excess of applicable limits, typically do not receive full par credit for purposes of calculation of the CLO&#x2019;s overcollateralization tests. As a result, if an asset were to default, or an asset&#x2019;s credit rating were to decrease to a lower credit rating level, also known as &#x201c;negative rating migration,&#x201d; it could cause a CLO to move out of compliance with some or all of its overcollateralization tests. CLOs are also generally subject to interest coverage tests, under each of which the interest income generated by the underlying assets is compared to the interest owed to a given CLO tranche and all tranches more senior to it. To the extent that any overcollateralization tests or interest coverage tests are breached, cash flows could be diverted away from the CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;CLO investments involve complex documentation and complex accounting considerations.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;CLOs are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over the interpretation or enforceability of the documentation may be higher relative to other types of investments. Further, the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The accounting calculations related to the Fund&#x2019;s CLO investments are complex in numerous ways. For instance, under GAAP, the Fund calculates its net investment income&#x2014;which is used to determine the performance fee payable to the Adviser&#x2014;based on effective yield calculations. These calculations involve significant judgment in projecting expected cash flows. If an investment underperforms expectations, the Fund may accrue more interest income than it ultimately realizes on such investment and pay the Adviser a higher performance fee than it otherwise would have if different projections had been used.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The risks associated with the accounting complexities include inaccurate financial reporting, such as incorrect accruals, reserves and estimates, or the misapplication of accounting standards. These issues could lead to the miscalculation of fees, potentially in favor of the Adviser, and could necessitate a financial restatement. Financial restatements are often costly and time-consuming, and they may lead to regulatory scrutiny, legal proceedings, or shareholder litigation. In addition, a restatement could result in a loss of investor confidence, which would negatively impact the Fund&#x2019;s reputation in the marketplace and impair its ability to raise capital on favorable terms in the future. A financial restatement could also trigger a significant decline in the price of the Fund&#x2019;s common shares, eroding shareholder value and potentially exacerbating financial and reputational damage. These events could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, as well as its ability to pay dividends to its shareholders.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund invests in CLO securities issued by CLOs that are managed by collateral managers unaffiliated with the Fund, and the Fund is dependent on the skill and expertise of such managers. While the actions of the CLO collateral managers may significantly affect the return on the Fund&#x2019;s investments, the Fund typically does not have any direct contractual relationship with these collateral managers.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund also relies on these collateral managers to act in the best interests of the CLOs in which the Fund invests, there can be no assurance that such collateral managers will do so. Moreover, such collateral managers are subject to fiduciary duties owed to other classes of notes besides those in which the Fund invests, and they may have other incentives to manage the CLO portfolios in a manner that disadvantages the particular classes of notes in which the Fund is invested. Furthermore, since the CLO issuer often provides an indemnity to its collateral manager, the CLO tranches the Fund holds may ultimately bear the burden of any legal claims brought against the collateral manager.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, the CLOs in which the Fund invests are generally not registered as investment companies under the 1940 Act. As investors in these CLOs, the Fund is not afforded the protections that shareholders in an investment company registered under the 1940 Act would have.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may only have limited information regarding the underlying assets held by the CLOs in which it invests, and collateral managers may not identify or report issues relating to the underlying assets on a timely basis (or at all) to enable the Fund to take appropriate measures to manage the Fund&#x2019;s risks. Furthermore, much of the information furnished to the Fund as an investor in a corporate CLO is neither audited nor reviewed, nor is an opinion expressed, by an independent public accountant. Finally, the Fund is not required to disclose to its shareholders any trustee reports or any other information received concerning any of its CLO investments. Thus, the Fund&#x2019;s shareholders will have limited information on the assets held by, and the performance of, the CLOs in which the Fund invests.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Collateral managers are subject to removal or replacement by other holders of CLO securities without the Fund&#x2019;s consent and may also voluntarily resign as collateral manager or assign their role as collateral manager to another entity. The removal, replacement, resignation, or assignment of any particular CLO collateral manager&#x2019;s role could adversely affect the returns on the CLO securities in which the Fund invests, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments often have limited liquidity.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund expects to focus its CLO investment activity in mezzanine debt and equity tranches, which have less liquidity than many other securities, including as a result of lower or no trading volume, transfer restrictions, and their bespoke nature. This illiquidity results in price volatility and can make it more difficult to value or sell these securities if the need arises, which could require the Fund to realize a greater loss if the Fund is ever required to liquidate such assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The CLOs in which the Fund invests incur significant operating expenses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests incur significant operating fees and expenses, including but not limited to collateral management fees, administrative expenses, and other operating expenses, which are all indirectly borne by CLO investors. CLO collateral management base fees, which typically range from 0.30% to 0.50% of a CLO&#x2019;s total assets, are charged on the CLO&#x2019;s total assets and are usually paid from residual cash flows after interest payments to senior debt tranches. Additional CLO operating expenses, estimated at 0.30% to 0.70%, may also apply, although these are not routinely reported in a standardized manner. Furthermore, CLO collateral managers may also earn incentive fees tied to equity cash flows once the equity tranche achieves a cash-on-cash return of capital and a specified &#x201c;hurdle&#x201d; rate. All of these fees and expenses are borne first by the CLO equity tranche due to its subordinated position. Given that the CLO equity tranche represents only a fraction of the value of the entire CLO, these fees and expenses are greatly magnified when expressed as a percentage of the value of the CLO equity tranche. Both types of CLO tranches in which the Fund invests (equity tranches and mezzanine debt tranches) may bear these expenses, with the equity tranche&#x2014;being the most subordinated&#x2014;usually shouldering these costs. To the extent that the CLO equity tranche has suffered or will suffer a total principal loss, mezzanine debt tranches will then effectively bear these fees and expenses.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to the collateral management fees, administrative expenses, and other operating expenses accrued in a CLO, the Fund will also remain obligated to pay the Base Management Fee and the Performance Fee to the Adviser. Therefore, each shareholder bears his or her share of the Base Management Fee and the Performance Fee of the Adviser as well as indirectly bearing the ratable share of the collateral management fees, administrative expenses, and other operating expenses of a CLO.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund invests primarily in CLOs that hold underlying U.S. assets, the Fund may also invest in corporate CLOs that hold non-U.S. assets, and the Fund expects that many of the CLO issuers in which the Fund invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#x2019;s rights in foreign jurisdictions.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;A portion of the Fund&#x2019;s CLO investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates may materially adversely affect the value of these investments.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLO issuers in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure that the CLO is not treated for U.S. federal income tax purposes as engaged in a U.S. trade or business. If a CLO issuer fails to comply with the investment guidelines, or if the Internal Revenue Service otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business, such CLO could be subject to U.S. federal income tax, which could reduce the amount available to distribute to mezzanine debt and equity holders in such CLO, including the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Foreign Account Tax Compliance Act provisions of the Code impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments received by such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and mezzanine debt holders in such CLO, including the Fund.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser has significant latitude in determining the types of assets the Fund acquires, and there is no specific prohibition in the Fund&#x2019;s investment strategy, investment guidelines and/or the RIC qualification requirements against investing in investments that are not CLOs.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To maintain the Fund&#x2019;s qualification as a RIC and compliance with the 1940 Act, the Fund is subject to various requirements and tests that impose limits on its investment strategy. However, other than as described in this registration statement, neither the broad investment guidelines in its Investment Advisory Agreement, the RIC qualification requirements, nor the 1940 Act impose any specific limits on, or prohibitions against, investing its capital in investments that are not CLOs. Under the terms of the Investment Advisory Agreement, the Adviser has significant latitude within its broad investment guidelines in determining the types of assets it may acquire. The Board generally does not review individual acquisitions, dispositions, or many other management decisions.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to risks associated with loan accumulation facilities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may invest capital in CLO warehouse facilities, otherwise known as loan accumulation facilities (&#x201c;&lt;strong&gt;LAFs&lt;/strong&gt;&#x201d;). LAFs are generally short- to medium- term financing facilities provided by the investment bank that will ultimately serve as the arranger on a CLO transaction. Utilizing equity capital provided by the LAF investors and debt financing provided by the investment bank, LAFs acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. This period of accumulating assets, often known as the &#x201c;warehouse period,&#x201d; typically terminates when the CLO vehicle issues various tranches of debt and equity securities to the market, using the issuance proceeds to repay the investment bank financing. Investments in LAFs have risks similar to those applicable to investments in CLOs, and the risk of losses is magnified as a result of the leveraged and first-loss nature of these facilities. Further, in the event that the corporate credit assets accumulated by a LAF are not eligible for purchase by the planned CLO, or in the event that the planned CLO is not issued, the LAF investors may be responsible for either holding or disposing of said assets, exposing the Fund to credit and/or mark-to-market risk. This scenario may become more likely in times of economic distress or when the loans comprising the collateral pool of such warehouse, even if still performing, may have declined materially in market value, and the Fund may suffer a loss upon the disposition of these assets. The occurrence of any of the foregoing or similar events could affect the Fund&#x2019;s investments in LAFs and, consequently, could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund may invest in corporate loans directly.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to gaining exposure to corporate loans through investments in CLO securities, the Fund may also invest in corporate loans directly. In some cases, these loan investments may result from asset sales or in-kind distributions from CLOs in which the Fund has invested, but in other cases the Fund may acquire such loans directly in the open market. To the extent the Fund invests in corporate loans directly, it will be exposed to all of the risks associated with corporate loans that CLOs are exposed to, as described above. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&#x201d;; &#x201c;&#x2014;The Fund&#x2019;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&#x201d; and &#x201c;&#x2014;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&#x201d;&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#x2019;s operating results and cash flows.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;It is generally expected that the CLOs in which the Fund invests will operate pursuant to investment guidelines intended to avoid such CLOs being treated as engaged in a U.S. trade or business for U.S. federal income tax purposes. If a CLO fails to comply with its investment guidelines, or if the Internal Revenue Service (the &#x201c;&lt;strong&gt;IRS&lt;/strong&gt;&#x201d;) successfully asserts that the CLO should be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could reduce the amount available to distribute to junior debt and equity holders in such CLO, including the Fund.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Foreign Account Tax Compliance Act provisions of the Code (commonly referred to as &#x201c;&lt;strong&gt;FATCA&lt;/strong&gt;&#x201d;) impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain&#160;non-U.S. entities, including certain&#160;non-U.S. financial institutions and investment funds, unless such&#160;non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as&#160;non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments to such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and junior debt holders in such CLO, and therefore materially and adversely affect the market value and/or fair value of the CLO&#x2019;s securities and the Fund&#x2019;s operating results and cash flows.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Risks Related to the Fund&#x2019;s Business&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;There are risks associated with the preparation for and implementation of the Conversion.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Preparation for, and implementation of, the Conversion required the Fund to make several changes to its day-to-day functions, including a number of complex operational, accounting, regulatory, and market-related changes. Each of these changes include significant risks, each of which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In addition, no assurance can be given that these changes will enable the Fund to comply successfully with the 1940 Act and the Code. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/i&gt;&lt;/strong&gt;.&#x201d; These risks include, but are not limited to:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Liquidity and Market Risks in Liquidating Pools and TBAs &#x2013; In connection with the Conversion, the Fund intends to liquidate its remaining holdings of mortgage-backed securities, including agency pools and long To-Be-Announced (&#x201c;&lt;strong&gt;TBA&lt;/strong&gt;&#x201d;) positions, as well as its related hedges, including short TBA positions and interest-rate swaps. Market conditions at the time of liquidation of any of these positions could result in unfavorable pricing, increased transaction costs, and/or execution delays, any of which could adversely impact the Fund&#x2019;s Net Asset Value and performance.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Regulatory and Compliance Risks Related to Bank Custody Rules&#160;&#x2013; Following the Conversion, the Fund will be subject to new regulatory requirements, including bank custody rules&#160;that were not previously applicable. Compliance with these rules&#160;necessitated changes in the Fund&#x2019;s operational processes, including its custodial arrangements and its master trade agreements with its counterparties, potentially leading to additional costs, operational burdens, or constraints on its available executing counterparties for certain transactions.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Risks Related to the Change in the Fund&#x2019;s Tax Year &#x2013; To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31, 2025). The Fund expects that it will qualify for an automatic change but if it does not qualify for the automatic change, the Fund will request approval from the IRS to effectuate such change. In that scenario, if the IRS does not approve the application, the Fund may not qualify for a March 31 tax-year end, which could delay the Fund&#x2019;s qualification as a RIC to a later date and force the Fund to keep its tax year of December 31 and operate as a taxable C-Corporation until that later date. It is also possible that the IRS may approve such application provided that the Fund recognizes additional income as a RIC in connection with its change of tax year.&#160;&#160;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Tax and Structural Uncertainties &#x2013; The Conversion may result in unanticipated tax liabilities, including potential recognition of taxable gains or other inefficiencies that could impact the Fund. Additionally, changes in tax laws,&#160;IRS interpretations, or regulatory guidance before or after the Conversion could further affect the Fund&#x2019;s tax treatment and require further adjustments to its structure.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Accounting, Operational and Systems Transition &#x2013; The Fund will prospectively apply investment company accounting and, accordingly, it has modified its internal systems, reporting processes, and third-party service provider arrangements as a result of the Conversion. Any delays, errors, or other challenges in transitioning to investment company accounting could result in operational disruptions, compliance issues, or increased administrative costs.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Legal and Regulatory &#x2013; Upon Conversion, the Fund became subject to the 1940 Act, implicating a new regulatory reporting regime, including a new schedule, and new reporting forms, and additional compliance obligations, including the implementation of the Derivatives Risk Management Program. Adapting to this new regime may require enhancements to internal compliance protocols, additional personnel, and increased oversight, all of which could increase costs and regulatory risks and there may be delays, errors, or other challenges in adapting to the rules, regulations and requirements of the 1940 Act.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to achieve its objectives once the Conversion is complete is contingent on the Fund&#x2019;s ability to manage and maintain all of these, and other changes, to its business. Any failure to do so could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders as well as its ability to comply with the requirements of the 1940 Act. Failure to comply with the 1940 Act may subject the Fund to action by the SEC&#x2019;s Division of Enforcement in the form of cease and desist orders, fines and other penalties, and injunctions, civil liability, reputational damages, and restrictions or limitations on future offerings.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Actions by the Federal Reserve (and similar actions by other central banks), including tightening or easing of monetary policy, increases or decreases in short-term interest rates, balance sheet liquidations or runoff, or other actions, or the perception that the Federal Reserve or other central banks are failing to take actions deemed necessary or advisable by the market, could cause elevated market volatility and adversely impact the value and performance of the Fund&#x2019;s assets and the ability of the Fund to borrow money or otherwise access capital to fund its operations. See also &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets&lt;/i&gt;&lt;/strong&gt;&#x201d; for the impact of changing interest rates on the Fund&#x2019;s business.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Although most of the assets underlying the Fund&#x2019;s CLO investments carry floating rate coupons, some may have fixed rate coupons or have a fixed rate component, which is most apparent when a given CLO is backed by corporate bonds, rather than loans, since bonds generally are issued with a fixed coupon. The fixed coupons on assets of this nature present some risk of cashflow mismatch between the Fund&#x2019;s liabilities and its assets, since the Fund&#x2019;s primary short term liabilities are expected to be reverse repurchase agreements. Reverse repurchase agreement borrowings typically bear a floating rate, and so are typically sensitive to changes in short term interest rates, since maturing reverse repurchase agreements will typically be replaced by new reverse repurchase agreements bearing interest rates based on short term interest rates at the time of the replacement transaction. If the income from the Fund&#x2019;s assets is insufficient to support the interest payments on its liabilities due to a rise in short term interest rates, the Fund may be forced to reduce its positions, potentially during an inopportune time in the market, which could force it to realize losses or be unable to hold its desired amount of assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may also issue fixed rate debt, which could introduce a similar mismatch between interest owed on liabilities and interest income earned on its assets. As noted above, the Fund will primarily invest in CLOs that bear a floating rate coupon. In a falling interest rate environment, the Fund&#x2019;s assets can be expected to pay a lower coupon rate, but any fixed-rate debt issued by the Fund will continue to require fixed payments, which could exceed the interest income available from its floating rate assets. This, too, could result in the Fund being forced to sell certain positions in order to meet interest and/or principal payments on its fixed liabilities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may initiate and maintain derivative and similar positions in order to address both forms of interest rate mismatch, though the Fund is not required to do so. There can be no certainty that such positions, if they are initiated, will be effective at eliminating the Fund&#x2019;s exposure to interest rate mismatches. Furthermore, derivative and similar positions come with their own risks, including liquidity risk, which may impact the Fund&#x2019;s ability to close or adjust such positions efficiently. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While increases in interest rates will typically increase the interest income on the Fund&#x2019;s CLO debt investments, which are generally floating rate in nature, they could also place pressure on the ability of the corporate borrowers underlying the Fund&#x2019;s CLO investments to cover their interest expenses or to refinance their debt, potentially resulting in higher credit losses on the Fund&#x2019;s CLO investments. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. Finally, assets held directly or indirectly by the Fund that pay a fixed rate coupon typically decline in value when interest rates increase, and if interest rates were to increase significantly, not only would the market value of these assets be expected to decline, but these assets could lengthen in duration because borrowers would be less likely to prepay their fixed rate corporate borrowings, both of which would be expected to have an adverse impact on the Fund&#x2019;s financial results.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Interest rates can change quickly and are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond the Fund&#x2019;s control. Moreover, concerns over the United States&#x2019; debt ceiling and budget-deficit increase the possibility of downgrades by rating agencies to the U.S. government&#x2019;s credit rating, which could cause interest rates and borrowing costs to rise. Interest rate movements are highly uncertain and notoriously difficult to predict. For example, from February&#160;28, 2022 to October&#160;31, 2023, the lower bound of the Federal Reserve&#x2019;s Federal Funds Target Rate rose from 0.00% to 5.25%, while the yield on the ten-year U.S. Treasury rose from 1.83% to 4.93%. While the Fund may opportunistically hedge its exposure to changes in interest rates, such hedging may be limited by the tax rules&#160;governing RICs, and the Fund can provide no assurance that its hedges will be successful or that the Fund will be able to enter into or maintain such hedges. As a result, interest rate fluctuations can cause significant losses, reductions in income, and can limit the cash available to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business is materially affected by conditions in the corporate sector, the financial markets, and the economy, including inflation, interest rates, energy costs, unemployment, geopolitical issues, concerns over the creditworthiness of governments worldwide and the stability of the global banking system. Any deterioration of financial markets or the economy or investor perception of the risks associated with financial markets or the economy could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s portfolio is expected to be concentrated in CLO mezzanine debt and equity tranches. These tranches are subordinated in cash flow priority to other more &#x201c;senior&#x201d; securities of the same CLO securitization and therefore absorb losses from CLO asset defaults before senior tranches are at risk. The CLO equity tranche typically represents less than 15% of the overall principal balance of a CLO, but it absorbs 100% of the CLO&#x2019;s credit losses until its principal balance has been written off, after which the mezzanine debt absorbs all losses. As a result, the CLO equity and mezzanine securities that the Fund targets are deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Such securities are therefore considered to be highly speculative investments. When a CLO underlying corporate borrower defaults, the Fund generally has the right to receive payments only from the CLOs and has no direct rights against the underlying borrowers or the entity that sponsored the CLO transaction. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund&#x2019;s overall exposure and capital at risk to such CLO. The value and performance of CLO securities are subject to the same types of political and economic factors and risks that affect corporate issuers and capital markets generally, but, for all of the foregoing reasons, these risks are amplified in the case of CLO mezzanine debt and equity tranches.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Before making an investment, the Adviser may decide to conduct (either directly or using third parties) certain due diligence on a potential investment. There can be no assurance that the Adviser will conduct any specific level of due diligence, or that, among other things, the Adviser&#x2019;s due diligence processes will uncover all relevant facts or that any purchase will be successful, which could result in losses on these assets, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#x2019;s expectations or to make asset management decisions that are not in line with its strategy.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund relies on the Adviser and the Adviser relies on the analytical models used by Ellington (both proprietary and third-party models) and information and data supplied by third parties. These models and data may be used to value assets or potential asset acquisitions and dispositions and also in connection with the Fund&#x2019;s asset management activities. If Ellington&#x2019;s models (including the data utilized by the models) and/or third party models or data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon could expose the Fund to potential risks. The Adviser&#x2019;s reliance on the models and data used by Ellington may induce it to purchase certain assets at prices that are too high, to sell certain other assets at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging activities that are based on faulty models and data may prove to be unsuccessful.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Some of the risks of relying on analytical models and third-party data include the following:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;collateral cash flows and/or liability structures may be incorrectly modeled in all or only certain scenarios, or may be modeled based on simplifying assumptions that lead to errors;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;information about assets or the underlying collateral may be incorrect, incomplete, or misleading;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;asset, collateral, or CLO historical performance (such as historical prepayments, defaults, cash flows,&#160;etc.) may be incorrectly reported, or subject to interpretation (e.g., different CLO issuers may report delinquency and default statistics based on different definitions of what constitutes a delinquent or defaulted loan); and&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;asset, collateral, or CLO information may be outdated, in which case the models may contain incorrect assumptions as to what has occurred since the date information was last updated.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Some models, such as prepayment models or default models, may be predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses. In addition, the predictive models used by the Adviser may differ substantially from those models used by other market participants, with the result that valuations based on these predictive models may be substantially higher or lower for certain assets than actual market prices. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data, and, in the case of predicting performance in scenarios with little or no historical precedent (such as extreme broad-based widening in corporate credit yield spreads or deep economic recessions or depressions), such models must employ greater degrees of extrapolation and are therefore more speculative and of more limited reliability.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;All valuation models rely on correct market data inputs. If incorrect market data is entered into even a well-founded valuation model, the resulting valuations will be incorrect. However, even if market data is input correctly, &#x201c;model prices&#x201d; will often differ substantially from market prices, especially for securities with complex characteristics or whose values are particularly sensitive to various factors. If the Fund&#x2019;s market data inputs are incorrect or its model prices differ substantially from market prices, its business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investment portfolio is recorded at market value and/or fair value, with its Board overseeing its Valuation Designee in its determination of fair value and, as a result, there will be uncertainty as to the value of its portfolio investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the 1940 Act, the Fund is required to carry its portfolio investments at market value, if such value is readily available, or fair value, if there is no readily available market value, as determined by the Adviser in good faith, as the Fund&#x2019;s valuation designee pursuant to Rule&#160;2a-5 under the 1940 Act, in accordance with its written valuation policy and subject to the oversight of the Board. Typically, there will not be a widely visible public market for the type of investments the Fund targets. As a result, the Fund will value these securities at fair value based on relevant information compiled by the Adviser and third-party pricing services (when available), and with oversight conducted by the Board. The values of the Fund&#x2019;s investments are often not readily determinable.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The determination of market value or fair value and, consequently, the amount of unrealized gains and losses in the Fund&#x2019;s portfolio, are to a certain degree subjective and dependent on a valuation process conducted by the Adviser and overseen by the Board. Because such valuations are inherently uncertain, may fluctuate over short periods of time, especially during periods of elevated market volatility, and may be based on estimates, the Adviser&#x2019;s determinations of fair value may differ from the values that would have been used if a ready market for these assets existed or from the prices at which trades occur. Furthermore, the Fund may not obtain third-party valuations for all of its assets. Changes in the fair value of the Fund&#x2019;s assets directly impact its net income through recording unrealized appreciation or depreciation of its investments and derivative instruments, and so the determination of fair value has a material impact on its net income.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While in many cases the Adviser&#x2019;s determination of the fair value of its assets is based on valuations provided by third-party dealers and pricing services, the Adviser can and does value assets based upon its judgment, and such valuations may differ from those provided by third-party dealers and pricing services. Valuations of certain assets are often difficult to obtain or are unreliable, and many or all of the Fund&#x2019;s CLO investments may trade infrequently and are illiquid. In general, dealers and pricing services heavily disclaim their valuations. Additionally, dealers and pricing services may claim to furnish valuations only as an accommodation and without special compensation, and they may disclaim any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations, including any act of negligence or breach of any warranty. Depending on the complexity and illiquidity of an asset, valuations of the same asset can vary substantially from one dealer or pricing service to another. Higher valuations of the Fund&#x2019;s assets have the effect of increasing the amount of management fees the Fund pays to the Adviser. Therefore, conflicts of interest exist because the Adviser is involved in the determination of the fair value of the Fund&#x2019;s assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Market-based inputs are generally the preferred source of values for purposes of measuring the fair value of the Fund&#x2019;s assets under U.S. GAAP. However, the markets for the Fund&#x2019;s investments have experienced, and could in the future experience, extreme volatility, reduced transaction volume and liquidity, and disruption as a result of certain events which has made, and could in the future make, it more difficult for the Fund&#x2019;s Adviser, and for third-party dealers and pricing services that the Fund uses, to rely on market-based inputs in connection with the valuation of its assets under U.S. GAAP. Furthermore, in determining the fair value of the Fund&#x2019;s assets, the Adviser uses proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates, interest rates, default rates and loss severities. These assumptions might be especially difficult to project accurately during periods of economic disruption. The fair value of certain of the Fund&#x2019;s investments may fluctuate over short periods of time, and the Adviser&#x2019;s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The fair value of the Fund&#x2019;s investments has a material impact on its earnings through the recording of unrealized appreciation or depreciation of investments and may cause its Net Asset Value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. Investors purchasing the Fund&#x2019;s securities based on an overstated Net Asset Value may pay a higher price than the value of its investments might warrant. Conversely, investors selling shares during a period in which the Net Asset Value understates the value of the Fund&#x2019;s investments may receive a lower price for their shares than the value of its investments might warrant.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected if the Adviser&#x2019;s fair value determinations of these assets were materially different from the values that would exist if a ready market existed for these assets.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The lack of liquidity in the Fund&#x2019;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Certain of the assets and other instruments the Fund acquires are not publicly traded. As such, these assets may be subject to legal and other restrictions on resale, transfer, pledge or other disposition, or will otherwise be less liquid than publicly-traded securities. Other assets that the Fund acquires, while publicly traded, have limited liquidity on account of their complexity, turbulent market conditions, or other factors. Illiquid assets typically experience greater price volatility, because a ready market does not exist, and they can be more difficult to value or sell if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its assets. The Fund may also face other restrictions on its ability to liquidate any assets for which the Fund or the Adviser has or could be attributed with material non-public information. Furthermore, assets that are illiquid are more difficult to finance, and to the extent that the Fund finances assets that are or become illiquid, the Fund may lose that financing or have it reduced. If the Fund is unable to sell its assets at favorable prices or at all, it could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is highly dependent on Ellington&#x2019;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#x2019;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business is highly dependent on Ellington&#x2019;s communications and information systems and those of third-party service providers. Any failure or interruption of Ellington&#x2019;s or certain third-party service providers&#x2019; systems or cyber-attacks or security breaches of their networks or systems could cause delays or other problems in the Fund&#x2019;s securities trading activities, could allow unauthorized access for purposes of misappropriating assets, stealing proprietary and confidential information, corrupting data or causing operational disruption, or could prevent the Fund from receiving distributions to which the Fund is entitled, any of which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Computer malware, ransomware, viruses, and computer hacking and phishing attacks have become more prevalent in the financial services industry and may occur on Ellington&#x2019;s or certain third party service providers&#x2019; systems in the future. The Fund relies heavily on Ellington&#x2019;s financial, accounting and other data processing systems. Financial services institutions have reported breaches of their systems, some of which have been significant, and Ellington has experienced a data breach, which was not material to its or the Fund&#x2019;s operations. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that Ellington or certain third-party service providers have experienced an undetected breach, and it is likely that other financial institutions have experienced more breaches than have been detected and reported. There is no assurance that the Fund, Ellington, or certain of the third parties that facilitate the Fund&#x2019;s and Ellington&#x2019;s business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of Ellington&#x2019;s networks or systems (or the networks or systems of certain third parties that facilitate the Fund&#x2019;s and Ellington&#x2019;s business activities) or any failure to maintain performance, reliability and security of Ellington's or certain third-party service providers&#x2019; technical infrastructure, but such computer malware, ransomware, viruses, and computer hacking and phishing attacks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Additionally, operational failures or cyber incidents relating to the Fund's or Ellington&#x2019;s third-party service providers (or their service providers) may negatively impact the Fund&#x2019;s business in the future. If a material operational failure or material breach of the information technology systems of its third-party service providers occurs, the Fund could be required to expend significant amounts of money, be delayed in receiving funds (or not receive them at all) or have to expend significant time and resources to respond to these threats or breaches, each of which could materially adversely impact the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;New technologies also continue to develop, including tools that harness generative artificial intelligence and other machine learning techniques (collectively, &#x201c;&lt;strong&gt;AI&lt;/strong&gt;&#x201d;). AI is developing at a rapid pace and becoming more accessible. As a result, the use of such new technologies by the Fund, Ellington, and/or the Fund&#x2019;s third-party service providers can present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that the Fund, Ellington, and/or its third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on the Fund and its business. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#x2019;s business in ways that the Fund cannot predict.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Risks Related to the Fund&#x2019;s Financing, Hedging, and Derivative Activities&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to fund its operations, meet financial obligations, and finance targeted asset acquisitions may be impacted by an inability to secure and maintain its financing through reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time in the future with its counterparties. Because reverse repurchase agreements are generally short-term transactions, lenders may respond to adverse market conditions by refusing to renew or replace, or making it more difficult for the Fund to renew or replace, the Fund&#x2019;s maturing short-term borrowings, including imposing more onerous conditions when replacing (&#x201c;&lt;strong&gt;rolling&lt;/strong&gt;&#x201d;) such repurchase agreements.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s lenders are primarily large global financial institutions, with exposures both to global financial markets and to more localized conditions. In addition to borrowing from large banks, the Fund may also borrow from smaller non-bank financial institutions. Whether because of a global or local financial crisis or other circumstances, such as if one or more of the Fund&#x2019;s lenders experiences severe financial difficulties, they or other lenders could become unwilling or unable to provide the Fund with financing, could increase the haircut required for such financing, or could increase the costs of that financing.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Moreover, the Fund is currently party to short-term borrowings (in the form of reverse repurchase agreements) and there can be no assurance that the Fund will be able to roll these borrowings as they mature on a continuous basis and it may be more difficult for the Fund to obtain debt financing on favorable terms, or at all. If the Fund is not able to renew the Fund&#x2019;s existing reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time or arrange for new financing on terms acceptable to the Fund, or if the Fund defaults on its financial covenants, is otherwise unable to access funds under its financing arrangements, or is required to post more collateral or face larger haircuts, the Fund may have to dispose of assets at significantly depressed prices and at inopportune times, which could cause significant losses, and may also force the Fund to curtail its asset acquisition activities. Similarly, if the Fund were to move a financing from one counterparty to another that was subject to a larger haircut, the Fund would have to repay more cash to the original counterparty than the Fund would be able to borrow from the new counterparty. To the extent that the Fund might be compelled to liquidate certain assets to repay debts, its compliance with the RIC asset tests, income tests, and distribution and other requirements could be negatively affected, which could jeopardize its qualification as a RIC. See &#x201c;&#x2014;&lt;em&gt;&lt;strong&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/strong&gt;&lt;/em&gt;.&#x201d; Any such forced liquidations could also materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, if there is a contraction in the overall availability of financing for the Fund&#x2019;s assets, including if the regulatory capital requirements imposed on its lenders change or its shareholders&#x2019; equity decreases to levels that make the Fund a less attractive financing counterparty, its lenders may significantly increase the cost of the financing that they provide to the Fund, increase the amounts of collateral they require as a condition to providing the Fund with financing, or even cease providing it with financing. The Fund&#x2019;s lenders also have revised, and may continue to revise, their eligibility requirements for the types of assets that they are willing to finance or the terms of such financing arrangements, including increased haircuts and requiring additional cash collateral, based on, among other factors, the regulatory environment and their management of actual and perceived risk, particularly with respect to assignee liability.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Moreover, the amount of financing that the Fund receives under its financing agreements will be directly related to its lenders&#x2019; valuation of the financed assets subject to such agreements. Typically, the master repurchase agreements that govern the Fund&#x2019;s borrowings under reverse repurchase agreements grant the lender the right to reevaluate the value of the financed assets subject to such reverse repurchase agreements at any time. If a lender determines that the net decrease in the value of the portfolio of financed assets is greater in magnitude than any applicable threshold, it will generally initiate a margin call. In such cases, a lender&#x2019;s valuations of the financed assets may be different than the values that the Fund ascribes to these assets and may be influenced by recent asset sales at distressed levels by forced sellers. A valid margin call requires the Fund to transfer cash or additional qualifying collateral to a lender or to repay a portion of the outstanding borrowings. If the Fund were to dispute the validity of a margin call from a lender under one of its reverse repurchase agreements and refuse to deliver margin collateral as a result, a lender could still send the Fund a notice of default. In this situation, such lender will have possession of the financed assets, and might still decide to exercise its contractual remedies, despite the margin dispute. In the event of the Fund&#x2019;s default, its lenders or derivative counterparties can accelerate its indebtedness, terminate its derivative contracts (potentially on unfavorable terms requiring additional payments, including additional fees and costs), increase its borrowing rates, liquidate its collateral, and terminate its ability to borrow. In certain cases, a default on one reverse repurchase agreement or derivative agreement (whether caused by a failure to satisfy margin calls or another event of default) can trigger &#x201c;cross defaults&#x201d; on other such agreements. Similarly, if the market value of the Fund&#x2019;s derivative contracts with a derivative counterparty declines in value, the Fund generally will be subject to a margin call by the derivative counterparty.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Significant margin calls and/or increased reverse repurchase agreement haircuts could have a material adverse effect on the Fund&#x2019;s results of operations, financial condition, business, liquidity, and ability to make distributions to its shareholders, and could cause the value of its common shares to decline. During March&#160;and April&#160;of 2020,the Fund observed that many of its financing agreement counterparties assigned lower valuations to certain of its assets, resulting in the Fund having to pay cash to satisfy margin calls, which were higher than historical levels. In addition, during March&#160;and April&#160;of 2020 the Fund also experienced an increase in haircuts on reverse repurchase agreements that the Fund rolled. A sufficiently deep and/or rapid increase in margin calls or haircuts would have an adverse impact on the Fund&#x2019;s liquidity. The Fund may have to sell assets at disadvantageous times or prices to meet such obligations.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Consequently, depending on market conditions at the relevant time, the Fund may have to rely on additional equity issuances to meet its capital and financing needs, which may be dilutive to its shareholders, or the Fund may have to rely on less efficient forms of debt financing that consume a larger portion of its cash flow from operations, thereby reducing funds available for its operations, future business opportunities, cash distributions to its shareholders, and other purposes. There can be no assurance that the Fund will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause the Fund to curtail its asset acquisition activities and/or dispose of assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders, or in the worst case, cause its insolvency.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund uses borrowed money to fund many of its investment activities and to enhance its financial returns. These borrowings include short-term reverse repurchase agreements to finance its CLO assets, and may also include credit facilities, including term loans and revolving credit facilities, derivative transactions, issuance of preferred shares and issuance of debt securities, each in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such financings may be used for the acquisition and maintenance of its investments, to pay fees and expenses, and for other purposes. Such leverage may be secured or unsecured. Any such leverage is in addition to leverage embedded or inherent in the CLO structures or derivative instruments in which the Fund may invest.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Through the use of leverage, the Fund may acquire positions with market exposure significantly greater than the amount of equity capital committed to the transaction. Leverage can enhance the Fund&#x2019;s potential returns but can also exacerbate losses. Even if an asset increases in value, if the asset fails to earn a return that equals or exceeds its cost of borrowing, the leverage will diminish the Fund&#x2019;s returns. Leverage also increases the risk of the Fund&#x2019;s being forced to swiftly liquidate its assets. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Since financial leverage increases the amount of the Fund&#x2019;s assets without a corresponding increase in the Fund&#x2019;s common equity, any event that adversely affects the Fund&#x2019;s assets would have an amplified effect on the Fund&#x2019;s common shares to the extent that leverage is utilized. For instance, any decrease in the yield of the Fund&#x2019;s assets would cause the Fund&#x2019;s net interest income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund&#x2019;s ability to make distributions and other payments to its securityholders. Similarly, the more leverage that the Fund employs, the more likely a substantial change will occur in the Fund&#x2019;s Net Asset Value. The Fund&#x2019;s expected use of leverage is generally considered to be a speculative investment technique. Its ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. In a market that moves adversely to the Fund&#x2019;s assets, the use of leverage would be expected to result in a loss that would be greater than if the Fund&#x2019;s assets were not leveraged.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;div&gt;

            &lt;div&gt;
              &lt;div&gt;
                &lt;div&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund intends to operate as a fully compliant derivatives fund under the Derivatives Rule, including treating reverse repurchase agreement borrowings as derivatives transactions and implementing a Derivatives Risk Management Program. By electing to operate under the full derivatives framework rather than qualifying as a &#x201c;limited derivatives user,&#x201d; under the Derivatives Rule, the Fund will be permitted to take on a significantly higher level of leverage through the use of derivatives and reverse repurchase agreement transactions than would be allowed for a limited derivatives user. This increased leverage may amplify both potential gains and losses, subjecting the Fund to greater volatility and market risk. While the Fund&#x2019;s Derivatives Risk Management Program will include oversight and certain limits, leveraging the fund to a higher degree increases the potential for significant losses during periods of market stress or when asset prices move against its investments. Furthermore, any breach of its leverage or risk limits could result in forced portfolio adjustments, liquidity constraints, or regulatory scrutiny. See &#x201c;&lt;strong&gt;&lt;i&gt;Summary&#x2014;Financing and Hedging Strategy&#x2014;Derivative Transactions&lt;/i&gt;&lt;/strong&gt;&#x201d; and &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Additionally, if the Fund&#x2019;s asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to declare dividends, incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of its investments to repay some debt or redeem shares of preferred shares when it is disadvantageous to do so. As such, the Fund might not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser&#x2019;s and its Board&#x2019;s assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that the Fund will be able to obtain credit at all or on terms acceptable to the Fund.&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.&lt;/p&gt;
                &lt;/div&gt;
              &lt;/div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#x2019;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.&lt;/p&gt;

              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumed Return on the Fund&#x2019;s Portfolio (Net of Expenses)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;0.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span&gt;Corresponding return to common shareholder&lt;sup&gt;(1) &lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(17.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.22&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(2.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;4.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;12.28&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                    &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:top"&gt;
                          &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                          &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(1)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                  &lt;/div&gt;
                &lt;/div&gt;

              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Based on the Fund&#x2019;s assumed leverage described above, its investment portfolio would have been required to experience an annual return of at least 1.81% to cover interest payments on its assumed indebtedness.&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Regulations governing the Fund&#x2019;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#x2019;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may in the future issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which the Fund refers to collectively as &#x201c;senior securities,&#x201d; up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, the Fund will be permitted, as a registered closed-end management investment company, to issue senior securities representing indebtedness so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, is at least 300% after each issuance of such senior securities. In addition, the Fund will be permitted to issue preferred shares so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of its outstanding preferred shares, is at least 200% after each issuance of such preferred shares. If the value of its assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund&#x2019;s leverage, repay a portion of its indebtedness or redeem outstanding preferred shares or debt, in each case at a time when doing so may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness or preferred dividends would not be available for distributions to its common shareholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred shares, the preferred shares would rank &#x201c;senior&#x201d; to common shares in its capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of its common shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might otherwise provide a premium price to holders of the Fund&#x2019;s common shares or otherwise be in the Fund&#x2019;s common shareholders&#x2019; best interest.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund is not generally able to issue and sell its common shares at a price below its net asset value per common share, other than in connection with a rights offering to its existing shareholders. The Fund may, however, sell its common shares at a price below the then-current net asset value per common share if its Board determines that such sale is in the Fund&#x2019;s and its shareholders&#x2019; best interests, and the Fund&#x2019;s shareholders approve such sale. In any such case, the price at which the Fund&#x2019;s securities are to be issued and sold may not be less than a price that, in the determination of its Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common shares, then the percentage ownership of its shareholders at that time will decrease, and existing shareholders may experience dilution.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event of the Fund&#x2019;s insolvency or bankruptcy, certain reverse repurchase agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay. In the event of the insolvency or bankruptcy of a lender during the term of a reverse repurchase agreement, the lender may be permitted, under applicable insolvency laws, to repudiate the contract, and the Fund&#x2019;s claim against the lender for damages may be treated simply as an unsecured claim. In addition, if the lender is a broker or dealer subject to the Securities Investor Protection Act of 1970, or an insured depository institution subject to the Federal Deposit Insurance Act, the Fund&#x2019;s ability to exercise its rights to recover its securities under a reverse repurchase agreement or to be compensated for any damages resulting from the lenders' insolvency may be further limited by those statutes. These claims would be subject to significant delay and costs to the Fund and, if and when received, may be substantially less than the damages the Fund actually incurs.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Subject to maintaining its qualification as a RIC, the Fund may pursue various hedging strategies to seek to reduce its exposure to adverse changes in corporate credit spreads and corporate credit default rates (collectively, &#x201c;&lt;strong&gt;corporate credit risks&lt;/strong&gt;&#x201d;) and interest rates. The Fund&#x2019;s hedging activity is expected to vary in scope based on the level and volatility of corporate credit spreads and interest rates, the relative cost of protection against credit defaults, the types of CLO investments held, and other changing market conditions. Hedging may fail to protect or could adversely affect the Fund because, among other things:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;hedging of corporate credit risks and interest rates can be expensive, particularly during periods of higher and volatile credit spreads and interest rates;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;available corporate credit risk and interest rate hedges may not correspond directly, or be correlated in the manner desired with, the credit risk and interest rate risk for which protection is sought;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;many hedges are structured as over-the-counter contracts with counterparties whose creditworthiness is not guaranteed, raising the possibility that the hedging counterparty may default on their obligations;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;to the extent that the creditworthiness of a hedging counterparty deteriorates, it may be difficult or impossible to terminate or assign any hedging transactions with such counterparty to another counterparty;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules&#160;to reflect changes in market value and/or fair value. Downward adjustments (&#x201c;&lt;strong&gt;mark-to-market losses&lt;/strong&gt;&#x201d;) would reduce the Fund&#x2019;s earnings and its shareholders' equity;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund may fail to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the assets in the portfolio being hedged;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Adviser may fail to recalculate, re-adjust, and execute hedges in an efficient and timely manner; and&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the hedging transactions may actually result in poorer overall performance for the Fund than if it had not engaged in the hedging transactions.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;For these and other reasons, the Fund&#x2019;s hedging activity could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Hedging instruments and other derivatives, including certain types of credit default swaps, involve risk because they may not, in many cases, be traded on exchanges or cleared on a CCP (as defined below). Consequently, for these instruments there may be less stringent requirements with respect to record keeping and compliance with applicable statutory and regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. The Adviser is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Furthermore, the Adviser has only a limited internal credit function to evaluate the creditworthiness of its counterparties, mainly relying on its experience with such counterparties and/or their general reputation as participants in these markets. Under the terms of many of the Fund&#x2019;s derivatives transaction contracts, the business failure of a derivatives transaction counterparty with whom the Fund enters into a derivatives transaction will most likely result in a default under the governing agreement. Default by a party with whom the Fund enters into a derivatives transaction may result in losses and may force the Fund to re-initiate similar derivatives transactions with other counterparties at the then-prevailing market levels. Generally, the Fund will seek to reserve the right to terminate its derivatives transactions upon a counterparty&#x2019;s insolvency, but absent an actual insolvency, the Fund may not be able to terminate a derivatives transaction without the consent of the derivatives transaction counterparty, and the Fund may not be able to assign or otherwise dispose of a derivatives transaction to another counterparty without the consent of both the original derivatives counterparty and the potential assignee. If the Fund terminates a derivatives transaction, the Fund may not be able to enter into a replacement contract in order to cover its risk. There can be no assurance that a liquid secondary market will exist for derivatives transactions purchased or sold, and therefore the Fund may be required to maintain any derivatives transaction until exercise or expiration, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In this regard, the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives to meet the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral&lt;/i&gt;&lt;/strong&gt;.&#x201d;&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, some portion of the Fund&#x2019;s derivatives transactions may be cleared through a central counterparty clearinghouse (&#x201c;&lt;strong&gt;CCP&lt;/strong&gt;&#x201d;), which the Fund accesses through a futures commission merchant (&#x201c;&lt;strong&gt;FCM&lt;/strong&gt;&#x201d;). The Fund&#x2019;s futures positions also are cleared with a CCP through an FCM. If an FCM that holds the Fund&#x2019;s futures or cleared derivatives account were to become insolvent, the CCP will make an effort to move the Fund&#x2019;s futures and cleared derivatives positions to an alternate FCM, though it is possible that no alternate FCM could be found to accept the Fund&#x2019;s positions, which could result in a total cancellation of its positions in the account; in such a case, if the Fund wished to reinstate such positions, the Fund would have to re-initiate such positions with an alternate FCM. In addition, in the case of both futures and cleared derivatives, there could be knock-on effects of the Fund&#x2019;s FCM&#x2019;s insolvency, such as the failure of co-customers of the FCM or other FCMs of the same CCP. In such cases, there could be a shortfall in the funds available to the CCP due to such additional insolvencies and/or exhaustion of the CCP's guaranty fund that could lead to total loss of the Fund&#x2019;s positions in the FCM account. Finally, the Fund faces a risk of loss (including total cancellation) of positions in the account in the event of fraud by its FCM or other FCMs of the CCP, where ordinary course remedies would not apply.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Using derivatives also subjects the Fund to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Commodity Futures Trading Commission (&#x201c;&lt;strong&gt;CFTC&lt;/strong&gt;&#x201d;) and certain commodity exchanges have established limits referred to as speculative position limits or position limits on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options. Limits on trading in options contracts also have been established by the various options exchanges. It is possible that trading decisions may have to be modified and that positions held may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s use of derivatives may expose it to counterparty risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may enter into derivatives transactions that have not been cleared by a CCP. If a derivative counterparty cannot perform under the terms of the derivative contract, the Fund would not receive payments due under that agreement, the Fund may lose any unrealized gain associated with the derivative, and, in the case of a derivative used as a hedging instrument, the asset or liability being hedged would cease to be hedged by such instrument. If a derivative counterparty becomes insolvent or files for bankruptcy, the Fund may also be at risk for any collateral the Fund has pledged to such counterparty to secure its obligations under derivative contracts, and the Fund may incur significant costs in attempting to recover such collateral.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund engages in short selling transactions, which may subject it to additional risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Certain of the Fund&#x2019;s hedging transactions, and occasionally its investment transactions, may be short sales or short positions. Short selling may involve selling securities that are not owned and typically borrowing the same securities for delivery to the purchaser, with an obligation to repurchase the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. A short sale may create the risk of an unlimited loss, in that the price of the underlying security might theoretically increase without limit, thus increasing the cost of repurchasing the securities. There can be no assurance that securities sold short will be available for repurchase or borrowing. Market conditions, including lower liquidity in certain asset classes and derivatives, and increased short sale restrictions imposed by regulators during periods of financial stress, could limit the Fund&#x2019;s ability to execute or maintain short positions effectively.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Repurchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby exacerbating the loss, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s investments that are denominated in foreign currencies subject the Fund to foreign currency risk arising from fluctuations in exchange rates between such foreign currencies and the U.S. dollar. While the Fund currently attempts to hedge the vast majority of its foreign currency exposure, it may not always choose to hedge such exposure, or it may not be able to hedge such exposure. To the extent that the Fund is exposed to foreign currency risk, changes in exchange rates of such foreign currencies to the U.S. dollar could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Further, the Fund also invests in CLOs that hold non-U.S. assets, and the Fund expect that many of the CLO issuers in which it invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#x2019;s rights in foreign jurisdictions.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Other Business Risks&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Other than a modification or waiver that would be deemed to be fundamental, the Board will have the authority to modify or waive its current operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies at any time without notice to or consent from its shareholders. As a result, the types or mix of assets, liabilities, or hedging transactions in the Fund&#x2019;s portfolio may be different from, and possibly riskier than, the types or mix of assets, liabilities, and hedging transactions that the Fund has historically held, or that are otherwise described in this report. A change in the Fund&#x2019;s strategy may increase its exposure to corporate credit asset values, credit spreads, interest rates, and other factors. Changes in the Fund&#x2019;s investment strategy may also affect its ability to qualify as a RIC or cause the Fund to determine that it is not in the best interests of the Fund and its shareholders for it to continue to qualify as a RIC. The Fund&#x2019;s Board determines its investment guidelines and its operational policies, and may amend or revise the Fund&#x2019;s policies, including those with respect to its acquisitions, growth, operations, indebtedness, capitalization, and dividends or approve transactions that deviate from these policies without a vote of, or notice to, its shareholders. The Fund cannot predict the effect of any changes to its current operating policies, its investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies and any such changes could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund operates in a highly competitive market.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s profitability depends, in large part, on its ability to acquire targeted assets at favorable prices. The Fund competes with a number of entities when acquiring its targeted assets, including other registered closed-end funds, public and private funds, investment banks, business development companies, hedge funds, private credit funds, structured credit funds, distressed debt funds, and mezzanine funds. Many of the Fund&#x2019;s competitors are substantially larger and have considerably more favorable access to capital and other resources than the Fund does. Furthermore, new companies with significant amounts of capital have been formed or have raised additional capital, and may continue to be formed and raise additional capital in the future, and these companies may have objectives that overlap with the Fund&#x2019;s, which may create competition for assets the Fund wishes to acquire. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund&#x2019;s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of assets to acquire or pay higher prices than the Fund can. The Fund also may have different operating constraints from those of its competitors including, among others, (i)&#160;tax-, legal-, or accounting-driven constraints such as those arising from its qualification as a RIC, including asset diversification and distribution requirements, (ii)&#160;restraints imposed on the Fund by the 1940 Act as a registered closed-end fund and (iii)&#160;restraints and additional costs arising from the Fund&#x2019;s status as a public company. Furthermore, competition for assets in the Fund&#x2019;s targeted asset classes may lead to the price of such assets increasing, which may further limit its ability to generate desired returns. The competitive pressures the Fund faces could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#x2019;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Rising interest rates generally reduce the demand for corporate loans due to the higher cost of borrowing. A reduction in the volume of corporate loans originated may affect the volume of targeted assets available to the Fund, which could adversely affect the Fund&#x2019;s ability to acquire assets that satisfy its investment objectives. If rising interest rates cause the Fund to be unable to acquire a sufficient volume of the Fund&#x2019;s targeted assets with a yield that is above its borrowing cost, the Fund&#x2019;s ability to satisfy its investment objectives and to generate income and pay dividends to its shareholders may be materially and adversely affected.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund intends to pay dividends to its shareholders in amounts such that the Fund distribute all or substantially all of each year's taxable income (subject to certain adjustments). This distribution policy will enable the Fund to avoid being subject to U.S. federal income tax on its RIC taxable income that the Fund distribute to its shareholders. However, the Fund&#x2019;s ability to pay dividends will depend on its earnings, its financial condition and such other factors as its Board may deem relevant from time to time. The Fund will declare and pay dividends only to the extent approved by its Board.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Risks Related to the Fund&#x2019;s Relationship with &lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;the Adviser and Ellington&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;There are risks and conflicts of interests associated with the Performance Fee the Fund is obligated to pay &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;the &lt;strong&gt;&lt;i&gt;Adviser.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to its Base Management Fee, the Adviser is entitled to receive the Performance Fee based, in large part, upon its achievement of targeted levels of Pre-Performance Fee Net Investment Income. The Performance Fee payable to the Adviser is based on the Fund&#x2019;s Pre-Performance Fee Net Investment Income, without considering any realized or unrealized gains or losses on its investments. As a result, (i)&#160;for quarters in which a Performance Fee is payable, such Performance Fee will exceed 17.5% of the Fund&#x2019;s GAAP net income if the Fund generated net realized and unrealized losses on its investments during such quarter, (ii)&#160;the Adviser could earn a Performance Fee for fiscal quarters during which the Fund generates a GAAP net loss, and (iii)&#160;the Adviser might be incentivized to manage the Fund&#x2019;s portfolio using higher risk assets, using assets with deferred interest features, or using more financial leverage through indebtedness, to generate more income than would be the case if there were no Performance Fee, both of which could result in higher investment losses, especially during economic downturns.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Performance Fee is calculated quarterly, treating each quarter in isolation. As a result, the Hurdle Amount does not accumulate from quarter to quarter, and decreases in the Fund&#x2019;s Net Asset Value of Common Equity, such as those due to unrealized losses, will reduce the Hurdle Amount, potentially making it easier for the Adviser to earn a Performance Fee. The Fund will not have the ability to claw back, delay, or adjust the payment of any Performance Fee based on financial results in prior or subsequent quarters. In addition, over a series of quarters, if the Fund&#x2019;s Pre-Performance Fee Net Investment Income is positive in some quarters but negative in others, it is likely, when viewing the series of quarters as a whole, for the aggregate Performance Fee payable to the Adviser to exceed 17.5% of its aggregate Pre-Performance Fee Net Investment Income.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a conflict of interest related to management&#x2019;s involvement in many accounting determinations (including but not limited to valuations, which affect the calculation of the Hurdle Amount, and calculations of interest income) that can affect the Fund&#x2019;s Performance Fee.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Finally, because the Hurdle Rate does not float with overall interest rates, an increase in interest rates will likely make it easier for Pre-Performance Fee Net Investment Income to exceed the Hurdle Amount. The Performance Fee Catch-Up feature (which provides that if the Fund&#x2019;s Pre-Performance Fee Net Investment Income for a quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#x2019;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount is payable to the Adviser with respect to such quarter) may also cause the Fund&#x2019;s Adviser to capture a disproportionate share of any increase in the Fund&#x2019;s investment income resulting from higher interest rates.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is dependent on the Adviser and certain key personnel of Ellington that are provided to the Fund through the Adviser and may not find a suitable replacement if the Adviser terminates the Investment Advisory Agreement or such key personnel are no longer available to the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund does not have any employees of its own. The Fund&#x2019;s officers are employees of Ellington or one or more of its affiliates. The Fund has no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation of its operating policies and execution of its business strategies and risk management practices. The Fund also depends on the Adviser&#x2019;s access to the professionals of Ellington as well as information and deal flow generated by Ellington. The employees of Ellington identify, evaluate, negotiate, structure, close, and monitor the Fund&#x2019;s portfolio. The departure of any of the senior officers of the Adviser, or of a significant number of investment professionals of Ellington or the inability of such personnel to perform their duties due to acts of God, pandemics such as the COVID-19 pandemic, war or other geopolitical conflict, terrorism, elevated inflation, high energy costs, social unrest, or civil disturbances, could have a material adverse effect on the Fund&#x2019;s ability to achieve its objectives. The Fund can offer no assurance that the Adviser will remain investment adviser or that the Fund will continue to have access to the Adviser&#x2019;s senior management. The Fund is subject to the risk that the Adviser will terminate the Investment Advisory Agreement or that the Fund may deem it necessary to terminate the Investment Advisory Agreement or prevent certain individuals from performing services for the Fund and that no suitable replacement will be found to manage the Fund.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;There are risks and conflicts of interests associated with the Base Management Fee the Fund is obligated to pay the Adviser.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund pays the Adviser a Base Management Fee based on the Fund&#x2019;s Net Asset Value, regardless of the performance of the Fund&#x2019;s portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund&#x2019;s portfolio, which could result in worse performance for the Fund&#x2019;s portfolio and could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, the participation of the Adviser (including the Adviser&#x2019;s investment professionals) in the Fund&#x2019;s valuation process, and the financial interest of the Fund&#x2019;s interested trustees in the Adviser, creates a conflict of interest as the Base Management Fee payable to the Adviser is based, in part, on the Fund&#x2019;s Net Asset Value.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Board has approved a very broad investment strategy and will generally not review or approve the decisions made by the Adviser to acquire, dispose of, or otherwise manage an asset.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Adviser is authorized to follow a very broad strategy in pursuing the Fund&#x2019;s investment objectives. While the Fund&#x2019;s Board periodically reviews the Fund&#x2019;s investment strategy and the Adviser&#x2019;s portfolio and asset-management decisions, it generally does not review the Fund&#x2019;s proposed acquisitions, dispositions, and other management decisions. In addition, in conducting periodic reviews, the Board relies primarily on information provided to them by the Adviser. Furthermore, the Adviser may arrange for the Fund to use complex strategies or to enter into complex transactions that may be difficult or impossible to unwind by the time they are reviewed by the Board. The Adviser has great latitude in determining the types of assets it may decide are proper for the Fund to acquire, and in connection with other decisions with respect to the management of those assets. Poor decisions could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund competes with Ellington&#x2019;s other accounts for access to Ellington and for opportunities to acquire assets.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Ellington has sponsored and/or currently manages accounts with a focus that overlaps with the Fund&#x2019;s investment focus and expects to continue to do so in the future. Ellington is not restricted in any way from sponsoring or accepting capital from new accounts, even for investing in asset classes or strategies that are similar to, or overlapping with, the Fund&#x2019;s asset classes or strategies. Therefore, the Fund competes for access to the benefits that its relationship with the Adviser and Ellington provides the Fund. For the same reasons, the personnel of Ellington and the Adviser may be unable to dedicate a substantial portion of their time to managing the Fund&#x2019;s assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Further, to the extent that the Fund&#x2019;s targeted assets are also targeted assets of other Ellington accounts, the Fund will compete with those accounts for opportunities to acquire assets. Ellington has no duty to allocate such opportunities in a manner that preferentially favors the Fund. Ellington makes available to the Fund all opportunities to acquire assets that it determines, in its reasonable and good faith judgment, based on the Fund&#x2019;s objectives, policies and strategies, and other relevant factors, are appropriate for the Fund in accordance with Ellington&#x2019;s written investment allocation policy, it being understood that the Fund might not participate in each such opportunity, but will equitably participate with Ellington's other accounts in such opportunities on an overall basis.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Since many of the Fund&#x2019;s targeted assets are typically available only in specified quantities and are also targeted assets for other Ellington accounts, Ellington often is not able to buy as much of any asset or group of assets as would be required to satisfy the needs of all of Ellington&#x2019;s accounts. In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital. As part of these policies, accounts that are in a &#x201c;start-up&#x201d; or &#x201c;ramp-up&#x201d; phase may get allocations above their proportion of available capital, which could work to the Fund&#x2019;s disadvantage, particularly because there are no limitations surrounding Ellington's ability to create new accounts. In addition, the policies permit departure from proportional allocations under certain circumstances, for example when such allocation would result in an inefficiently small amount of the security or assets being purchased for an account, which may also result in the Fund not participating in certain allocations.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;There are other conflicts of interest in &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;the Fund&#x2019;s relationships with the Adviser and Ellington, which could result in decisions that are not in the best interests of the Fund&#x2019;s shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund is subject to conflicts of interest arising out of its relationship with Ellington and the Adviser. Certain of the Fund&#x2019;s executive officers and trustees are employees of Ellington or one or more of its affiliates. As a result, the Adviser and its officers may have conflicts between their duties to the Fund and their duties to, and interests in, Ellington or the Adviser. For example, Mr.&#160;Penn, the Fund&#x2019;s President and Chief Executive Officer and one of the Fund&#x2019;s trustees, also serves as the President and Chief Executive Officer of, and as a member of the Board of Directors of, Ellington Financial Inc., and Vice Chairman and Chief Operating Officer of Ellington. Mr.&#160;Vranos, one of the Fund&#x2019;s trustees and one of the Fund&#x2019;s portfolio managers, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and Chairman of Ellington. Mr.&#160;Borenstein, a managing director at Ellington and one of the Fund&#x2019;s portfolio managers, Mr.&#160;Tecotzky, the Fund&#x2019;s Executive Vice President, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and as Vice Chairman of Ellington. Mr.&#160;Smernoff, the Fund&#x2019;s Chief Financial Officer, also serves as the Chief Accounting Officer of Ellington Financial Inc. Mr.&#160;Herlihy, the Fund&#x2019;s Chief Operating Officer, also serves as the Chief Financial Officer of Ellington Financial Inc., and as a Managing Director of Ellington.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may acquire or sell assets in which Ellington or its affiliates have or may have an interest. Similarly, Ellington or its affiliates may acquire or sell assets in which the Fund has or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, the Fund nonetheless may pursue and consummate such transactions. Additionally, the Fund may engage in transactions directly with Ellington or its affiliates, including the purchase and sale of all or a portion of a portfolio asset.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Acquisitions made for entities with similar objectives may be different from those made on the Fund&#x2019;s s behalf. Ellington may have economic interests in, or other relationships with, others in whose obligations or securities the Fund may acquire. In particular, such persons may make and/or hold an investment in securities that the Fund acquires that may be pari passu, senior, or junior in ranking to its interest in the securities or in which partners, security holders, officers, directors, agents, or employees of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities and otherwise create conflicts of interest. In such instances, Ellington may, in its sole discretion, make recommendations and decisions regarding such securities for other entities that may be the same as or different from those made with respect to such securities and may take actions (or omit to take actions) in the context of these other economic interests or relationships the consequences of which may be adverse to the Fund&#x2019;s interests.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In deciding whether to issue additional debt or equity securities, the Fund will rely in part on recommendations made by the Adviser. While such decisions are subject to the approval of the Board, two of the Fund&#x2019;s trustees are Interested Trustees. Because the Adviser earns Base Management Fees that are based on the total amount of its equity capital, and because the Adviser earns Performance Fees that would be expected to increase should the Fund&#x2019;s equity capital increase, the Adviser may have an incentive to recommend that the Fund issue additional equity securities. Future offerings of debt securities, which would rank senior to the Fund&#x2019;s common shares upon liquidation, and future offerings of equity securities which would dilute the common share holdings of its existing shareholders and may be senior to its common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
      &lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and Ellington and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and Ellington employees, other entities that Ellington advises or manages will likewise require greater focus and attention, placing the Adviser and Ellington's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if Ellington or its affiliates did not act as a manager for other entities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund, directly or through Ellington, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund does possess confidential information about such companies or securities, there may be restrictions on its ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser's and Ellington&#x2019;s management of other accounts could create a conflict of interest to the extent the Adviser or Ellington is aware of material non-public information concerning potential investment decisions. For example, an Ellington affiliate&#x2019;s membership in a loan syndicate or on a loan borrower&#x2019;s creditors&#x2019; committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund&#x2019;s operations. These limitations imposed by access to confidential information could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser&#x2019;s liability is limited under the Investment Advisory Agreement, and the Fund has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Fund&#x2019;s behalf than it would when acting for its own account.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Fund&#x2019;s Board in following or declining to follow the Adviser&#x2019;s advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#x2019;s duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#x2019;s duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund&#x2019;s behalf than it would when acting for its own account.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser may fail to identify and acquire assets that meet the Fund&#x2019;s asset criteria or perform its responsibilities under the Investment Advisory Agreement could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to achieve its objectives depends on the Adviser&#x2019;s ability to identify and acquire assets that meet the Fund&#x2019;s asset criteria. Accomplishing the Fund&#x2019;s objectives is largely a function of the Adviser&#x2019;s structuring of the Fund&#x2019;s investment process, its access to financing on acceptable terms, and general market conditions. The Fund&#x2019;s shareholders do not have input into the investment decisions. All of these factors increase the uncertainty, and thus the risk, of investing in the Fund&#x2019;s common shares. The senior management team of the Adviser has substantial responsibilities under the Investment Advisory Agreement. In order to implement certain strategies, the Adviser may need to hire, train, supervise, and manage new employees successfully. Any failure to manage the Fund&#x2019;s future growth effectively could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders and its ability to maintain its qualification as a RIC.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If the Adviser ceases to be the Adviser or one or more of the Adviser's key personnel ceases to provide services to the Fund, the Fund&#x2019;s lenders and its derivative counterparties may cease doing business with the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the Adviser ceases to be the Adviser, including upon the non-renewal of the Investment Advisory Agreement, or if one or more of the Adviser&#x2019;s key personnel cease to provide services for the Fund, it could constitute an event of default or early termination event under many of the Fund&#x2019;s reverse repurchase agreement financing and derivative hedging agreements, upon which the relevant counterparties would have the right to terminate their agreements with the Fund. If the Adviser ceases to be the Adviser for any reason, including upon the non-renewal of its Investment Advisory Agreement, and the Fund is unable to obtain or renew financing or enter into or maintain derivative transactions, it could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund does not own the Ellington brand or trademark but may use the brand and trademark as well as its logo pursuant to the terms of a license granted by Ellington.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Ellington has licensed the &#x201c;Ellington&#x201d; brand, trademark, and logo to the Fund for so long as the Adviser or another affiliate of Ellington continues to act as its investment adviser. The Fund does not own the brand, trademark, or logo that the Fund will use in its business and may be unable to protect this intellectual property against infringement from third parties. Ellington retains the right to continue using the &#x201c;Ellington&#x201d; brand and trademark. The Fund will further be unable to preclude Ellington from licensing or transferring the ownership of the &#x201c;Ellington&#x201d; brand and trademark to third parties, some of whom may compete against the Fund. Consequently, the Fund will be unable to prevent any damage to goodwill that may occur as a result of the activities of Ellington or others. Furthermore, in the event the Adviser or another affiliate of Ellington ceases to act as the Fund&#x2019;s investment adviser, or in the event Ellington terminates the license, the Fund will be required to change its name and trademark. Any of these events could disrupt the Fund&#x2019;s recognition in the marketplace, damage any goodwill the Fund may have generated, and otherwise harm its business. Finally, the license is a domestic license in the United States only and does not give the Fund any right to use the &#x201c;Ellington&#x201d; brand, trademark, and logo overseas even though the Fund expects to use the brand, trademark, and logo overseas. The Fund&#x2019;s use of the &#x201c;Ellington&#x201d; brand, trademark and logo overseas will therefore be unlicensed and could expose the Fund to a claim of infringement.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Risks Related to the Fund&#x2019;s Common Shares&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values, for sustained periods of time, and there can be no assurance that the market price of the Fund&#x2019;s common shares will not decline below the Fund&#x2019;s net asset value per common share.&lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values and the Fund&#x2019;s stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that the Fund&#x2019;s net asset value per common share may decline. The Fund cannot predict whether its common shares will trade above, at, or below its Net Asset Value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common shares purchased in an offering soon after such offering. In addition, if the Fund&#x2019;s common shares trade below its Net Asset Value, the Fund will not be able to sell additional common shares to the public at its market price except (i) in connection with a rights offering to the Fund&#x2019;s existing shareholders, (ii) with the consent of the majority of the Fund&#x2019;s shareholders, (iii) upon the conversion of a convertible security in accordance with its terms or (iv) under such circumstances as the SEC may permit.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s shareholders may not receive dividends or dividends may not grow over time.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The declaration, amount, nature, and payment of any future dividends on the Fund&#x2019;s common shares are at the sole discretion of its Board. Under Delaware law, cash dividends on a company&#x2019;s capital stock may only be paid if, after payment, the company will be able to pay its debts as they become due in the ordinary course of business; and the company&#x2019;s assets will be greater than its liabilities, plus, unless the charter permits otherwise, the amount that would be needed, if the company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights on dissolution are superior to those receiving the distribution. Further, even if the Fund is permitted to pay a dividend under Delaware law, the Fund may not have sufficient cash to pay dividends on its common shares. In addition, in order to preserve the Fund&#x2019;s liquidity, its Board may not declare a dividend at all or declare all or any portion of a dividend to be payable in stock, may delay the record date or payment date for any previously declared, but unpaid, dividend, convert a previously declared, but unpaid, cash dividend on the Fund&#x2019;s common shares to a dividend paid partially or completely in common shares, or even revoke a declared, but unpaid, dividend.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to pay dividends may be impaired if any of the risks described in this prospectus, or any of the Fund&#x2019;s other periodic or current reports filed with the SEC, were to occur. In addition, payment of dividends depends upon the Fund&#x2019;s earnings, liquidity, financial condition, the RIC distribution requirements, its financial covenants, and other factors that the Board may deem relevant from time to time. There can be no assurance that the Fund&#x2019;s business will generate sufficient cash flow from operations or that future borrowings or other capital will be available to the Fund in an amount sufficient to enable the Fund to make distributions on its common shares, to pay its indebtedness, or to fund other liquidity needs. The Board will continue to assess the dividend rate on its common shares on an ongoing basis, as market conditions and its financial position continue to evolve. The Board is under no obligation to declare any dividend distribution. There can be no assurance that the Fund will achieve results that will allow it to pay a specified level of dividends or to increase dividends from one period to the next.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;An increase in interest rates may have an adverse effect on the market price of the Fund&#x2019;s common shares and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;One of the factors that investors may consider in deciding whether to buy or sell the Fund&#x2019;s common shares is its dividend rate (or expected future dividend rate) as a percentage of its common share price, relative to market interest rates. If market interest rates increase or do not decline from their current levels, prospective investors may demand a higher dividend rate on the Fund&#x2019;s common shares or seek alternative investments paying higher dividends or interest. There can be no assurance that the Fund will achieve results that will allow it to increase its dividend rate in response to market interest rate increases. As a result, interest rate fluctuations and capital market conditions can affect the market price of the Fund&#x2019;s common shares independent of the effects such conditions may have on its portfolio. For instance, if interest rates rise without an increase in the Fund&#x2019;s dividend rate, the market price of its common shares could decrease because potential investors may require a higher dividend yield on its common shares as market rates on interest-bearing instruments such as bonds rise. In addition, to the extent the Fund has variable rate debt, such as its reverse repurchase agreement financing, rising interest rates would result in increased interest expense on this variable rate debt, which might not be offset by increased interest income, and thereby adversely affecting the Fund&#x2019;s cash flow and its ability to service its indebtedness and pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Investing in the Fund&#x2019;s common shares involves a high degree of risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The assets the Fund purchase in accordance with its objectives may result in a higher amount of risk than other alternative asset acquisition options. The assets the Fund acquires may be highly speculative and aggressive and may be subject to a variety of risks, including credit risk, prepayment risk, interest rate risk, and market risk. As a result, an investment in the Fund&#x2019;s common shares may not be suitable for investors with lower risk tolerance.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If the Fund issues preferred shares, debt securities or convertible debt securities, its net asset value per common share may become more volatile.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund cannot assure shareholders that the issuance of preferred shares and/or debt securities would result in a higher yield or return to the shareholders. The issuance of preferred shares, debt securities and/or convertible debt would likely cause the Fund&#x2019;s net asset value per common share to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to approach the net rate of return on the Fund&#x2019;s investment portfolio, the benefit of leverage to shareholders would be reduced. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to exceed the net rate of return on the Fund&#x2019;s portfolio, the use of leverage would result in a lower rate of return to shareholders than if the Fund had not issued the preferred shares or debt securities. Any decline in the value of its investment would be borne entirely by the holders of the Fund&#x2019;s common shares. Therefore, if the market value of the Fund&#x2019;s portfolio were to decline, the leverage would result in a greater decrease in the Fund's net asset value per common share than if the Fund were not leveraged through the issuance of preferred shares.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a risk that, in the event of a sharp decline in the value of its net assets, the Fund would be in danger of: (i)&#160;failing to maintain the required asset coverage ratios which may be required by the preferred shares, debt securities, convertible debt or units, or by the 1940 Act; (ii)&#160;a downgrade in the ratings of the preferred shares, debt securities, convertible debt or units, if such instruments were rated; or (iii)&#160;the Fund&#x2019;s current investment income not being sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. If the Fund does not maintain its required asset coverage ratios, the Fund may not be permitted to declare dividends which could violate its distribution requirements and fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. In order to counteract such an event, the Fund might need to liquidate investments in order to fund redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, the Fund would pay (and the holders of its common shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt or any combination of these securities. Holders of preferred shares, debt securities or convertible debt may have different interests than holders of common shares and may, at times, have disproportionate influence over the Fund&#x2019;s affairs.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Holders of any preferred shares that the Fund may issue would have the right to elect members of the Board and have class voting rights on certain matters.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The 1940 Act requires that holders of shares of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#x2019;s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#x2019;s ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;A downgrade, suspension or withdrawal of any future credit rating assigned by a rating agency to the Fund or any future issuances of preferred shares or debt securities, if any, or change in the debt markets could cause the liquidity or market value of the Fund&#x2019;s preferred shares or debt securities to decline significantly.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Any credit rating to the Fund would be an assessment by rating agencies of the Fund&#x2019;s ability to pay its debts when due. Consequently, real or anticipated changes in any credit ratings will generally affect the market value of any issuances of preferred shares or debt securities. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Fund&#x2019;s preferred shares and debt securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither the Fund nor any underwriter undertakes any obligations to obtain or maintain any credit ratings or to advise holders of its preferred shares or debt securities of any changes in any credit ratings. There can be no assurance that any credit ratings will be assigned to the Fund or remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if, in their judgment, future circumstances relating to the basis of the credit rating, such as adverse changes in the Fund, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Fund&#x2019;s preferred shares and debt securities.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;FATCA withholding may apply to payments to certain foreign entities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Payments made under the Fund&#x2019;s securities to a foreign financial institution (&#x201c;&lt;strong&gt;FFI&lt;/strong&gt;&#x201d;), or non-financial foreign entity (&#x201c;&lt;strong&gt;NFFE&lt;/strong&gt;&#x201d;) (including such an institution or entity acting as an intermediary), may be subject to a U.S. withholding tax of 30% under FATCA. This withholding tax may apply to certain payments of interest on the Fund&#x2019;s debt securities or dividends on its shares unless the FFI or NFFE complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any of the Fund&#x2019;s debt securities or shares are held, the holder could be subject to this 30% withholding tax in respect of any interest paid on its debt securities or dividends on its shares. Investors should consult their own tax advisors regarding FATCA and how it may affect an investment in the Fund&#x2019;s securities.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Risks Related to the Fund&#x2019;s Organization and Structure&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund has a limited prior operating history as a closed-end investment company.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund was recently reorganized as an externally managed, non-diversified, closed-end management investment company with a limited prior operating history as such. As a result, the Fund&#x2019;s current and historical financial information may not be suitable for evaluating an investment in the Fund as a closed-end management investment company. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of an investment in the Fund could decline substantially or become worthless. As the Fund finalizes the rotation of its investment portfolio out of agency mortgage-backed securities and into CLOs, the Fund could invest some of its capital in temporary investments, including, but not limited to, cash and cash equivalents, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;From January&#160;1, 2024 through March&#160;31, 2025, the Fund operated as a C-Corporation and focused on investments in both corporate collateralized loan obligations and agency mortgage-backed securities. Prior to January&#160;1, 2024, the fund operated as a real estate investment trust focusing on agency mortgage-backed securities.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s shareholders&#x2019; ability to control the Fund&#x2019;s operations is severely limited.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Board has approval rights with respect to the Fund&#x2019;s major strategies, including strategies regarding investments, financing, growth, debt capitalization, compliance with the 1940 Act, RIC qualification and distributions. The Board may amend or revise these and other strategies without a vote of its shareholders, subject to such amendments or revisions not being fundamental.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Certain provisions of the Delaware Statutory Trust Act and the Fund&#x2019;s Declaration of Trust and Bylaws could deter takeover attempts and have an adverse impact on the price of its common shares.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The Delaware Statutory Trust Act, the Fund&#x2019;s declaration of trust and its bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for the Fund. The Control Share Statute is a provision of the Delaware Statutory Trust Act that limits the voting rights of shares held in excess of certain specified thresholds.&#160;&lt;strong&gt;&lt;i&gt;See &#x201c;Description of the Fund&#x2019;s Securities&#x2014;Certain Aspects of the Delaware Control Share Statute.&#x201d;&lt;/i&gt;&lt;/strong&gt;&#160;In addition, certain provisions in the Declaration of Trust impose limits on the rights of shareholders with respect to bringing claims against or on behalf of the Fund.&#160;&lt;strong&gt;&lt;i&gt;See &#x201c;Description of the Fund&#x2019;s Securities&#x2014;Anti-Takeover Provisions in the Declaration of Trust.&#x201d;&lt;/i&gt;&lt;/strong&gt;&#160;Further, the Fund&#x2019;s bylaws contain a provision requiring advance notice of shareholder nominees for trustee.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Notwithstanding the foregoing, through the inclusion of Section 10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#x201c;opted-out&#x201d; of the Control Share Statute.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s authorized but unissued common and preferred shares may prevent a change in its control.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust authorizes the Fund to issue an unlimited number of shares, including common shares and preferred shares. In addition, the Board, without shareholder approval, may classify or reclassify any unissued common shares or preferred shares, may set the preferences, rights and other terms of the classified or reclassified shares and, with respect to the establishment of the terms of such preferred shares, may amend the declaration of trust as they deem necessary or appropriate. As a result, among other things, the Board may establish a class or series of common shares or preferred shares that could delay or prevent a transaction or a change in control of the Fund that might involve a premium price for its common shares or otherwise be in the best interests of its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s rights and the rights of its shareholders to take action against its trustees and officers or against &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;the Adviser or Ellington are limited, which could limit shareholders&#x2019; recourse in the event actions are taken that are not in shareholders&#x2019; best interests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust limits the liability of its present and former trustees and officers to the Fund and its shareholders or any other person or entity for money damages other than liability arising from (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. The Fund&#x2019;s declaration of trust limits the liability of the Fund&#x2019;s present and former trustees and officers to the maximum extent permitted under applicable law.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust requires the Fund to indemnify each of its present and former trustees and officers against any liabilities and expenses incurred in connection with actions taken by such trustee or officer in those capacities except with respect to any matter as to which he or she has not acted in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which he or she had reasonable cause to believe that the conduct was unlawful and provided that no trustee or officer shall be indemnified against any liability to any person or entity or any expense of such trustee or officer arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. Further, no indemnification shall be made unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction that such trustee or officer is entitled to indemnification or, (ii)&#160;in the absence of such a decision, by (1)&#160;a majority vote of a quorum of trustees who are neither &#x201c;Interested Persons&#x201d; (as defined in the 1940 Act) of the Trust nor parties to the proceeding, that such trustee or officer is entitled to indemnification, or (2)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that such trustee or officer should be entitled to indemnification. The Fund&#x2019;s declaration of trust requires indemnification of the Fund&#x2019;s present and former trustees and officers to the maximum extent permitted under applicable law. In addition, the Fund is obligated to pay or reimburse the expenses incurred by its present and former trustees and officers if certain conditions are satisfied.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As a result, the Fund and its shareholders may have more limited rights against its present and former trustees and officers than might otherwise exist absent the current provisions in its declaration of trust or that might exist with other companies, which could limit recourse available to shareholders in the event actions are taken that are not in shareholders&#x2019; best interest.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s declaration of trust contains provisions that make removal of its trustees difficult, which could make it difficult for its shareholders to effect changes to its management.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust provides that, subject to the rights of holders of any series of preferred shares, a trustee may be removed only for cause, and only by action taken by a majority of the remaining Trustees. Vacancies generally may be filled only by a majority of the remaining trustees in office, even if less than a quorum, for the full term of the class of trustees in which the vacancy occurred. These requirements make it more difficult to change the Fund&#x2019;s management by removing and replacing trustees and may prevent a change in its control that is in the best interests of its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Legal and regulatory changes&lt;/i&gt;&lt;/span&gt;. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations that could adversely affect the Fund may be imposed by the Commodity Futures Trading Commission, or the &#x201c;&lt;strong&gt;CFTC&lt;/strong&gt;,&#x201d; the SEC, the U.S. Federal Reserve and the other Central Banks, other banking regulators, other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets. In particular, these agencies are empowered to promulgate a variety of new rules&#160;pursuant to recently enacted financial reform legislation in the United States and the countries which they operate in. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules&#160;by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund&#x2019;s investment focus shifting from the areas of expertise of the investment team to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund&#x2019;s results of operations and the value of an investment in the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Relief from Registration as Commodity Pool Operator&lt;/i&gt;&lt;/span&gt;.&#160;With respect to the Fund&#x2019;s operation, the Adviser has claimed an exclusion from the definition of the term &#x201c;commodity pool operator&#x201d; pursuant to CFTC Rule&#160;4.5, which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include: (i)&#160;&#x201c;bona fide hedging&#x201d; transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#x2019;s assets committed to margin and option premiums; and (ii)&#160;non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a)&#160;the sum of the amount of initial margin and premiums required to establish the Fund&#x2019;s commodity interest positions would exceed 5% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b)&#160;the aggregate net notional value of the Fund&#x2019;s commodity interest positions would exceed 100% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event the Fund fails to qualify the Adviser for the exclusion, and the Adviser is required to register as a &#x201c;commodity pool operator&#x201d; in connection with serving as its investment adviser and becomes subject to additional disclosure, recordkeeping and reporting requirements, its expenses may increase. The Fund currently intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Derivative Investments&lt;/i&gt;&lt;/span&gt;.&#160;The derivative investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the &#x201c;&lt;strong&gt;Dodd-Frank Act&lt;/strong&gt;,&#x201d; require certain standardized derivatives to be executed on a regulated market and cleared through a CCP, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The &#x201c;&lt;strong&gt;Derivatives Rule&lt;/strong&gt;&#x201d; (i.e., Rule&#160;18f-4 under the 1940 Act) regulates and, in some cases limits, the use of derivatives, reverse repurchase agreements, and certain other transactions by funds registered under the 1940 Act. Unless the Fund qualifies as a &#x201c;&lt;strong&gt;limited derivatives user&lt;/strong&gt;,&#x201d; as defined in the Derivatives Rule, the Fund is required to establish a comprehensive Derivatives Risk Management Program, to comply with certain value-at-risk based leverage limits and reporting requirements, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding the Fund&#x2019;s derivatives positions. Even if the Fund did qualify as a limited derivatives user, the Derivatives Rule&#160;would still require the Fund to have policies and procedures to manage its derivatives risk and limit its derivatives exposure. Under the Derivatives Rule, when the Fund trades reverse repurchase agreements or similar financing transactions, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating its asset coverage ratio or treat all such transactions as derivatives transactions. The Derivatives Rule&#160;also provides special treatment for reverse repurchase agreements and similar financing transactions. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as &#x201c;derivatives transactions&#x201d; subject to the requirements of the Derivatives Rule&#160;or as senior securities equivalent to bank borrowings for purposes of Section&#160;18 of the 1940 Act.&#160;The Fund has elected to treat reverse repurchase agreements and similar financing transactions as &#x201c;derivatives transactions.&#x201d; See &#x201c;&lt;strong&gt;&lt;i&gt;Summary&#x2014;Financing and Hedging Strategy&#x2014;Derivative Transactions.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The SEC also has provided guidance in connection with the Derivatives Rule&#160;regarding the use of securities lending collateral that may limit the Fund&#x2019;s securities lending activities. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i)&#160;the Fund intend to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#x201c;&lt;strong&gt;Delayed-Settlement Securities Provision&lt;/strong&gt;&#x201d;). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#x201c;derivatives transaction&#x201d; for purposes of compliance with the Derivatives Rule. Furthermore, under the Derivatives Rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may increase the cost of the Fund&#x2019;s investments and cost of doing business.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;European Credit Derivatives&lt;/i&gt;&lt;/span&gt;. Furthermore, the E.U. Regulation No 648/2012 on over the counter (&#x201c;&lt;strong&gt;OTC&lt;/strong&gt;&#x201d;) derivatives, central counterparties and trade repositories (also known as the European Market Infrastructure Regulation (&#x201c;&lt;strong&gt;EMIR&lt;/strong&gt;&#x201d;), which came into force on 16 August&#160;2012, introduced uniform requirements in respect of OTC derivative transactions by requiring certain &#x201c;eligible&#x201d; OTC derivative transactions to be submitted for clearing to regulated central clearing counterparties and by mandating the reporting of certain details of derivative transactions to trade repositories. In addition, EMIR imposes requirements for appropriate procedures and arrangements to measure, monitor and mitigate operational and counterparty credit risk in respect of OTC derivatives contracts which are not subject to mandatory clearing. These requirements include the exchange of margin and, where initial margin is exchanged, its segregation by the parties, including by the Fund. While many of the obligations under EMIR have already come into force, the requirement to submit certain OTC derivative transactions to central clearing counterparties and the margin requirements for non- cleared OTC derivative transactions are subject to a staggered implementation timeline. It is not yet fully clear how the OTC derivatives market will adapt to the new regulatory regime. Accordingly, it is difficult to predict the full impact of EMIR on the Fund, which may include an increase in the overall costs of entering into and maintaining OTC derivative contracts. Prospective investors should be aware that the regulatory changes arising from EMIR and other similar regulations may in due course adversely affect the Fund&#x2019;s ability to adhere to its hedging policy and achieve its objectives.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Volcker Rule&lt;/i&gt;&lt;/span&gt;.&#160;Section&#160;619 of the Dodd-Frank Act, commonly referred to as the &#x201c;Volcker Rule,&#x201d; generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund (&#x201c;&lt;strong&gt;covered funds&lt;/strong&gt;&#x201d;), which has been broadly defined in a way which could include many CLOs. Although certain CLOs are exempt from &#x201c;covered fund&#x201d; status and amendments to the Volcker Rule&#160;have eased the ability of CLOs to meet those exemptions, any future changes to the Volcker Rule&#160;that further limit banking entities&#x2019; ability to invest in CLOs may adversely affect the market value or liquidity of any or all of the investments held by the Fund. It is uncertain how any future changes to the Volcker Rule&#160;could impact the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;U.S. Risk Retention&lt;/i&gt;&lt;/span&gt;. In 2014, pursuant to the Dodd-Frank Act, U.S. federal regulators adopted joint final rules&#160;(the &#x201c;&lt;strong&gt;U.S. Risk Retention Rules&lt;/strong&gt;&#x201d;) implementing certain credit risk retention requirements which generally require the &#x201c;securitizer&#x201d; of an asset-backed security to retain an exposure to certain credit risk in the securitization for a certain period of time. However, in 2018, a federal court of appeals interpreting the credit risk retention requirements in the Dodd-Frank Act held that open market CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. Therefore, CLO collateral managers of open market CLOs are not required to hold retained interests in those CLOs, and they may dispose of any retained interest they may hold at any time. This could reduce the alignment of interests between managers and noteholders, including the Fund, potentially influencing management decisions in ways that are adverse to the Fund. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund&#x2019;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;EU/UK Risk Retention.&lt;/i&gt;&lt;/span&gt; Regulators in the European Union (EU) and the United Kingdom (UK) have imposed significant securitization-related regulations (collectively, the &#x201c;Securitization Regulations&#x201d;).&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Pursuant to the Securitization Regulations, sponsors of CLOs issued in the EU or UK (collectively, &#x201c;European CLOs&#x201d;) are required to retain a material net economic interest in such securitizations (&#x201c;risk retention&#x201d;), and such sponsors are also subject to various disclosure-related obligations. To the extent that the Securitization Regulations relating to CLO sponsors or managers (including risk retention requirements) are made less stringent or rescinded, the sponsors or managers of European CLOs may have reduced incentives to prioritize the interests of CLO investors, which may increase the risk of poor performance or default because of less careful construction or management of the underlying loan portfolios; this could also limit investor confidence in such CLOs. To the extent that the Securitization Regulations relating to sponsors or managers are made more stringent, sponsors could be dissuaded from sponsoring new European CLOs, which could limit the available supply of such CLOs. Pursuant to the Securitization Regulations, EU-based or UK-based investors purchasing certain securitizations (including CLOs) are required, prior to purchasing interests in such securitizations, to carry out due diligence assessments relating to the credit risks and other material risks of such interests (including verifying that such securitizations comply with risk retention), and such investors are also subject to various monitoring obligations related to the ongoing performance and risks of such interests. To the extent that the Securitization Regulations relating to EU-based or UK-based investors are made more stringent, such investors may be dissuaded from investing in (or maintaining their investments in) CLOs, which could adversely affect the price and liquidity of such CLOs.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;European CLOs are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent the Fund invests in CLO securities that have not been structured to comply with the Securitization Regulations, the price and liquidity of such securities may be adversely affected.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The SEC staff could modify its position on certain non-traditional investments, including investments in CLO securities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The staff of the SEC (and other regulators, including the European Securities and Markets Authority (&#x201c;&lt;strong&gt;ESMA&lt;/strong&gt;&#x201d;)) from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities by the SEC or ESMA, as applicable, could adversely impact the Fund&#x2019;s ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on the Fund&#x2019;s shareholders, its financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund may experience fluctuations in its Net Asset Value and quarterly operating results.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund could experience fluctuations in its Net Asset Value from month to month and in its quarterly operating results due to a number of factors, including the timing of distributions to its shareholders, fluctuations in the value of the CLO securities that the Fund hold, its ability or inability to make investments that meet its investment criteria, the interest and other income earned on its investments, the level of its expenses (including the interest or dividend rate payable on the debt securities or preferred shares the Fund issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, the Fund&#x2019;s Net Asset Value and results for any period should not be relied upon as being indicative of its Net Asset Value and results in future periods.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;U.S. Federal Income Tax Risks&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Investment in the Fund has various U.S. federal, state, and local income tax risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund strongly urges investors to consult their own tax advisors concerning the effects of U.S. federal, state, and local income tax law on an investment in the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. federal income tax laws governing RICs are complex, and interpretations of the U.S. federal income tax laws governing qualification as a RIC are limited. Qualifying as a RIC requires the Fund to meet various tests regarding the nature of its assets, its income and the amount of its distributions on an ongoing basis. The Fund&#x2019;s ability to satisfy the RIC asset and income tests depends upon the characterization and fair market values of its assets, many of which are not precisely determinable, and for which the Fund may not obtain independent appraisals. The Fund&#x2019;s compliance with the RIC asset and income tests and the accuracy of its tax reporting to shareholders also depend upon its ability to successfully manage the calculation and composition of its taxable income and its assets on an ongoing basis. Even a technical or inadvertent mistake could jeopardize the Fund&#x2019;s RIC status. Under certain circumstances, the Fund may be able to cure a failure to meet the RIC asset and income tests if such failure was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund&#x2019;s returns. Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that it will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, it generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to its shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if it distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to its shareholders. If the Fund fails to qualify or to maintain its qualification as a RIC in any calendar year, it would be required to pay U.S. federal income tax (and any applicable state and local taxes) on its taxable income at regular corporate rates, and dividends paid to its shareholders would not be deductible by the Fund in computing its taxable income (although such dividends received by certain non-corporate U.S. taxpayers generally would be subject to a preferential rate of taxation). Further, if the Fund fails to maintain its qualification as a RIC, it might need to borrow money or sell assets in order to pay any resulting tax. The Fund&#x2019;s payment of income tax would decrease the amount of its income available for distribution to its shareholders and could adversely affect the value of its common shares. Furthermore, if the Fund fails to maintain its qualification as a RIC, it no longer would be required under U.S. federal tax laws to distribute substantially all of its taxable income to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments may result in the Fund incurring tax or recognizing taxable income prior to receiving cash distributions related to such income.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The tax implications of the corporate CLOs in which the Fund invests are complex and, in some circumstances, unclear. In particular, the Fund may recognize taxable income on certain of its CLO investments without the concurrent receipt of cash.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund expects that most of its investments in securities will be marked to market for tax purposes pursuant to its election under Section&#160;475(f)&#160;of the Code (see &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.&lt;/i&gt;&lt;/strong&gt;&#x201d;), regardless of whether the investments are generating cash flow. For any of the Fund&#x2019;s investments that are not marked to market for tax purposes, such as certain CLO equity investments, the tax implications of such investments are often complex and, in some circumstances, unclear, which could also cause the Fund to recognize taxable income on such investments without the concurrent receipt of cash. If the Fund holds 10% or more (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation (&#x201c;&lt;strong&gt;CFC&lt;/strong&gt;&#x201d;) (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to its pro rata share of the corporation&#x2019;s &#x201c;subpart F income&#x201d; for the tax year (including both ordinary earnings and capital gains). Treasury Regulations generally treat the Fund&#x2019;s income inclusion with respect to a CFC as qualifying income for purposes of determining its ability to be subject to tax as a RIC if either (i)&#160;there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii)&#160;such inclusion is derived with respect to the Fund&#x2019;s business of investing in stock, securities, or currencies. If the Fund fails to qualify or maintain its qualification for tax treatment as a RIC under Subchapter M of the Code for any reason, the Fund would be required to pay U.S. federal income tax on its taxable income at regular corporate rates, which could substantially reduce the Fund&#x2019;s net assets, as well as the amount of income available for distributions, and the amount of such distributions, to the Fund&#x2019;s shareholders and for payments to the holders of the Fund&#x2019;s other equity securities or obligations. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/i&gt;&lt;/strong&gt;.&lt;strong&gt;&lt;i&gt;&#x201d;&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Because the annual RIC distribution requirements are based on the RIC&#x2019;s taxable income as opposed to the cash flow received by the RIC, if the Fund recognizes taxable income on its investments in excess of the cash either received from such investments or otherwise maintained on hand by the Fund, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the RIC distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund has made an election under Section&#160;475(f)&#160;of the Code to mark its securities to market. There are limited authorities under Section&#160;475(f)&#160;of the Code as to what constitutes a trader for U.S. federal income tax purposes. Under other sections of the Code, the status of a trader in securities depends on all of the facts and circumstances, including the nature of the income derived from the taxpayer&#x2019;s activities, the frequency, extent and regularity of the taxpayer's securities transactions, and the taxpayer&#x2019;s investment intent. There can be no assurance that the Fund will continue to qualify as a trader in securities eligible to make a mark-to-market election. The Fund has not received, nor is it seeking, an opinion from counsel or a ruling from the IRS regarding its qualification as a trader. If the qualification for, or the Fund&#x2019;s application of, such election were successfully challenged by the IRS, in whole or in part, it could, depending on the circumstances, result in retroactive (or prospective) changes in the amount or timing of recognized gross income, and potentially jeopardize its RIC qualification. If the IRS were to successfully challenge the treatment or timing of recognition of its securities, the Fund could fail to maintain its qualification as a RIC. Finally, mark-to-market gains and losses could cause volatility in the amount of its taxable income. For instance, the mark-to-market election could generate losses in one taxable year that the Fund is unable to use to offset taxable income, followed by mark-to-market gains in a subsequent taxable year that force the Fund to make additional distributions to its shareholders. Hence, the mark-to-market gains and losses could cause the Fund to distribute more dividends to its shareholders in a particular period than would otherwise be desirable from a business perspective.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Complying with RIC requirements may cause the Fund to forgo or liquidate otherwise attractive investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To maintain its qualification as a RIC, the Fund must continually satisfy various tests regarding the sources of its income, the nature and diversification of its assets and the amounts it distributes to its shareholders. In order to meet these tests, the Fund may be required to forgo investments it might otherwise make. It may be required to pay dividends to shareholders at disadvantageous times or when it does not have funds readily available for distribution and may be unable to pursue investments that would be otherwise advantageous to the Fund in order to satisfy the source of income or asset diversification requirements for qualifying as a RIC. Thus, compliance with the RIC requirements may hinder the Fund&#x2019;s investment performance.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;General Risk Factors&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund, Ellington, or its affiliates may be subject to adverse legislative, regulatory or public policy changes.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At any time, U.S. federal, state, local, or foreign laws or regulations that impact the Fund&#x2019;s business, or the administrative interpretations of those laws or regulations, may be enacted or amended.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund cannot predict when or if any new law, regulation, or administrative interpretation, or any amendment to or repeal of any existing law, regulation, or administrative interpretation, will be adopted or promulgated or will become effective. Additionally, the adoption or implementation of any new law, regulation, or administrative interpretation, or any revisions in or repeals of these laws, regulations, or administrative interpretations, could cause the Fund to change its portfolio, could constrain its strategy, or increase its costs. The Fund could be adversely affected by any change in or any promulgation of new law, regulation, or administrative interpretation.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, political leaders in the U.S. and certain foreign countries have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate certain existing trade agreements with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the Fund&#x2019;s performance.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections and otherwise, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The Fund cannot predict the ultimate impact of the foregoing on it, its business and investments, or the industries in which it invests generally, and any prolonged uncertainty could also have an adverse impact on the Fund and its investment objectives. Future changes may adversely affect the Fund&#x2019;s operating environment, including through increasing competition, and therefore its business, operating costs, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s failure to procure adequate funding and capital would adversely affect the Fund&#x2019;s results and may, in turn, negatively affect the value of its common shares and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund depends upon the availability of adequate funding and capital for its operations. To maintain its status as a RIC, the Fund is required to distribute to its shareholders at least 90% of its RIC taxable income annually, which generally includes ordinary income (e.g. dividends and interest) and net short-term capital gains. As a result, the Fund is not able to retain much or any of its earnings for new investments. There can be no assurance that any, or sufficient, funding or capital will be available to the Fund in the future on terms that are acceptable to the Fund. The Fund&#x2019;s access to external capital will depend upon a number of factors, including the market price of its common shares, the market&#x2019;s perception of its financial condition and potential future earnings, and general market conditions. In the event that the Fund cannot obtain sufficient funding and capital on acceptable terms, there may be a negative impact on the value of its common shares and the Fund&#x2019;s ability to pay dividends to its shareholders, and shareholders may lose part or all of their investment.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;margin-left:0in;text-indent:0in"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund, Ellington, or its affiliates may be subject to regulatory inquiries and proceedings, or other legal proceedings.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At any time, industry-wide or company-specific regulatory inquiries or proceedings can be initiated, and the Fund cannot predict when or if any such regulatory inquiries or proceedings will be initiated that involve the Fund or Ellington or its affiliates, including the Adviser. The Fund believes that the heightened scrutiny of the financial services industry increases the risk of inquiries and requests from regulatory or enforcement agencies. For example, as discussed under the caption &#x201c;&lt;strong&gt;&lt;i&gt;Investment Objective, Opportunities and Principal Strategies&#x2014;Legal Proceedings&#x201d;, &lt;/i&gt;&lt;/strong&gt;over the years, Ellington and its affiliates have received, and the Fund expects in the future that the Fund and they may receive, inquiries and requests for documents and information from various federal, state, and foreign regulators.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund can give no assurances that, whether the result of regulatory inquiries or otherwise, neither the Fund nor Ellington nor its affiliates will become subject to investigations, enforcement actions, fines, penalties or the assertion of private litigation claims. If any such events were to occur, the Fund, or the Adviser's ability to perform its obligations to the Fund under the Investment Advisory Agreement between the Fund and the Adviser, or Ellington's ability to perform its obligations to the Adviser under the services agreement between Ellington and the Adviser, could be materially adversely impacted, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The market for the Fund&#x2019;s common shares may be limited, and the price and trading volume of its common shares may be volatile.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund&#x2019;s common shares are listed on the NYSE, such listing does not provide any assurance as to whether or not the market price reflects its actual financial performance, the liquidity of its stock, a holder's ability to sell its stock and/or at what price such holder could sell its stock. Market prices for the Fund&#x2019;s common shares may be volatile and subject to wide fluctuations, including as a result of trading volumes. There can be no assurance that the market price of the Fund&#x2019;s common shares will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect the price of the Fund&#x2019;s common shares, or result in fluctuations in the price or trading volume of its common shares include:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;actual or anticipated variations in the Fund&#x2019;s dividends or operating results;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in the Fund&#x2019;s earnings estimates, failure to meet earnings or operating results expectations of public market analysts and investors, or publication of research reports about the Fund or the CLO closed-end fund and/or similar industries;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;increases in market interest rates that lead purchasers of the Fund&#x2019;s common shares to demand a higher yield;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;repurchases and issuances by the Fund of its common shares;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;passage of legislation, changes in applicable law, court rulings, enforcement actions or other regulatory developments that adversely affect the Fund or its industry;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in government policies or changes in timing of implementation of government policies;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                  &lt;td&gt;changes in market valuations of similar companies;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;adverse market reaction to any increased indebtedness the Fund incurs in the future;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;additions or departures of key management personnel;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;actions by shareholders;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;speculation in the press or investment community;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;adverse changes in global, national, regional and local economic and market conditions, including those relating to pandemics, high unemployment, elevated inflation, volatile interest rates, volatile and/or elevated credit spreads, concerns regarding a recession, geopolitical conflicts, social unrest, or civil disturbances, and concerns regarding leveraged loan defaults and credit losses;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund&#x2019;s inclusion in, or exclusion from, various stock indices;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund&#x2019;s operating performance and the performance of other similar companies; and&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in accounting principles.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations may also adversely affect the market price of the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Future offerings of debt securities, which would rank senior to the Fund&#x2019;s common shares upon its bankruptcy liquidation, and future offerings of equity securities which could dilute the common share holdings of the Fund&#x2019;s existing shareholders and may be senior to the Fund&#x2019;s common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#x2019;s common shares.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the future, the Fund may attempt to increase its capital resources by making offerings of debt securities or additional offerings of equity securities. Upon bankruptcy or liquidation, holders of the Fund&#x2019;s debt securities and preferred shares, if any, and lenders with respect to other borrowings will receive a distribution of the Fund&#x2019;s available assets prior to the holders of the Fund&#x2019;s common shares. The Fund&#x2019;s preferred shares, if issued, could have a preference on liquidating distributions or a preference on dividend payments or both that could limit the Fund&#x2019;s ability to pay a dividend or other distribution to the holders of its common shares. Because the Fund&#x2019;s decision to issue securities in any future offering will depend on market conditions and other factors beyond its control, the Fund cannot predict or estimate the amount, timing or nature of its future offerings. Thus, holders of the Fund&#x2019;s common shares bear the risk of the Fund&#x2019;s future offerings reducing the market price of the Fund&#x2019;s common shares and diluting their holdings in the Fund.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Future sales of the Fund&#x2019;s common shares or other securities convertible into common shares could cause the market value of the common shares to decline and could result in dilution.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Sales of substantial amounts of the Fund&#x2019;s common shares or other securities convertible into its common shares could cause the market price of the Fund&#x2019;s common shares to decrease significantly. The Fund cannot predict the effect, if any, of future sales of its common shares or other securities convertible into its common shares, or the availability of such securities for future sales, on the market price of its common shares. Sales of substantial amounts of the Fund&#x2019;s common shares or other securities convertible into the Fund&#x2019;s common shares, or the perception that such sales could occur, may adversely affect prevailing market values for the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Shareholders will experience dilution in their ownership percentage if they do not participate in the dividend reinvestment plan.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;All distributions declared in cash payable to shareholders that are participants in the Fund&#x2019;s dividend reinvestment plan are automatically reinvested in common shares. As a result, shareholders of the Fund that do not participate in its dividend reinvestment plan will experience dilution in their ownership percentage of the Fund&#x2019;s common shares over time.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to risks related to corporate social responsibility.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business faces public scrutiny related to environmental, social and governance (&#x201c;&lt;strong&gt;ESG&lt;/strong&gt;&#x201d;) activities. The Fund may risk damage to its reputation if the Fund or affiliates of the Adviser are viewed as failing to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in the Fund&#x2019;s investment processes. Some investors have become more focused on ESG factors, including climate risks, in determining whether to invest in companies. However, regional and investor specific sentiment often differ in what constitutes a material positive or negative ESG corporate practice. The Fund&#x2019;s corporate social responsibility practices will not uniformly fit investors&#x2019; definitions, particularly across geographies and investor types, of best practices for ESG considerations. Adverse incidents with respect to ESG activities could impact the cost of the Fund&#x2019;s operations and relationships with investors, all of which could adversely affect its business and results of operations.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors to enable investors to validate and better understand sustainability claims, including an increased regulatory focused on the accuracy of those claims. As a result, the Fund is subject to evolving rules&#160;and regulations promulgated by various governmental and self-regulatory organizations, including the SEC, the NYSE and the Financial Accounting Standards Board. These rules&#160;continue to expand in scope and complexity, with new requirements potentially increasing compliance challenges and uncertainty. If the Fund is perceived as, or accused of, "greenwashing" or overstating the extent of its sustainability-related practices, such allegations could damage the Fund&#x2019;s reputation, result in litigation or regulatory actions, and negatively impact its ability to raise capital.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At the same time, so-called &#x201c;anti-ESG&#x201d; sentiment has also gained momentum across the U.S., with several states having enacted or proposed &#x201c;anti-ESG&#x201d; policies, legislation, or issued related legal opinions. For example, certain states now require that relevant state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors or have enacted "boycott bills." If investors subject to such legislation viewed the Fund, its policies, or its practices, as being in contradiction of such &#x201c;anti-ESG&#x201d; policies, legislation or legal opinions, such investors may not invest in the Fund, which could negatively affect its financial performance.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the Fund fails or is perceived to fail to comply with or meet applicable rules, regulations and stakeholder expectations, it could negatively impact the Fund&#x2019;s reputation and its business results. Further, the Fund&#x2019;s business could become subject to additional regulations, penalties and/or risks of regulatory scrutiny and enforcement in the future. Moreover, the requirements of various regulations the Fund may become subject to may not be consistent with each other. There can be no assurance that the Fund&#x2019;s current ESG practices will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&lt;strong&gt;&lt;i&gt;Climate change has the potential to impact the Fund&#x2019;s investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160; &#160; &#160; &#160;Currently, it is not possible to predict how legislation or new regulations that may be adopted to address greenhouse gas emissions will impact the assets underlying the Fund&#x2019;s investments. However, any such future laws and regulations imposing reporting obligations, limitations on greenhouse gas emissions, or additional taxation of energy use could negatively affect the businesses of the underlying borrowers on the CLOs in which the Fund invests, including, for example by requiring an underlying borrower to make significant expenditures to attain and maintain compliance. Any new legislative or regulatory initiatives related to climate change could adversely affect the assets underlying the Fund&#x2019;s investments and, therefore, the Fund&#x2019;s business.&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160; &#160; &#160; &#160;The physical impact of climate change could also have a material adverse effect on the assets underlying the Fund&#x2019;s investments. Physical effects of climate change such as increases in temperature, sea levels, the severity of weather events and the frequency of natural disasters, such as hurricanes, tropical storms, tornadoes, wildfires, droughts, floods and earthquakes, among other effects, could reduce the value of the assets underlying the Fund&#x2019;s investments and, therefore, the Fund&#x2019;s investments.&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Periods of heightened inflation could adversely impact the Fund&#x2019;s financial results.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;High inflation, whether caused by low unemployment, high corporate demand, supply-chain issues, geopolitical conflicts, quantitative easting, imposition of tariffs by the federal government, or a combination of these or other factors, may undermine the performance of the Fund&#x2019;s investments by reducing the value of such investments and/or the income received from such investments. Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, significant effects on interest rates and negative effects on economies and financial markets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies and particularly for some of the corporate sectors in which the Fund&#x2019;s underlying obligors operate. For example, if a corporate borrower under an asset held by one of the Fund&#x2019;s CLO investments is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. As inflation rises, an underlying obligor may earn more revenue but may incur higher expenses, as wages and prices of inputs increase during periods of inflation. Thus, heightened inflationary pressures could increase the risk of default by the underlying borrowers in CLOs. In addition, during any periods of rising inflation, interest rates would be expected to rise, which could create a mismatch between the Fund&#x2019;s assets and liabilities. See &#x201c;&#x2014;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and between the assets and liabilities of the CLOs in which the Fund invests, the Fund&#x2019;s CLO investments and their underlying corporate credit assets may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets.&#x201d; Conversely, as inflation declines, the Fund and any CLO in which the Fund invests and any underlying corporate borrower of its CLO investments may not be able to reduce expenses commensurate with any resulting reduction in revenue.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, actions that the Federal Reserve has taken, and could continue to take in response to changes in inflation, could have an adverse impact on the economy broadly and/or on the Fund&#x2019;s financial results specifically. See &#x201c;&lt;strong&gt;&lt;i&gt;Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders&lt;/i&gt;&lt;/strong&gt;.&#x201d;&lt;/p&gt;
          &lt;/div&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#x2019;s business in ways that the Fund cannot predict.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The use of AI by the Fund and others, and the overall adoption of AI throughout society, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to the Fund&#x2019;s business. There is substantial uncertainty about the extent to which AI will result in dramatic changes throughout the world, and the Fund may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. These changes could potentially disrupt, among other things, the Fund&#x2019;s business model, investment strategies and operational processes. Some of the Fund&#x2019;s competitors may be more successful than it in the development and implementation of new technologies, including services and platforms based on AI, to improve their operations. If the Fund is unable to adequately advance its capabilities in these areas, or do so at a slower pace than others in its industry, the Fund may be at a competitive disadvantage.&lt;/p&gt;
          &lt;/div&gt;

        &lt;div style="display:none"&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the data the Fund, or third parties whose services the Fund relies on, use in connection with the possible development or deployment of AI is incomplete, inadequate or biased in some way, the performance of the Fund&#x2019;s business could suffer. In addition, recent technological advances in AI both present opportunities and pose risks to the Fund. Data in technology that uses AI may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in the Fund&#x2019;s business. The volume and reliance on data and algorithms also make AI more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data or other intellectual property. The personnel provided to the Fund by the Adviser, and/or its third-party service providers could, without being known to the Fund, improperly utilize AI and machine learning-technology while carrying out their responsibilities. This could reduce the effectiveness of AI technologies and adversely impact the Fund and its operations to the extent that it relies on the AI&#x2019;s work product.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a risk that AI may be misused or misappropriated by the Fund&#x2019;s third party service providers. For example, a user may input confidential information, including material non-public information, into AI applications, resulting in the information becoming a part of a dataset that is accessible by third-party technology applications and users, including the Fund&#x2019;s competitors. Further, the Fund may not be able to control how third-party AI that it chooses to use is developed or maintained, or how data the Fund inputs is used or disclosed. The misuse or misappropriation of the Fund&#x2019;s data could have an adverse impact on its reputation and could subject it to legal and regulatory investigations or actions or create competitive risk.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, the use of AI by the Fund or others may require compliance with legal or regulatory frameworks that are not fully developed or tested, and the Fund may face litigation and regulatory actions related to its use of AI. There has been increased scrutiny, including from global regulators, regarding the use of &#x201c;big data,&#x201d; diligence of data sets and oversight of data vendors. The Fund&#x2019;s ability to use data to gain insights into and manage its business may be limited in the future by regulatory scrutiny and legal developments.&lt;/p&gt;
          &lt;/div&gt;

      &lt;/div&gt;
    </cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundInvestsInCorporateClosWhichExposesItToCertainRisksAssociatedWithCorporateLoansPointMember"
      id="Fxbrl_20250331204905646">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Investments in corporate CLO securities involve certain risks. Corporate CLOs are securitizations that are typically backed by a pool of corporate loans or similar corporate credit-related assets that serve as collateral. The assets underlying the Fund&#x2019;s CLO investments generally consist of lower-rated first-lien corporate loans, although certain CLO structures may also allow for limited exposure to other asset classes including unsecured loans, second-lien loans, or corporate bonds. To the extent that the assets underlying the Fund&#x2019;s CLO investments are rated for creditworthiness by any nationally recognized statistical ratings organizations, they generally carry lower credit ratings, and certain assets may not be rated by any nationally recognized statistical ratings organization. As a result, the assets underlying the Fund&#x2019;s CLO investments are considered to bear significant credit risks. Corporate issuers of lower-rated debt securities may be highly leveraged and may not have access to more traditional methods of financing. During economic downturns or sustained periods of rising interest rates, issuers of lower-rated debt securities may be likely to experience financial stress, especially if such issuers are highly leveraged, and in such periods the market for lower-rated debt securities could be severely disrupted, adversely affecting the value of such securities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The risk of loss for lower-rated debt securities is also magnified to the extent that such securities are unsecured or subordinated to more senior creditors. Lower-rated debt securities generally have limited liquidity and limited secondary market support. These risks are further exacerbated in the case of second-lien loans, as they are subordinated to first-lien loans and have weaker recovery prospects in the event of borrower distress or default. Further, ratings downgrades on the Fund&#x2019;s CLO debt investments may result in its investments being viewed as riskier than they were previously thought to be. This perception of increased riskiness resulting from a downgrade can result in adverse impacts to the market value and liquidity of the Fund&#x2019;s CLO debt investments, as well as reduce the availability or increase the cost of financing for the Fund&#x2019;s CLO debt investments.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests, may acquire loans to smaller companies (&#x201c;&lt;strong&gt;middle-market&lt;/strong&gt;&#x201d; loans), which may carry more inherent risks than loans to larger, publicly traded entities. Compared to larger companies, these middle-market companies tend to have more limited access to capital, weaker financial positions, narrower product lines, and tend to be more vulnerable to competitors&#x2019; actions and market conditions, as well as to general economic downturns. As a result, the securities issued by CLOs that hold significant investments in middle-market loans are generally considered riskier than securities issued by CLOs that primarily invest in broadly syndicated loans.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The corporate loans that underlie the Fund&#x2019;s CLO investments may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructurings that may result in significant delays in repayment, a significant reduction in the interest rate, and/or a significant write-down of the principal of the loan. A wide range of factors could adversely affect the ability of an underlying corporate borrower to make interest or other payments on its loan. The corporate issuers of the loans or securities underlying the Fund&#x2019;s CLO investments may be highly leveraged and may be subject to an increased risk of default depending on certain micro- or macro-economic conditions, such as economic recessions, heightened interest rates and/or inflation, tariffs, and other conditions. The risk of economic recession and declining creditworthiness of corporate borrowers would be amplified by rising corporate default rates, tightening credit conditions, and potential credit downgrades in leveraged loan markets. Accordingly, the subordinated and lower-rated (or unrated) CLO securities in which the Fund invests may experience significant price and performance volatility relative to more senior or higher-rated CLO securities, and they are subject to greater risk of loss than more senior or higher-rated CLO securities which, if realized, could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Such defaults and losses, especially those in excess of the market&#x2019;s or the Fund&#x2019;s expectations, would have a negative impact on the value of the Fund&#x2019;s CLO investments, and reduce the cash flows that the Fund receives from its CLO investments, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, if a CLO in which the Fund invests experiences an event of default as a result of the CLO&#x2019;s failure to make a payment when due, the erosion of the CLO&#x2019;s underlying collateral, or other reasons, the CLO would be subject to the possibility of liquidation. In such cases, the risks are heightened that the collateral underlying the CLO may not be able to be readily liquidated, or that when liquidated, the resulting proceeds would be insufficient to redeem in full the CLO mezzanine debt and equity tranches that are the focus of the Fund&#x2019;s investment strategy. CLO equity tranches often suffer a loss of all of their value in these circumstances, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, following an event of default by a CLO, the holders of CLO mezzanine debt and equity tranches typically have limited rights regarding decisions made with respect to the underlying collateral, with the result that such decisions might favor the more senior tranches of the CLO.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event of a bankruptcy or insolvency of an issuer of a loan or of an underlying asset held by a CLO in which the Fund invests, a court or other governmental entity may determine that the related claims held by such CLO are not valid or are subject to significant modification. In addition, any payments previously received by such CLO could be subject to avoidance as a &#x201c;preference&#x201d; if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under state laws) before insolvency.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Further, &lt;/span&gt;&#x201c;covenant-lite&#x201d; loans may comprise a significant portion of the underlying collateral of the CLOs in which the Fund invests. Generally, covenant-lite loans provide the obligor with more freedom to take actions that could negatively impact their lenders because the obligor&#x2019;s covenants are incurrence-based and not maintenance-based, which means that they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower&#x2019;s financial condition. At times, covenant-lite loans have represented a significant majority of the syndicated corporate loan market. To the extent that the corporate CLO securities in which the Fund invests hold covenant-lite loans, the Fund may have a greater risk of loss on such investments as compared to investments in CLOs holding loans with more robust covenants.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests may also acquire interests in corporate loans indirectly, by way of participations. In a participation, the underlying debt obligation remains with the institution that has sold the participation, which typically results in a contractual relationship only with such selling institution, and not with the corporate obligor directly. As a result, the holder of a participation assumes the credit risk of both the obligor and the selling institution and may only have limited rights to influence any decisions made by the selling institution in connection with the underlying debt obligation.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundCloInvestmentsAreSubjectToRisksRelatedToFinancialLeverageEmployedByUnderlyingCorporateBorrowersPointMember"
      id="Fxbrl_20250331205143530">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The corporate borrowers of the underlying assets in a CLO are typically highly leveraged, and there may be few or no restrictions on the amount of indebtedness such borrowers can incur. Substantial indebtedness adds additional risk with respect to a borrower and could (i)&#160;limit its ability to borrow money or otherwise access funds for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii)&#160;require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii)&#160;make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv)&#160;subject it to restrictive financial and operating covenants, which may preclude it from executing on favorable business activities or from financing future operations or other capital needs. In some cases, proceeds of indebtedness incurred by a borrower could be paid as a dividend to its equity holders rather than retained by the borrowers for its working capital or to pursue favorable opportunities. Highly leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy, or deterioration in the condition of such companies or their industries. A leveraged company&#x2019;s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If an underlying borrower is unable to generate sufficient cash flow to meet principal and/or interest payments on its indebtedness, it may be forced to take other actions to satisfy its obligations under its indebtedness. These alternative actions may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund. Furthermore, if the borrower is unable to meet its scheduled debt service obligations even after taking these actions, the borrower may be forced into liquidation, dissolution or insolvency, and the value of the related underlying asset held by the CLO, and thus the CLO security held by the Fund, could decline significantly or even be rendered worthless.&lt;/p&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672ClosInWhichFundInvestsMayBeSubjectToRisksAssociatedWithSyndicatedLoansPointMember"
      id="Fxbrl_20250331205149482">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the documentation for syndicated loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. In most cases for the Fund&#x2019;s syndicated loan investments, the Fund does not expect to hold a sufficient amount of the indebtedness to be able to compel any actions by the agent. Consequently, the Fund would only be able to direct such actions if instructions from it were made in conjunction with other holders of associated indebtedness that together with the Fund compose the requisite percentage of the related indebtedness then entitled to take action. Conversely, if holders of the required amount of the associated indebtedness other than the Fund desire to take certain actions, such actions may be taken even if the Fund did not support such actions. Furthermore, if a syndicated loan is subordinated to one or more senior loans made to the applicable obligor, the Fund&#x2019;s ability to exercise such rights may be subordinated to the exercise of such rights by the senior lenders. Whenever the Fund is unable to direct such actions, the parties taking such actions may not have interests that are aligned with the Fund, and the actions taken may not be in the Fund&#x2019;s best interests. Furthermore, in recent years, &#x201c;priming&#x201d; transactions in the distressed debt sector have become more common. These &#x201c;priming&#x201d; arrangements are transactions where a group of debtholders can move collateral away from existing lenders so that it can serve as the primary source of secured assets for new money and/or restructuring existing debt. If the Fund were to hold distressed debt that became &#x201c;primed&#x201d; by another group of lenders, it could lose all or a significant part of such investment.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If an investment is a syndicated revolving loan or delayed drawdown loan, other lenders may fail to satisfy their full contractual funding commitments for such loan, which could create a breach of contract, result in a lawsuit by the obligor against the lenders and adversely affect the value of the Fund&#x2019;s investment.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, the Fund may be unable to remove the agent in circumstances in which removal would be in the Fund&#x2019;s best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice, and the Fund may not find a replacement agent on a timely basis, or at all, in order to protect its investment.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundInvestmentsInCorporateClosInvolveCertainStructuralRisksPointMember"
      id="Fxbrl_20250331205154177">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments in corporate CLOs involve certain structural risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their relative seniority and degree of risk. If the relevant collateral defaults or otherwise underperforms, payments to the more senior tranches of such securitizations take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#x2019;s corporate CLO investment strategy. CLOs present risks similar to those of other types of credit investments, including credit, interest rate and prepayment risks. See "&lt;strong&gt;&lt;i&gt;&#x2014;The Fund invests in corporate CLOs, which exposes it to risks associated with corporate loans.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Even though the Fund expects that most of its CLO mezzanine debt investments will have floating rate coupons, these and other of the Fund&#x2019;s CLO investments are still exposed to interest rate risk. There can be significant mismatches between the timing and frequency of coupon resets on the floating rate CLO debt tranches and the underlying floating rate corporate loans, and furthermore some of the underlying corporate loans may bear fixed coupon rates. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. This reduction in excess interest could adversely impact the Fund&#x2019;s CLO equity cashflows and valuations, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;CLOs have at times experienced negative credit events in their constituent loans, credit rating downgrades of constituent loans and issued debt tranches, and failures of certain deal metrics. The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of its mezzanine debt and equity tranches.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundCloInvestmentsAreExposedToMisalignmentOfInterestsOfCloCollateralManagersWithInterestsOfCloInvestorsSuchAsFundPointMember"
      id="Fxbrl_20250331205204794">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As discussed under &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests&lt;/i&gt;&lt;/strong&gt;,&#x201d; CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. This may reduce a CLO collateral manager&#x2019;s incentives to prioritize the interests of CLO investors, including the Fund, increase the risk of default as a result of less stringent credit or underwriting standards with respect to the underlying portfolios, and limit investor confidence in the CLOs.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundInvestmentsInPrimaryCorporateCloMarketInvolveCertainAdditionalRisksPointMember"
      id="Fxbrl_20250331205208433">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments in the primary corporate CLO market involve certain additional risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Between the pricing date and the closing date of a corporate CLO, the collateral manager generally purchases additional assets for the CLO. During this period, the price and availability of these assets may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of assets that will satisfy specified concentration limitations and allow the CLO to reach the target initial principal amount of collateral prior to the effective date. An inability or delay in reaching the target initial principal amount of collateral may adversely affect the timing and amount of payments received by the holders of CLO mezzanine debt securities and equity securities and could result in early redemptions which could cause significant principal losses on the CLO mezzanine debt and equity securities, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundAndItsInvestmentsAreSubjectToPrepaymentAndReinvestmentRiskPointMember"
      id="Fxbrl_20250331205212674">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund and its investments are subject to prepayment and reinvestment risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As part of the ordinary management of its portfolio, a CLO will typically generate cash flow from asset repayments and sales that is reinvested into substitute assets, subject to compliance with its investment tests and certain other conditions. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired, the excess interest-related cash flow available for distribution to the CLO equity tranches would decline. In addition, prepayment rates of the assets underlying a CLO are driven by a number of factors, including changing interest rates and other factors that are beyond the Fund&#x2019;s control. Furthermore, in most CLO transactions, CLO debt investors are subject to the risk that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, causing such CLO&#x2019;s outstanding CLO debt securities to be repaid at par earlier than expected. This and other factors can cause considerable uncertainty in the average lives of the CLO tranches in which the Fund invests.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundPortfolioOfCorporateCloInvestmentsMayLackDiversificationWhichMaySubjectFundToRiskOfSignificantLossIfOneOrMoreOfTheseCorporateClosExperienceHighLevelOfDefaultsOnCollateralPointMember"
      id="Fxbrl_20250331205218134">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s portfolio of corporate CLO investments may lack diversification, which may subject the Fund to a risk of significant loss if one or more of these corporate CLOs experience a high level of defaults on collateral.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund operates as a non-diversified investment company under the 1940 Act. Therefore, the Fund does not have any limitations on the ability to invest in any one CLO, and its investments may be concentrated in relatively few CLOs, CLOs that have similar risk profiles (including by being concentrated in a limited number of industries), CLOs where there is an overlap of underlying corporate issuers, or CLOs that are managed by the same collateral manager. The overlap of underlying corporate issuers is often more prevalent across CLOs of the same year of origination, as well as across CLOs managed by the same asset manager or collateral manager.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To the extent that the Fund&#x2019;s CLO investments are more concentrated, the Fund is susceptible to a greater risk of loss if one or more of the CLOs in which the Fund is invested performs poorly, or in the event a CLO collateral manager were to fail, experience the loss of key employees or sell its business. To the extent the Fund invests in CLOs that have a high level of overlap of underlying corporate obligors, there is a greater likelihood of experiencing multiple defaults in the Fund&#x2019;s CLO portfolio. In general, to the extent that the Fund&#x2019;s CLO portfolio is less diversified, the Fund may have a greater likelihood of experiencing large overall losses, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FailureByCloToSatisfyCertainTestsIncludingAsResultOfLoanDefaultsAndOrNegativeLoanRatingsMigrationMayPlacePressureOnPerformanceOfFundInvestmentsInSuchCloPointMember"
      id="Fxbrl_20250331205222607">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Failure by a CLO to satisfy certain tests, including as a result of loan defaults and/or negative loan ratings migration, may place pressure on the performance of the Fund&#x2019;s investments in such CLO.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The failure by a CLO in which the Fund invests to satisfy certain tests, including with respect to adequate collateralization and/or interest coverage, would generally lead to a reduction in the payments made to holders of the Fund&#x2019;s mezzanine debt and equity tranches. In a typical corporate CLO, nonperforming assets, or performing assets rated &#x201c;CCC+&#x201d; or lower (or their equivalent) in excess of applicable limits, typically do not receive full par credit for purposes of calculation of the CLO&#x2019;s overcollateralization tests. As a result, if an asset were to default, or an asset&#x2019;s credit rating were to decrease to a lower credit rating level, also known as &#x201c;negative rating migration,&#x201d; it could cause a CLO to move out of compliance with some or all of its overcollateralization tests. CLOs are also generally subject to interest coverage tests, under each of which the interest income generated by the underlying assets is compared to the interest owed to a given CLO tranche and all tranches more senior to it. To the extent that any overcollateralization tests or interest coverage tests are breached, cash flows could be diverted away from the CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672CloInvestmentsInvolveComplexDocumentationAndComplexAccountingConsiderationsPointMember"
      id="Fxbrl_20250331205229759">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;CLO investments involve complex documentation and complex accounting considerations.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;CLOs are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over the interpretation or enforceability of the documentation may be higher relative to other types of investments. Further, the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The accounting calculations related to the Fund&#x2019;s CLO investments are complex in numerous ways. For instance, under GAAP, the Fund calculates its net investment income&#x2014;which is used to determine the performance fee payable to the Adviser&#x2014;based on effective yield calculations. These calculations involve significant judgment in projecting expected cash flows. If an investment underperforms expectations, the Fund may accrue more interest income than it ultimately realizes on such investment and pay the Adviser a higher performance fee than it otherwise would have if different projections had been used.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The risks associated with the accounting complexities include inaccurate financial reporting, such as incorrect accruals, reserves and estimates, or the misapplication of accounting standards. These issues could lead to the miscalculation of fees, potentially in favor of the Adviser, and could necessitate a financial restatement. Financial restatements are often costly and time-consuming, and they may lead to regulatory scrutiny, legal proceedings, or shareholder litigation. In addition, a restatement could result in a loss of investor confidence, which would negatively impact the Fund&#x2019;s reputation in the marketplace and impair its ability to raise capital on favorable terms in the future. A financial restatement could also trigger a significant decline in the price of the Fund&#x2019;s common shares, eroding shareholder value and potentially exacerbating financial and reputational damage. These events could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, as well as its ability to pay dividends to its shareholders.&lt;/p&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundIsDependentOnCollateralManagersOfCorporateClosInWhichFundInvestsAndThoseCorporateClosAreGenerallyNotRegisteredUnderOneNineFourZeroActPointMember"
      id="Fxbrl_20250331205236935">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is dependent on the collateral managers of the corporate CLOs in which the Fund invests, and those corporate CLOs are generally not registered under the 1940 Act.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund invests in CLO securities issued by CLOs that are managed by collateral managers unaffiliated with the Fund, and the Fund is dependent on the skill and expertise of such managers. While the actions of the CLO collateral managers may significantly affect the return on the Fund&#x2019;s investments, the Fund typically does not have any direct contractual relationship with these collateral managers.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund also relies on these collateral managers to act in the best interests of the CLOs in which the Fund invests, there can be no assurance that such collateral managers will do so. Moreover, such collateral managers are subject to fiduciary duties owed to other classes of notes besides those in which the Fund invests, and they may have other incentives to manage the CLO portfolios in a manner that disadvantages the particular classes of notes in which the Fund is invested. Furthermore, since the CLO issuer often provides an indemnity to its collateral manager, the CLO tranches the Fund holds may ultimately bear the burden of any legal claims brought against the collateral manager.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, the CLOs in which the Fund invests are generally not registered as investment companies under the 1940 Act. As investors in these CLOs, the Fund is not afforded the protections that shareholders in an investment company registered under the 1940 Act would have.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may only have limited information regarding the underlying assets held by the CLOs in which it invests, and collateral managers may not identify or report issues relating to the underlying assets on a timely basis (or at all) to enable the Fund to take appropriate measures to manage the Fund&#x2019;s risks. Furthermore, much of the information furnished to the Fund as an investor in a corporate CLO is neither audited nor reviewed, nor is an opinion expressed, by an independent public accountant. Finally, the Fund is not required to disclose to its shareholders any trustee reports or any other information received concerning any of its CLO investments. Thus, the Fund&#x2019;s shareholders will have limited information on the assets held by, and the performance of, the CLOs in which the Fund invests.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Collateral managers are subject to removal or replacement by other holders of CLO securities without the Fund&#x2019;s consent and may also voluntarily resign as collateral manager or assign their role as collateral manager to another entity. The removal, replacement, resignation, or assignment of any particular CLO collateral manager&#x2019;s role could adversely affect the returns on the CLO securities in which the Fund invests, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s CLO investments often have limited liquidity.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund expects to focus its CLO investment activity in mezzanine debt and equity tranches, which have less liquidity than many other securities, including as a result of lower or no trading volume, transfer restrictions, and their bespoke nature. This illiquidity results in price volatility and can make it more difficult to value or sell these securities if the need arises, which could require the Fund to realize a greater loss if the Fund is ever required to liquidate such assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The CLOs in which the Fund invests incur significant operating expenses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLOs in which the Fund invests incur significant operating fees and expenses, including but not limited to collateral management fees, administrative expenses, and other operating expenses, which are all indirectly borne by CLO investors. CLO collateral management base fees, which typically range from 0.30% to 0.50% of a CLO&#x2019;s total assets, are charged on the CLO&#x2019;s total assets and are usually paid from residual cash flows after interest payments to senior debt tranches. Additional CLO operating expenses, estimated at 0.30% to 0.70%, may also apply, although these are not routinely reported in a standardized manner. Furthermore, CLO collateral managers may also earn incentive fees tied to equity cash flows once the equity tranche achieves a cash-on-cash return of capital and a specified &#x201c;hurdle&#x201d; rate. All of these fees and expenses are borne first by the CLO equity tranche due to its subordinated position. Given that the CLO equity tranche represents only a fraction of the value of the entire CLO, these fees and expenses are greatly magnified when expressed as a percentage of the value of the CLO equity tranche. Both types of CLO tranches in which the Fund invests (equity tranches and mezzanine debt tranches) may bear these expenses, with the equity tranche&#x2014;being the most subordinated&#x2014;usually shouldering these costs. To the extent that the CLO equity tranche has suffered or will suffer a total principal loss, mezzanine debt tranches will then effectively bear these fees and expenses.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to the collateral management fees, administrative expenses, and other operating expenses accrued in a CLO, the Fund will also remain obligated to pay the Base Management Fee and the Performance Fee to the Adviser. Therefore, each shareholder bears his or her share of the Base Management Fee and the Performance Fee of the Adviser as well as indirectly bearing the ratable share of the collateral management fees, administrative expenses, and other operating expenses of a CLO.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundAndItsCorporateCloInvestmentsAreSubjectToRisksAssociatedWithNonUPointSPointInvestingIncludingInSomeCasesForeignCurrencyRiskPointMember"
      id="Fxbrl_20250331205249961">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund and its corporate CLO investments are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund invests primarily in CLOs that hold underlying U.S. assets, the Fund may also invest in corporate CLOs that hold non-U.S. assets, and the Fund expects that many of the CLO issuers in which the Fund invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#x2019;s rights in foreign jurisdictions.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;A portion of the Fund&#x2019;s CLO investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates may materially adversely affect the value of these investments.&lt;/p&gt;
          &lt;/div&gt;
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      id="Fxbrl_20250331205254632">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;CLOs in which the Fund invests could become subject to U.S. federal income tax or withholding requirements.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The CLO issuers in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure that the CLO is not treated for U.S. federal income tax purposes as engaged in a U.S. trade or business. If a CLO issuer fails to comply with the investment guidelines, or if the Internal Revenue Service otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business, such CLO could be subject to U.S. federal income tax, which could reduce the amount available to distribute to mezzanine debt and equity holders in such CLO, including the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Foreign Account Tax Compliance Act provisions of the Code impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments received by such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and mezzanine debt holders in such CLO, including the Fund.&lt;/p&gt;
          &lt;/div&gt;
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    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672TypesOfAssetsFundAcquiresAndThereIsNoSpecificProhibitionInFundInvestmentStrategyMember"
      id="Fxbrl_20250331205258801">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser has significant latitude in determining the types of assets the Fund acquires, and there is no specific prohibition in the Fund&#x2019;s investment strategy, investment guidelines and/or the RIC qualification requirements against investing in investments that are not CLOs.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To maintain the Fund&#x2019;s qualification as a RIC and compliance with the 1940 Act, the Fund is subject to various requirements and tests that impose limits on its investment strategy. However, other than as described in this registration statement, neither the broad investment guidelines in its Investment Advisory Agreement, the RIC qualification requirements, nor the 1940 Act impose any specific limits on, or prohibitions against, investing its capital in investments that are not CLOs. Under the terms of the Investment Advisory Agreement, the Adviser has significant latitude within its broad investment guidelines in determining the types of assets it may acquire. The Board generally does not review individual acquisitions, dispositions, or many other management decisions.&lt;/p&gt;
          &lt;/div&gt;
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    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundIsSubjectToRisksAssociatedWithLoanAccumulationFacilitiesPointMember"
      id="Fxbrl_20250331205304226">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to risks associated with loan accumulation facilities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may invest capital in CLO warehouse facilities, otherwise known as loan accumulation facilities (&#x201c;&lt;strong&gt;LAFs&lt;/strong&gt;&#x201d;). LAFs are generally short- to medium- term financing facilities provided by the investment bank that will ultimately serve as the arranger on a CLO transaction. Utilizing equity capital provided by the LAF investors and debt financing provided by the investment bank, LAFs acquire corporate loans and other similar corporate credit-related assets in anticipation of ultimately collateralizing a CLO transaction. This period of accumulating assets, often known as the &#x201c;warehouse period,&#x201d; typically terminates when the CLO vehicle issues various tranches of debt and equity securities to the market, using the issuance proceeds to repay the investment bank financing. Investments in LAFs have risks similar to those applicable to investments in CLOs, and the risk of losses is magnified as a result of the leveraged and first-loss nature of these facilities. Further, in the event that the corporate credit assets accumulated by a LAF are not eligible for purchase by the planned CLO, or in the event that the planned CLO is not issued, the LAF investors may be responsible for either holding or disposing of said assets, exposing the Fund to credit and/or mark-to-market risk. This scenario may become more likely in times of economic distress or when the loans comprising the collateral pool of such warehouse, even if still performing, may have declined materially in market value, and the Fund may suffer a loss upon the disposition of these assets. The occurrence of any of the foregoing or similar events could affect the Fund&#x2019;s investments in LAFs and, consequently, could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundMayInvestInCorporateLoansDirectlyPointMember"
      id="Fxbrl_20250331205312043">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund may invest in corporate loans directly.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to gaining exposure to corporate loans through investments in CLO securities, the Fund may also invest in corporate loans directly. In some cases, these loan investments may result from asset sales or in-kind distributions from CLOs in which the Fund has invested, but in other cases the Fund may acquire such loans directly in the open market. To the extent the Fund invests in corporate loans directly, it will be exposed to all of the risks associated with corporate loans that CLOs are exposed to, as described above. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund invests in corporate CLOs, which exposes it to certain risks associated with corporate loans.&#x201d;; &#x201c;&#x2014;The Fund&#x2019;s CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.&#x201d; and &#x201c;&#x2014;The CLOs in which the Fund invests may be subject to risks associated with syndicated loans.&#x201d;&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672CloInWhichFundInvestsIsTreatedAsEngagedInUPointSPointTradeMember"
      id="Fxbrl_20250331205316102">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund&#x2019;s operating results and cash flows.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;It is generally expected that the CLOs in which the Fund invests will operate pursuant to investment guidelines intended to avoid such CLOs being treated as engaged in a U.S. trade or business for U.S. federal income tax purposes. If a CLO fails to comply with its investment guidelines, or if the Internal Revenue Service (the &#x201c;&lt;strong&gt;IRS&lt;/strong&gt;&#x201d;) successfully asserts that the CLO should be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could reduce the amount available to distribute to junior debt and equity holders in such CLO, including the Fund.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672CloInWhichFundInvestsFailsToComplyWithCertainUPointSPointTaxReportingRequirementsMember"
      id="Fxbrl_20250331205320374">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If a CLO in which the Fund invests fails to comply with certain U.S. tax reporting requirements, such CLO may be subject to withholding requirements that could materially and adversely affect its operating results and cash flows.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Foreign Account Tax Compliance Act provisions of the Code (commonly referred to as &#x201c;&lt;strong&gt;FATCA&lt;/strong&gt;&#x201d;) impose a withholding tax of 30% on certain U.S. source periodic payments, including interest and dividends, to certain&#160;non-U.S. entities, including certain&#160;non-U.S. financial institutions and investment funds, unless such&#160;non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as&#160;non-U.S. financial entities for this purpose and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, certain payments to such CLO may be subject to the 30% withholding tax, which could reduce the amount available to distribute to equity and junior debt holders in such CLO, and therefore materially and adversely affect the market value and/or fair value of the CLO&#x2019;s securities and the Fund&#x2019;s operating results and cash flows.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672ThereAreRisksAssociatedWithPreparationForAndImplementationOfConversionPointMember"
      id="Fxbrl_20250331205327938">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;There are risks associated with the preparation for and implementation of the Conversion.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Preparation for, and implementation of, the Conversion required the Fund to make several changes to its day-to-day functions, including a number of complex operational, accounting, regulatory, and market-related changes. Each of these changes include significant risks, each of which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In addition, no assurance can be given that these changes will enable the Fund to comply successfully with the 1940 Act and the Code. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/i&gt;&lt;/strong&gt;.&#x201d; These risks include, but are not limited to:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Liquidity and Market Risks in Liquidating Pools and TBAs &#x2013; In connection with the Conversion, the Fund intends to liquidate its remaining holdings of mortgage-backed securities, including agency pools and long To-Be-Announced (&#x201c;&lt;strong&gt;TBA&lt;/strong&gt;&#x201d;) positions, as well as its related hedges, including short TBA positions and interest-rate swaps. Market conditions at the time of liquidation of any of these positions could result in unfavorable pricing, increased transaction costs, and/or execution delays, any of which could adversely impact the Fund&#x2019;s Net Asset Value and performance.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Regulatory and Compliance Risks Related to Bank Custody Rules&#160;&#x2013; Following the Conversion, the Fund will be subject to new regulatory requirements, including bank custody rules&#160;that were not previously applicable. Compliance with these rules&#160;necessitated changes in the Fund&#x2019;s operational processes, including its custodial arrangements and its master trade agreements with its counterparties, potentially leading to additional costs, operational burdens, or constraints on its available executing counterparties for certain transactions.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Risks Related to the Change in the Fund&#x2019;s Tax Year &#x2013; To be eligible to be treated as a RIC beginning on the Conversion Date, the Fund will be requesting IRS approval to change its tax year to end on the day prior to the Conversion Date (i.e., March 31, 2025). The Fund expects that it will qualify for an automatic change but if it does not qualify for the automatic change, the Fund will request approval from the IRS to effectuate such change. In that scenario, if the IRS does not approve the application, the Fund may not qualify for a March 31 tax-year end, which could delay the Fund&#x2019;s qualification as a RIC to a later date and force the Fund to keep its tax year of December 31 and operate as a taxable C-Corporation until that later date. It is also possible that the IRS may approve such application provided that the Fund recognizes additional income as a RIC in connection with its change of tax year.&#160;&#160;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Tax and Structural Uncertainties &#x2013; The Conversion may result in unanticipated tax liabilities, including potential recognition of taxable gains or other inefficiencies that could impact the Fund. Additionally, changes in tax laws,&#160;IRS interpretations, or regulatory guidance before or after the Conversion could further affect the Fund&#x2019;s tax treatment and require further adjustments to its structure.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Accounting, Operational and Systems Transition &#x2013; The Fund will prospectively apply investment company accounting and, accordingly, it has modified its internal systems, reporting processes, and third-party service provider arrangements as a result of the Conversion. Any delays, errors, or other challenges in transitioning to investment company accounting could result in operational disruptions, compliance issues, or increased administrative costs.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;Legal and Regulatory &#x2013; Upon Conversion, the Fund became subject to the 1940 Act, implicating a new regulatory reporting regime, including a new schedule, and new reporting forms, and additional compliance obligations, including the implementation of the Derivatives Risk Management Program. Adapting to this new regime may require enhancements to internal compliance protocols, additional personnel, and increased oversight, all of which could increase costs and regulatory risks and there may be delays, errors, or other challenges in adapting to the rules, regulations and requirements of the 1940 Act.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to achieve its objectives once the Conversion is complete is contingent on the Fund&#x2019;s ability to manage and maintain all of these, and other changes, to its business. Any failure to do so could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders as well as its ability to comply with the requirements of the 1940 Act. Failure to comply with the 1940 Act may subject the Fund to action by the SEC&#x2019;s Division of Enforcement in the form of cease and desist orders, fines and other penalties, and injunctions, civil liability, reputational damages, and restrictions or limitations on future offerings.&lt;/p&gt;
        </cef:RiskTextBlock>
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Actions by the Federal Reserve (and similar actions by other central banks), including tightening or easing of monetary policy, increases or decreases in short-term interest rates, balance sheet liquidations or runoff, or other actions, or the perception that the Federal Reserve or other central banks are failing to take actions deemed necessary or advisable by the market, could cause elevated market volatility and adversely impact the value and performance of the Fund&#x2019;s assets and the ability of the Fund to borrow money or otherwise access capital to fund its operations. See also &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets&lt;/i&gt;&lt;/strong&gt;&#x201d; for the impact of changing interest rates on the Fund&#x2019;s business.&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and the assets and liabilities of the CLOs in which the Fund invests, may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Although most of the assets underlying the Fund&#x2019;s CLO investments carry floating rate coupons, some may have fixed rate coupons or have a fixed rate component, which is most apparent when a given CLO is backed by corporate bonds, rather than loans, since bonds generally are issued with a fixed coupon. The fixed coupons on assets of this nature present some risk of cashflow mismatch between the Fund&#x2019;s liabilities and its assets, since the Fund&#x2019;s primary short term liabilities are expected to be reverse repurchase agreements. Reverse repurchase agreement borrowings typically bear a floating rate, and so are typically sensitive to changes in short term interest rates, since maturing reverse repurchase agreements will typically be replaced by new reverse repurchase agreements bearing interest rates based on short term interest rates at the time of the replacement transaction. If the income from the Fund&#x2019;s assets is insufficient to support the interest payments on its liabilities due to a rise in short term interest rates, the Fund may be forced to reduce its positions, potentially during an inopportune time in the market, which could force it to realize losses or be unable to hold its desired amount of assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may also issue fixed rate debt, which could introduce a similar mismatch between interest owed on liabilities and interest income earned on its assets. As noted above, the Fund will primarily invest in CLOs that bear a floating rate coupon. In a falling interest rate environment, the Fund&#x2019;s assets can be expected to pay a lower coupon rate, but any fixed-rate debt issued by the Fund will continue to require fixed payments, which could exceed the interest income available from its floating rate assets. This, too, could result in the Fund being forced to sell certain positions in order to meet interest and/or principal payments on its fixed liabilities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may initiate and maintain derivative and similar positions in order to address both forms of interest rate mismatch, though the Fund is not required to do so. There can be no certainty that such positions, if they are initiated, will be effective at eliminating the Fund&#x2019;s exposure to interest rate mismatches. Furthermore, derivative and similar positions come with their own risks, including liquidity risk, which may impact the Fund&#x2019;s ability to close or adjust such positions efficiently. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While increases in interest rates will typically increase the interest income on the Fund&#x2019;s CLO debt investments, which are generally floating rate in nature, they could also place pressure on the ability of the corporate borrowers underlying the Fund&#x2019;s CLO investments to cover their interest expenses or to refinance their debt, potentially resulting in higher credit losses on the Fund&#x2019;s CLO investments. When interest rates are low but increasing, variations between interest rate floors on the CLO debt tranches and the underlying corporate loans can reduce the amount of excess interest available for payment to the CLO debt and equity tranches. Finally, assets held directly or indirectly by the Fund that pay a fixed rate coupon typically decline in value when interest rates increase, and if interest rates were to increase significantly, not only would the market value of these assets be expected to decline, but these assets could lengthen in duration because borrowers would be less likely to prepay their fixed rate corporate borrowings, both of which would be expected to have an adverse impact on the Fund&#x2019;s financial results.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Interest rates can change quickly and are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond the Fund&#x2019;s control. Moreover, concerns over the United States&#x2019; debt ceiling and budget-deficit increase the possibility of downgrades by rating agencies to the U.S. government&#x2019;s credit rating, which could cause interest rates and borrowing costs to rise. Interest rate movements are highly uncertain and notoriously difficult to predict. For example, from February&#160;28, 2022 to October&#160;31, 2023, the lower bound of the Federal Reserve&#x2019;s Federal Funds Target Rate rose from 0.00% to 5.25%, while the yield on the ten-year U.S. Treasury rose from 1.83% to 4.93%. While the Fund may opportunistically hedge its exposure to changes in interest rates, such hedging may be limited by the tax rules&#160;governing RICs, and the Fund can provide no assurance that its hedges will be successful or that the Fund will be able to enter into or maintain such hedges. As a result, interest rate fluctuations can cause significant losses, reductions in income, and can limit the cash available to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
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      id="Fxbrl_20250331205352858">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Difficult conditions in the corporate sector as well as general market concerns may adversely affect the value of the assets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business is materially affected by conditions in the corporate sector, the financial markets, and the economy, including inflation, interest rates, energy costs, unemployment, geopolitical issues, concerns over the creditworthiness of governments worldwide and the stability of the global banking system. Any deterioration of financial markets or the economy or investor perception of the risks associated with financial markets or the economy could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672TheFundsInvestmentsAreExpectedToBeConcentratedInSubordinatedAndLowerratedSecuritiesMember"
      id="Fxbrl_20250331205357961">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments are expected to be concentrated in subordinated and lower-rated securities that generally have greater risks of loss than senior and higher-rated securities and are subject to amplified market risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s portfolio is expected to be concentrated in CLO mezzanine debt and equity tranches. These tranches are subordinated in cash flow priority to other more &#x201c;senior&#x201d; securities of the same CLO securitization and therefore absorb losses from CLO asset defaults before senior tranches are at risk. The CLO equity tranche typically represents less than 15% of the overall principal balance of a CLO, but it absorbs 100% of the CLO&#x2019;s credit losses until its principal balance has been written off, after which the mezzanine debt absorbs all losses. As a result, the CLO equity and mezzanine securities that the Fund targets are deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Such securities are therefore considered to be highly speculative investments. When a CLO underlying corporate borrower defaults, the Fund generally has the right to receive payments only from the CLOs and has no direct rights against the underlying borrowers or the entity that sponsored the CLO transaction. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund&#x2019;s overall exposure and capital at risk to such CLO. The value and performance of CLO securities are subject to the same types of political and economic factors and risks that affect corporate issuers and capital markets generally, but, for all of the foregoing reasons, these risks are amplified in the case of CLO mezzanine debt and equity tranches.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672ToExtentThatDueDiligenceIsConductedOnPotentialAssetsSuchDueDiligenceMayNotRevealAllRisksAssociatedWithSuchAssetsAndMayNotRevealOtherWeaknessesInSuchAssetsWhichCouldLeadToLossesPointMember"
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Before making an investment, the Adviser may decide to conduct (either directly or using third parties) certain due diligence on a potential investment. There can be no assurance that the Adviser will conduct any specific level of due diligence, or that, among other things, the Adviser&#x2019;s due diligence processes will uncover all relevant facts or that any purchase will be successful, which could result in losses on these assets, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundReliesOnAnalyticalModelsAndOtherDataToAnalyzePotentialAssetAcquisitionAndDispositionMember"
      id="Fxbrl_20250331205409107">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund relies on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage its portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause the Fund to purchase assets that do not meet the Fund&#x2019;s expectations or to make asset management decisions that are not in line with its strategy.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund relies on the Adviser and the Adviser relies on the analytical models used by Ellington (both proprietary and third-party models) and information and data supplied by third parties. These models and data may be used to value assets or potential asset acquisitions and dispositions and also in connection with the Fund&#x2019;s asset management activities. If Ellington&#x2019;s models (including the data utilized by the models) and/or third party models or data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon could expose the Fund to potential risks. The Adviser&#x2019;s reliance on the models and data used by Ellington may induce it to purchase certain assets at prices that are too high, to sell certain other assets at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging activities that are based on faulty models and data may prove to be unsuccessful.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Some of the risks of relying on analytical models and third-party data include the following:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;collateral cash flows and/or liability structures may be incorrectly modeled in all or only certain scenarios, or may be modeled based on simplifying assumptions that lead to errors;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;information about assets or the underlying collateral may be incorrect, incomplete, or misleading;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;asset, collateral, or CLO historical performance (such as historical prepayments, defaults, cash flows,&#160;etc.) may be incorrectly reported, or subject to interpretation (e.g., different CLO issuers may report delinquency and default statistics based on different definitions of what constitutes a delinquent or defaulted loan); and&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;asset, collateral, or CLO information may be outdated, in which case the models may contain incorrect assumptions as to what has occurred since the date information was last updated.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Some models, such as prepayment models or default models, may be predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses. In addition, the predictive models used by the Adviser may differ substantially from those models used by other market participants, with the result that valuations based on these predictive models may be substantially higher or lower for certain assets than actual market prices. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data, and, in the case of predicting performance in scenarios with little or no historical precedent (such as extreme broad-based widening in corporate credit yield spreads or deep economic recessions or depressions), such models must employ greater degrees of extrapolation and are therefore more speculative and of more limited reliability.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;All valuation models rely on correct market data inputs. If incorrect market data is entered into even a well-founded valuation model, the resulting valuations will be incorrect. However, even if market data is input correctly, &#x201c;model prices&#x201d; will often differ substantially from market prices, especially for securities with complex characteristics or whose values are particularly sensitive to various factors. If the Fund&#x2019;s market data inputs are incorrect or its model prices differ substantially from market prices, its business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundInvestmentPortfolioIsRecordedAtMarketValueAndOrFairValueMember"
      id="Fxbrl_20250331205415022">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investment portfolio is recorded at market value and/or fair value, with its Board overseeing its Valuation Designee in its determination of fair value and, as a result, there will be uncertainty as to the value of its portfolio investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the 1940 Act, the Fund is required to carry its portfolio investments at market value, if such value is readily available, or fair value, if there is no readily available market value, as determined by the Adviser in good faith, as the Fund&#x2019;s valuation designee pursuant to Rule&#160;2a-5 under the 1940 Act, in accordance with its written valuation policy and subject to the oversight of the Board. Typically, there will not be a widely visible public market for the type of investments the Fund targets. As a result, the Fund will value these securities at fair value based on relevant information compiled by the Adviser and third-party pricing services (when available), and with oversight conducted by the Board. The values of the Fund&#x2019;s investments are often not readily determinable.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The determination of market value or fair value and, consequently, the amount of unrealized gains and losses in the Fund&#x2019;s portfolio, are to a certain degree subjective and dependent on a valuation process conducted by the Adviser and overseen by the Board. Because such valuations are inherently uncertain, may fluctuate over short periods of time, especially during periods of elevated market volatility, and may be based on estimates, the Adviser&#x2019;s determinations of fair value may differ from the values that would have been used if a ready market for these assets existed or from the prices at which trades occur. Furthermore, the Fund may not obtain third-party valuations for all of its assets. Changes in the fair value of the Fund&#x2019;s assets directly impact its net income through recording unrealized appreciation or depreciation of its investments and derivative instruments, and so the determination of fair value has a material impact on its net income.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While in many cases the Adviser&#x2019;s determination of the fair value of its assets is based on valuations provided by third-party dealers and pricing services, the Adviser can and does value assets based upon its judgment, and such valuations may differ from those provided by third-party dealers and pricing services. Valuations of certain assets are often difficult to obtain or are unreliable, and many or all of the Fund&#x2019;s CLO investments may trade infrequently and are illiquid. In general, dealers and pricing services heavily disclaim their valuations. Additionally, dealers and pricing services may claim to furnish valuations only as an accommodation and without special compensation, and they may disclaim any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations, including any act of negligence or breach of any warranty. Depending on the complexity and illiquidity of an asset, valuations of the same asset can vary substantially from one dealer or pricing service to another. Higher valuations of the Fund&#x2019;s assets have the effect of increasing the amount of management fees the Fund pays to the Adviser. Therefore, conflicts of interest exist because the Adviser is involved in the determination of the fair value of the Fund&#x2019;s assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Market-based inputs are generally the preferred source of values for purposes of measuring the fair value of the Fund&#x2019;s assets under U.S. GAAP. However, the markets for the Fund&#x2019;s investments have experienced, and could in the future experience, extreme volatility, reduced transaction volume and liquidity, and disruption as a result of certain events which has made, and could in the future make, it more difficult for the Fund&#x2019;s Adviser, and for third-party dealers and pricing services that the Fund uses, to rely on market-based inputs in connection with the valuation of its assets under U.S. GAAP. Furthermore, in determining the fair value of the Fund&#x2019;s assets, the Adviser uses proprietary models that require the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates, interest rates, default rates and loss severities. These assumptions might be especially difficult to project accurately during periods of economic disruption. The fair value of certain of the Fund&#x2019;s investments may fluctuate over short periods of time, and the Adviser&#x2019;s determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The fair value of the Fund&#x2019;s investments has a material impact on its earnings through the recording of unrealized appreciation or depreciation of investments and may cause its Net Asset Value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. Investors purchasing the Fund&#x2019;s securities based on an overstated Net Asset Value may pay a higher price than the value of its investments might warrant. Conversely, investors selling shares during a period in which the Net Asset Value understates the value of the Fund&#x2019;s investments may receive a lower price for their shares than the value of its investments might warrant.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders could be materially adversely affected if the Adviser&#x2019;s fair value determinations of these assets were materially different from the values that would exist if a ready market existed for these assets.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      id="Fxbrl_20250331205421342">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The lack of liquidity in the Fund&#x2019;s assets may materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Certain of the assets and other instruments the Fund acquires are not publicly traded. As such, these assets may be subject to legal and other restrictions on resale, transfer, pledge or other disposition, or will otherwise be less liquid than publicly-traded securities. Other assets that the Fund acquires, while publicly traded, have limited liquidity on account of their complexity, turbulent market conditions, or other factors. Illiquid assets typically experience greater price volatility, because a ready market does not exist, and they can be more difficult to value or sell if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its assets. The Fund may also face other restrictions on its ability to liquidate any assets for which the Fund or the Adviser has or could be attributed with material non-public information. Furthermore, assets that are illiquid are more difficult to finance, and to the extent that the Fund finances assets that are or become illiquid, the Fund may lose that financing or have it reduced. If the Fund is unable to sell its assets at favorable prices or at all, it could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundIsHighlyDependentOnEllingtonInformationSystemsMember"
      id="Fxbrl_20250331205427623">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is highly dependent on Ellington&#x2019;s information systems and those of third-party service providers, and system failures could significantly disrupt the Fund&#x2019;s business, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business is highly dependent on Ellington&#x2019;s communications and information systems and those of third-party service providers. Any failure or interruption of Ellington&#x2019;s or certain third-party service providers&#x2019; systems or cyber-attacks or security breaches of their networks or systems could cause delays or other problems in the Fund&#x2019;s securities trading activities, could allow unauthorized access for purposes of misappropriating assets, stealing proprietary and confidential information, corrupting data or causing operational disruption, or could prevent the Fund from receiving distributions to which the Fund is entitled, any of which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Computer malware, ransomware, viruses, and computer hacking and phishing attacks have become more prevalent in the financial services industry and may occur on Ellington&#x2019;s or certain third party service providers&#x2019; systems in the future. The Fund relies heavily on Ellington&#x2019;s financial, accounting and other data processing systems. Financial services institutions have reported breaches of their systems, some of which have been significant, and Ellington has experienced a data breach, which was not material to its or the Fund&#x2019;s operations. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that Ellington or certain third-party service providers have experienced an undetected breach, and it is likely that other financial institutions have experienced more breaches than have been detected and reported. There is no assurance that the Fund, Ellington, or certain of the third parties that facilitate the Fund&#x2019;s and Ellington&#x2019;s business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of Ellington&#x2019;s networks or systems (or the networks or systems of certain third parties that facilitate the Fund&#x2019;s and Ellington&#x2019;s business activities) or any failure to maintain performance, reliability and security of Ellington's or certain third-party service providers&#x2019; technical infrastructure, but such computer malware, ransomware, viruses, and computer hacking and phishing attacks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Additionally, operational failures or cyber incidents relating to the Fund's or Ellington&#x2019;s third-party service providers (or their service providers) may negatively impact the Fund&#x2019;s business in the future. If a material operational failure or material breach of the information technology systems of its third-party service providers occurs, the Fund could be required to expend significant amounts of money, be delayed in receiving funds (or not receive them at all) or have to expend significant time and resources to respond to these threats or breaches, each of which could materially adversely impact the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;New technologies also continue to develop, including tools that harness generative artificial intelligence and other machine learning techniques (collectively, &#x201c;&lt;strong&gt;AI&lt;/strong&gt;&#x201d;). AI is developing at a rapid pace and becoming more accessible. As a result, the use of such new technologies by the Fund, Ellington, and/or the Fund&#x2019;s third-party service providers can present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that the Fund, Ellington, and/or its third-party service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on the Fund and its business. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#x2019;s business in ways that the Fund cannot predict.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundAccessToFinancingSourcesMayNotBeAvailableOnFavorableTermsMayBeLimitedOrCompletelyShutOffAndItsLendersAndDerivativeCounterpartiesMayRequireFundToPostAdditionalCollateralPointMember"
      id="Fxbrl_20250331205432094">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to fund its operations, meet financial obligations, and finance targeted asset acquisitions may be impacted by an inability to secure and maintain its financing through reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time in the future with its counterparties. Because reverse repurchase agreements are generally short-term transactions, lenders may respond to adverse market conditions by refusing to renew or replace, or making it more difficult for the Fund to renew or replace, the Fund&#x2019;s maturing short-term borrowings, including imposing more onerous conditions when replacing (&#x201c;&lt;strong&gt;rolling&lt;/strong&gt;&#x201d;) such repurchase agreements.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s lenders are primarily large global financial institutions, with exposures both to global financial markets and to more localized conditions. In addition to borrowing from large banks, the Fund may also borrow from smaller non-bank financial institutions. Whether because of a global or local financial crisis or other circumstances, such as if one or more of the Fund&#x2019;s lenders experiences severe financial difficulties, they or other lenders could become unwilling or unable to provide the Fund with financing, could increase the haircut required for such financing, or could increase the costs of that financing.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Moreover, the Fund is currently party to short-term borrowings (in the form of reverse repurchase agreements) and there can be no assurance that the Fund will be able to roll these borrowings as they mature on a continuous basis and it may be more difficult for the Fund to obtain debt financing on favorable terms, or at all. If the Fund is not able to renew the Fund&#x2019;s existing reverse repurchase agreements or other types of borrowings the Fund may enter into from time to time or arrange for new financing on terms acceptable to the Fund, or if the Fund defaults on its financial covenants, is otherwise unable to access funds under its financing arrangements, or is required to post more collateral or face larger haircuts, the Fund may have to dispose of assets at significantly depressed prices and at inopportune times, which could cause significant losses, and may also force the Fund to curtail its asset acquisition activities. Similarly, if the Fund were to move a financing from one counterparty to another that was subject to a larger haircut, the Fund would have to repay more cash to the original counterparty than the Fund would be able to borrow from the new counterparty. To the extent that the Fund might be compelled to liquidate certain assets to repay debts, its compliance with the RIC asset tests, income tests, and distribution and other requirements could be negatively affected, which could jeopardize its qualification as a RIC. See &#x201c;&#x2014;&lt;em&gt;&lt;strong&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/strong&gt;&lt;/em&gt;.&#x201d; Any such forced liquidations could also materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, if there is a contraction in the overall availability of financing for the Fund&#x2019;s assets, including if the regulatory capital requirements imposed on its lenders change or its shareholders&#x2019; equity decreases to levels that make the Fund a less attractive financing counterparty, its lenders may significantly increase the cost of the financing that they provide to the Fund, increase the amounts of collateral they require as a condition to providing the Fund with financing, or even cease providing it with financing. The Fund&#x2019;s lenders also have revised, and may continue to revise, their eligibility requirements for the types of assets that they are willing to finance or the terms of such financing arrangements, including increased haircuts and requiring additional cash collateral, based on, among other factors, the regulatory environment and their management of actual and perceived risk, particularly with respect to assignee liability.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Moreover, the amount of financing that the Fund receives under its financing agreements will be directly related to its lenders&#x2019; valuation of the financed assets subject to such agreements. Typically, the master repurchase agreements that govern the Fund&#x2019;s borrowings under reverse repurchase agreements grant the lender the right to reevaluate the value of the financed assets subject to such reverse repurchase agreements at any time. If a lender determines that the net decrease in the value of the portfolio of financed assets is greater in magnitude than any applicable threshold, it will generally initiate a margin call. In such cases, a lender&#x2019;s valuations of the financed assets may be different than the values that the Fund ascribes to these assets and may be influenced by recent asset sales at distressed levels by forced sellers. A valid margin call requires the Fund to transfer cash or additional qualifying collateral to a lender or to repay a portion of the outstanding borrowings. If the Fund were to dispute the validity of a margin call from a lender under one of its reverse repurchase agreements and refuse to deliver margin collateral as a result, a lender could still send the Fund a notice of default. In this situation, such lender will have possession of the financed assets, and might still decide to exercise its contractual remedies, despite the margin dispute. In the event of the Fund&#x2019;s default, its lenders or derivative counterparties can accelerate its indebtedness, terminate its derivative contracts (potentially on unfavorable terms requiring additional payments, including additional fees and costs), increase its borrowing rates, liquidate its collateral, and terminate its ability to borrow. In certain cases, a default on one reverse repurchase agreement or derivative agreement (whether caused by a failure to satisfy margin calls or another event of default) can trigger &#x201c;cross defaults&#x201d; on other such agreements. Similarly, if the market value of the Fund&#x2019;s derivative contracts with a derivative counterparty declines in value, the Fund generally will be subject to a margin call by the derivative counterparty.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Significant margin calls and/or increased reverse repurchase agreement haircuts could have a material adverse effect on the Fund&#x2019;s results of operations, financial condition, business, liquidity, and ability to make distributions to its shareholders, and could cause the value of its common shares to decline. During March&#160;and April&#160;of 2020,the Fund observed that many of its financing agreement counterparties assigned lower valuations to certain of its assets, resulting in the Fund having to pay cash to satisfy margin calls, which were higher than historical levels. In addition, during March&#160;and April&#160;of 2020 the Fund also experienced an increase in haircuts on reverse repurchase agreements that the Fund rolled. A sufficiently deep and/or rapid increase in margin calls or haircuts would have an adverse impact on the Fund&#x2019;s liquidity. The Fund may have to sell assets at disadvantageous times or prices to meet such obligations.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Consequently, depending on market conditions at the relevant time, the Fund may have to rely on additional equity issuances to meet its capital and financing needs, which may be dilutive to its shareholders, or the Fund may have to rely on less efficient forms of debt financing that consume a larger portion of its cash flow from operations, thereby reducing funds available for its operations, future business opportunities, cash distributions to its shareholders, and other purposes. There can be no assurance that the Fund will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause the Fund to curtail its asset acquisition activities and/or dispose of assets, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders, or in the worst case, cause its insolvency.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundUsesFinancialLeverageInExecutingItsBusinessStrategyMember"
      id="Fxbrl_20250331205446062">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund uses financial leverage in executing its business strategy, which may adversely affect the return on its assets and may reduce cash available for distribution to its shareholders, as well as increase losses when economic conditions are unfavorable.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund uses borrowed money to fund many of its investment activities and to enhance its financial returns. These borrowings include short-term reverse repurchase agreements to finance its CLO assets, and may also include credit facilities, including term loans and revolving credit facilities, derivative transactions, issuance of preferred shares and issuance of debt securities, each in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such financings may be used for the acquisition and maintenance of its investments, to pay fees and expenses, and for other purposes. Such leverage may be secured or unsecured. Any such leverage is in addition to leverage embedded or inherent in the CLO structures or derivative instruments in which the Fund may invest.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Through the use of leverage, the Fund may acquire positions with market exposure significantly greater than the amount of equity capital committed to the transaction. Leverage can enhance the Fund&#x2019;s potential returns but can also exacerbate losses. Even if an asset increases in value, if the asset fails to earn a return that equals or exceeds its cost of borrowing, the leverage will diminish the Fund&#x2019;s returns. Leverage also increases the risk of the Fund&#x2019;s being forced to swiftly liquidate its assets. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Since financial leverage increases the amount of the Fund&#x2019;s assets without a corresponding increase in the Fund&#x2019;s common equity, any event that adversely affects the Fund&#x2019;s assets would have an amplified effect on the Fund&#x2019;s common shares to the extent that leverage is utilized. For instance, any decrease in the yield of the Fund&#x2019;s assets would cause the Fund&#x2019;s net interest income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund&#x2019;s ability to make distributions and other payments to its securityholders. Similarly, the more leverage that the Fund employs, the more likely a substantial change will occur in the Fund&#x2019;s Net Asset Value. The Fund&#x2019;s expected use of leverage is generally considered to be a speculative investment technique. Its ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. In a market that moves adversely to the Fund&#x2019;s assets, the use of leverage would be expected to result in a loss that would be greater than if the Fund&#x2019;s assets were not leveraged.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

            &lt;div&gt;
              &lt;div&gt;
                &lt;div&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund intends to operate as a fully compliant derivatives fund under the Derivatives Rule, including treating reverse repurchase agreement borrowings as derivatives transactions and implementing a Derivatives Risk Management Program. By electing to operate under the full derivatives framework rather than qualifying as a &#x201c;limited derivatives user,&#x201d; under the Derivatives Rule, the Fund will be permitted to take on a significantly higher level of leverage through the use of derivatives and reverse repurchase agreement transactions than would be allowed for a limited derivatives user. This increased leverage may amplify both potential gains and losses, subjecting the Fund to greater volatility and market risk. While the Fund&#x2019;s Derivatives Risk Management Program will include oversight and certain limits, leveraging the fund to a higher degree increases the potential for significant losses during periods of market stress or when asset prices move against its investments. Furthermore, any breach of its leverage or risk limits could result in forced portfolio adjustments, liquidity constraints, or regulatory scrutiny. See &#x201c;&lt;strong&gt;&lt;i&gt;Summary&#x2014;Financing and Hedging Strategy&#x2014;Derivative Transactions&lt;/i&gt;&lt;/strong&gt;&#x201d; and &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Additionally, if the Fund&#x2019;s asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to declare dividends, incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of its investments to repay some debt or redeem shares of preferred shares when it is disadvantageous to do so. As such, the Fund might not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser&#x2019;s and its Board&#x2019;s assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that the Fund will be able to obtain credit at all or on terms acceptable to the Fund.&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.&lt;/p&gt;
                &lt;/div&gt;
              &lt;/div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#x2019;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.&lt;/p&gt;

              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumed Return on the Fund&#x2019;s Portfolio (Net of Expenses)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;0.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span&gt;Corresponding return to common shareholder&lt;sup&gt;(1) &lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(17.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.22&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(2.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;4.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;12.28&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                    &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:top"&gt;
                          &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                          &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(1)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                  &lt;/div&gt;
                &lt;/div&gt;

              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Based on the Fund&#x2019;s assumed leverage described above, its investment portfolio would have been required to experience an annual return of at least 1.81% to cover interest payments on its assumed indebtedness.&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;/div&gt;
          </cef:RiskTextBlock>
    <cef:EffectsOfLeverageTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331214933750">
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The following table is furnished in response to the requirements of the SEC and illustrates the effect of leverage on returns from an investment in the Fund&#x2019;s common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.&lt;/p&gt;
              </cef:EffectsOfLeverageTextBlock>
    <cef:EffectsOfLeverageTableTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331214842448">
                &lt;div&gt;
                  &lt;div&gt;
                    &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="width:45%;font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumed Return on the Fund&#x2019;s Portfolio (Net of Expenses)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;0.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;5.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="width:1%;padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span&gt;Corresponding return to common shareholder&lt;sup&gt;(1) &lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(17.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(10.22&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(2.72&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;)%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;4.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;12.28&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                    &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:top"&gt;
                          &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                          &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;(1)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                  &lt;/div&gt;
                &lt;/div&gt;
              </cef:EffectsOfLeverageTableTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331215454726"
      unitRef="Pure">-0.1772</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331215518949"
      unitRef="Pure">-0.1022</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331215531454"
      unitRef="Pure">-0.0272</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331215624056"
      unitRef="Pure">0.0478</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331215610640"
      unitRef="Pure">0.1228</cef:ReturnAtPlusTenPercent>
    <cef:AnnualCoverageReturnRatePercent
      contextRef="C_20250401to20250401"
      decimals="4"
      id="Fxbrl_20250331230300710"
      unitRef="Pure">0.0181</cef:AnnualCoverageReturnRatePercent>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672RegulationsGoverningFundOperationAsRegisteredClosedEndManagementInvestmentCompanyMember"
      id="Fxbrl_20250331205457189">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Regulations governing the Fund&#x2019;s operation as a registered closed-end management investment company, including the asset coverage ratio requirements under the 1940 Act, affect the Fund&#x2019;s ability to issue debt or preferred equity. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may in the future issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which the Fund refers to collectively as &#x201c;senior securities,&#x201d; up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, the Fund will be permitted, as a registered closed-end management investment company, to issue senior securities representing indebtedness so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, is at least 300% after each issuance of such senior securities. In addition, the Fund will be permitted to issue preferred shares so long as its asset coverage ratio with respect thereto, defined under the 1940 Act as the ratio of its gross assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of its outstanding preferred shares, is at least 200% after each issuance of such preferred shares. If the value of its assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund&#x2019;s leverage, repay a portion of its indebtedness or redeem outstanding preferred shares or debt, in each case at a time when doing so may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness or preferred dividends would not be available for distributions to its common shareholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred shares, the preferred shares would rank &#x201c;senior&#x201d; to common shares in its capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of its common shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might otherwise provide a premium price to holders of the Fund&#x2019;s common shares or otherwise be in the Fund&#x2019;s common shareholders&#x2019; best interest.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund is not generally able to issue and sell its common shares at a price below its net asset value per common share, other than in connection with a rights offering to its existing shareholders. The Fund may, however, sell its common shares at a price below the then-current net asset value per common share if its Board determines that such sale is in the Fund&#x2019;s and its shareholders&#x2019; best interests, and the Fund&#x2019;s shareholders approve such sale. In any such case, the price at which the Fund&#x2019;s securities are to be issued and sold may not be less than a price that, in the determination of its Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common shares, then the percentage ownership of its shareholders at that time will decrease, and existing shareholders may experience dilution.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundRightsUnderReverseRepurchaseAgreementsAreSubjectToEffectsOfBankruptcyLawsInEventOfBankruptcyOrInsolvencyOfFundOrItsLendersPointMember"
      id="Fxbrl_20250331205506056">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s rights under reverse repurchase agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of the Fund or its lenders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event of the Fund&#x2019;s insolvency or bankruptcy, certain reverse repurchase agreements may qualify for special treatment under the U.S. Bankruptcy Code, the effect of which, among other things, would be to allow the lender to avoid the automatic stay provisions of the U.S. Bankruptcy Code and to foreclose on and/or liquidate the collateral pledged under such agreements without delay. In the event of the insolvency or bankruptcy of a lender during the term of a reverse repurchase agreement, the lender may be permitted, under applicable insolvency laws, to repudiate the contract, and the Fund&#x2019;s claim against the lender for damages may be treated simply as an unsecured claim. In addition, if the lender is a broker or dealer subject to the Securities Investor Protection Act of 1970, or an insured depository institution subject to the Federal Deposit Insurance Act, the Fund&#x2019;s ability to exercise its rights to recover its securities under a reverse repurchase agreement or to be compensated for any damages resulting from the lenders' insolvency may be further limited by those statutes. These claims would be subject to significant delay and costs to the Fund and, if and when received, may be substantially less than the damages the Fund actually incurs.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundHedgingAgainstChangesInCorporateCreditRisksInterestRatesAndOtherRisksMember"
      id="Fxbrl_20250331205512695">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s hedging against changes in corporate credit risks, interest rates, and other risks, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Subject to maintaining its qualification as a RIC, the Fund may pursue various hedging strategies to seek to reduce its exposure to adverse changes in corporate credit spreads and corporate credit default rates (collectively, &#x201c;&lt;strong&gt;corporate credit risks&lt;/strong&gt;&#x201d;) and interest rates. The Fund&#x2019;s hedging activity is expected to vary in scope based on the level and volatility of corporate credit spreads and interest rates, the relative cost of protection against credit defaults, the types of CLO investments held, and other changing market conditions. Hedging may fail to protect or could adversely affect the Fund because, among other things:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;hedging of corporate credit risks and interest rates can be expensive, particularly during periods of higher and volatile credit spreads and interest rates;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;available corporate credit risk and interest rate hedges may not correspond directly, or be correlated in the manner desired with, the credit risk and interest rate risk for which protection is sought;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;many hedges are structured as over-the-counter contracts with counterparties whose creditworthiness is not guaranteed, raising the possibility that the hedging counterparty may default on their obligations;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;to the extent that the creditworthiness of a hedging counterparty deteriorates, it may be difficult or impossible to terminate or assign any hedging transactions with such counterparty to another counterparty;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the value of derivatives used for hedging may be adjusted from time to time in accordance with accounting rules&#160;to reflect changes in market value and/or fair value. Downward adjustments (&#x201c;&lt;strong&gt;mark-to-market losses&lt;/strong&gt;&#x201d;) would reduce the Fund&#x2019;s earnings and its shareholders' equity;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund may fail to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the assets in the portfolio being hedged;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Adviser may fail to recalculate, re-adjust, and execute hedges in an efficient and timely manner; and&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the hedging transactions may actually result in poorer overall performance for the Fund than if it had not engaged in the hedging transactions.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;For these and other reasons, the Fund&#x2019;s hedging activity could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672HedgingInstrumentsAndOtherDerivativesIncludingSomeCreditDefaultSwapsMayNotInManyCasesMember"
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Hedging instruments and other derivatives, including certain types of credit default swaps, involve risk because they may not, in many cases, be traded on exchanges or cleared on a CCP (as defined below). Consequently, for these instruments there may be less stringent requirements with respect to record keeping and compliance with applicable statutory and regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. The Adviser is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Furthermore, the Adviser has only a limited internal credit function to evaluate the creditworthiness of its counterparties, mainly relying on its experience with such counterparties and/or their general reputation as participants in these markets. Under the terms of many of the Fund&#x2019;s derivatives transaction contracts, the business failure of a derivatives transaction counterparty with whom the Fund enters into a derivatives transaction will most likely result in a default under the governing agreement. Default by a party with whom the Fund enters into a derivatives transaction may result in losses and may force the Fund to re-initiate similar derivatives transactions with other counterparties at the then-prevailing market levels. Generally, the Fund will seek to reserve the right to terminate its derivatives transactions upon a counterparty&#x2019;s insolvency, but absent an actual insolvency, the Fund may not be able to terminate a derivatives transaction without the consent of the derivatives transaction counterparty, and the Fund may not be able to assign or otherwise dispose of a derivatives transaction to another counterparty without the consent of both the original derivatives counterparty and the potential assignee. If the Fund terminates a derivatives transaction, the Fund may not be able to enter into a replacement contract in order to cover its risk. There can be no assurance that a liquid secondary market will exist for derivatives transactions purchased or sold, and therefore the Fund may be required to maintain any derivatives transaction until exercise or expiration, which could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders. In this regard, the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives to meet the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s access to financing sources may not be available on favorable terms, may be limited or completely shut off, and its lenders and derivative counterparties may require the Fund to post additional collateral&lt;/i&gt;&lt;/strong&gt;.&#x201d;&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, some portion of the Fund&#x2019;s derivatives transactions may be cleared through a central counterparty clearinghouse (&#x201c;&lt;strong&gt;CCP&lt;/strong&gt;&#x201d;), which the Fund accesses through a futures commission merchant (&#x201c;&lt;strong&gt;FCM&lt;/strong&gt;&#x201d;). The Fund&#x2019;s futures positions also are cleared with a CCP through an FCM. If an FCM that holds the Fund&#x2019;s futures or cleared derivatives account were to become insolvent, the CCP will make an effort to move the Fund&#x2019;s futures and cleared derivatives positions to an alternate FCM, though it is possible that no alternate FCM could be found to accept the Fund&#x2019;s positions, which could result in a total cancellation of its positions in the account; in such a case, if the Fund wished to reinstate such positions, the Fund would have to re-initiate such positions with an alternate FCM. In addition, in the case of both futures and cleared derivatives, there could be knock-on effects of the Fund&#x2019;s FCM&#x2019;s insolvency, such as the failure of co-customers of the FCM or other FCMs of the same CCP. In such cases, there could be a shortfall in the funds available to the CCP due to such additional insolvencies and/or exhaustion of the CCP's guaranty fund that could lead to total loss of the Fund&#x2019;s positions in the FCM account. Finally, the Fund faces a risk of loss (including total cancellation) of positions in the account in the event of fraud by its FCM or other FCMs of the CCP, where ordinary course remedies would not apply.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Using derivatives also subjects the Fund to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. Commodity Futures Trading Commission (&#x201c;&lt;strong&gt;CFTC&lt;/strong&gt;&#x201d;) and certain commodity exchanges have established limits referred to as speculative position limits or position limits on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options. Limits on trading in options contracts also have been established by the various options exchanges. It is possible that trading decisions may have to be modified and that positions held may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundUseOfDerivativesMayExposeItToCounterpartyRiskPointMember"
      id="Fxbrl_20250331205526267">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s use of derivatives may expose it to counterparty risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may enter into derivatives transactions that have not been cleared by a CCP. If a derivative counterparty cannot perform under the terms of the derivative contract, the Fund would not receive payments due under that agreement, the Fund may lose any unrealized gain associated with the derivative, and, in the case of a derivative used as a hedging instrument, the asset or liability being hedged would cease to be hedged by such instrument. If a derivative counterparty becomes insolvent or files for bankruptcy, the Fund may also be at risk for any collateral the Fund has pledged to such counterparty to secure its obligations under derivative contracts, and the Fund may incur significant costs in attempting to recover such collateral.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundEngagesInShortSellingTransactionsWhichMaySubjectItToAdditionalRisksPointMember"
      id="Fxbrl_20250331205645375">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund engages in short selling transactions, which may subject it to additional risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Certain of the Fund&#x2019;s hedging transactions, and occasionally its investment transactions, may be short sales or short positions. Short selling may involve selling securities that are not owned and typically borrowing the same securities for delivery to the purchaser, with an obligation to repurchase the borrowed securities at a later date. Short selling allows the investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. A short sale may create the risk of an unlimited loss, in that the price of the underlying security might theoretically increase without limit, thus increasing the cost of repurchasing the securities. There can be no assurance that securities sold short will be available for repurchase or borrowing. Market conditions, including lower liquidity in certain asset classes and derivatives, and increased short sale restrictions imposed by regulators during periods of financial stress, could limit the Fund&#x2019;s ability to execute or maintain short positions effectively.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Repurchasing securities to close out a short position can itself cause the price of the securities to rise further, thereby exacerbating the loss, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundInvestmentsThatDenominatedInForeignCurrenciesMember"
      id="Fxbrl_20250331205701944">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s investments that are denominated in foreign currencies subject the Fund to foreign currency risk arising from fluctuations in exchange rates between such foreign currencies and the U.S. dollar. While the Fund currently attempts to hedge the vast majority of its foreign currency exposure, it may not always choose to hedge such exposure, or it may not be able to hedge such exposure. To the extent that the Fund is exposed to foreign currency risk, changes in exchange rates of such foreign currencies to the U.S. dollar could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Further, the Fund also invests in CLOs that hold non-U.S. assets, and the Fund expect that many of the CLO issuers in which it invests will be domiciled outside the United States. Investing directly or indirectly in non-U.S. issuers may expose the Fund to additional risks, including political and social instability, expropriation, imposition of foreign taxes, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, the Fund, and the CLOs in which the Fund invests, may have difficulty enforcing creditor&#x2019;s rights in foreign jurisdictions.&lt;/p&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundMayChangeCurrentCertainOperatingPoliciesInvestmentCriteriaAndStrategyHedgingStrategyMember"
      id="Fxbrl_20250331205710026">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;The Fund may change its current certain operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies without notice or shareholder consent, which could materially adversely affect its business, financial condition and results of operations, and &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Other than a modification or waiver that would be deemed to be fundamental, the Board will have the authority to modify or waive its current operating policies, investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies at any time without notice to or consent from its shareholders. As a result, the types or mix of assets, liabilities, or hedging transactions in the Fund&#x2019;s portfolio may be different from, and possibly riskier than, the types or mix of assets, liabilities, and hedging transactions that the Fund has historically held, or that are otherwise described in this report. A change in the Fund&#x2019;s strategy may increase its exposure to corporate credit asset values, credit spreads, interest rates, and other factors. Changes in the Fund&#x2019;s investment strategy may also affect its ability to qualify as a RIC or cause the Fund to determine that it is not in the best interests of the Fund and its shareholders for it to continue to qualify as a RIC. The Fund&#x2019;s Board determines its investment guidelines and its operational policies, and may amend or revise the Fund&#x2019;s policies, including those with respect to its acquisitions, growth, operations, indebtedness, capitalization, and dividends or approve transactions that deviate from these policies without a vote of, or notice to, its shareholders. The Fund cannot predict the effect of any changes to its current operating policies, its investment criteria and strategy, hedging strategy, and asset allocation, operational, and management policies and any such changes could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundOperatesInHighlyCompetitiveMarketPointMember"
      id="Fxbrl_20250331205727351">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund operates in a highly competitive market.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s profitability depends, in large part, on its ability to acquire targeted assets at favorable prices. The Fund competes with a number of entities when acquiring its targeted assets, including other registered closed-end funds, public and private funds, investment banks, business development companies, hedge funds, private credit funds, structured credit funds, distressed debt funds, and mezzanine funds. Many of the Fund&#x2019;s competitors are substantially larger and have considerably more favorable access to capital and other resources than the Fund does. Furthermore, new companies with significant amounts of capital have been formed or have raised additional capital, and may continue to be formed and raise additional capital in the future, and these companies may have objectives that overlap with the Fund&#x2019;s, which may create competition for assets the Fund wishes to acquire. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund&#x2019;s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of assets to acquire or pay higher prices than the Fund can. The Fund also may have different operating constraints from those of its competitors including, among others, (i)&#160;tax-, legal-, or accounting-driven constraints such as those arising from its qualification as a RIC, including asset diversification and distribution requirements, (ii)&#160;restraints imposed on the Fund by the 1940 Act as a registered closed-end fund and (iii)&#160;restraints and additional costs arising from the Fund&#x2019;s status as a public company. Furthermore, competition for assets in the Fund&#x2019;s targeted asset classes may lead to the price of such assets increasing, which may further limit its ability to generate desired returns. The competitive pressures the Fund faces could materially adversely affect its business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672IncreaseInInterestRatesMayCauseDecreaseInIssuanceVolumesOfCertainOfFundTargetedAssetsMember"
      id="Fxbrl_20250331205734281">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;An increase in interest rates may cause a decrease in the issuance volumes of certain of the Fund&#x2019;s targeted assets, which could adversely affect its ability to acquire targeted assets that satisfy its investment objectives and to generate income and pay dividends.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Rising interest rates generally reduce the demand for corporate loans due to the higher cost of borrowing. A reduction in the volume of corporate loans originated may affect the volume of targeted assets available to the Fund, which could adversely affect the Fund&#x2019;s ability to acquire assets that satisfy its investment objectives. If rising interest rates cause the Fund to be unable to acquire a sufficient volume of the Fund&#x2019;s targeted assets with a yield that is above its borrowing cost, the Fund&#x2019;s ability to satisfy its investment objectives and to generate income and pay dividends to its shareholders may be materially and adversely affected.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundAbilityToPayDividendsWillDependOnItsOperatingResultsItsFinancialConditionAndOtherFactorsAndFundMayNotBeAbleToPayDividendsAtFixedRateOrAtAllUnderCertainCircumstancesPointMember"
      id="Fxbrl_20250331205749584">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s ability to pay dividends will depend on its operating results, its financial condition and other factors, and the Fund may not be able to pay dividends at a fixed rate or at all under certain circumstances.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund intends to pay dividends to its shareholders in amounts such that the Fund distribute all or substantially all of each year's taxable income (subject to certain adjustments). This distribution policy will enable the Fund to avoid being subject to U.S. federal income tax on its RIC taxable income that the Fund distribute to its shareholders. However, the Fund&#x2019;s ability to pay dividends will depend on its earnings, its financial condition and such other factors as its Board may deem relevant from time to time. The Fund will declare and pay dividends only to the extent approved by its Board.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;There are risks and conflicts of interests associated with the Performance Fee the Fund is obligated to pay &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;the &lt;strong&gt;&lt;i&gt;Adviser.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition to its Base Management Fee, the Adviser is entitled to receive the Performance Fee based, in large part, upon its achievement of targeted levels of Pre-Performance Fee Net Investment Income. The Performance Fee payable to the Adviser is based on the Fund&#x2019;s Pre-Performance Fee Net Investment Income, without considering any realized or unrealized gains or losses on its investments. As a result, (i)&#160;for quarters in which a Performance Fee is payable, such Performance Fee will exceed 17.5% of the Fund&#x2019;s GAAP net income if the Fund generated net realized and unrealized losses on its investments during such quarter, (ii)&#160;the Adviser could earn a Performance Fee for fiscal quarters during which the Fund generates a GAAP net loss, and (iii)&#160;the Adviser might be incentivized to manage the Fund&#x2019;s portfolio using higher risk assets, using assets with deferred interest features, or using more financial leverage through indebtedness, to generate more income than would be the case if there were no Performance Fee, both of which could result in higher investment losses, especially during economic downturns.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Performance Fee is calculated quarterly, treating each quarter in isolation. As a result, the Hurdle Amount does not accumulate from quarter to quarter, and decreases in the Fund&#x2019;s Net Asset Value of Common Equity, such as those due to unrealized losses, will reduce the Hurdle Amount, potentially making it easier for the Adviser to earn a Performance Fee. The Fund will not have the ability to claw back, delay, or adjust the payment of any Performance Fee based on financial results in prior or subsequent quarters. In addition, over a series of quarters, if the Fund&#x2019;s Pre-Performance Fee Net Investment Income is positive in some quarters but negative in others, it is likely, when viewing the series of quarters as a whole, for the aggregate Performance Fee payable to the Adviser to exceed 17.5% of its aggregate Pre-Performance Fee Net Investment Income.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a conflict of interest related to management&#x2019;s involvement in many accounting determinations (including but not limited to valuations, which affect the calculation of the Hurdle Amount, and calculations of interest income) that can affect the Fund&#x2019;s Performance Fee.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Finally, because the Hurdle Rate does not float with overall interest rates, an increase in interest rates will likely make it easier for Pre-Performance Fee Net Investment Income to exceed the Hurdle Amount. The Performance Fee Catch-Up feature (which provides that if the Fund&#x2019;s Pre-Performance Fee Net Investment Income for a quarter exceeds the Hurdle Amount for such quarter but is less than or equal to 121.21% of the Hurdle Amount, then 100% of the portion of the Fund&#x2019;s Pre-Performance Fee Net Investment Income that exceeds the Hurdle Amount is payable to the Adviser with respect to such quarter) may also cause the Fund&#x2019;s Adviser to capture a disproportionate share of any increase in the Fund&#x2019;s investment income resulting from higher interest rates.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is dependent on the Adviser and certain key personnel of Ellington that are provided to the Fund through the Adviser and may not find a suitable replacement if the Adviser terminates the Investment Advisory Agreement or such key personnel are no longer available to the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund does not have any employees of its own. The Fund&#x2019;s officers are employees of Ellington or one or more of its affiliates. The Fund has no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation of its operating policies and execution of its business strategies and risk management practices. The Fund also depends on the Adviser&#x2019;s access to the professionals of Ellington as well as information and deal flow generated by Ellington. The employees of Ellington identify, evaluate, negotiate, structure, close, and monitor the Fund&#x2019;s portfolio. The departure of any of the senior officers of the Adviser, or of a significant number of investment professionals of Ellington or the inability of such personnel to perform their duties due to acts of God, pandemics such as the COVID-19 pandemic, war or other geopolitical conflict, terrorism, elevated inflation, high energy costs, social unrest, or civil disturbances, could have a material adverse effect on the Fund&#x2019;s ability to achieve its objectives. The Fund can offer no assurance that the Adviser will remain investment adviser or that the Fund will continue to have access to the Adviser&#x2019;s senior management. The Fund is subject to the risk that the Adviser will terminate the Investment Advisory Agreement or that the Fund may deem it necessary to terminate the Investment Advisory Agreement or prevent certain individuals from performing services for the Fund and that no suitable replacement will be found to manage the Fund.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;There are risks and conflicts of interests associated with the Base Management Fee the Fund is obligated to pay the Adviser.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund pays the Adviser a Base Management Fee based on the Fund&#x2019;s Net Asset Value, regardless of the performance of the Fund&#x2019;s portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund&#x2019;s portfolio, which could result in worse performance for the Fund&#x2019;s portfolio and could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders. Furthermore, the participation of the Adviser (including the Adviser&#x2019;s investment professionals) in the Fund&#x2019;s valuation process, and the financial interest of the Fund&#x2019;s interested trustees in the Adviser, creates a conflict of interest as the Base Management Fee payable to the Adviser is based, in part, on the Fund&#x2019;s Net Asset Value.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Board has approved a very broad investment strategy and will generally not review or approve the decisions made by the Adviser to acquire, dispose of, or otherwise manage an asset.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Adviser is authorized to follow a very broad strategy in pursuing the Fund&#x2019;s investment objectives. While the Fund&#x2019;s Board periodically reviews the Fund&#x2019;s investment strategy and the Adviser&#x2019;s portfolio and asset-management decisions, it generally does not review the Fund&#x2019;s proposed acquisitions, dispositions, and other management decisions. In addition, in conducting periodic reviews, the Board relies primarily on information provided to them by the Adviser. Furthermore, the Adviser may arrange for the Fund to use complex strategies or to enter into complex transactions that may be difficult or impossible to unwind by the time they are reviewed by the Board. The Adviser has great latitude in determining the types of assets it may decide are proper for the Fund to acquire, and in connection with other decisions with respect to the management of those assets. Poor decisions could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund competes with Ellington&#x2019;s other accounts for access to Ellington and for opportunities to acquire assets.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Ellington has sponsored and/or currently manages accounts with a focus that overlaps with the Fund&#x2019;s investment focus and expects to continue to do so in the future. Ellington is not restricted in any way from sponsoring or accepting capital from new accounts, even for investing in asset classes or strategies that are similar to, or overlapping with, the Fund&#x2019;s asset classes or strategies. Therefore, the Fund competes for access to the benefits that its relationship with the Adviser and Ellington provides the Fund. For the same reasons, the personnel of Ellington and the Adviser may be unable to dedicate a substantial portion of their time to managing the Fund&#x2019;s assets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Further, to the extent that the Fund&#x2019;s targeted assets are also targeted assets of other Ellington accounts, the Fund will compete with those accounts for opportunities to acquire assets. Ellington has no duty to allocate such opportunities in a manner that preferentially favors the Fund. Ellington makes available to the Fund all opportunities to acquire assets that it determines, in its reasonable and good faith judgment, based on the Fund&#x2019;s objectives, policies and strategies, and other relevant factors, are appropriate for the Fund in accordance with Ellington&#x2019;s written investment allocation policy, it being understood that the Fund might not participate in each such opportunity, but will equitably participate with Ellington's other accounts in such opportunities on an overall basis.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Since many of the Fund&#x2019;s targeted assets are typically available only in specified quantities and are also targeted assets for other Ellington accounts, Ellington often is not able to buy as much of any asset or group of assets as would be required to satisfy the needs of all of Ellington&#x2019;s accounts. In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital. As part of these policies, accounts that are in a &#x201c;start-up&#x201d; or &#x201c;ramp-up&#x201d; phase may get allocations above their proportion of available capital, which could work to the Fund&#x2019;s disadvantage, particularly because there are no limitations surrounding Ellington's ability to create new accounts. In addition, the policies permit departure from proportional allocations under certain circumstances, for example when such allocation would result in an inefficiently small amount of the security or assets being purchased for an account, which may also result in the Fund not participating in certain allocations.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;There are other conflicts of interest in &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;the Fund&#x2019;s relationships with the Adviser and Ellington, which could result in decisions that are not in the best interests of the Fund&#x2019;s shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund is subject to conflicts of interest arising out of its relationship with Ellington and the Adviser. Certain of the Fund&#x2019;s executive officers and trustees are employees of Ellington or one or more of its affiliates. As a result, the Adviser and its officers may have conflicts between their duties to the Fund and their duties to, and interests in, Ellington or the Adviser. For example, Mr.&#160;Penn, the Fund&#x2019;s President and Chief Executive Officer and one of the Fund&#x2019;s trustees, also serves as the President and Chief Executive Officer of, and as a member of the Board of Directors of, Ellington Financial Inc., and Vice Chairman and Chief Operating Officer of Ellington. Mr.&#160;Vranos, one of the Fund&#x2019;s trustees and one of the Fund&#x2019;s portfolio managers, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and Chairman of Ellington. Mr.&#160;Borenstein, a managing director at Ellington and one of the Fund&#x2019;s portfolio managers, Mr.&#160;Tecotzky, the Fund&#x2019;s Executive Vice President, also serves as the Co-Chief Investment Officer of Ellington Financial Inc., and as Vice Chairman of Ellington. Mr.&#160;Smernoff, the Fund&#x2019;s Chief Financial Officer, also serves as the Chief Accounting Officer of Ellington Financial Inc. Mr.&#160;Herlihy, the Fund&#x2019;s Chief Operating Officer, also serves as the Chief Financial Officer of Ellington Financial Inc., and as a Managing Director of Ellington.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund may acquire or sell assets in which Ellington or its affiliates have or may have an interest. Similarly, Ellington or its affiliates may acquire or sell assets in which the Fund has or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, the Fund nonetheless may pursue and consummate such transactions. Additionally, the Fund may engage in transactions directly with Ellington or its affiliates, including the purchase and sale of all or a portion of a portfolio asset.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Acquisitions made for entities with similar objectives may be different from those made on the Fund&#x2019;s s behalf. Ellington may have economic interests in, or other relationships with, others in whose obligations or securities the Fund may acquire. In particular, such persons may make and/or hold an investment in securities that the Fund acquires that may be pari passu, senior, or junior in ranking to its interest in the securities or in which partners, security holders, officers, directors, agents, or employees of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities and otherwise create conflicts of interest. In such instances, Ellington may, in its sole discretion, make recommendations and decisions regarding such securities for other entities that may be the same as or different from those made with respect to such securities and may take actions (or omit to take actions) in the context of these other economic interests or relationships the consequences of which may be adverse to the Fund&#x2019;s interests.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In deciding whether to issue additional debt or equity securities, the Fund will rely in part on recommendations made by the Adviser. While such decisions are subject to the approval of the Board, two of the Fund&#x2019;s trustees are Interested Trustees. Because the Adviser earns Base Management Fees that are based on the total amount of its equity capital, and because the Adviser earns Performance Fees that would be expected to increase should the Fund&#x2019;s equity capital increase, the Adviser may have an incentive to recommend that the Fund issue additional equity securities. Future offerings of debt securities, which would rank senior to the Fund&#x2019;s common shares upon liquidation, and future offerings of equity securities which would dilute the common share holdings of its existing shareholders and may be senior to its common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and Ellington and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and Ellington employees, other entities that Ellington advises or manages will likewise require greater focus and attention, placing the Adviser and Ellington's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if Ellington or its affiliates did not act as a manager for other entities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund, directly or through Ellington, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund does possess confidential information about such companies or securities, there may be restrictions on its ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser's and Ellington&#x2019;s management of other accounts could create a conflict of interest to the extent the Adviser or Ellington is aware of material non-public information concerning potential investment decisions. For example, an Ellington affiliate&#x2019;s membership in a loan syndicate or on a loan borrower&#x2019;s creditors&#x2019; committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund&#x2019;s operations. These limitations imposed by access to confidential information could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser&#x2019;s liability is limited under the Investment Advisory Agreement, and the Fund has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Fund&#x2019;s behalf than it would when acting for its own account.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Fund&#x2019;s Board in following or declining to follow the Adviser&#x2019;s advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#x2019;s duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser&#x2019;s duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund&#x2019;s behalf than it would when acting for its own account.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Adviser may fail to identify and acquire assets that meet the Fund&#x2019;s asset criteria or perform its responsibilities under the Investment Advisory Agreement could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, its ability to pay dividends to its shareholders, and its ability to maintain its qualification as a RIC.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to achieve its objectives depends on the Adviser&#x2019;s ability to identify and acquire assets that meet the Fund&#x2019;s asset criteria. Accomplishing the Fund&#x2019;s objectives is largely a function of the Adviser&#x2019;s structuring of the Fund&#x2019;s investment process, its access to financing on acceptable terms, and general market conditions. The Fund&#x2019;s shareholders do not have input into the investment decisions. All of these factors increase the uncertainty, and thus the risk, of investing in the Fund&#x2019;s common shares. The senior management team of the Adviser has substantial responsibilities under the Investment Advisory Agreement. In order to implement certain strategies, the Adviser may need to hire, train, supervise, and manage new employees successfully. Any failure to manage the Fund&#x2019;s future growth effectively could materially adversely affect its business, financial condition and results of operations, its ability to pay dividends to its shareholders and its ability to maintain its qualification as a RIC.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If the Adviser ceases to be the Adviser or one or more of the Adviser's key personnel ceases to provide services to the Fund, the Fund&#x2019;s lenders and its derivative counterparties may cease doing business with the Fund.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the Adviser ceases to be the Adviser, including upon the non-renewal of the Investment Advisory Agreement, or if one or more of the Adviser&#x2019;s key personnel cease to provide services for the Fund, it could constitute an event of default or early termination event under many of the Fund&#x2019;s reverse repurchase agreement financing and derivative hedging agreements, upon which the relevant counterparties would have the right to terminate their agreements with the Fund. If the Adviser ceases to be the Adviser for any reason, including upon the non-renewal of its Investment Advisory Agreement, and the Fund is unable to obtain or renew financing or enter into or maintain derivative transactions, it could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund does not own the Ellington brand or trademark but may use the brand and trademark as well as its logo pursuant to the terms of a license granted by Ellington.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Ellington has licensed the &#x201c;Ellington&#x201d; brand, trademark, and logo to the Fund for so long as the Adviser or another affiliate of Ellington continues to act as its investment adviser. The Fund does not own the brand, trademark, or logo that the Fund will use in its business and may be unable to protect this intellectual property against infringement from third parties. Ellington retains the right to continue using the &#x201c;Ellington&#x201d; brand and trademark. The Fund will further be unable to preclude Ellington from licensing or transferring the ownership of the &#x201c;Ellington&#x201d; brand and trademark to third parties, some of whom may compete against the Fund. Consequently, the Fund will be unable to prevent any damage to goodwill that may occur as a result of the activities of Ellington or others. Furthermore, in the event the Adviser or another affiliate of Ellington ceases to act as the Fund&#x2019;s investment adviser, or in the event Ellington terminates the license, the Fund will be required to change its name and trademark. Any of these events could disrupt the Fund&#x2019;s recognition in the marketplace, damage any goodwill the Fund may have generated, and otherwise harm its business. Finally, the license is a domestic license in the United States only and does not give the Fund any right to use the &#x201c;Ellington&#x201d; brand, trademark, and logo overseas even though the Fund expects to use the brand, trademark, and logo overseas. The Fund&#x2019;s use of the &#x201c;Ellington&#x201d; brand, trademark and logo overseas will therefore be unlicensed and could expose the Fund to a claim of infringement.&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values, for sustained periods of time, and there can be no assurance that the market price of the Fund&#x2019;s common shares will not decline below the Fund&#x2019;s net asset value per common share.&lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Common shares of closed-end management investment companies have in the past traded at discounts to their Net Asset Values and the Fund&#x2019;s stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that the Fund&#x2019;s net asset value per common share may decline. The Fund cannot predict whether its common shares will trade above, at, or below its Net Asset Value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common shares purchased in an offering soon after such offering. In addition, if the Fund&#x2019;s common shares trade below its Net Asset Value, the Fund will not be able to sell additional common shares to the public at its market price except (i) in connection with a rights offering to the Fund&#x2019;s existing shareholders, (ii) with the consent of the majority of the Fund&#x2019;s shareholders, (iii) upon the conversion of a convertible security in accordance with its terms or (iv) under such circumstances as the SEC may permit.&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s shareholders may not receive dividends or dividends may not grow over time.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The declaration, amount, nature, and payment of any future dividends on the Fund&#x2019;s common shares are at the sole discretion of its Board. Under Delaware law, cash dividends on a company&#x2019;s capital stock may only be paid if, after payment, the company will be able to pay its debts as they become due in the ordinary course of business; and the company&#x2019;s assets will be greater than its liabilities, plus, unless the charter permits otherwise, the amount that would be needed, if the company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights on dissolution are superior to those receiving the distribution. Further, even if the Fund is permitted to pay a dividend under Delaware law, the Fund may not have sufficient cash to pay dividends on its common shares. In addition, in order to preserve the Fund&#x2019;s liquidity, its Board may not declare a dividend at all or declare all or any portion of a dividend to be payable in stock, may delay the record date or payment date for any previously declared, but unpaid, dividend, convert a previously declared, but unpaid, cash dividend on the Fund&#x2019;s common shares to a dividend paid partially or completely in common shares, or even revoke a declared, but unpaid, dividend.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s ability to pay dividends may be impaired if any of the risks described in this prospectus, or any of the Fund&#x2019;s other periodic or current reports filed with the SEC, were to occur. In addition, payment of dividends depends upon the Fund&#x2019;s earnings, liquidity, financial condition, the RIC distribution requirements, its financial covenants, and other factors that the Board may deem relevant from time to time. There can be no assurance that the Fund&#x2019;s business will generate sufficient cash flow from operations or that future borrowings or other capital will be available to the Fund in an amount sufficient to enable the Fund to make distributions on its common shares, to pay its indebtedness, or to fund other liquidity needs. The Board will continue to assess the dividend rate on its common shares on an ongoing basis, as market conditions and its financial position continue to evolve. The Board is under no obligation to declare any dividend distribution. There can be no assurance that the Fund will achieve results that will allow it to pay a specified level of dividends or to increase dividends from one period to the next.&lt;/p&gt;
        </cef:RiskTextBlock>
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;An increase in interest rates may have an adverse effect on the market price of the Fund&#x2019;s common shares and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;One of the factors that investors may consider in deciding whether to buy or sell the Fund&#x2019;s common shares is its dividend rate (or expected future dividend rate) as a percentage of its common share price, relative to market interest rates. If market interest rates increase or do not decline from their current levels, prospective investors may demand a higher dividend rate on the Fund&#x2019;s common shares or seek alternative investments paying higher dividends or interest. There can be no assurance that the Fund will achieve results that will allow it to increase its dividend rate in response to market interest rate increases. As a result, interest rate fluctuations and capital market conditions can affect the market price of the Fund&#x2019;s common shares independent of the effects such conditions may have on its portfolio. For instance, if interest rates rise without an increase in the Fund&#x2019;s dividend rate, the market price of its common shares could decrease because potential investors may require a higher dividend yield on its common shares as market rates on interest-bearing instruments such as bonds rise. In addition, to the extent the Fund has variable rate debt, such as its reverse repurchase agreement financing, rising interest rates would result in increased interest expense on this variable rate debt, which might not be offset by increased interest income, and thereby adversely affecting the Fund&#x2019;s cash flow and its ability to service its indebtedness and pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Investing in the Fund&#x2019;s common shares involves a high degree of risk.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The assets the Fund purchase in accordance with its objectives may result in a higher amount of risk than other alternative asset acquisition options. The assets the Fund acquires may be highly speculative and aggressive and may be subject to a variety of risks, including credit risk, prepayment risk, interest rate risk, and market risk. As a result, an investment in the Fund&#x2019;s common shares may not be suitable for investors with lower risk tolerance.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      id="Fxbrl_20250331210046273">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;If the Fund issues preferred shares, debt securities or convertible debt securities, its net asset value per common share may become more volatile.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund cannot assure shareholders that the issuance of preferred shares and/or debt securities would result in a higher yield or return to the shareholders. The issuance of preferred shares, debt securities and/or convertible debt would likely cause the Fund&#x2019;s net asset value per common share to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to approach the net rate of return on the Fund&#x2019;s investment portfolio, the benefit of leverage to shareholders would be reduced. If the dividend rate on the preferred shares, or the interest rate on the debt securities, were to exceed the net rate of return on the Fund&#x2019;s portfolio, the use of leverage would result in a lower rate of return to shareholders than if the Fund had not issued the preferred shares or debt securities. Any decline in the value of its investment would be borne entirely by the holders of the Fund&#x2019;s common shares. Therefore, if the market value of the Fund&#x2019;s portfolio were to decline, the leverage would result in a greater decrease in the Fund's net asset value per common share than if the Fund were not leveraged through the issuance of preferred shares.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a risk that, in the event of a sharp decline in the value of its net assets, the Fund would be in danger of: (i)&#160;failing to maintain the required asset coverage ratios which may be required by the preferred shares, debt securities, convertible debt or units, or by the 1940 Act; (ii)&#160;a downgrade in the ratings of the preferred shares, debt securities, convertible debt or units, if such instruments were rated; or (iii)&#160;the Fund&#x2019;s current investment income not being sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. If the Fund does not maintain its required asset coverage ratios, the Fund may not be permitted to declare dividends which could violate its distribution requirements and fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. In order to counteract such an event, the Fund might need to liquidate investments in order to fund redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, the Fund would pay (and the holders of its common shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt or any combination of these securities. Holders of preferred shares, debt securities or convertible debt may have different interests than holders of common shares and may, at times, have disproportionate influence over the Fund&#x2019;s affairs.&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Holders of any preferred shares that the Fund may issue would have the right to elect members of the Board and have class voting rights on certain matters.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The 1940 Act requires that holders of shares of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#x2019;s common shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#x2019;s ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672CreditRatingAssignedByRatingAgencyToFundMember"
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;A downgrade, suspension or withdrawal of any future credit rating assigned by a rating agency to the Fund or any future issuances of preferred shares or debt securities, if any, or change in the debt markets could cause the liquidity or market value of the Fund&#x2019;s preferred shares or debt securities to decline significantly.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Any credit rating to the Fund would be an assessment by rating agencies of the Fund&#x2019;s ability to pay its debts when due. Consequently, real or anticipated changes in any credit ratings will generally affect the market value of any issuances of preferred shares or debt securities. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Fund&#x2019;s preferred shares and debt securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither the Fund nor any underwriter undertakes any obligations to obtain or maintain any credit ratings or to advise holders of its preferred shares or debt securities of any changes in any credit ratings. There can be no assurance that any credit ratings will be assigned to the Fund or remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if, in their judgment, future circumstances relating to the basis of the credit rating, such as adverse changes in the Fund, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Fund&#x2019;s preferred shares and debt securities.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FatcaWithholdingMayApplyToPaymentsToCertainForeignEntitiesPointMember"
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;FATCA withholding may apply to payments to certain foreign entities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Payments made under the Fund&#x2019;s securities to a foreign financial institution (&#x201c;&lt;strong&gt;FFI&lt;/strong&gt;&#x201d;), or non-financial foreign entity (&#x201c;&lt;strong&gt;NFFE&lt;/strong&gt;&#x201d;) (including such an institution or entity acting as an intermediary), may be subject to a U.S. withholding tax of 30% under FATCA. This withholding tax may apply to certain payments of interest on the Fund&#x2019;s debt securities or dividends on its shares unless the FFI or NFFE complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any of the Fund&#x2019;s debt securities or shares are held, the holder could be subject to this 30% withholding tax in respect of any interest paid on its debt securities or dividends on its shares. Investors should consult their own tax advisors regarding FATCA and how it may affect an investment in the Fund&#x2019;s securities.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundHasLimitedPriorOperatingHistoryAsClosedEndInvestmentCompanyPointMember"
      id="Fxbrl_20250331210103912">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund has a limited prior operating history as a closed-end investment company.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund was recently reorganized as an externally managed, non-diversified, closed-end management investment company with a limited prior operating history as such. As a result, the Fund&#x2019;s current and historical financial information may not be suitable for evaluating an investment in the Fund as a closed-end management investment company. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of an investment in the Fund could decline substantially or become worthless. As the Fund finalizes the rotation of its investment portfolio out of agency mortgage-backed securities and into CLOs, the Fund could invest some of its capital in temporary investments, including, but not limited to, cash and cash equivalents, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;From January&#160;1, 2024 through March&#160;31, 2025, the Fund operated as a C-Corporation and focused on investments in both corporate collateralized loan obligations and agency mortgage-backed securities. Prior to January&#160;1, 2024, the fund operated as a real estate investment trust focusing on agency mortgage-backed securities.&lt;/p&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundShareholdersAbilityToControlFundOperationsIsSeverelyLimitedPointMember"
      id="Fxbrl_20250331210108657">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s shareholders&#x2019; ability to control the Fund&#x2019;s operations is severely limited.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Board has approval rights with respect to the Fund&#x2019;s major strategies, including strategies regarding investments, financing, growth, debt capitalization, compliance with the 1940 Act, RIC qualification and distributions. The Board may amend or revise these and other strategies without a vote of its shareholders, subject to such amendments or revisions not being fundamental.&lt;/p&gt;
          &lt;/div&gt;
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    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672CertainProvisionsOfDelawareStatutoryTrustActAndFundDeclarationOfTrustMember"
      id="Fxbrl_20250331210151873">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Certain provisions of the Delaware Statutory Trust Act and the Fund&#x2019;s Declaration of Trust and Bylaws could deter takeover attempts and have an adverse impact on the price of its common shares.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The Delaware Statutory Trust Act, the Fund&#x2019;s declaration of trust and its bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for the Fund. The Control Share Statute is a provision of the Delaware Statutory Trust Act that limits the voting rights of shares held in excess of certain specified thresholds.&#160;&lt;strong&gt;&lt;i&gt;See &#x201c;Description of the Fund&#x2019;s Securities&#x2014;Certain Aspects of the Delaware Control Share Statute.&#x201d;&lt;/i&gt;&lt;/strong&gt;&#160;In addition, certain provisions in the Declaration of Trust impose limits on the rights of shareholders with respect to bringing claims against or on behalf of the Fund.&#160;&lt;strong&gt;&lt;i&gt;See &#x201c;Description of the Fund&#x2019;s Securities&#x2014;Anti-Takeover Provisions in the Declaration of Trust.&#x201d;&lt;/i&gt;&lt;/strong&gt;&#160;Further, the Fund&#x2019;s bylaws contain a provision requiring advance notice of shareholder nominees for trustee.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Notwithstanding the foregoing, through the inclusion of Section 10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#x201c;opted-out&#x201d; of the Control Share Statute.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;/div&gt;
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      id="Fxbrl_20250331210156283">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s authorized but unissued common and preferred shares may prevent a change in its control.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust authorizes the Fund to issue an unlimited number of shares, including common shares and preferred shares. In addition, the Board, without shareholder approval, may classify or reclassify any unissued common shares or preferred shares, may set the preferences, rights and other terms of the classified or reclassified shares and, with respect to the establishment of the terms of such preferred shares, may amend the declaration of trust as they deem necessary or appropriate. As a result, among other things, the Board may establish a class or series of common shares or preferred shares that could delay or prevent a transaction or a change in control of the Fund that might involve a premium price for its common shares or otherwise be in the best interests of its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundRightsAndRightsOfItsShareholdersToTakeActionAgainstItsTrusteesAndOfficersMember"
      id="Fxbrl_20250331210202570">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s rights and the rights of its shareholders to take action against its trustees and officers or against &lt;/i&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong&gt;&lt;i&gt;the Adviser or Ellington are limited, which could limit shareholders&#x2019; recourse in the event actions are taken that are not in shareholders&#x2019; best interests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust limits the liability of its present and former trustees and officers to the Fund and its shareholders or any other person or entity for money damages other than liability arising from (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. The Fund&#x2019;s declaration of trust limits the liability of the Fund&#x2019;s present and former trustees and officers to the maximum extent permitted under applicable law.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust requires the Fund to indemnify each of its present and former trustees and officers against any liabilities and expenses incurred in connection with actions taken by such trustee or officer in those capacities except with respect to any matter as to which he or she has not acted in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which he or she had reasonable cause to believe that the conduct was unlawful and provided that no trustee or officer shall be indemnified against any liability to any person or entity or any expense of such trustee or officer arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence, or (iv)&#160;reckless disregard of the duties involved in the conduct of his or her position. Further, no indemnification shall be made unless there has been a determination (i)&#160;by a final decision on the merits by a court or other body of competent jurisdiction that such trustee or officer is entitled to indemnification or, (ii)&#160;in the absence of such a decision, by (1)&#160;a majority vote of a quorum of trustees who are neither &#x201c;Interested Persons&#x201d; (as defined in the 1940 Act) of the Trust nor parties to the proceeding, that such trustee or officer is entitled to indemnification, or (2)&#160;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that such trustee or officer should be entitled to indemnification. The Fund&#x2019;s declaration of trust requires indemnification of the Fund&#x2019;s present and former trustees and officers to the maximum extent permitted under applicable law. In addition, the Fund is obligated to pay or reimburse the expenses incurred by its present and former trustees and officers if certain conditions are satisfied.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;As a result, the Fund and its shareholders may have more limited rights against its present and former trustees and officers than might otherwise exist absent the current provisions in its declaration of trust or that might exist with other companies, which could limit recourse available to shareholders in the event actions are taken that are not in shareholders&#x2019; best interest.&lt;/p&gt;
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    <cef:RiskTextBlock
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s declaration of trust contains provisions that make removal of its trustees difficult, which could make it difficult for its shareholders to effect changes to its management.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s declaration of trust provides that, subject to the rights of holders of any series of preferred shares, a trustee may be removed only for cause, and only by action taken by a majority of the remaining Trustees. Vacancies generally may be filled only by a majority of the remaining trustees in office, even if less than a quorum, for the full term of the class of trustees in which the vacancy occurred. These requirements make it more difficult to change the Fund&#x2019;s management by removing and replacing trustees and may prevent a change in its control that is in the best interests of its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundIsSubjectToRiskOfLegislativeAndRegulatoryChangesImpactingItsBusinessOrMarketsInWhichFundInvestsPointMember"
      id="Fxbrl_20250331210231025">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to the risk of legislative and regulatory changes impacting its business or the markets in which the Fund invests.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Legal and regulatory changes&lt;/i&gt;&lt;/span&gt;. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations that could adversely affect the Fund may be imposed by the Commodity Futures Trading Commission, or the &#x201c;&lt;strong&gt;CFTC&lt;/strong&gt;,&#x201d; the SEC, the U.S. Federal Reserve and the other Central Banks, other banking regulators, other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets. In particular, these agencies are empowered to promulgate a variety of new rules&#160;pursuant to recently enacted financial reform legislation in the United States and the countries which they operate in. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules&#160;by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund&#x2019;s investment focus shifting from the areas of expertise of the investment team to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund&#x2019;s results of operations and the value of an investment in the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Relief from Registration as Commodity Pool Operator&lt;/i&gt;&lt;/span&gt;.&#160;With respect to the Fund&#x2019;s operation, the Adviser has claimed an exclusion from the definition of the term &#x201c;commodity pool operator&#x201d; pursuant to CFTC Rule&#160;4.5, which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include: (i)&#160;&#x201c;bona fide hedging&#x201d; transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#x2019;s assets committed to margin and option premiums; and (ii)&#160;non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a)&#160;the sum of the amount of initial margin and premiums required to establish the Fund&#x2019;s commodity interest positions would exceed 5% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b)&#160;the aggregate net notional value of the Fund&#x2019;s commodity interest positions would exceed 100% of its liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the event the Fund fails to qualify the Adviser for the exclusion, and the Adviser is required to register as a &#x201c;commodity pool operator&#x201d; in connection with serving as its investment adviser and becomes subject to additional disclosure, recordkeeping and reporting requirements, its expenses may increase. The Fund currently intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Derivative Investments&lt;/i&gt;&lt;/span&gt;.&#160;The derivative investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the &#x201c;&lt;strong&gt;Dodd-Frank Act&lt;/strong&gt;,&#x201d; require certain standardized derivatives to be executed on a regulated market and cleared through a CCP, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The &#x201c;&lt;strong&gt;Derivatives Rule&lt;/strong&gt;&#x201d; (i.e., Rule&#160;18f-4 under the 1940 Act) regulates and, in some cases limits, the use of derivatives, reverse repurchase agreements, and certain other transactions by funds registered under the 1940 Act. Unless the Fund qualifies as a &#x201c;&lt;strong&gt;limited derivatives user&lt;/strong&gt;,&#x201d; as defined in the Derivatives Rule, the Fund is required to establish a comprehensive Derivatives Risk Management Program, to comply with certain value-at-risk based leverage limits and reporting requirements, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding the Fund&#x2019;s derivatives positions. Even if the Fund did qualify as a limited derivatives user, the Derivatives Rule&#160;would still require the Fund to have policies and procedures to manage its derivatives risk and limit its derivatives exposure. Under the Derivatives Rule, when the Fund trades reverse repurchase agreements or similar financing transactions, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating its asset coverage ratio or treat all such transactions as derivatives transactions. The Derivatives Rule&#160;also provides special treatment for reverse repurchase agreements and similar financing transactions. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as &#x201c;derivatives transactions&#x201d; subject to the requirements of the Derivatives Rule&#160;or as senior securities equivalent to bank borrowings for purposes of Section&#160;18 of the 1940 Act.&#160;The Fund has elected to treat reverse repurchase agreements and similar financing transactions as &#x201c;derivatives transactions.&#x201d; See &#x201c;&lt;strong&gt;&lt;i&gt;Summary&#x2014;Financing and Hedging Strategy&#x2014;Derivative Transactions.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The SEC also has provided guidance in connection with the Derivatives Rule&#160;regarding the use of securities lending collateral that may limit the Fund&#x2019;s securities lending activities. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i)&#160;the Fund intend to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#x201c;&lt;strong&gt;Delayed-Settlement Securities Provision&lt;/strong&gt;&#x201d;). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#x201c;derivatives transaction&#x201d; for purposes of compliance with the Derivatives Rule. Furthermore, under the Derivatives Rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may increase the cost of the Fund&#x2019;s investments and cost of doing business.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;European Credit Derivatives&lt;/i&gt;&lt;/span&gt;. Furthermore, the E.U. Regulation No 648/2012 on over the counter (&#x201c;&lt;strong&gt;OTC&lt;/strong&gt;&#x201d;) derivatives, central counterparties and trade repositories (also known as the European Market Infrastructure Regulation (&#x201c;&lt;strong&gt;EMIR&lt;/strong&gt;&#x201d;), which came into force on 16 August&#160;2012, introduced uniform requirements in respect of OTC derivative transactions by requiring certain &#x201c;eligible&#x201d; OTC derivative transactions to be submitted for clearing to regulated central clearing counterparties and by mandating the reporting of certain details of derivative transactions to trade repositories. In addition, EMIR imposes requirements for appropriate procedures and arrangements to measure, monitor and mitigate operational and counterparty credit risk in respect of OTC derivatives contracts which are not subject to mandatory clearing. These requirements include the exchange of margin and, where initial margin is exchanged, its segregation by the parties, including by the Fund. While many of the obligations under EMIR have already come into force, the requirement to submit certain OTC derivative transactions to central clearing counterparties and the margin requirements for non- cleared OTC derivative transactions are subject to a staggered implementation timeline. It is not yet fully clear how the OTC derivatives market will adapt to the new regulatory regime. Accordingly, it is difficult to predict the full impact of EMIR on the Fund, which may include an increase in the overall costs of entering into and maintaining OTC derivative contracts. Prospective investors should be aware that the regulatory changes arising from EMIR and other similar regulations may in due course adversely affect the Fund&#x2019;s ability to adhere to its hedging policy and achieve its objectives.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Volcker Rule&lt;/i&gt;&lt;/span&gt;.&#160;Section&#160;619 of the Dodd-Frank Act, commonly referred to as the &#x201c;Volcker Rule,&#x201d; generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund (&#x201c;&lt;strong&gt;covered funds&lt;/strong&gt;&#x201d;), which has been broadly defined in a way which could include many CLOs. Although certain CLOs are exempt from &#x201c;covered fund&#x201d; status and amendments to the Volcker Rule&#160;have eased the ability of CLOs to meet those exemptions, any future changes to the Volcker Rule&#160;that further limit banking entities&#x2019; ability to invest in CLOs may adversely affect the market value or liquidity of any or all of the investments held by the Fund. It is uncertain how any future changes to the Volcker Rule&#160;could impact the Fund.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;U.S. Risk Retention&lt;/i&gt;&lt;/span&gt;. In 2014, pursuant to the Dodd-Frank Act, U.S. federal regulators adopted joint final rules&#160;(the &#x201c;&lt;strong&gt;U.S. Risk Retention Rules&lt;/strong&gt;&#x201d;) implementing certain credit risk retention requirements which generally require the &#x201c;securitizer&#x201d; of an asset-backed security to retain an exposure to certain credit risk in the securitization for a certain period of time. However, in 2018, a federal court of appeals interpreting the credit risk retention requirements in the Dodd-Frank Act held that open market CLO collateral managers are not securitizers subject to the U.S. Risk Retention Rules. Therefore, CLO collateral managers of open market CLOs are not required to hold retained interests in those CLOs, and they may dispose of any retained interest they may hold at any time. This could reduce the alignment of interests between managers and noteholders, including the Fund, potentially influencing management decisions in ways that are adverse to the Fund. See &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund&#x2019;s CLO investments are exposed to the misalignment of the interests of CLO collateral managers with the interests of CLO investors, such as the Fund.&lt;/i&gt;&lt;/strong&gt;&#x201d;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;EU/UK Risk Retention.&lt;/i&gt;&lt;/span&gt; Regulators in the European Union (EU) and the United Kingdom (UK) have imposed significant securitization-related regulations (collectively, the &#x201c;Securitization Regulations&#x201d;).&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Pursuant to the Securitization Regulations, sponsors of CLOs issued in the EU or UK (collectively, &#x201c;European CLOs&#x201d;) are required to retain a material net economic interest in such securitizations (&#x201c;risk retention&#x201d;), and such sponsors are also subject to various disclosure-related obligations. To the extent that the Securitization Regulations relating to CLO sponsors or managers (including risk retention requirements) are made less stringent or rescinded, the sponsors or managers of European CLOs may have reduced incentives to prioritize the interests of CLO investors, which may increase the risk of poor performance or default because of less careful construction or management of the underlying loan portfolios; this could also limit investor confidence in such CLOs. To the extent that the Securitization Regulations relating to sponsors or managers are made more stringent, sponsors could be dissuaded from sponsoring new European CLOs, which could limit the available supply of such CLOs. Pursuant to the Securitization Regulations, EU-based or UK-based investors purchasing certain securitizations (including CLOs) are required, prior to purchasing interests in such securitizations, to carry out due diligence assessments relating to the credit risks and other material risks of such interests (including verifying that such securitizations comply with risk retention), and such investors are also subject to various monitoring obligations related to the ongoing performance and risks of such interests. To the extent that the Securitization Regulations relating to EU-based or UK-based investors are made more stringent, such investors may be dissuaded from investing in (or maintaining their investments in) CLOs, which could adversely affect the price and liquidity of such CLOs.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;European CLOs are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent the Fund invests in CLO securities that have not been structured to comply with the Securitization Regulations, the price and liquidity of such securities may be adversely affected.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672SecStaffCouldModifyItsPositionOnCertainNonTraditionalInvestmentsIncludingInvestmentsInCloSecuritiesPointMember"
      id="Fxbrl_20250331210247239">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The SEC staff could modify its position on certain non-traditional investments, including investments in CLO securities.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The staff of the SEC (and other regulators, including the European Securities and Markets Authority (&#x201c;&lt;strong&gt;ESMA&lt;/strong&gt;&#x201d;)) from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities by the SEC or ESMA, as applicable, could adversely impact the Fund&#x2019;s ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on the Fund&#x2019;s shareholders, its financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundMayExperienceFluctuationsInItsNetAssetValueAndQuarterlyOperatingResultsPointMember"
      id="Fxbrl_20250331210251495">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund may experience fluctuations in its Net Asset Value and quarterly operating results.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund could experience fluctuations in its Net Asset Value from month to month and in its quarterly operating results due to a number of factors, including the timing of distributions to its shareholders, fluctuations in the value of the CLO securities that the Fund hold, its ability or inability to make investments that meet its investment criteria, the interest and other income earned on its investments, the level of its expenses (including the interest or dividend rate payable on the debt securities or preferred shares the Fund issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, the Fund&#x2019;s Net Asset Value and results for any period should not be relied upon as being indicative of its Net Asset Value and results in future periods.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672InvestmentInFundHasVariousUPointSPointFederalStateAndLocalIncomeTaxRisksPointMember"
      id="Fxbrl_20250331210255696">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Investment in the Fund has various U.S. federal, state, and local income tax risks.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund strongly urges investors to consult their own tax advisors concerning the effects of U.S. federal, state, and local income tax law on an investment in the Fund&#x2019;s common shares.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
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      id="Fxbrl_20250331210259905">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The U.S. federal income tax laws governing RICs are complex, and interpretations of the U.S. federal income tax laws governing qualification as a RIC are limited. Qualifying as a RIC requires the Fund to meet various tests regarding the nature of its assets, its income and the amount of its distributions on an ongoing basis. The Fund&#x2019;s ability to satisfy the RIC asset and income tests depends upon the characterization and fair market values of its assets, many of which are not precisely determinable, and for which the Fund may not obtain independent appraisals. The Fund&#x2019;s compliance with the RIC asset and income tests and the accuracy of its tax reporting to shareholders also depend upon its ability to successfully manage the calculation and composition of its taxable income and its assets on an ongoing basis. Even a technical or inadvertent mistake could jeopardize the Fund&#x2019;s RIC status. Under certain circumstances, the Fund may be able to cure a failure to meet the RIC asset and income tests if such failure was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund&#x2019;s returns. Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that it will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, it generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to its shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if it distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to its shareholders. If the Fund fails to qualify or to maintain its qualification as a RIC in any calendar year, it would be required to pay U.S. federal income tax (and any applicable state and local taxes) on its taxable income at regular corporate rates, and dividends paid to its shareholders would not be deductible by the Fund in computing its taxable income (although such dividends received by certain non-corporate U.S. taxpayers generally would be subject to a preferential rate of taxation). Further, if the Fund fails to maintain its qualification as a RIC, it might need to borrow money or sell assets in order to pay any resulting tax. The Fund&#x2019;s payment of income tax would decrease the amount of its income available for distribution to its shareholders and could adversely affect the value of its common shares. Furthermore, if the Fund fails to maintain its qualification as a RIC, it no longer would be required under U.S. federal tax laws to distribute substantially all of its taxable income to its shareholders.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s investments may result in the Fund incurring tax or recognizing taxable income prior to receiving cash distributions related to such income.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The tax implications of the corporate CLOs in which the Fund invests are complex and, in some circumstances, unclear. In particular, the Fund may recognize taxable income on certain of its CLO investments without the concurrent receipt of cash.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund expects that most of its investments in securities will be marked to market for tax purposes pursuant to its election under Section&#160;475(f)&#160;of the Code (see &#x201c;&lt;strong&gt;&lt;i&gt;&#x2014;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.&lt;/i&gt;&lt;/strong&gt;&#x201d;), regardless of whether the investments are generating cash flow. For any of the Fund&#x2019;s investments that are not marked to market for tax purposes, such as certain CLO equity investments, the tax implications of such investments are often complex and, in some circumstances, unclear, which could also cause the Fund to recognize taxable income on such investments without the concurrent receipt of cash. If the Fund holds 10% or more (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation (&#x201c;&lt;strong&gt;CFC&lt;/strong&gt;&#x201d;) (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to its pro rata share of the corporation&#x2019;s &#x201c;subpart F income&#x201d; for the tax year (including both ordinary earnings and capital gains). Treasury Regulations generally treat the Fund&#x2019;s income inclusion with respect to a CFC as qualifying income for purposes of determining its ability to be subject to tax as a RIC if either (i)&#160;there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii)&#160;such inclusion is derived with respect to the Fund&#x2019;s business of investing in stock, securities, or currencies. If the Fund fails to qualify or maintain its qualification for tax treatment as a RIC under Subchapter M of the Code for any reason, the Fund would be required to pay U.S. federal income tax on its taxable income at regular corporate rates, which could substantially reduce the Fund&#x2019;s net assets, as well as the amount of income available for distributions, and the amount of such distributions, to the Fund&#x2019;s shareholders and for payments to the holders of the Fund&#x2019;s other equity securities or obligations. See &#x201c;&#x2014;&lt;strong&gt;&lt;i&gt;The Fund will be subject to corporate-level U.S. federal income tax if it is unable to maintain its RIC status under Subchapter M of the Code, which could adversely affect the value of its common shares and could substantially reduce the cash available for distribution to its shareholders&lt;/i&gt;&lt;/strong&gt;.&lt;strong&gt;&lt;i&gt;&#x201d;&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Because the annual RIC distribution requirements are based on the RIC&#x2019;s taxable income as opposed to the cash flow received by the RIC, if the Fund recognizes taxable income on its investments in excess of the cash either received from such investments or otherwise maintained on hand by the Fund, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the RIC distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.&lt;/p&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund has made a mark-to-market election under Section&#160;475(f)&#160;of the Code.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund has made an election under Section&#160;475(f)&#160;of the Code to mark its securities to market. There are limited authorities under Section&#160;475(f)&#160;of the Code as to what constitutes a trader for U.S. federal income tax purposes. Under other sections of the Code, the status of a trader in securities depends on all of the facts and circumstances, including the nature of the income derived from the taxpayer&#x2019;s activities, the frequency, extent and regularity of the taxpayer's securities transactions, and the taxpayer&#x2019;s investment intent. There can be no assurance that the Fund will continue to qualify as a trader in securities eligible to make a mark-to-market election. The Fund has not received, nor is it seeking, an opinion from counsel or a ruling from the IRS regarding its qualification as a trader. If the qualification for, or the Fund&#x2019;s application of, such election were successfully challenged by the IRS, in whole or in part, it could, depending on the circumstances, result in retroactive (or prospective) changes in the amount or timing of recognized gross income, and potentially jeopardize its RIC qualification. If the IRS were to successfully challenge the treatment or timing of recognition of its securities, the Fund could fail to maintain its qualification as a RIC. Finally, mark-to-market gains and losses could cause volatility in the amount of its taxable income. For instance, the mark-to-market election could generate losses in one taxable year that the Fund is unable to use to offset taxable income, followed by mark-to-market gains in a subsequent taxable year that force the Fund to make additional distributions to its shareholders. Hence, the mark-to-market gains and losses could cause the Fund to distribute more dividends to its shareholders in a particular period than would otherwise be desirable from a business perspective.&lt;/p&gt;
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    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672ComplyingWithRicRequirementsMayCauseFundToForgoOrLiquidateOtherwiseAttractiveInvestmentsPointMember"
      id="Fxbrl_20250331210316401">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Complying with RIC requirements may cause the Fund to forgo or liquidate otherwise attractive investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;To maintain its qualification as a RIC, the Fund must continually satisfy various tests regarding the sources of its income, the nature and diversification of its assets and the amounts it distributes to its shareholders. In order to meet these tests, the Fund may be required to forgo investments it might otherwise make. It may be required to pay dividends to shareholders at disadvantageous times or when it does not have funds readily available for distribution and may be unable to pursue investments that would be otherwise advantageous to the Fund in order to satisfy the source of income or asset diversification requirements for qualifying as a RIC. Thus, compliance with the RIC requirements may hinder the Fund&#x2019;s investment performance.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundEllingtonOrItsAffiliatesMayBeSubjectToAdverseLegislativeRegulatoryOrPublicPolicyChangesPointMember"
      id="Fxbrl_20250331210321624">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund, Ellington, or its affiliates may be subject to adverse legislative, regulatory or public policy changes.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At any time, U.S. federal, state, local, or foreign laws or regulations that impact the Fund&#x2019;s business, or the administrative interpretations of those laws or regulations, may be enacted or amended.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund cannot predict when or if any new law, regulation, or administrative interpretation, or any amendment to or repeal of any existing law, regulation, or administrative interpretation, will be adopted or promulgated or will become effective. Additionally, the adoption or implementation of any new law, regulation, or administrative interpretation, or any revisions in or repeals of these laws, regulations, or administrative interpretations, could cause the Fund to change its portfolio, could constrain its strategy, or increase its costs. The Fund could be adversely affected by any change in or any promulgation of new law, regulation, or administrative interpretation.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, political leaders in the U.S. and certain foreign countries have recently been elected on protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate certain existing trade agreements with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the Fund&#x2019;s performance.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections and otherwise, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The Fund cannot predict the ultimate impact of the foregoing on it, its business and investments, or the industries in which it invests generally, and any prolonged uncertainty could also have an adverse impact on the Fund and its investment objectives. Future changes may adversely affect the Fund&#x2019;s operating environment, including through increasing competition, and therefore its business, operating costs, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundFailureToProcureAdequateFundingAndCapitalWouldAdverselyAffectFundResultsAndMayInTurnNegativelyAffectValueOfItsCommonSharesAndItsAbilityToPayDividendsToItsShareholdersPointMember"
      id="Fxbrl_20250331210325552">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund&#x2019;s failure to procure adequate funding and capital would adversely affect the Fund&#x2019;s results and may, in turn, negatively affect the value of its common shares and its ability to pay dividends to its shareholders.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund depends upon the availability of adequate funding and capital for its operations. To maintain its status as a RIC, the Fund is required to distribute to its shareholders at least 90% of its RIC taxable income annually, which generally includes ordinary income (e.g. dividends and interest) and net short-term capital gains. As a result, the Fund is not able to retain much or any of its earnings for new investments. There can be no assurance that any, or sufficient, funding or capital will be available to the Fund in the future on terms that are acceptable to the Fund. The Fund&#x2019;s access to external capital will depend upon a number of factors, including the market price of its common shares, the market&#x2019;s perception of its financial condition and potential future earnings, and general market conditions. In the event that the Fund cannot obtain sufficient funding and capital on acceptable terms, there may be a negative impact on the value of its common shares and the Fund&#x2019;s ability to pay dividends to its shareholders, and shareholders may lose part or all of their investment.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672FundEllingtonOrItsAffiliatesMayBeSubjectToRegulatoryInquiriesAndProceedingsOrOtherLegalProceedingsPointMember"
      id="Fxbrl_20250331210329914">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund, Ellington, or its affiliates may be subject to regulatory inquiries and proceedings, or other legal proceedings.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At any time, industry-wide or company-specific regulatory inquiries or proceedings can be initiated, and the Fund cannot predict when or if any such regulatory inquiries or proceedings will be initiated that involve the Fund or Ellington or its affiliates, including the Adviser. The Fund believes that the heightened scrutiny of the financial services industry increases the risk of inquiries and requests from regulatory or enforcement agencies. For example, as discussed under the caption &#x201c;&lt;strong&gt;&lt;i&gt;Investment Objective, Opportunities and Principal Strategies&#x2014;Legal Proceedings&#x201d;, &lt;/i&gt;&lt;/strong&gt;over the years, Ellington and its affiliates have received, and the Fund expects in the future that the Fund and they may receive, inquiries and requests for documents and information from various federal, state, and foreign regulators.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund can give no assurances that, whether the result of regulatory inquiries or otherwise, neither the Fund nor Ellington nor its affiliates will become subject to investigations, enforcement actions, fines, penalties or the assertion of private litigation claims. If any such events were to occur, the Fund, or the Adviser's ability to perform its obligations to the Fund under the Investment Advisory Agreement between the Fund and the Adviser, or Ellington's ability to perform its obligations to the Adviser under the services agreement between Ellington and the Adviser, could be materially adversely impacted, which could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672MarketForFundCommonSharesMayBeLimitedAndPriceAndTradingVolumeOfItsCommonSharesMayBeVolatilePointMember"
      id="Fxbrl_20250331210335921">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The market for the Fund&#x2019;s common shares may be limited, and the price and trading volume of its common shares may be volatile.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;While the Fund&#x2019;s common shares are listed on the NYSE, such listing does not provide any assurance as to whether or not the market price reflects its actual financial performance, the liquidity of its stock, a holder's ability to sell its stock and/or at what price such holder could sell its stock. Market prices for the Fund&#x2019;s common shares may be volatile and subject to wide fluctuations, including as a result of trading volumes. There can be no assurance that the market price of the Fund&#x2019;s common shares will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect the price of the Fund&#x2019;s common shares, or result in fluctuations in the price or trading volume of its common shares include:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;actual or anticipated variations in the Fund&#x2019;s dividends or operating results;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in the Fund&#x2019;s earnings estimates, failure to meet earnings or operating results expectations of public market analysts and investors, or publication of research reports about the Fund or the CLO closed-end fund and/or similar industries;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;increases in market interest rates that lead purchasers of the Fund&#x2019;s common shares to demand a higher yield;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;repurchases and issuances by the Fund of its common shares;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;passage of legislation, changes in applicable law, court rulings, enforcement actions or other regulatory developments that adversely affect the Fund or its industry;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in government policies or changes in timing of implementation of government policies;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                  &lt;td&gt;changes in market valuations of similar companies;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;adverse market reaction to any increased indebtedness the Fund incurs in the future;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
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                  &lt;td&gt;additions or departures of key management personnel;&lt;/td&gt;
                &lt;/tr&gt;

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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
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                  &lt;td&gt;actions by shareholders;&lt;/td&gt;
                &lt;/tr&gt;

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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

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                  &lt;td&gt;speculation in the press or investment community;&lt;/td&gt;
                &lt;/tr&gt;

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                &lt;tr style="vertical-align:top"&gt;
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                  &lt;td&gt;adverse changes in global, national, regional and local economic and market conditions, including those relating to pandemics, high unemployment, elevated inflation, volatile interest rates, volatile and/or elevated credit spreads, concerns regarding a recession, geopolitical conflicts, social unrest, or civil disturbances, and concerns regarding leveraged loan defaults and credit losses;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund&#x2019;s inclusion in, or exclusion from, various stock indices;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;the Fund&#x2019;s operating performance and the performance of other similar companies; and&lt;/td&gt;
                &lt;/tr&gt;

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            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

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                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;changes in accounting principles.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations may also adversely affect the market price of the Fund&#x2019;s common shares.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Future offerings of debt securities, which would rank senior to the Fund&#x2019;s common shares upon its bankruptcy liquidation, and future offerings of equity securities which could dilute the common share holdings of the Fund&#x2019;s existing shareholders and may be senior to the Fund&#x2019;s common shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of the Fund&#x2019;s common shares.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In the future, the Fund may attempt to increase its capital resources by making offerings of debt securities or additional offerings of equity securities. Upon bankruptcy or liquidation, holders of the Fund&#x2019;s debt securities and preferred shares, if any, and lenders with respect to other borrowings will receive a distribution of the Fund&#x2019;s available assets prior to the holders of the Fund&#x2019;s common shares. The Fund&#x2019;s preferred shares, if issued, could have a preference on liquidating distributions or a preference on dividend payments or both that could limit the Fund&#x2019;s ability to pay a dividend or other distribution to the holders of its common shares. Because the Fund&#x2019;s decision to issue securities in any future offering will depend on market conditions and other factors beyond its control, the Fund cannot predict or estimate the amount, timing or nature of its future offerings. Thus, holders of the Fund&#x2019;s common shares bear the risk of the Fund&#x2019;s future offerings reducing the market price of the Fund&#x2019;s common shares and diluting their holdings in the Fund.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Future sales of the Fund&#x2019;s common shares or other securities convertible into common shares could cause the market value of the common shares to decline and could result in dilution.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Sales of substantial amounts of the Fund&#x2019;s common shares or other securities convertible into its common shares could cause the market price of the Fund&#x2019;s common shares to decrease significantly. The Fund cannot predict the effect, if any, of future sales of its common shares or other securities convertible into its common shares, or the availability of such securities for future sales, on the market price of its common shares. Sales of substantial amounts of the Fund&#x2019;s common shares or other securities convertible into the Fund&#x2019;s common shares, or the perception that such sales could occur, may adversely affect prevailing market values for the Fund&#x2019;s common shares.&lt;/p&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Shareholders will experience dilution in their ownership percentage if they do not participate in the dividend reinvestment plan.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;All distributions declared in cash payable to shareholders that are participants in the Fund&#x2019;s dividend reinvestment plan are automatically reinvested in common shares. As a result, shareholders of the Fund that do not participate in its dividend reinvestment plan will experience dilution in their ownership percentage of the Fund&#x2019;s common shares over time.&lt;/p&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;The Fund is subject to risks related to corporate social responsibility.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The Fund&#x2019;s business faces public scrutiny related to environmental, social and governance (&#x201c;&lt;strong&gt;ESG&lt;/strong&gt;&#x201d;) activities. The Fund may risk damage to its reputation if the Fund or affiliates of the Adviser are viewed as failing to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in the Fund&#x2019;s investment processes. Some investors have become more focused on ESG factors, including climate risks, in determining whether to invest in companies. However, regional and investor specific sentiment often differ in what constitutes a material positive or negative ESG corporate practice. The Fund&#x2019;s corporate social responsibility practices will not uniformly fit investors&#x2019; definitions, particularly across geographies and investor types, of best practices for ESG considerations. Adverse incidents with respect to ESG activities could impact the cost of the Fund&#x2019;s operations and relationships with investors, all of which could adversely affect its business and results of operations.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors to enable investors to validate and better understand sustainability claims, including an increased regulatory focused on the accuracy of those claims. As a result, the Fund is subject to evolving rules&#160;and regulations promulgated by various governmental and self-regulatory organizations, including the SEC, the NYSE and the Financial Accounting Standards Board. These rules&#160;continue to expand in scope and complexity, with new requirements potentially increasing compliance challenges and uncertainty. If the Fund is perceived as, or accused of, "greenwashing" or overstating the extent of its sustainability-related practices, such allegations could damage the Fund&#x2019;s reputation, result in litigation or regulatory actions, and negatively impact its ability to raise capital.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;At the same time, so-called &#x201c;anti-ESG&#x201d; sentiment has also gained momentum across the U.S., with several states having enacted or proposed &#x201c;anti-ESG&#x201d; policies, legislation, or issued related legal opinions. For example, certain states now require that relevant state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors or have enacted "boycott bills." If investors subject to such legislation viewed the Fund, its policies, or its practices, as being in contradiction of such &#x201c;anti-ESG&#x201d; policies, legislation or legal opinions, such investors may not invest in the Fund, which could negatively affect its financial performance.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the Fund fails or is perceived to fail to comply with or meet applicable rules, regulations and stakeholder expectations, it could negatively impact the Fund&#x2019;s reputation and its business results. Further, the Fund&#x2019;s business could become subject to additional regulations, penalties and/or risks of regulatory scrutiny and enforcement in the future. Moreover, the requirements of various regulations the Fund may become subject to may not be consistent with each other. There can be no assurance that the Fund&#x2019;s current ESG practices will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs.&lt;/p&gt;
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            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&lt;strong&gt;&lt;i&gt;Climate change has the potential to impact the Fund&#x2019;s investments.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160; &#160; &#160; &#160;Currently, it is not possible to predict how legislation or new regulations that may be adopted to address greenhouse gas emissions will impact the assets underlying the Fund&#x2019;s investments. However, any such future laws and regulations imposing reporting obligations, limitations on greenhouse gas emissions, or additional taxation of energy use could negatively affect the businesses of the underlying borrowers on the CLOs in which the Fund invests, including, for example by requiring an underlying borrower to make significant expenditures to attain and maintain compliance. Any new legislative or regulatory initiatives related to climate change could adversely affect the assets underlying the Fund&#x2019;s investments and, therefore, the Fund&#x2019;s business.&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160;&lt;/p&gt;
            &lt;p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"&gt;&#160; &#160; &#160; &#160;The physical impact of climate change could also have a material adverse effect on the assets underlying the Fund&#x2019;s investments. Physical effects of climate change such as increases in temperature, sea levels, the severity of weather events and the frequency of natural disasters, such as hurricanes, tropical storms, tornadoes, wildfires, droughts, floods and earthquakes, among other effects, could reduce the value of the assets underlying the Fund&#x2019;s investments and, therefore, the Fund&#x2019;s investments.&lt;/p&gt;
          &lt;/div&gt;
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      id="Fxbrl_20250331210419329">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Periods of heightened inflation could adversely impact the Fund&#x2019;s financial results.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;High inflation, whether caused by low unemployment, high corporate demand, supply-chain issues, geopolitical conflicts, quantitative easting, imposition of tariffs by the federal government, or a combination of these or other factors, may undermine the performance of the Fund&#x2019;s investments by reducing the value of such investments and/or the income received from such investments. Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, significant effects on interest rates and negative effects on economies and financial markets.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies and particularly for some of the corporate sectors in which the Fund&#x2019;s underlying obligors operate. For example, if a corporate borrower under an asset held by one of the Fund&#x2019;s CLO investments is unable to increase its revenue in times of higher inflation, its profitability may be adversely affected. As inflation rises, an underlying obligor may earn more revenue but may incur higher expenses, as wages and prices of inputs increase during periods of inflation. Thus, heightened inflationary pressures could increase the risk of default by the underlying borrowers in CLOs. In addition, during any periods of rising inflation, interest rates would be expected to rise, which could create a mismatch between the Fund&#x2019;s assets and liabilities. See &#x201c;&#x2014;Interest rate mismatches between the Fund&#x2019;s assets and its liabilities, and between the assets and liabilities of the CLOs in which the Fund invests, the Fund&#x2019;s CLO investments and their underlying corporate credit assets may reduce the Fund&#x2019;s income during periods of changing interest rates, and volatility in interest rates could adversely affect the value of the Fund&#x2019;s assets.&#x201d; Conversely, as inflation declines, the Fund and any CLO in which the Fund invests and any underlying corporate borrower of its CLO investments may not be able to reduce expenses commensurate with any resulting reduction in revenue.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, actions that the Federal Reserve has taken, and could continue to take in response to changes in inflation, could have an adverse impact on the economy broadly and/or on the Fund&#x2019;s financial results specifically. See &#x201c;&lt;strong&gt;&lt;i&gt;Certain actions by the Federal Reserve and other central banks could materially adversely affect the Fund&#x2019;s business, financial condition and results of operations, and its ability to pay dividends to its shareholders&lt;/i&gt;&lt;/strong&gt;.&#x201d;&lt;/p&gt;
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    <cef:RiskTextBlock
      contextRef="C_20250401to20250401_cefRiskAxis_ck0001560672ArtificialIntelligenceAndOtherMachineLearningTechniquesMember"
      id="Fxbrl_20250331210507105">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to the Fund&#x2019;s business in ways that the Fund cannot predict.&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;The use of AI by the Fund and others, and the overall adoption of AI throughout society, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to the Fund&#x2019;s business. There is substantial uncertainty about the extent to which AI will result in dramatic changes throughout the world, and the Fund may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. These changes could potentially disrupt, among other things, the Fund&#x2019;s business model, investment strategies and operational processes. Some of the Fund&#x2019;s competitors may be more successful than it in the development and implementation of new technologies, including services and platforms based on AI, to improve their operations. If the Fund is unable to adequately advance its capabilities in these areas, or do so at a slower pace than others in its industry, the Fund may be at a competitive disadvantage.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;If the data the Fund, or third parties whose services the Fund relies on, use in connection with the possible development or deployment of AI is incomplete, inadequate or biased in some way, the performance of the Fund&#x2019;s business could suffer. In addition, recent technological advances in AI both present opportunities and pose risks to the Fund. Data in technology that uses AI may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in the Fund&#x2019;s business. The volume and reliance on data and algorithms also make AI more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data or other intellectual property. The personnel provided to the Fund by the Adviser, and/or its third-party service providers could, without being known to the Fund, improperly utilize AI and machine learning-technology while carrying out their responsibilities. This could reduce the effectiveness of AI technologies and adversely impact the Fund and its operations to the extent that it relies on the AI&#x2019;s work product.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;There is also a risk that AI may be misused or misappropriated by the Fund&#x2019;s third party service providers. For example, a user may input confidential information, including material non-public information, into AI applications, resulting in the information becoming a part of a dataset that is accessible by third-party technology applications and users, including the Fund&#x2019;s competitors. Further, the Fund may not be able to control how third-party AI that it chooses to use is developed or maintained, or how data the Fund inputs is used or disclosed. The misuse or misappropriation of the Fund&#x2019;s data could have an adverse impact on its reputation and could subject it to legal and regulatory investigations or actions or create competitive risk.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.25in"&gt;In addition, the use of AI by the Fund or others may require compliance with legal or regulatory frameworks that are not fully developed or tested, and the Fund may face litigation and regulatory actions related to its use of AI. There has been increased scrutiny, including from global regulators, regarding the use of &#x201c;big data,&#x201d; diligence of data sets and oversight of data vendors. The Fund&#x2019;s ability to use data to gain insights into and manage its business may be limited in the future by regulatory scrutiny and legal developments.&lt;/p&gt;
          &lt;/div&gt;
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      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331204532054">
      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span style="text-transform:uppercase"&gt;&lt;strong&gt;INVESTMENT OBJECTIVE, OPPORTUNITIES AND PRINCIPAL STRATEGIES&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Objective&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;The Fund&#x2019;s primary investment objectives are &lt;/span&gt;&lt;span&gt;to generate attractive current yields and risk-adjusted total returns for its shareholders.&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Opportunities and Strategies&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;&#x201c;Names Rule&#x201d; Policy&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In accordance with the requirements of the 1940 Act, the Fund has adopted a policy to invest at least 80% of its assets in the particular type of investments suggested by its name. Accordingly, under normal circumstances, the Fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit-related instruments. For purposes of this policy, the Fund considers credit and credit-related instruments to include, without limitation: (i)&#160;equity and debt tranches of CLOs, LAFs and securities issued by other securitization vehicles, such as CBOs; (ii)&#160;secured and unsecured floating-rate and fixed rate loans; (iii)&#160;investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iv)&#160;debt instruments issued by governments, their agencies, instrumentalities, and central banks; (v)&#160;commercial paper and short-term notes; (vi)&#160;convertible debt securities; (vii)&#160;certificates of deposit, bankers&#x2019; acceptances and time deposits; (viii)&#160;corporate equity assets, including common equity, preferred equity, and warrants (which are derivatives that typically give holders the right, but not the obligation, to buy a company&#x2019;s common equity at a predetermined price before a specified expiration date), and (ix)&#160;other credit-related instruments. Corporate debt and equity assets may be acquired in conjunction with the liquidations of CLOs (whether CLOs in which the Fund already holds investments, or other CLOs), as well as on an outright basis, although they are not currently a core focus of the Fund&#x2019;s investment strategy.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund&#x2019;s investments in other investment companies, and other instruments designed to obtain indirect exposure to credit and credit-related instruments will also be counted towards its 80% investment policy to the extent that such instruments have similar economic characteristics to the investments included within that policy. Derivatives instruments used by the Fund will be counted toward the Fund&#x2019;s 80% investment policy to the extent the derivatives instruments provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy. The 80% policy with respect to investments in credit and credit-related instruments is not fundamental and may be changed by the Board without prior approval of shareholders. Shareholders will be provided with sixty (60) days&#x2019; notice in the manner prescribed by the SEC before making any change to this policy.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Additional Information on the Structure of CLOs&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;CLOs typically have two priority-of-payment schedules (commonly called &#x201c;waterfalls&#x201d;), which are detailed in a CLO&#x2019;s indenture and govern how cash generated from a CLO&#x2019;s underlying collateral is distributed to the CLO&#x2019;s debt and equity investors.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;First, the &#x201c;interest waterfall&#x201d; applies to interest payments received on a CLO&#x2019;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#x2019;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. &lt;span&gt;To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Second, the &#x201c;principal waterfall&#x201d; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#x2019;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;A CLO&#x2019;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#x2019;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#x2019;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#x2019;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#x2019;s outstanding CLO debt securities to be repaid at a sub-optimal time.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Overview of Senior Secured Corporate Loans&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Senior secured corporate loans hold or, in some instances, share the seniormost position in a corporate borrower&#x2019;s capital structure. Broadly syndicated senior secured corporate loans, which serve as the vast majority of the collateral backing CLOs, are typically originated and structured by banks on behalf of corporate borrowers. These loans are issued to raise proceeds for a variety of corporate purposes, including leveraged buyout transactions (LBOs), mergers and acquisitions (M&amp;amp;A), stock repurchases, recapitalizations, refinancings, capital expenditures, and internal growth. Broadly syndicated senior secured corporate loans are typically acquired by investors through both primary bank syndications and in the secondary market. These loans are owned by a broad group of investors, including CLOs, loan and high-yield bond registered funds, loan separate accounts, banks, insurance companies, and hedge funds. Senior secured corporate loans are typically floating-rate instruments that make regular interest payments based on a spread over a given index. In most cases, a senior secured corporate loan will be secured by specific collateral of the issuer.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;A senior secured corporate loan is generally negotiated between a borrower and several lenders represented by one or more lenders acting as agent for all the lenders. The agent is responsible for negotiating the loan credit agreement that establishes the terms and conditions of the senior secured loan, including the rights of the borrower and the lenders. Senior secured corporate loans can have covenants, which may include mandatory prepayments out of excess cash flows (&#x201c;cash flow sweeps&#x201d;), restrictions on dividend payments, the maintenance of minimum financial ratios, limits on indebtedness, and financial tests. A breach of these covenants generally constitutes an event of default which, if not waived by the lenders, may give lenders the right to accelerate principal and interest payments on a given loan. Other senior secured corporate loans may be issued with less restrictive covenants. These loans are often characterized as &#x201c;covenant-lite&#x201d;. In a typical &#x201c;covenant-lite&#x201d; loan, the covenants that require the borrower to maintain certain financial ratios on an ongoing basis are eliminated altogether, and the lenders can only rely on covenants that restrict a company from &#x201c;incurring&#x201d; or actively engaging certain action. As an example, a covenant that only restricts a company from incurring new debt cannot be violated simply by a deteriorating financial condition; the company would need to take affirmative action to breach such a covenant.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Access to Ellington&#x2019;s Expertise&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In conducting its investment activities, the Fund believes that it will benefit from the scale and resources of Ellington and its affiliates. The Fund is served by Ellington&#x2019;s longstanding experience providing portfolio management, risk management, research, fund operations, compliance, and accounting services to its clients.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Portfolio Composition&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund&#x2019;s portfolio is expected to consist of some combination of the following types of investments:&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Collateralized Loan Obligations&lt;/i&gt;&lt;/span&gt;.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund&#x2019;s investment portfolio consists primarily of investments in the mezzanine debt and equity tranches of CLOs, which are securitizations that are collateralized by underlying portfolios of corporate credit assets. For most CLOs, the underlying assets are primarily non-investment grade, first lien, senior secured corporate bank loans, although many CLOs may allocate a portion of their portfolios (typically below ten percent) to other corporate credit assets, such as second lien or unsecured loans and/or secured or unsecured corporate bonds. Each CLO is structured as multiple tranches which offer investors varying degrees of credit risk, maturity and yield characteristics. CLO tranches are typically categorized as either senior debt, mezzanine debt, or subordinated/equity according to their relative seniority, payment priority and degree of risk. If the collateral underlying a given CLO defaults or otherwise underperforms, scheduled payments to senior tranches of such CLO securitization take precedence over those of more junior tranches, such as mezzanine debt and equity tranches, which are the focus of the Fund&#x2019;s investment strategy. The CLO securities in which the Fund typically invests are unrated or rated below investment grade and are hence considered speculative with respect to timely payment of interest and repayment of principal.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Most CLOs are non-static, revolving structures that generally allow for reinvestment of capital by an external manager (the &#x201c;&lt;strong&gt;CLO Collateral Manager&lt;/strong&gt;&#x201d;) over a pre-specified period (the &#x201c;&lt;strong&gt;Reinvestment Period&lt;/strong&gt;&#x201d;), typically up to five years from issuance. The terms and covenants governing a typical CLO are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;div&gt;
          &lt;div&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;A CLO finances its initial purchase of a portfolio of assets via the issuance of CLO debt and equity tranches, with the debt tranches typically carrying floating-rate coupons. CLO debt tranches typically carry ratings at issuance ranging from &#x201c;AAA&#x201d; (or its equivalent) at the most senior level to &#x201c;BB-&#x201d; or &#x201c;B-&#x201d; (or its equivalent), which are below investment grade, at the junior level by Moody&#x2019;s Investors Service,&#160;Inc. (&#x201c;&lt;strong&gt;Moody&#x2019;s&lt;/strong&gt;&#x201d;), S&amp;amp;P Global Ratings (&#x201c;&lt;strong&gt;S&amp;amp;P&lt;/strong&gt;&#x201d;) and/or Fitch Ratings,&#160;Inc. (&#x201c;&lt;strong&gt;Fitch&lt;/strong&gt;&#x201d;). The coupon on CLO debt tranches is typically lowest at the AAA-level and generally increases at each level down the ratings scale. CLO equity tranches are unrated, and at issuance typically represent approximately 6% to 11% of a CLO&#x2019;s capital structure. The diagram below depicts a typical CLO. Some CLOs also include a B-rated debt tranche (in which the Fund may invest), and the structure of CLOs in which the Fund invests may otherwise vary from this example. The left column represents the CLO&#x2019;s assets, which support the liabilities and equity in the right column. The right column shows the various classes of debt and equity issued by the illustrative CLO in order of seniority as to relative rights to receive payments from the assets. The ranges appearing directly below the rating of each class represent the percentages that such classes typically comprise, as issuance, of the overall &#x201c;capital structure&#x201d; (i.e., total debt and equity issued by the CLO).&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
        &lt;/div&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;i&gt;Figure 1: Typical CLO &#x201c;Balance Sheet&#x201d; (Assets vs. Liabilities)&lt;/i&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;img alt="" src="tm2510586d2_n2-img01.jpg"/&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;CLOs typically have two priority-of-payment schedules (commonly called &#x201c;waterfalls&#x201d;), which are detailed in a CLO&#x2019;s indenture and govern how cash generated from a CLO&#x2019;s underlying collateral is distributed to the CLO&#x2019;s debt and equity tranches.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;First, the &#x201c;interest waterfall&#x201d; applies to interest payments received on a CLO&#x2019;s underlying collateral. Subject to compliance with certain tests as set forth in the interest waterfall, the CLO&#x2019;s equity tranche is entitled to receive any excess interest available after the required regular interest payments to CLO debt investors are made and certain CLO fees and expenses (such as administration and collateral management fees) are paid. &lt;span&gt;To the extent that any of these compliance tests (such as overcollateralization and/or interest coverage tests) are breached, cash flows could be diverted away from CLO mezzanine debt and equity tranches in favor of the more senior CLO debt tranches until and unless such breaches are cured.&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Second, the &#x201c;principal waterfall&#x201d; applies to cash flow received from the return of principal on the underlying collateral, primarily through loan repayments and proceeds from loan sales. During the CLO&#x2019;s Reinvestment Period, this principal cash flow is typically used to purchase new assets, whereas after the Reinvestment Period, it is typically used to pay down CLO debt tranches sequentially based on relative seniority.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;A CLO&#x2019;s indenture typically requires that the CLO Collateral Manager only purchase assets for such CLO with maturity dates (which for a senior secured loan are typically five to eight years from the loan issuance date) that are shorter than the maturity date of the CLO&#x2019;s liabilities (which are typically 12 to 13 years from the CLO issuance date). Subject to the covenants set forth in the indenture, a CLO Collateral Manager is able to trade an underlying CLO&#x2019;s assets and reinvest proceeds from the sales or repayments of CLO assets. As a result, CLO investors can face significant reinvestment risk with respect to a CLO&#x2019;s underlying portfolio. Furthermore, in addition to the risk that underling CLO assets may prepay, debt investors in most CLO transactions are subject to additional prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which could cause the CLO&#x2019;s outstanding CLO debt securities to be repaid at a sub-optimal time.&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Loan Accumulation Facilities&lt;/i&gt;&lt;/span&gt;. Loan accumulation facilities (&#x201c;&lt;strong&gt;LAFs&lt;/strong&gt;&#x201d; or &#x201c;&lt;strong&gt;warehouses&lt;/strong&gt;&#x201d;) are short- to medium-term facilities that are often provided by the bank that will serve as the placement agent or arranger on a new issue CLO transaction. LAFs provide financing for the acquisition of the corporate credit assets (typically, senior secured corporate loans) that are expected to form part (or all) of the portfolio of a future CLO. Investments in LAFs carry similar risks to investments in CLO equity, as they typically employ high levels of financial leverage and are exposed to any defaults or other underperformance in the collateral that they acquire.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;i&gt;Collateralized Bond Obligations&lt;/i&gt;&lt;/span&gt;. A collateralized bond obligation (&#x201c;&lt;strong&gt;CBO&lt;/strong&gt;&#x201d;) is a form of securitization that is similar to a CLO but is primarily backed by high yield corporate bonds (as opposed to almost entirely senior secured corporate loans). As with CLOs, CBOs typically issue various tranches carrying different degrees of credit risk and payment priority. Higher-rated tranches have greater degrees of insulation from collateral deterioration and lower coupons, whereas lower-rated tranches, with greater credit risk and lower payment priority, have higher coupons. CBOs enjoy structural advantages similar to those of CLOs, including collateral coverage/overcollateralization tests, interest coverage tests, and collateral quality tests. CBOs also have similar priority-of-payment structures to CLOs. In contrast to CLOs, CBO debt tranches typically carry fixed rate coupons, as their underlying assets are typically fixed rate in nature. CBOs are typically less levered than traditional CLOs as a result of their differentiated collateral, for which debt investors demand higher credit enhancement.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;div&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span style="font-size:10pt"&gt;&lt;i&gt;Derivatives Transactions. &lt;/i&gt;&lt;/span&gt;The Fund may engage in Derivative Transactions from time to time. To the extent the Fund engages in Derivative Transactions, the Fund expects to do so to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. The Fund may use Derivative Transactions for investment purposes to the extent consistent with its investment objectives if the Adviser deems it appropriate to do so. The Fund may purchase and sell a variety of derivative instruments, including exchange-listed and OTC options, futures, options on futures, swaps and similar instruments, various interest rate-related products, such as fixed-to-floating interest rate swaps, caps, floors or collars, and credit transactions and credit default swaps. The Fund also may purchase and sell derivative instruments that combine features of these instruments. The use of Derivative Transactions, if any, will generally be deemed to create leverage for the Fund and involves significant risks. No assurance can be given that the strategy and use of derivatives will be successful, and the Fund&#x2019;s investment performance could diminish compared with what it would have been if Derivative Transactions were not used.&lt;/span&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;As required by the Derivatives Rule, funds that engage in derivatives transactions, other than &#x201c;limited derivatives users&#x201d; (as defined under the Derivatives Rule), generally must adopt and implement a Derivatives Risk Management Program that is reasonably designed to manage the Fund&#x2019;s derivatives risks, while taking into account the Fund&#x2019;s derivatives and other investments. The Derivatives Rule&#160;mandates that the fund adopt and/or implement: (i)&#160;VaR; (ii)&#160;a written derivatives risk management program; (iii)&#160;Board oversight responsibilities; and (iv)&#160;reporting and recordkeeping requirements. It is the Fund&#x2019;s intention to adopt and implement a Derivatives Risk Management Program. However, the Fund may elect in the future, without notice to shareholders, to operate as a &#x201c;limited derivatives user,&#x201d; in which case it would no longer be required to maintain its Derivatives Risk Management Program.&lt;/span&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;strong&gt;Investment Process&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Ellington&#x2019;s CLO investment process typically includes several components, such as (i)&#160;sourcing and trading, (ii)&#160;due diligence (which may include an assessment of collateral, documentation, CLO Collateral Manager, and/or structure), (iii)&#160;stress sensitivity and technical model analyses, and (iv)&#160;investment monitoring. There can be no assurance that any particular component will be used for every investment or that the investment process will achieve its intended results.&lt;/span&gt;&lt;/p&gt;
        &lt;/div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Sourcing and Trading&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Ellington has longstanding experience in the CLO market and in structured products more broadly, providing it with access to a range of market opportunities. The investment team identifies investment opportunities through a network of dealer, investor, and manager relationships that it has developed over time. In some situations, participation in loan accumulation facilities may offer access to certain newly issued CLO equity tranches, where Ellington&#x2019;s structured finance experience may benefit its negotiation of terms. Ellington intends to evaluate opportunities across a range of CLO vehicles, managers, and vintages, and will seek to find economic value through its investment analysis, which typically includes a review of the underlying documentation, portfolios, CLO Collateral Managers, and/or structures of a given CLO.&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Due Diligence&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In performing diligence on a CLO transaction before investing, the investment team typically reviews the deal&#x2019;s underlying documentation, loan portfolio, CLO Collateral Manager and/or structure, and may consider factors such as reinvestment restrictions, regulations on deal calls/refinancings/resets, priorities of payment/&#x201c;waterfalls,&#x201d; collateral quality and coverage tests, and concentration limitations. Certain underlying assets may be selected for further review within Ellington and/or in consultation with third-party Collateral Managers, and may be subject to valuation adjustments based on these discussions and analyses. The investment team may also evaluate an investment relative to other opportunities, and may consider various portfolio metrics and characteristics as part of its overall assessment.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In addition to analyzing CLO vehicles individually, the investment team may seek to assess overall CLO Collateral Manager performance and incorporate such assessments in its evaluation of individual CLO investments.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The investment team may also engage in update calls and meetings with CLO Collateral Managers to review and discuss their trading strategies, market outlooks, and positioning. The investment team may consider a combination of historical performance data and insights from these discussions as part of its broader evaluation of CLO tranche investments.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Stress Sensitivity and Technical Model Analyses&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In addition to a given CLO&#x2019;s collateral, documentation, CLO Collateral Manager, and structure, the investment team may conduct sensitivity analyses to evaluate how a CLO tranche could perform under different credit stress scenarios. These analyses may consider several factors, including loan prices, default rates, prepayment rates, and recovery rates to estimate potential cashflows and performance across different market conditions. Scenarios may include historical macroeconomic shocks as well as hypothetical market environments. Individual assets within a CLO may be analyzed and various factors may be considered across each scenario, including how deal tests, cashflows, and triggers are projected to evolve over time, as well as projected credit spreads, yields, tranche weighted average lives (WALs) and credit spread durations. The investment team may assess the potential return profiles across different scenarios as part of its broader evaluation of CLO investments.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;In addition to cashflow analyses, the investment team may utilize technical models to assess a CLO tranche relative to other corporate credit investments, including other CLO tranches. This relative value analysis may take into account various factors, including fundamental credit considerations and mark-to-market risk information.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Investment Monitoring&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;To help inform decisions on whether to continue holding investments, the investment team employs a monitoring process, as follows.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Portfolio-level reports may be generated by the investment team and the Risk Oversight Group related to the Fund&#x2019;s investments. These reports may incorporate a combination of third-party data and analytical tools to assess various factors related to a CLO holding.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Given that CLOs are typically actively managed vehicles prior to the end of their Reinvestment Periods, the CLO investment team may attempt to engage in discussions with CLO Collateral Managers to monitor developments in the deal portfolios. If available, the investment team may also review monthly and quarterly reports from the trustees of its CLO investments, which may contain information on portfolio compositions and structural changes in a deal.&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;i&gt;Staffing&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund does not currently have any employees. The Adviser manages its day-to-day investment operations.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund will reimburse the Administrator for its allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing administrative functions, and the compensation of its Chief Financial Officer, Chief Operating Officer, and any administrative support staff, including accounting personnel. See &#x201c;&lt;strong&gt;&lt;i&gt;The Adviser and the Administrator&#x2014;The Administration Agreement&lt;/i&gt;&lt;/strong&gt;.&#x201d; The Fund will also pay indirectly the costs associated with the functions performed by its Chief Compliance Officer under the terms of an agreement between the Fund and Vigilant.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Legal Proceedings&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;As of&#160;March&#160;31, 2025, neither the Fund, the Adviser, nor the Administrator were subject to any pending legal proceedings that they considered material.&lt;/p&gt;
      &lt;/div&gt;
    </cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:SharePriceTableTextBlock
      contextRef="C_20250401to20250401"
      id="Fxbrl_20250331212125076">
        &lt;div&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="text-indent:-0.125in;padding-left:0.125in;font-size:10pt;text-align:center"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center"&gt;net asset&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Closing Sales Price&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center"&gt;Premium&lt;br/&gt;(Discount)&lt;br/&gt;of High&lt;br/&gt;Sales&lt;br/&gt;Price&lt;br/&gt;to net asset&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center"&gt;Premium&lt;br/&gt;(Discount)&lt;br/&gt;of Low&lt;br/&gt;Sales&lt;br/&gt;Price&lt;br/&gt;to net asset&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:center"&gt;Distributions&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="border-bottom:Black 1pt solid;text-indent:-0.125in;padding-left:0.125in;font:bold 10pt Times New Roman, Times, Serif"&gt;Period&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;value(1)&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;High&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Low&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;value(2)&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;value(2)&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Declared(3)&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Fiscal year ending December&#160;31, 2023&lt;sup&gt;(4)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;width:34%;text-align:left"&gt;First quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;8.31&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;8.10&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;6.96&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;(2.5&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;(16.2&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:8%;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Second quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.12&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.37&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.77&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(9.2&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(16.6&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Third quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.02&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.57&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.20&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.8&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(11.7&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Fourth quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.32&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.40&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.15&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(12.6&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(29.6&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Fiscal year ending December&#160;31, 2024&lt;sup&gt;(5)&lt;/sup&gt;&#160;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;First quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.21&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.99&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.55&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(3.1&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(23.0&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Second quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.91&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.22&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.55&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.5&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(5.2&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Third quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.85&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.15&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.52&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.4&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(4.8&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;Fourth quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.53&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.03&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.33&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.7&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(3.1&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Fiscal year ending December&#160;31, 2025&lt;sup&gt;(6)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-indent:-0.125in;padding-left:0.125in;text-align:left"&gt;First quarter&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(7&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.82&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;5.41&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(7&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(7&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;div style="margin-top:0;margin-bottom:0;width:100%"&gt;
            &lt;div style="border-top:Black 1pt solid;font-size:1pt"&gt;&#160;&lt;/div&gt;
          &lt;/div&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Net asset value per common share is determined as of the final day of the quarter and is based on outstanding common shares at the end of each period. As such, it does not reflect the net asset value per common share on each of the dates of the high and low sales prices. &lt;/span&gt;For all preceding periods, &#x201c;net asset value&#x201d; represents a book value per share, which is the available metric that the Fund believes is most similar to net asset value per common share.&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Calculated as of the respective high or low closing sales price divided by the Net Asset Value on the final day of the applicable quarter.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Represents the cash distributions (including dividends, dividends reinvested and returns of capital, if any) per common share declared in the specified quarter. Tax characteristics of such distributions varied.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;For the fiscal year ending December&#160;31, 2023, as reported on the Fund&#x2019;s 2023 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.5952 per common share.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;For the fiscal year ending December&#160;31, 2024, as reported on the Fund&#x2019;s 2024 1099-DIV, distributions made by the Fund consisted, in part, of a return of capital, as calculated on a per common share basis, of $0.7290 per common share.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(6)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;For the fiscal year ending December&#160;31, 2025, distributions of $0.24 per common share were made, a portion of which may consist, in part, of a return of capital, as calculated on a per common share basis.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:top"&gt;
                &lt;td style="width:0"&gt;&lt;/td&gt;
                &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;(7)&lt;/span&gt;&lt;/td&gt;
                &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&#x201c;Net asset value&#x201d; is not available as of the date of the filing of this registration statement.&lt;/span&gt;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
        &lt;/div&gt;
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          &lt;div&gt;
            &lt;div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="n2_013"&gt;&lt;span style="text-transform:uppercase"&gt;&lt;strong&gt;DESCRIPTION OF THE FUND&#x2019;S SECURITIES&lt;/strong&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;This registration statement contains a summary of the Fund&#x2019;s common shares. These summaries are not meant to be a complete description of each security.&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The following are its authorized and outstanding classes of securities as of April&#160;1, 2025:&lt;/p&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                    &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%;border-spacing:0px"&gt;

                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:25%"&gt;Title of Class&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Authorized*&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Held By Fund&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Outstanding&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Shares of Beneficial Interest&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;Unlimited&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;None&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;37,559,195 shares&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                  &lt;/div&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                      &lt;tr style="vertical-align:top"&gt;
                        &lt;td style="width:0"&gt;&lt;/td&gt;
                        &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;*&lt;/span&gt;&lt;/td&gt;
                        &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Under the Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares and is not subject to a dollar limit on the size of the Fund.&lt;/span&gt;&lt;/td&gt;
                      &lt;/tr&gt;

                  &lt;/table&gt;
                &lt;/div&gt;

            &lt;/div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;strong&gt;Anti-Takeover Provisions in the Declaration of Trust&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The Declaration of Trust includes provisions that could have the effect of limiting the ability of any entities or persons to acquire control of the Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund.&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span style="font-size:10pt"&gt;&lt;i&gt;Derivative Actions&lt;/i&gt;&lt;/span&gt;. In addition to the requirements set forth in Section&#160;3816 of the Delaware Statutory Trust Act, Section&#160;5.6 of the Declaration of Trust states that a shareholder or shareholders may bring a derivative action on behalf of the Fund only if all of the following conditions are met: (i)&#160;the shareholder or shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to succeed, and a demand on the Board of Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not &#x201c;independent trustees&#x201d; (as such term is defined in the Delaware Statutory Trust Act); (ii)&#160;shareholders holding at least 10% of the outstanding Shares of the Fund join in the request for the Board of Trustees to commence such action; and (iii)&#160;the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Board of Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Board of Trustees determines not to bring such action. Additionally, the Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who are &#x201c;independent trustees&#x201d; (as such term in defined in the Delaware Statutory Trust Act). However, these requirements do not apply to claims brought under the federal securities laws.&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;span style="font-size:10pt"&gt;&lt;i&gt;Exclusive Delaware Jurisdiction and Jury Waiver&lt;/i&gt;&lt;/span&gt;. Any claims, suits, actions or proceedings arising out of or relating in any way to the Fund, the Delaware Statutory Trust Act, the Declaration of Trust or the By-Laws shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, and irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. However, these requirements do not apply to claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund&#x2019;s asset, or liquidation. The foregoing is only a summary of certain aspects of the Declaration of Trust. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;&lt;strong&gt;Certain Aspects of the Delaware Control Share Statute&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Because the Fund is organized as a Delaware statutory trust, unless it expressly &#x201c;opts-out,&#x201d; it is subject to the Delaware Control Share Statute included in the Control Share Statute. The Control Share Statute became automatically applicable to listed closed-end funds organized as Delaware statutory trusts, such as the Fund, upon its effective date of August&#160;1, 2022. Notwithstanding the foregoing and the following, through the inclusion of Section&#160;10.10 in the Declaration of Trust, the Fund has categorically exempted all acquisitions of its shares from the application of the Control Share Statute and therefore effectively &#x201c;opted-out&#x201d; of the Control Share Statute.&lt;/span&gt;&lt;/p&gt;
            &lt;/div&gt;
          &lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. These voting power thresholds are as follows:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;10% or more, but less than 15% of all voting power;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;15% or more, but less than 20% of all voting power;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;20% or more, but less than 25% of all voting power;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;25% or more, but less than 30% of all voting power;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;30% or more, but less than a majority of all voting power; or&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0"&gt;&lt;/td&gt;
                  &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
                  &lt;td&gt;a majority or more of all voting power.&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its &#x201c;associates,&#x201d; which is broadly defined by the Control Share Statute.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Once a threshold is reached, an acquirer has no voting rights under the Delaware Statutory Trust Act or the governing documents of a fund with respect to shares acquired in excess of that threshold (i.e., the &#x201c;&lt;strong&gt;control shares&lt;/strong&gt;&#x201d;) unless approved by shareholders of the fund or exempted by the board. Approval by the shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by the fund&#x2019;s shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level. The board is permitted, but not obligated to, exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to August&#160;1, 2022. However, such shares will be aggregated with any shares acquired after August&#160;1, 2022 for purposes of determining whether a voting power threshold is exceeded, resulting in the newly acquired shares constituting control shares.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any information that the Board reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Control Share Statute may protect the long-term interests of Fund shareholders by limiting the ability of certain investors to use their ownership to attempt to disrupt the Fund&#x2019;s long-term strategy such as by forcing a liquidity event. However, the Control Share Statute may also serve to entrench the Board and make it less responsive to shareholder requests. The totality of positive or negative effects is difficult to predict as the Control Share Statute has been in effect for a relatively short period of time.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The foregoing is only a summary of certain aspects of the Control Share Statute. shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;div&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span style="text-transform:uppercase"&gt;&lt;strong&gt;DESCRIPTION OF THE FUND&#x2019;S COMMON SHARES&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The following description is based on relevant portions of the Delaware Statutory Trust Statute and its Declaration of Trust and Bylaws. This summary is not necessarily complete, and the Fund refers you to the Delaware Statutory Trust Statute, Declaration of Trust and Bylaws for a more detailed description of the provisions summarized below.&lt;/p&gt;
        &lt;/div&gt;
      &lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;div&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;General&lt;/strong&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund is an unincorporated statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware on the Conversion Date. The Fund&#x2019;s Declaration of Trust was amended and restated as the Fund re-domiciled from the State of Maryland to the State of Delaware in connection with the Conversion. The Declaration of Trust provides that the Trustees of the Fund may authorize separate classes of common shares of beneficial interest. The Trustees have authorized an unlimited number of common shares. The Fund holds annual meetings of its shareholders. As of the Conversion Date, 37,559,195 common shares of the Fund were outstanding, of which none were owned by the Fund.&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value, as well as the other securities described in this registration statement. Each common share of beneficial interest of the Fund represents an equal proportionate interest in the assets of the Fund with each other common share of beneficial interest in the Fund. Holders of common shares of beneficial interest will be entitled to the payment of dividends when, as and if declared by the Board. The Fund currently intends to make dividend distributions to its shareholders of common shares of beneficial interest after payment of Fund operating expenses including interest on outstanding borrowings, if any, monthly and no less frequently than annually. Dividends declared on common shares will be automatically reinvested in additional common shares of the Fund unless a common shareholder elects to opt-out. See &#x201c;&lt;strong&gt;&lt;i&gt;Dividend Reinvestment Plan&lt;/i&gt;&lt;/strong&gt;.&#x201d; The 1940 Act may limit the payment of dividends to the holders of common shares. Each whole and partial common share of beneficial interest shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The common shares of beneficial interest as well as the other securities described in this registration statement are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the common shares of beneficial interest or other securities described in this registration statement. The Declaration of Trust provides that the Fund&#x2019;s common shareholders are not liable for any liabilities of the Fund. Although common shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote.&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;The Fund generally will not issue share certificates. However, a share certificate may be issued at the Fund&#x2019;s discretion for any or all of the full common shares credited to an investor&#x2019;s account. Share certificates that have been issued to an investor may be returned at any time. The Transfer Agent will maintain an account for each shareholder upon which the registration of common shares is recorded, and transfers, permitted only in rare circumstances, such as death, will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.&lt;/p&gt;
        &lt;/div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
      &lt;/div&gt;
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                &lt;div&gt;
                  &lt;div&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
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                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:25%"&gt;Title of Class&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Authorized*&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Held By Fund&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;width:24%;text-align:center"&gt;Amount Outstanding&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Shares of Beneficial Interest&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;Unlimited&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;None&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;37,559,195 shares&lt;/td&gt;
                        &lt;/tr&gt;

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                  &lt;/div&gt;
                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                  &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%;border-spacing:0px"&gt;

                      &lt;tr style="vertical-align:top"&gt;
                        &lt;td style="width:0"&gt;&lt;/td&gt;
                        &lt;td style="width:0.25in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;*&lt;/span&gt;&lt;/td&gt;
                        &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Under the Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares and is not subject to a dollar limit on the size of the Fund.&lt;/span&gt;&lt;/td&gt;
                      &lt;/tr&gt;

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      unitRef="SHARES">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="C_20250401to20250401"
      decimals="0"
      id="Fxbrl_20250331212345422"
      unitRef="SHARES">37559195</cef:OutstandingSecurityNotHeldShares>
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        <link:footnote id="FN20250331220117087" xlink:label="FN20250331220117087" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Assumes that the Fund incurs leverage in an amount equal to 33.3% of its total assets (as determined immediately after the leverage is incurred) and a projected annual rate of interest on the borrowings of 5.44%.</link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:footnote id="FN20250331204452112" xlink:label="FN20250331204452112" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">In the event that the Fund sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose any applicable sales load.</link:footnote>
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