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      decimals="INF"
      id="ixv-30513"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2021-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30514"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2020-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30515"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2019-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30516"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2023-01-012023-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30517"
      unitRef="USDPShares">23.59</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30518"
      unitRef="USDPShares">24.07</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30519"
      unitRef="USDPShares">25.95</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30520"
      unitRef="USDPShares">25.55</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30521"
      unitRef="USDPShares">24.88</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2023-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30522"
      unitRef="USDPShares">57.92</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30523"
      unitRef="USDPShares">56.30</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2021-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30524"
      unitRef="USDPShares">81.61</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2020-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30525"
      unitRef="USDPShares">76.48</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2019-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30526"
      unitRef="USDPShares">74.21</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30527"
      unitRef="USD">36403000</cef:SeniorSecuritiesAmt>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2022-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30528"
      unitRef="USD">40538000</cef:SeniorSecuritiesAmt>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2021-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30529"
      unitRef="USD">49755000</cef:SeniorSecuritiesAmt>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2020-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30530"
      unitRef="USD">49755000</cef:SeniorSecuritiesAmt>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2019-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30531"
      unitRef="USD">50000000</cef:SeniorSecuritiesAmt>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2023-01-012023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30532"
      unitRef="Shares">1456000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-01-012022-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30533"
      unitRef="Shares">1622000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2021-01-012021-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30534"
      unitRef="Shares">1990000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2020-01-012020-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30535"
      unitRef="Shares">1990000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2019-01-012019-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30536"
      unitRef="Shares">2000000</cef:OutstandingSecurityNotHeldShares>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30537"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2022-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30538"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2021-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30539"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2020-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30540"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2019-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30541"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2023-01-012023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30542"
      unitRef="USDPShares">23.53</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30543"
      unitRef="USDPShares">24.23</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30544"
      unitRef="USDPShares">26.37</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30545"
      unitRef="USDPShares">25.61</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30546"
      unitRef="USDPShares">25.40</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30547"
      unitRef="USDPShares">57.92</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2022-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30548"
      unitRef="USDPShares">56.30</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2021-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30549"
      unitRef="USDPShares">81.61</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2020-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30550"
      unitRef="USDPShares">76.48</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2019-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30551"
      unitRef="USDPShares">74.21</cef:SeniorSecuritiesCvgPerUnit>
    <cef:CapitalStockTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-16193">&lt;p id="xdx_80C_ecef--CapitalStockTableTextBlock_zb7FvhFxxSB5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;6.
Capital. &lt;/b&gt;The Fund&#x2019;s Articles of Incorporation permit the Fund to issue 187,999,000 shares of common stock (par value $0.001).
The Board has authorized the repurchase of up to 1,950,000 common shares on the open market when the shares are trading at a discount
of 5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the years ended
December&#160;31, 2023 and 2022, the Fund did not repurchase any of its common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Year
    Ended&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Year
    Ended&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;December&#160;31,&lt;br/&gt;
    2023&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;December&#160;31,&lt;br/&gt;
    2022&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Amount&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Amount&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&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: 52%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Increase
    in net assets from common shares issued upon reinvestment of distributions&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;370,322&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,163,733&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;272,128&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,759,964&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zZamlwuaflab" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s Articles of Incorporation authorize the issuance of up to 12,001,000 shares of $0.001 par value Preferred Stock. The Preferred
Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both
the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by
the 1940 Act and by the Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund
fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series
C, Series E, and Series G Preferred at redemption prices of $25,000, $25, and $25, respectively, per share plus an amount equal to the
accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could restrict the Fund&#x2019;s ability to pay dividends to common stockholders and could
lead to sales of portfolio securities at inopportune times. The income received on the Fund&#x2019;s assets may vary in a manner unrelated
to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available
to common stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund has the authority to purchase its auction rate preferred shares through negotiated private transactions. The Fund is not obligated
to purchase any dollar amount or number of auction rate preferred shares, and the timing and amount of any auction rate preferred shares
purchased will depend on market conditions, share price,&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;capital
availability, and other factors. The Fund is not soliciting holders to sell these shares nor recommending that holders offer them to
the Fund. Any offers can be accepted or rejected in the Fund&#x2019;s discretion.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;For
Series C Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are expected to
vary with short term interest rates. Since February&#160;2008, the number of shares of Series C Preferred Stock subject to bid orders
by potential holders has been less than the number of shares of Series C Preferred Stock subject to sell orders. Holders that have submitted
sell orders have not been able to sell any or all of the Series C Preferred Stock for which they have submitted sell orders. Therefore
the weekly auctions have failed, and the dividend rate has been the maximum rate, which is 175% of the &#x201c;AA&#x201d; Financial Composite
Commercial Paper Rate on the day of such auction. Existing Series C stockholders may submit an order to hold, bid, or sell such shares
on each auction date, or trade their shares in the secondary market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may redeem at any time, in whole or in part, the Series C Preferred Stock and Series E Preferred Stock at their respective redemption
prices per share. In addition, the Board has authorized the repurchase of the Series E and Series G Preferred Stock in the open market
at prices less than the $25 liquidation value per share. During the years ended December&#160;31, 2023 and 2022, the Fund repurchased
and retired 93,612 and 184,154 Series E Preferred at investments of $2,198,952 and $4,402,156, respectively, and at average discounts
of approximately 6.08% and 4.42%, from its liquidation preference. During the years ended December&#160;31, 2023 and 2022, the Fund repurchased
and retired 165,397 and 368,698 Series G Preferred at investments of $3,864,002 and $8,822,681, respectively, at average discounts of
approximately 6.62% and 4.32%, respectively, from its liquidation preference.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85D_z7F1uzmveSl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--OutstandingSecuritiesTableTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zMEt7RGDKr2a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table summarizes Cumulative Preferred Stock information:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Series&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Issue
    Date&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Authorized&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Number&#160;of&lt;br/&gt;
    Shares&lt;br/&gt; Outstanding at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Net&lt;br/&gt;
Proceeds&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;2023
    Dividend&lt;br/&gt; Rate Range&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Dividend&lt;br/&gt;
    Rate at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Accrued&lt;br/&gt;
    Dividends at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_z48t8EJGbOVb" style="text-indent: -0.125in; padding-left: 0.125in; width: 16%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;C
    Auction Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;March&#160;31,
    2003&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_z2HbxtiVcoHj" style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_zBgkteHbluJj" style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;24,547,465&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;7.514% to 9.337%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;9.320&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;319&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td id="xdx_983_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zOMC6RGpCrNl" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;E
    5.125%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;September&#160;26, 2017&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zhdkoUpRAhH5" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zSFBU7aALif3" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,718,934&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;48,192,240&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Fixed Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.125&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;30,589&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_98B_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zNJ7QKeLC6ll" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;G
    5.125%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;December&#160;20, 2019&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zJZ9dUCS9ab3" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zwMVp8YgCIo1" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,456,106&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;48,148,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Fixed Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.125&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;25,912&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p id="xdx_853_zDwfPeFlUMqa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--SecurityVotingRightsTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zPyFfayeIhzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the
Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the
Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares
of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the Fund&#x2019;s outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund&#x2019;s outstanding voting securities are required
to approve certain other actions, including changes in the Fund&#x2019;s investment objectives or fundamental investment policies.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_856_zOnTZputBbza" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&#160;&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:PreferredStockRestrictionsOtherTextBlock
      contextRef="From2023-01-012023-12-31_custom_CumulativePreferredStocksMember"
      id="ixv-16296">&lt;p id="xdx_843_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zZamlwuaflab" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s Articles of Incorporation authorize the issuance of up to 12,001,000 shares of $0.001 par value Preferred Stock. The Preferred
Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both
the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by
the 1940 Act and by the Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund
fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series
C, Series E, and Series G Preferred at redemption prices of $25,000, $25, and $25, respectively, per share plus an amount equal to the
accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could restrict the Fund&#x2019;s ability to pay dividends to common stockholders and could
lead to sales of portfolio securities at inopportune times. The income received on the Fund&#x2019;s assets may vary in a manner unrelated
to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available
to common stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund has the authority to purchase its auction rate preferred shares through negotiated private transactions. The Fund is not obligated
to purchase any dollar amount or number of auction rate preferred shares, and the timing and amount of any auction rate preferred shares
purchased will depend on market conditions, share price,&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;capital
availability, and other factors. The Fund is not soliciting holders to sell these shares nor recommending that holders offer them to
the Fund. Any offers can be accepted or rejected in the Fund&#x2019;s discretion.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;For
Series C Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, are expected to
vary with short term interest rates. Since February&#160;2008, the number of shares of Series C Preferred Stock subject to bid orders
by potential holders has been less than the number of shares of Series C Preferred Stock subject to sell orders. Holders that have submitted
sell orders have not been able to sell any or all of the Series C Preferred Stock for which they have submitted sell orders. Therefore
the weekly auctions have failed, and the dividend rate has been the maximum rate, which is 175% of the &#x201c;AA&#x201d; Financial Composite
Commercial Paper Rate on the day of such auction. Existing Series C stockholders may submit an order to hold, bid, or sell such shares
on each auction date, or trade their shares in the secondary market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may redeem at any time, in whole or in part, the Series C Preferred Stock and Series E Preferred Stock at their respective redemption
prices per share. In addition, the Board has authorized the repurchase of the Series E and Series G Preferred Stock in the open market
at prices less than the $25 liquidation value per share. During the years ended December&#160;31, 2023 and 2022, the Fund repurchased
and retired 93,612 and 184,154 Series E Preferred at investments of $2,198,952 and $4,402,156, respectively, and at average discounts
of approximately 6.08% and 4.42%, from its liquidation preference. During the years ended December&#160;31, 2023 and 2022, the Fund repurchased
and retired 165,397 and 368,698 Series G Preferred at investments of $3,864,002 and $8,822,681, respectively, at average discounts of
approximately 6.62% and 4.32%, respectively, from its liquidation preference.&lt;/span&gt;&lt;/p&gt;

</cef:PreferredStockRestrictionsOtherTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock
      contextRef="From2023-01-012023-12-31_custom_CumulativePreferredStocksMember"
      id="ixv-16340">&lt;p id="xdx_84F_ecef--OutstandingSecuritiesTableTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zMEt7RGDKr2a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table summarizes Cumulative Preferred Stock information:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Series&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Issue
    Date&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Authorized&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Number&#160;of&lt;br/&gt;
    Shares&lt;br/&gt; Outstanding at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Net&lt;br/&gt;
Proceeds&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;2023
    Dividend&lt;br/&gt; Rate Range&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Dividend&lt;br/&gt;
    Rate at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Accrued&lt;br/&gt;
    Dividends at&lt;br/&gt; 12/31/2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_z48t8EJGbOVb" style="text-indent: -0.125in; padding-left: 0.125in; width: 16%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;C
    Auction Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;March&#160;31,
    2003&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_z2HbxtiVcoHj" style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_zBgkteHbluJj" style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;24,547,465&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;7.514% to 9.337%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;9.320&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;319&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td id="xdx_983_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zOMC6RGpCrNl" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;E
    5.125%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;September&#160;26, 2017&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zhdkoUpRAhH5" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zSFBU7aALif3" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,718,934&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;48,192,240&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Fixed Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.125&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;30,589&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_98B_ecef--OutstandingSecurityTitleTextBlock_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zNJ7QKeLC6ll" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;G
    5.125%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;December&#160;20, 2019&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityAuthorizedShares_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zJZ9dUCS9ab3" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityHeldShares_c20230101__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zwMVp8YgCIo1" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,456,106&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;48,148,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Fixed Rate&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.125&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;25,912&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2023-01-012023-12-31_custom_SeriesCCumulativePreferredStockMember"
      id="ixv-16420">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;C
    Auction Rate&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2023-01-012023-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30552"
      unitRef="Shares">1000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2023-01-012023-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30553"
      unitRef="Shares">10</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2023-01-012023-12-31_custom_SeriesECumulativePreferredStockMember"
      id="ixv-16474">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;E
    5.125%&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2023-01-012023-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30554"
      unitRef="Shares">2000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2023-01-012023-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30555"
      unitRef="Shares">1718934</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2023-01-012023-12-31_custom_SeriesGCumulativePreferredStockMember"
      id="ixv-16528">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;G
    5.125%&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2023-01-012023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30556"
      unitRef="Shares">2000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2023-01-012023-12-31_custom_SeriesGCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30557"
      unitRef="Shares">1456106</cef:OutstandingSecurityHeldShares>
    <cef:SecurityVotingRightsTextBlock
      contextRef="From2023-01-012023-12-31_custom_CumulativePreferredStocksMember"
      id="ixv-16582">&lt;p id="xdx_846_ecef--SecurityVotingRightsTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zPyFfayeIhzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the
Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the
Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares
of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred
stock, and the approval of two-thirds of each class, voting separately, of the Fund&#x2019;s outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of
the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund&#x2019;s outstanding voting securities are required
to approve certain other actions, including changes in the Fund&#x2019;s investment objectives or fundamental investment policies.&lt;/span&gt;&lt;/p&gt;

</cef:SecurityVotingRightsTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-16705">&lt;p id="xdx_80A_ecef--PurposeOfFeeTableNoteTextBlock_zRB1qCk4vOPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table shows the Fund&#x2019;s expenses as a percentage of net assets attributable to common stock. All expenses of the Fund
are borne, directly or indirectly, by the common stockholders. The table is based on the capital structure of the Fund as of December&#160;31,
2023. The purpose of the table and example below is to help you understand all fees and expenses that you, as a holder of common stock,
would bear directly or indirectly.&lt;/span&gt;&lt;/p&gt;

</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-16710">&lt;p id="xdx_80D_ecef--ShareholderTransactionExpensesTableTextBlock_zDAOynIQOFS3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Stockholder
Transaction Expenses&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&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; font-weight: bold; text-align: left; width: 51%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Sales
    Load (as a percentage of offering price)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right; width: 9%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&lt;span id="xdx_904_ecef--SalesLoadPercent_d0_c20230101__20231231_zI40WefEdnT4"&gt;-&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; font-weight: bold; text-align: left; width: 9%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(a)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Offering
    Expenses Borne by the Fund &lt;br/&gt;
    (as a percentage of offering price)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&lt;span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230101__20231231_zljabFcfEZq7"&gt;-&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(a)&lt;/span&gt;&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; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Dividend
    Reinvestment and Voluntary Cash Purchase Plan Fees&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&lt;span id="xdx_90A_ecef--DividendReinvestmentAndCashPurchaseFees_d0_c20230101__20231231_z3pubngpILCc"&gt;-&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.375in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Purchase
    Transactions&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;$&lt;span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pip0_c20230101__20231231__cef--RiskAxis__custom--PurchaseTransactionMember_z16dqdMxkMZ5"&gt;0.75&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(b)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.375in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;One-time
    Fee for Deposit of Stock Certificates&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;$&lt;span id="xdx_902_ecef--DividendReinvestmentAndCashPurchaseFees_pip0_c20230101__20231231__cef--RiskAxis__custom--SaleTransactionMember_zY7YIzghR062"&gt;2.50&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(b)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30558"
      unitRef="Ratio">-0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30559"
      unitRef="Ratio">-0</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-01-01to2023-12-31"
      decimals="0"
      id="ixv-30560"
      unitRef="USD">-0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-01-012023-12-31_custom_PurchaseTransactionMember"
      decimals="INF"
      id="ixv-30561"
      unitRef="USD">0.75</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-01-012023-12-31_custom_SaleTransactionMember"
      decimals="INF"
      id="ixv-30562"
      unitRef="USD">2.50</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-16776">&lt;p id="xdx_80E_ecef--AnnualExpensesTableTextBlock_zaRHf0kiWDq1" style="margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&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-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Annual
    Expenses ((as a percentage of net assets attributable to common stock)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Percentages&#160;of
    Net Assets&lt;br/&gt; Attributable&#160;to Common Shares&lt;/span&gt;&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: 51%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Management
    Fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_90F_ecef--ManagementFeesPercent_dp_c20230101__20231231_z3IXDTfmeD29"&gt;1.76&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(c)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Interest
    on Borrowed Funds&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&lt;span id="xdx_90A_ecef--InterestExpensesOnBorrowingsPercent_dp0_c20230101__20231231_zDzsrBIoUJ4l"&gt;-&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;%&#160;(d)&lt;/b&gt;&lt;/span&gt;&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; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Other
    Expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_90D_ecef--OtherAnnualExpense3Percent_dp_c20230101__20231231_zKb3oprjX2kh"&gt;0.70&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(e)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Annual Expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_906_ecef--TotalAnnualExpensesPercent_dp_c20230101__20231231_zFcM1FsHOl8j"&gt;2.46&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&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; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Dividends
    on Preferred Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_908_ecef--WaiversAndReimbursementsOfFeesPercent_dp_c20230101__20231231_zMQcska6gOTh"&gt;3.90&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(f)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Annual Expenses and Dividends on Preferred&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_907_ecef--NetExpenseOverAssetsPercent_dp_c20230101__20231231_z2WndPPToSug"&gt;6.36&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&#160;(c)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30563"
      unitRef="Ratio">0.0176</cef:ManagementFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30564"
      unitRef="Ratio">-0</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpense3Percent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30565"
      unitRef="Ratio">0.0070</cef:OtherAnnualExpense3Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30566"
      unitRef="Ratio">0.0246</cef:TotalAnnualExpensesPercent>
    <cef:WaiversAndReimbursementsOfFeesPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30567"
      unitRef="Ratio">0.0390</cef:WaiversAndReimbursementsOfFeesPercent>
    <cef:NetExpenseOverAssetsPercent
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-30568"
      unitRef="Ratio">0.0636</cef:NetExpenseOverAssetsPercent>
    <cef:OtherExpensesNoteTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-30569">&#x201c;Other
    Expenses&#x201d; are based on estimated amounts for the current year.</cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-16914">&lt;p id="xdx_803_ecef--ExpenseExampleTableTextBlock_zqJP1yDmnzh1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following example illustrates the expenses you would pay on a $1,000 investment in common Shares, assuming a 5% annual portfolio total
return.*&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;3
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10
    Year&lt;/span&gt;&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: 56%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Expenses Incurred&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecef--ExpenseExampleYear01_c20230101__20231231_zltnBSXMZ1Kf" style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$63&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecef--ExpenseExampleYears1to3_c20230101__20231231_za8vL8IC9t3" style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$187&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecef--ExpenseExampleYears1to5_c20230101__20231231_zla1vIli5vLc" style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$307&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ExpenseExampleYears1to10_c20230101__20231231_zPTTvawJb8G6" style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$894&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div style="width: 25%"&gt;&lt;div style="border-top: Black 1pt solid; font-size: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&gt;
    &lt;td style="width: 0in"&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;The example should not be
    considered a representation of future expenses. The example is based on Total Annual Expenses and Dividends on Preferred Stock shown
    in the table above and assumes that the amounts set forth in the table do not change and that all distributions are reinvested at
    net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#x2019;s actual rate of return may
    be greater or less than the hypothetical 5% return shown in the example.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
above example includes Dividends on Preferred Stock. If Dividends on Preferred Stock was not included in the example calculation, the
expenses would be as follows (based on the same assumptions as above).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;3
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5
    Year&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10
    Year&lt;/span&gt;&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: 56%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Expenses Incurred&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;span id="xdx_90B_ecef--ExpenseExampleYear01_c20230101__20231231__cef--RiskAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zF9ucTMj1ks2"&gt;25&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;span id="xdx_90B_ecef--ExpenseExampleYears1to3_c20230101__20231231__cef--RiskAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zbtZv9W5LB0f"&gt;77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;span id="xdx_90E_ecef--ExpenseExampleYears1to5_c20230101__20231231__cef--RiskAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zGMy1xFDwqwk"&gt;131&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$&lt;span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230101__20231231__cef--RiskAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z59qoIRmMGrk"&gt;279&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;

</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="From2023-01-01to2023-12-31"
      decimals="0"
      id="ixv-30570"
      unitRef="USD">63</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="From2023-01-01to2023-12-31"
      decimals="0"
      id="ixv-30571"
      unitRef="USD">187</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-01-01to2023-12-31"
      decimals="0"
      id="ixv-30572"
      unitRef="USD">307</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-01-01to2023-12-31"
      decimals="0"
      id="ixv-30573"
      unitRef="USD">894</cef:ExpenseExampleYears1to10>
    <cef:ExpenseExampleYear01
      contextRef="From2023-01-012023-12-31_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      id="ixv-30574"
      unitRef="USD">25</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="From2023-01-012023-12-31_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      id="ixv-30575"
      unitRef="USD">77</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-01-012023-12-31_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      id="ixv-30576"
      unitRef="USD">131</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-01-012023-12-31_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      id="ixv-30577"
      unitRef="USD">279</cef:ExpenseExampleYears1to10>
    <cef:SharePriceTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-17030">&lt;p id="xdx_80A_ecef--SharePriceTableTextBlock_z0pHdfKJMYHi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table sets forth for the quarters indicated, the high and low sale prices on the NYSE per share of our common stock and the
net asset value and the premium or discount from net asset value per share at which the common stock was trading, expressed as a percentage
of net asset value, at each of the high and low sale prices provided.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;















&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_486_ecef--HighestPriceOrBid_zWpt5L01Y1kj" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_481_ecef--LowestPriceOrBid_zOJ4uUfh1xab" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48F_ecef--HighestPriceOrBidNav_zDSIF49kxn4d" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48A_ecef--LowestPriceOrBidNav_z2AkbdggaId6" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_zIDTfmR43ac7" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zikkbBfrJ8P5" style="font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Common
    Share&lt;br/&gt; Market Price&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Corresponding&lt;br/&gt;
    Net Asset Value&lt;br/&gt; (&#x201c;NAV&#x201d;) Per&lt;br/&gt; Share&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Corresponding&lt;br/&gt;
    Premium or&lt;br/&gt; Discount as a %&lt;br/&gt; of NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Quarter
    Ended&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_411_20220101__20220331__cef--RiskAxis__custom--CommonStocksMember_zyeHiJtN2V9" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;March&#160;31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$9.33&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$7.89&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.74&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$7.32&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;38.43%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;9.13%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41F_20220401__20220630__cef--RiskAxis__custom--CommonStocksMember_zhi2cxoiJemj" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;June&#160;30,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$9.18&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.63&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$7.35&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$5.43&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;24.90%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;22.10%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_410_20220701__20220930__cef--RiskAxis__custom--CommonStocksMember_zHHcOxH6Z0Vl" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;September&#160;30,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$7.87&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.07&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$4.69&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$3.72&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;67.80%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;63.17%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_414_20221001__20221231__cef--RiskAxis__custom--CommonStocksMember_zTQHLUlwsoy7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;December&#160;31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.62&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$5.17&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$4.01&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$3.89&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;65.09%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;32.19%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_410_20230101__20230331__cef--RiskAxis__custom--CommonStocksMember_zxpPAjnVKwGj" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;March&#160;31,
    2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.08&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$5.34&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$4.31&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$4.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;41.07%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;33.50%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_417_20230401__20230630__cef--RiskAxis__custom--CommonStocksMember_zTEgGs4L8BF5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;June&#160;30,
    2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$6.90&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$5.57&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$3.96&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;$4.23&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt; text-align: center; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;Amount
    Outstanding Exclusive&#160;of&lt;br/&gt; Amount Held by Fund&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
     &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_988_ecef--OutstandingSecurityTitleTextBlock_c20231231__20231231__cef--RiskAxis__custom--CommonStocksMember_ziAEPt4M3ET9" style="text-indent: -0.125in; padding-left: 0.125in; width: 41%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Common
    Stock&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecef--OutstandingSecurityAuthorizedShares_c20231231__20231231__cef--RiskAxis__custom--CommonStocksMember_zeRRn2uJ9Gkd" style="width: 18%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;196,750,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecef--OutstandingSecurityHeldShares_d0_c20231231__20231231__cef--RiskAxis__custom--CommonStocksMember_zKz7P8l3Fw3d" style="width: 18%; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#x2013;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__cef--RiskAxis__custom--CommonStocksMember_zy3g5PUKSVnk" style="text-align: center; width: 18%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;28,073,830&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityTitleTextBlock_c20231231__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_zZqDh1I7Hf53" style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Series
    C Cumulative Preferred Stock&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecef--OutstandingSecurityAuthorizedShares_c20231231__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_z8UiIhFgTIKh" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;1,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--OutstandingSecurityHeldShares_d0_c20231231__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_zdN9Pm365lb4" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#x2013;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__cef--RiskAxis__custom--SeriesCCumulativePreferredStockMember_zs9zUOP0zcCg" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;10&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td id="xdx_983_ecef--OutstandingSecurityTitleTextBlock_c20231231__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zTs4SQmLeZH8" style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Series
    E Cumulative Preferred Stock&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--OutstandingSecurityAuthorizedShares_c20231231__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zXbqFNgzpjel" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecef--OutstandingSecurityHeldShares_d0_c20231231__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zEw7jUnoBJ04" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#x2013;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__cef--RiskAxis__custom--SeriesECumulativePreferredStockMember_zskP9FgaomE6" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;1,718,934&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td id="xdx_982_ecef--OutstandingSecurityTitleTextBlock_c20231231__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zuB1f52A2mUf" style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Series
    G Cumulative Preferred Stock&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecef--OutstandingSecurityAuthorizedShares_c20231231__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zm1Cm38nRATb" style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;2,000,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__cef--RiskAxis__custom--SeriesGCumulativePreferredStockMember_zUM3sqtF3iUc" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;b&gt;1,456,106&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;

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      unitRef="USDPShares">196.48</cef:SeniorSecuritiesCvgPerUnit>
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      id="ixv-30665"
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      id="ixv-30673"
      unitRef="Shares">1000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2014-01-012014-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30674"
      unitRef="Shares">1000</cef:OutstandingSecurityNotHeldShares>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30675"
      unitRef="USDPShares">25000</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2017-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30676"
      unitRef="USDPShares">25000</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2016-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30677"
      unitRef="USDPShares">25000</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2015-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30678"
      unitRef="USDPShares">25000</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2014-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30679"
      unitRef="USDPShares">25000</us-gaap:PreferredStockLiquidationPreference>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30680"
      unitRef="USDPShares">25000</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30681"
      unitRef="USDPShares">25000</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30682"
      unitRef="USDPShares">25000</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30683"
      unitRef="USDPShares">25000</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30684"
      unitRef="USDPShares">25000</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30685"
      unitRef="USDPShares">86865</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2017-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30686"
      unitRef="USDPShares">106212</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2016-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30687"
      unitRef="USDPShares">167071</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2015-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30688"
      unitRef="USDPShares">171134</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2014-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30689"
      unitRef="USDPShares">196481</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2018-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30690"
      unitRef="USD">50000000</cef:SeniorSecuritiesAmt>
    <cef:SeniorSecuritiesAmt
      contextRef="AsOf2017-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30691"
      unitRef="USD">50000000</cef:SeniorSecuritiesAmt>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30692"
      unitRef="Shares">2000000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2017-01-012017-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      id="ixv-30693"
      unitRef="Shares">2000000</cef:OutstandingSecurityNotHeldShares>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2018-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30694"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <us-gaap:PreferredStockLiquidationPreference
      contextRef="AsOf2017-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30695"
      unitRef="USDPShares">25.00</us-gaap:PreferredStockLiquidationPreference>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30696"
      unitRef="USDPShares">23.80</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30697"
      unitRef="USDPShares">24.98</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2018-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30698"
      unitRef="USDPShares">86.86</cef:SeniorSecuritiesCvgPerUnit>
    <cef:SeniorSecuritiesCvgPerUnit
      contextRef="AsOf2017-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="ixv-30699"
      unitRef="USDPShares">106.21</cef:SeniorSecuritiesCvgPerUnit>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-20617">&lt;p id="xdx_809_ecef--InvestmentObjectivesAndPracticesTextBlock_zsLq6NxZYChk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;INVESTMENT
OBJECTIVES AND POLICIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Investment
Objectives&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s primary investment objective is to achieve long-term growth of capital by investing primarily in the common stock and other
securities of foreign and domestic companies involved in the telecommunications, media, publishing, and entertainment industries. Income
is the secondary investment objective. The investment objectives of long-term growth of capital and income are fundamental policies of
the Fund. The Fund&#x2019;s policy of concentration in companies in the telecommunications, media, publishing, and entertainment industries
is also a fundamental policy of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Under
normal market conditions, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes,
in common stock and other securities, including convertible securities, preferred stock, options, and warrants of companies in the telecommunications,
media, publishing, and entertainment industries&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;(the
&#x201c;80% Policy&#x201d;). The Fund may invest in companies of any size market capitalization. The Fund may invest, without limitation,
in foreign securities. The Fund may also invest in securities of companies located in emerging markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;A
company will be considered to be in these industries if it derives at least 50% of its revenues or earnings from, or devotes at least
50% of its assets to, the indicated activities or multimedia related activities. The 80% Policy may be changed without stockholder approval.
The Fund will provide stockholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
telecommunications companies in which the Fund may invest are engaged in the development, manufacture, or sale of communications services
or equipment throughout the world, including the following products or services: regular telephone service; wireless communications services
and equipment, including cellular telephone, microwave and satellite communications, paging, and other emerging wireless technologies;
equipment and services for both data and voice transmission, including computer hardware and software; electronic components and communications
equipment; video conferencing; electronic mail; local and wide area networking, and linkage of data and word processing systems; publishing
and information systems; video text and teletext; emerging technologies combining television, telephone and computer systems; broadcasting,
including television and radio, satellite and microwave transmission and cable television.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
entertainment, media and publishing companies in which the Fund may invest are engaged in providing the following products or services:
the creation, packaging, distribution, and ownership of entertainment programming throughout the world, including pre-recorded music,
feature-length motion pictures, made-for-TV movies, television series, documentaries, animation, game shows, sports programming, and
news programs; live events such as professional sporting events or concerts, theatrical exhibitions, television and radio broadcasting,
satellite and microwave transmission, cable television systems and programming, broadcast and cable networks, wireless cable television
and other emerging distribution technologies; home video, interactive and multimedia programming, including home shopping and multiplayer
games; publishing, including newspapers, magazines and books, advertising agencies and niche advertising mediums such as in-store or
direct mail; emerging technologies combining television, telephone, and computer systems, computer hardware and software; and equipment
used in the creation and distribution of entertainment programming such as that required in the provision of broadcast, cable, or telecommunications
services.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investing
in securities of foreign issuers, which generally are denominated in foreign currencies, may involve certain risk and opportunity considerations
not typically associated with investing in domestic companies and could cause the Fund to be affected favorably or unfavorably by changes
in currency exchange rates and revaluations of currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Investment Adviser believes that at the present time investment by the Fund in the securities of companies located throughout the world
presents great potential for accomplishing the Fund&#x2019;s investment objectives. While the Investment Adviser expects that a substantial
portion of the Fund&#x2019;s portfolio may be invested in the securities of domestic companies, a significant portion of the Fund&#x2019;s
portfolio may also be comprised of the securities of issuers headquartered outside the United States.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;No
assurance can be given that the Fund&#x2019;s investment objectives will be achieved.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Investment
Methodology of the Fund&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
selecting securities for the Fund, the Investment Adviser normally will consider the following factors, among others:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    Investment Adviser&#x2019;s own evaluations of the private market value (as defined below), cash flow, earnings per share, and other
    fundamental aspects of the underlying assets and business of the company;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    potential for capital appreciation of the securities;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    interest or dividend income generated by the securities;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    prices of the securities relative to other comparable securities;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;whether
    the securities are entitled to the benefits of call protection or other protective covenants;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    existence of any anti-dilution protections or guarantees of the security; and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    diversification of the portfolio of the Fund as to issuers.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Investment Adviser&#x2019;s investment philosophy with respect to equity securities is to identify assets that are selling in the public
market at a discount to their private market value. The Investment Adviser defines private market value as the value informed purchasers
are willing to pay to acquire assets with similar characteristics. The Investment Adviser also normally evaluates an issuer&#x2019;s free
cash flow and long-term earnings trends. Finally, the Investment Adviser looks for a catalyst, something indigenous to the company,
its industry, or country that will surface additional value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Principal
Investment Practices and Policies&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Equity
Securities. &lt;/i&gt;&lt;/b&gt;The Fund invests in equity securities (such as common stock and preferred stock).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Common
stocks represent the residual ownership interest in the issuer and holders of common stock are entitled to the income and increase in
the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred stockholders are satisfied.
Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including historical and prospective
earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Equity
securities also include preferred stock (whether or not convertible into common stock) and debt securities convertible into or exchangeable
for common or preferred stock. Preferred stock has a preference over common stock in liquidation (and generally dividends as well) but
is subordinated to the liabilities of the issuer in all respects. As a general rule the market value of preferred stock with a fixed
dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible
preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other
obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock
than in a more senior debt security with similarly stated yield characteristics. The market value of preferred stock will also generally
reflect whether (and if so when) the issuer may force holders to sell their preferred stock back to the issuer and whether (and if so
when) the holders may force the issuer to buy back their preferred stock. Generally speaking, the right of the issuer to repurchase the
preferred stock tends to reduce any premium at which the preferred stock might otherwise trade due to interest rate or credit factors,
while the right of the holders to require the issuer to repurchase the preferred stock tends to reduce any discount at which the preferred
stock might otherwise trade due to interest rate or credit factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, some preferred stocks are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred stocks, whereby the issuer does not have an obligation to make up
any arrearages to its stockholders. There is no assurance that dividends or distributions on non-cumulative preferred stocks in which
the Fund invests will be declared or otherwise made payable.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Securities
that are convertible into or exchangeable for preferred or common stock are liabilities of the issuer but are generally subordinated
to more senior elements of the issuer&#x2019;s balance sheet. Although such securities also generally reflect an element of conversion
value, their market value also varies with interest rates and perceived credit risk. Many convertible securities are not investment grade,
that is, not rated &#x201c;BBB&#x201d; or better by S&amp;amp;P or &#x201c;Baa&#x201d; or better by Moody&#x2019;s or considered by the Investment
Adviser to be of similar quality. Preferred stocks and convertible securities may have many of the same characteristics and risks as
nonconvertible debt securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund is also permitted to invest in certain other securities with innovative structures in the convertible securities market. These include
&#x201c;mandatory conversion&#x201d; securities, which consist of debt securities or preferred stocks that convert automatically into common
stock of the same or a different issuer at a specified date and conversion ratio.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
market value of a convertible security may be viewed as comprised of two components: its &#x201c;investment value,&#x201d; which is its
value based on its yield without regard to its conversion feature; and its &#x201c;conversion value,&#x201d; which is its value attributable
to the underlying common stock obtainable on conversion. The investment value of a convertible security is influenced by changes in interest
rates and the yield of similar non-convertible securities, with investment value declining as interest rates increase and increasing
as interest rates decrease. The conversion value of a convertible security is influenced by changes in the market price of the underlying
common stock. If, because of a low price of the underlying common stock, the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying
common stock approaches or exceeds the conversion price, the convertible security will be increasingly influenced by its conversion value,
and the convertible security may sell at a premium over its conversion value to the extent investors place value on the right to acquire
the underlying common stock while holding a fixed income security.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Accordingly,
convertible securities have unique investment characteristics because (i) they have relatively high yields as compared to common stocks,
(ii) they have defensive characteristics since they provide a fixed return even if the market price of the underlying common stock declines,
and (iii) they provide the potential for capital appreciation if the market price of the underlying common stock increases.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;A
convertible security may be subject to redemption at the option of the issuer at a price established in the charter provision or indenture
pursuant to which the convertible security is issued. If a convertible security held by the Fund is called for redemption, the Fund will
be required to surrender the security for redemption, convert it into the underlying common stock or sell it to a third party. Before
the Fund purchases a convertible security it will review carefully the redemption provisions of the security.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
may be additional types of convertible securities with features not specifically referred to herein in which the Fund may invest consistent
with its investment objectives and policies. For a discussion of risk factors of convertible securities, see &#x201c;Risk Factors and
Special Considerations&#x2014;Convertible Securities Risk.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Options.
&lt;/i&gt;&lt;/b&gt;The Fund may purchase or sell, i.e., write, options on securities, securities indices and foreign currencies which are listed
on a national securities exchange or in the OTC market as a means of achieving additional return or of hedging the value of the Fund&#x2019;s
portfolio. A call option is a contract that, in return for a premium, gives the holder of the option the right to buy from the writer
of the call option the security or currency underlying the option at a specified exercise price at any time during the term of the option.
The writer of the call option has the obligation, upon exercise of the option, to deliver the underlying security or currency upon payment
of the exercise price during the option period. A put option is the reverse of a call option, giving the holder of the option the right,
in return for a premium, to sell the underlying security to the writer, at a specified price, and obligating the writer to purchase the
underlying security from the holder upon exercise of the exercise price.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If
the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by
purchasing an option of the same series as the option previously written. However, with respect to exchange-traded options, once the
Fund has been assigned an exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly, if the Fund is
the holder of an option it may liquidate its position by effecting a closing sale transaction on an exchange. This is accomplished by
selling an option of the same series as the option previously purchased. There can be no assurance that either a closing purchase or
sale transaction can be effected when the Fund so desires.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if the price
of the transaction is more than the premium received from writing the option or is less than the premium paid to purchase the option.
Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from the repurchase
of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security. Other principal factors
affecting the market value of a put or a call option include supply and demand, prevailing interest rates, the current market price and
price volatility of the underlying security, and the time remaining until the expiration date of the option. Gains and losses on investments
in options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of options
cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow the price
movements of the portfolio securities subject to the hedge.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;An
option position may be closed out only on an exchange which provides a secondary market for an option of the same series or in a private
transaction. Although the Fund will generally purchase or write only those options for which there appears to be an active secondary
market, there is no assurance that a liquid secondary market on an exchange will persist for any particular option. In such event, it
might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise its options in order
to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the subsequent disposition of
underlying securities for the exercise of put options.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Although
the Investment Adviser will attempt to take appropriate measures to minimize the risks relating to the Fund&#x2019;s writing of put and
call options, there can be no assurance that the Fund will succeed in any option-writing program it undertakes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may write covered call options on common stocks that it owns or has an immediate right to acquire through conversion or exchange
of other securities in an amount not to exceed 25% of total assets or invest up to 10% of its total assets in the purchase of put options
on common stocks that the Fund owns or may acquire through the conversion or exchange of other securities that it owns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Warrants.
&lt;/i&gt;&lt;/b&gt;The Fund may invest in warrants. Warrants are, in effect, longer-term call options. They give the holder the right to purchase
a given number of shares of a particular company at specified prices within certain periods of time. The purchaser of a warrant expects
that the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus giving
him a profit. Since the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser of
the warrant risks the loss of the entire purchase price of the warrant. Warrants generally trade in the open market and may be sold rather
than exercised. Warrants are sometimes sold in unit form with other securities of an issuer. Units of warrants and common stock may be
employed in financing young, unseasoned companies. The purchase price of a warrant varies with the exercise price of the warrant, the
current market value of the underlying security, the life of the warrant and various other investment factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security,
the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and
any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to
the broker-dealer (usually cash, U.S. government securities or other highly liquid debt securities) and the maintenance of collateral
with its custodian.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Although
the Fund&#x2019;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities. &lt;/i&gt;&lt;/b&gt;There is no limitation on the amount of foreign securities in which the Fund may invest. The Investment Adviser believes
that investing in foreign securities offers both enhanced investment opportunities and additional risks beyond those present in U.S.
securities. Investing in foreign securities may provide increased diversification by adding securities from various foreign countries
(i) that offer different investment opportunities, (ii) that generally are affected by different economic trends and (iii) whose stock
markets may not be correlated with U.S. markets. At the same time, these opportunities and trends involve risks that may not be encountered
in U.S. investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following considerations comprise both risks and opportunities not typically associated with investing in U.S. securities: fluctuations
in exchange rates of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent
cash from being brought back to the United States; less public information with respect to issuers of securities; less government supervision
of stock exchanges, securities brokers and issuers of securities; lack of uniform accounting, auditing and financial reporting standards;
lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than
in the United States; possible imposition of foreign taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization
of foreign bank deposits or other assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic
developments that could affect investment; difficulty in obtaining or enforcing a court judgment abroad; sometimes less advantageous
legal, operational and financial protections applicable to foreign sub-custodial arrangements; and the historically lower&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;level
of responsiveness of foreign management to stockholder concerns (such as dividends and return on investment).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may also invest in the debt securities of foreign governments. Although such investments are not a principal strategy of the Fund,
there is limitation on its ability to invest in the debt securities of foreign governments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Emerging
Market Countries. &lt;/i&gt;&lt;/b&gt;The risks described above for foreign securities, including the risks of nationalization and expropriation
of assets, are typically increased to the extent that the Fund invests in companies headquartered in developing, or emerging market,
countries. Investments in securities of companies headquartered in such countries may be considered speculative and subject to certain
special risks. The political and economic structures in many of these countries may be in their infancy and developing rapidly, and such
countries may lack the social, political and economic characteristics of more developed countries. Certain of these countries have in
the past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies.
Some countries have inhibited the conversion of their currency to another. The currencies of certain emerging market countries have experienced
devaluation relative to the U.S. dollar, and future devaluations may adversely affect the value of the Fund&#x2019;s assets denominated
in such currencies. Some emerging market countries have experienced substantial rates of inflation for many years. Continued inflation
may adversely affect the economies and securities markets of such countries. In addition, unanticipated political or social developments
may affect the value of the Fund&#x2019;s investments in these countries and the availability of the Fund of additional investments in
these countries. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make
the Fund&#x2019;s investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund
may be required to establish special custodial or other arrangements before making investments in these countries. There may be little
financial or accounting information available with respect to companies located in these countries, and it may be difficult as a result
to assess the value or prospects of an investment in such companies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Other
Investment Practices&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Risk
Arbitrage. &lt;/i&gt;&lt;/b&gt;The Fund may invest without limitation in securities pursuant to &#x201c;risk arbitrage&#x201d; strategies or in other
investment funds managed pursuant to such strategies. Risk arbitrage investments are made in securities of companies for which a tender
or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation or reorganization
proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of capital appreciation significantly
greater than the brokerage and other transaction expenses involved. Risk arbitrage strategies attempt to exploit merger activity to capture
the spread between current market values of securities and their values after successful completion of a merger, restructuring or similar
corporate transaction. Transactions associated with risk arbitrage strategies typically involve the purchases or sales of securities
in connection with announced corporate actions which may include, but are not limited to, mergers, consolidations, acquisitions, transfers
of assets, tender offers, exchange offers, re-capitalizations, liquidations, divestitures, spin-offs and similar transactions. However,
a merger or other restructuring or tender or exchange offer anticipated by the Fund and in which it holds an arbitrage position may not
be completed on the terms contemplated or within the time frame anticipated, resulting in losses to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately prior
to the announcement of the offer but may trade at a discount or premium to what the stated or appraised value of the security would be
if the contemplated transaction were approved or consummated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Such
investments may be advantageous when the discount significantly overstates the risk of the contingencies involved; significantly undervalues
the securities, assets or cash to be received by stockholders as a result of the contemplated transaction; or fails adequately to recognize
the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of
such contingencies requires unusually broad knowledge and experience on the part of the Investment Adviser which must appraise not only
the value of the issuer and its component businesses as well as the assets or securities to be received as a result of the contemplated
transaction but also the financial resources and business motivation behind the offer and/or the dynamics and business climate when the
offer or proposal is in process. Since such investments are ordinarily short-term in nature, they will tend to increase the turnover
ratio of the Fund, thereby increasing its brokerage and other transaction expenses. Risk arbitrage strategies may also involve short
selling, options hedging and other arbitrage techniques to capture price differentials.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Temporary
Defensive Investments. &lt;/i&gt;&lt;/b&gt;Subject to the Fund&#x2019;s investment restrictions, when a temporary defensive period is believed by
the Investment Adviser to be warranted (&#x201c;temporary defensive periods&#x201d;), the Fund may, without limitation, hold cash or invest
its assets in securities of U.S. government sponsored instrumentalities, in repurchase agreements in respect of those instruments, and
in certain high grade commercial paper instruments. During temporary defensive periods, the Fund may also invest up to 10% of the market
value of its total assets in money market mutual funds that invest primarily in securities of U.S. government sponsored instrumentalities
and repurchase agreements in respect of those instruments. Obligations of certain agencies and instrumentalities of the U.S. government,
such as the Government National Mortgage Association, are supported by the &#x201c;full faith and credit&#x201d; of the U.S. government;
others, such as those of the Export-Import Bank of the U.S., are supported by the right of the issuer to borrow from the U.S. Treasury;
others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. government
to purchase the agency&#x2019;s obligations; and still others, such as those of the Student Loan Marketing Association, are supported
only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S.
government sponsored instrumentalities if it is not obligated to do so by law. During temporary defensive periods, the Fund may be less
likely to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest up to 10% of its total assets in fixed income securities rated below investment grade by
recognized statistical rating agencies or unrated securities considered by the Investment Adviser to be of comparable quality. These
securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions.
Securities that are rated lower than &#x201c;BBB&#x201d; by S&amp;amp;P or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s or unrated securities
considered by the Investment Adviser to be of comparable quality are referred to in the financial press as &#x201c;junk bonds&#x201d; or
&#x201c;high yield&#x201d; securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Generally,
such non-investment grade securities and unrated securities considered by the Investment Adviser to be of comparable quality offer a
higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics
that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions,
and (ii) are predominantly&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;speculative
with respect to the issuer&#x2019;s capacity to pay interest and repay principal in accordance with the terms of the obligation. The market
values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions
than higher quality securities. In addition, such comparable unrated securities generally present a higher degree of credit risk. The
risk of loss due to default by these issuers is significantly greater because such non-investment grade securities and unrated securities
considered by the Investment Adviser to be of comparable quality generally are unsecured and frequently are subordinated to the prior
payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether
rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer&#x2019;s operating history,
financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed by the issue,
the perceived ability and integrity of the issuer&#x2019;s management and regulatory matters.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the markets
in which such lower rated or unrated securities are traded are more limited than those in which higher rated securities are traded. The
existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its
portfolio and calculating its net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Moreover,
the lack of a liquid trading market may restrict the availability of securities for the Fund to purchase and may also have the effect
of limiting the ability of the Fund to sell securities at their fair value in order to respond to changes in the economy or the financial
markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Non-investment
grade securities and unrated securities considered by the Investment Adviser to be of comparable quality also present risks based on
payment expectations. If an issuer calls the obligation for redemption (often a feature of fixed income securities), the Fund may have
to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, as the principal value of
nonconvertible bonds and preferred stocks moves inversely with movements in interest rates, in the event of rising interest rates the
value of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities. Investments
in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in interest rates than bonds
that pay interest currently.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies involved
in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant financial returns
to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for
successful investments in issuers experiencing significant business and financial difficulties is unusually high. There can be no assurance
that the Fund will correctly evaluate the value of the assets collateralizing its investments or the prospects for a successful reorganization
or similar action. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose all or part
of its investment or may be required to accept collateral with a value less than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
part of its investments in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund will make
an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations
or emerge from bankruptcy protection and the value of&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;these
securities will appreciate. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue
to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser also performs its own analysis of issues in seeking
investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the issuer. Its analysis
of issuers may include, among other things, current and anticipated cash flow and borrowing requirements, value of assets in relation
to historical cost, strength of management, responsiveness to business conditions, credit standing and current anticipated results of
operations. In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated
changes in interest rates and the outlook for specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible that
statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis. Moreover,
such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the securities by the
Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Fixed
income securities, including lower grade securities, frequently have call or buy-back features that permit their issuers to call or repurchase
the securities from their holders, such as the Fund. If an issuer exercises these rights during periods of declining interest rates,
the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
market for non-investment grade and comparable unrated securities has experienced periods of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market recessions have adversely affected the value of such
securities and the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance such securities.
The market for those securities may react in a similar fashion in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Limitations
on the Purchase and Sale of Futures Contracts, Certain Options and Swaps. &lt;/i&gt;&lt;/b&gt;Subject to the guidelines of the Board, the Fund may
engage in &#x201c;commodity interest&#x201d; transactions (generally, transactions in futures, certain options, certain currency transactions,
and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations
of the Commodity Futures Trading Commission (&#x201c;CFTC&#x201d;). Pursuant to amendments by the CFTC to Rule&#160;4.5 under the Commodity
Exchange Act (&#x201c;CEA&#x201d;), the Investment Adviser has filed a notice of exemption from registration as a &#x201c;commodity pool
operator&#x201d; with respect to the Fund. The Fund and the Investment Adviser are therefore not subject to registration or regulation
as a commodity pool operator under the CEA. In addition, certain trading restrictions are applicable to the Fund as a result of this
status. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) &#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 options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into
such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the
Fund&#x2019;s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the
Fund&#x2019;s liquidating value, after taking into account unrealized profits and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;unrealized
losses on any such transactions, or (b) the aggregate net notional value of the Fund&#x2019;s commodity interest transactions would exceed
100% of the market value of the Fund&#x2019;s liquidating value, after taking into account unrealized profits and unrealized losses on
any such transactions. In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity
pool or otherwise as a vehicle for trading in the futures, options or swaps markets. Therefore, in order to claim the Rule&#160;4.5 exemption,
the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures,
broad based stock index futures, and financial futures contracts). As a result, the Fund is more limited in its ability to use these
instruments than in the past, and these limitations may have a negative impact on the ability of the Investment Adviser to manage the
Fund, and on the Fund&#x2019;s performance. If the Investment Adviser was required to register as a commodity pool operator with respect
to the Fund, compliance with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse
regulatory initiatives could also develop.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures. &lt;/i&gt;&lt;/b&gt;The Fund may purchase and sell financial futures contracts and options thereon which are traded
on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. A financial futures
contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for delivery in the future.
These futures contracts and related options may be on debt securities, financial indices, securities indices, U.S. government securities
and foreign currencies. The Investment Adviser has claimed an exclusion from the definition of the term &#x201c;commodity pool operator&#x201d;
under the Commodity Exchange Act.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Forward
Currency Exchange Contracts. &lt;/i&gt;&lt;/b&gt;Subject to guidelines of the Board, the Fund may enter into forward foreign currency exchange contracts
to protect the value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign
currency and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into
such contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis by entering
into a forward contract to purchase or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific
currency at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price
set on the date of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are typically
consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring deposits or involving
the payment of commissions. The Fund expects to invest in forward currency contracts for hedging or currency risk management purposes
and not in order to speculate on currency exchange rate movements. The Fund will only enter into forward currency contracts with parties
which it believes to be creditworthy.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency contracts
is limited to the amount of its aggregate investments in foreign currencies. The use of forward currency contracts may involve certain
risks, including the failure of the counterparty to perform its obligations under the contract, and such use may not serve as a complete
hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;currencies
hedged or used for cover. The Fund will only enter into forward currency contracts with parties that the Investment Adviser believes
to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Short
Sales. &lt;/i&gt;&lt;/b&gt;The Fund may make short sales of securities which it owns or which it has the right to acquire through conversion or exchange
of other securities it owns. In a short sale the Fund does not immediately deliver the securities sold and does not receive the proceeds
from the sale. The Fund is said to have a short position in the securities sold until it delivers the securities sold, at which time
it receives the proceeds of the sale. The market value for the securities sold short of any one issuer will not exceed 5% of the Fund&#x2019;s
total assets or 5% of such issuer&#x2019;s voting securities. In addition, the Fund may not make short sales or maintain a short position
if it would cause more than 25% of the Fund&#x2019;s total assets, taken at market value, to be held as collateral for such sales. The
Fund may make short sales against the box without respect to such limitations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund will normally close out a short position by purchasing and delivering an equal amount of the securities sold short, rather than
by delivering securities already held by the Fund. The Fund may, however, close out any short sale of common stock through the conversion
or exchange of securities or the exercise of warrants or rights it owns, or through the delivery of common stock already held by the
Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
short sale of a security is considered a speculative investment technique. The Fund may make a short sale in order to hedge against market
risks when it believes that the price of a security may decline, causing a decline in the value of a long position the Fund may have
in such security or a security convertible into or exchangeable for such security, or when, for tax or other reasons, the Fund does not
want to sell the security it owns. In such case, any future losses in the Fund&#x2019;s long position should be reduced by a gain in the
short position. Conversely, any gain in the long position should be reduced by a loss in the short position. The extent to which such
gains or losses are reduced will depend upon the amount of the security sold short relative to the amount the Fund owns, either directly
or indirectly, and, in the case where the Fund owns convertible securities, changes with the conversion premiums. When the Fund makes
a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale in order
to satisfy its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities
and is often obligated to deliver any payments received on such borrowed securities, such as dividends.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Repurchase
Agreements. &lt;/i&gt;&lt;/b&gt;Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under the terms
of a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period (usually not more
than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed price and time.
This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations during the holding period.
The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is
delayed in or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline
in the value of the underlying securities during the period in which it seeks to assert these rights. The Investment Adviser, acting
under the supervision of the Board, reviews the creditworthiness of those banks and dealers with which the Fund enters into repurchase
agreements to evaluate these risks, and monitors on an ongoing basis the value of the securities subject to repurchase agreements to
ensure that the value is maintained at the required level. The Fund will not enter into repurchase agreements with the Investment Adviser
or any of its affiliates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities. &lt;/i&gt;&lt;/b&gt;To increase income, the Fund may lend its portfolio securities to securities broker-dealers or financial
institutions if: (i) the loan is collateralized in accordance with applicable regulatory requirements, and (ii) no loan will cause the
value of all loaned securities to exceed 20% of the value of its total assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If
the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the collateral
to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the collateral. As with
any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral should the borrower
of the securities violate the terms of the loan or fail financially. There can be no assurance that borrowers will not fail financially.
On termination of the loan, the borrower is required to return the securities to the Fund, and any gain or loss in the market price during
the loan would inure to the Fund. If the other party to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy
Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on
the Fund&#x2019;s ability to sell the collateral and the Fund would suffer a loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Borrowing.
&lt;/i&gt;&lt;/b&gt;The Fund may borrow money in accordance with its investment restrictions, including as a temporary measure for extraordinary
or emergency purposes. It may not borrow for investment purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Leveraging.
&lt;/i&gt;&lt;/b&gt;As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior securities (which may be stock, such
as preferred stock, and/or securities representing debt) so long as its total assets, less certain ordinary course liabilities, exceed
300% of the amount of the debt outstanding and exceed 200% of the amount of preferred stock and debt outstanding. Any such preferred
stock may be convertible in accordance with the SEC staff guidelines, which may permit the Fund to obtain leverage at attractive rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
use of leverage magnifies the impact of changes in net asset value, which means that, all else being equal, the use of leverage results
in outperformance on the upside and underperformance on the downside. In addition, if the cost of leverage exceeds the return on the
securities acquired with the proceeds of leverage, the use of leverage will diminish rather than enhance the return to the Fund. The
use of leverage generally increases the volatility of returns to the Fund. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred stock or principal or interest payments on
debt securities, or to redeem preferred stock or repay debt, when it may be disadvantageous to do so. The Fund&#x2019;s use of leverage
may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred stock or otherwise de-leverage
so as to maintain required asset coverage amounts or comply with any mandatory redemption terms of any outstanding preferred stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
the event the Fund had both outstanding preferred stock and senior securities representing debt at the same time, the Fund&#x2019;s obligations
to pay dividends or distributions and, upon liquidation of the Fund, liquidation payments in respect of its preferred stock would be
subordinate to the Fund&#x2019;s obligations to make any principal and/or interest payments due and owing with respect to its outstanding
senior debt securities. Accordingly, the Fund&#x2019;s issuance of senior securities representing debt would have the effect of creating
special risks for the Fund&#x2019;s preferred stockholders that would not be present in a capital structure that did not include such
securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Subject
to the requirements of Rule&#160;18f-4 under the 1940 Act, the Fund may enter into derivative transactions, including transactions that
have economic leverage embedded in them. Rule&#160;18f-4 defines &#x201c;derivatives&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;transactions&#x201d;
as (1) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument,
under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or
at maturity or early termination, whether as margin or settlement payment or otherwise; and (2) any short sale borrowing. Derivatives
transactions entered into by the Fund in compliance with Rule&#160;18f-4 will not be considered senior securities for purposes of computing
the asset coverage requirements described above. Economic leverage exists when the Fund achieves the right to a return on a capital base
that exceeds the investment which the Fund has contributed to the instrument achieving a return. Derivative transactions that the Fund
may enter into and the risks associated with them are described elsewhere in this Annual Report. The Fund cannot assure you that investments
in derivative transactions that have economic leverage embedded in them will result in a higher return on its common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If
the Fund enters into any reverse repurchase agreements or similar financing transactions obligating the Fund to make future payments,
the Fund must either treat all such transactions as derivatives transactions for all purposes under Rule&#160;18f-4 or otherwise comply
with the asset coverage requirements described above and combine the aggregate amount of indebtedness associated with all such transactions
with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund&#x2019;s asset coverage ratio
limit requirements. The asset coverage requirements under section&#160;18 of the 1940 Act and the limits and conditions imposed by Rule&#160;18f-4
may limit or restrict portfolio management or result in the Fund maintaining securities positions it would otherwise liquidate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Investment
Restrictions. &lt;/i&gt;&lt;/b&gt;The Fund has adopted certain fundamental investments policies designed to limit investment risk and maintain portfolio
diversification. Fundamental policies may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding
voting securities of the Fund (voting together as a single class subject to class approval rights of any preferred stock). The Fund may
become subject to rating agency guidelines that are more limiting than its current investment restrictions in order to obtain and maintain
a desired rating on its preferred stock, if any.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover. &lt;/i&gt;&lt;/b&gt;The Fund will buy and sell securities to accomplish its investment objectives. The investment policies of the Fund
may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Portfolio
turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs
on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the lesser of the
amount of the securities purchased or securities sold by the average monthly value of securities owned during the year (excluding securities
whose maturities at acquisition were one year or less). Higher portfolio turnover may decrease the after-tax return to individual investors
in the Fund to the extent it results in a decrease of the long-term capital gains portion of distributions to stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund anticipates that its annual portfolio turnover rate will generally not exceed 100%. For the fiscal years ended December&#160;31,
2022 and December&#160;31, 2023, the portfolio turnover rates of the Fund were 15% and 19%, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Further
information on the investment objectives and policies of the Fund is set forth in the SAI.&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-21368">&lt;p id="xdx_806_ecef--RiskFactorsTableTextBlock_za1DafxsIOF3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;RISK
FACTORS AND SPECIAL CONSIDERATIONS&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investors
should consider the following risk factors and special considerations associated with investing in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;General
Risks&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_zo7xH43ioDcb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may
decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets.
The value of a security may decline due to general market conditions which are not specifically related to a particular company, such
as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency
rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors
which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within
an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity
securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect
securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase
in value along with the broader market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For
instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments,
public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can
all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or
economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current
contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the
U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may
in the future result, in a government shutdown, which could have an adverse impact on the Fund&#x2019;s investments and operations. Additional
and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets
and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators
throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy
changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest
rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities
markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing
advantageous investment decisions in a timely manner. To the extent that the Fund focuses its investments in a region enduring geopolitical
market disruption, it will face higher risks of loss, although the increasing interconnectivity between global economies and financial
markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region or
financial&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;market.
Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs
and tolerance for risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Current
market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in fixed income securities. Central banks such
as the Federal Reserve Bank have been increasing interest rates, though this trend has tempered recently as the rate of inflation slows.
There is a risk that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter
a recession. Additional interest rate increases in the future could cause the value of the Fund to decrease. Recently, inflation levels
have been at their highest point in nearly 40 years and the Federal Reserve has been engaged in a campaign to raise certain benchmark
interest rates in an effort to combat inflation. As inflation increases, the real value of the Fund&#x2019;s common stock and distributions
therefore may decline.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result in, among
other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately
price its portfolio investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_zf1aOy3DTJDd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk Generally. &lt;/i&gt;&lt;/b&gt;The primary risk associated with dividend-and interest-paying securities is interest rate risk. A decrease
in interest rates will generally result in an increase in the investment value of such securities, while increases in interest rates
will generally result in a decline in the investment value of such securities. This effect is generally more pronounced for fixed rate
securities than for securities whose income rate is periodically reset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;General
interest rate fluctuations may have a substantial negative impact on the Fund&#x2019;s investments, the value of the Fund and the Fund&#x2019;s
rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend rates on current investments
could also have an adverse impact on the Fund&#x2019;s net investment income. An increase in interest rates could decrease the value of
any investments held by the Fund that earn fixed interest or dividend rates, including debt securities, convertible securities, preferred
stocks, loans and high-yield bonds, and also could increase interest or dividend expenses, thereby decreasing net income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater for
those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect interest income
derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value. The Fund may lose money
if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests
in securities that may be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase
(to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset
only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some
fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles of
bond prices also apply to U.S. government securities. A security backed by the &#x201c;full faith and credit&#x201d; of the U.S. government
is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other income- or
dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s use of leverage will tend to increase the Fund&#x2019;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;fixed
rate instruments but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest
do not rise as much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally
will not increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar credit
quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating rate securities,
an increase) in market interest rates will adversely affect the income received from such securities, which may adversely affect the
net asset value of the Fund&#x2019;s common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Central
banks such as the Federal Reserve Bank have been increasing interest rates, though this trend has tempered recently as the rate of inflation
slows. There is a risk that heightened interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;severe
    declines in the Fund&#x2019;s net asset values;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to accurately or reliably value its portfolio;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to pay any dividends or distributions;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to maintain its status as a registered investment company (&#x201c;RIC&#x201d;) under the Internal Revenue Code of 1986,
    as amended (the &#x201c;Code&#x201d;);&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;declines
    in the value of the Fund&#x2019;s investments;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;increased
    risk of default or bankruptcy by the companies in which the Fund invests;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;increased
    risk of companies in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby
    impairing their ability to continue functioning as a going concern; and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;limited
    availability of new investment opportunities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_zoRCeG2eihHe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation
decreases the value of money. This risk may be elevated compared to historical market conditions because of recent monetary policy measures
and the current interest rate environment. Inflation rates may change frequently and significantly as a result of various factors, including
unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund&#x2019;s investments may not keep pace
with inflation, which may result in losses to Fund stockholders. As inflation increases, the real value of the Fund&#x2019;s shares and
dividends may decline. In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would
likely increase, which would tend to further reduce returns to stockholders. This risk is greater for fixed-income instruments with longer
maturities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zPPvqzfyju0e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;Convertible securities generally offer lower interest or dividend yields than non-convertible securities of
similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase
as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in the value of the
Fund&#x2019;s holding may occur in the event the underlying stock is subdivided, additional equity securities are issued for below market
value, a stock dividend is declared or the issuer enters into another type of corporate transaction that has a similar effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and preferred
stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest increase. In addition,
although debt securities are liabilities of a corporation which the corporation is generally obligated to repay at a specified time,
debt securities, particularly convertible debt securities, are often subordinated to the claims of some or all of the other creditors
of the corporation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential for capital
appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles include &#x201c;equity-linked&#x201d;
securities, which are securities or derivatives that may have fixed, variable, or no interest payments prior to maturity, may convert
(at the option of the holder or on a mandatory basis) into cash or a combination of cash and common stock, and may be structured to limit
the potential for capital appreciation. Equity-linked securities may be illiquid and difficult to value and may be subject to greater
credit risk than that of other convertibles. Moreover, mandatory conversion securities and equity-linked securities have increased the
sensitivity of the convertible securities market to the volatility of the equity markets and to the special risks of those innovations,
which may include risks different from, and possibly greater than, those associated with traditional convertible securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation of the
corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled to a preference
as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities normally do not
have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Credit
    Risk. &lt;/i&gt;Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
    that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit rating
    of a company&#x2019;s convertible securities is generally lower than that of its conventional debt securities. Convertible securities
    are normally considered &#x201c;junior&#x201d; securities&#x2014;that is, the company usually must pay interest on its conventional
    debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it could invest in
    securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result, the Fund may incur
    cost and delays in enforcing its rights against the issuer.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Market
    Risk. &lt;/i&gt;Although convertible securities do derive part of their value from that of the securities into which they are convertible,
    they are not considered derivative financial instruments. However, the Fund&#x2019;s mandatory convertible securities include features
    which render them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk
    than traditional convertible securities, but generally less than that of the underlying common stock.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Interest
    Rate Risk for Convertible Securities. &lt;/i&gt;The Fund may be subject to a greater risk of rising interest rates due to recent monetary
    measures and the current interest rate environment. The Federal Reserve has been engaged in a campaign to increase certain benchmark
    interest rates, and any additional increases in interest rates would be likely to drive down the prices of convertible securities
    held by the Fund. Convertible securities are particularly sensitive to interest rate changes when their predetermined&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;conversion price is much higher than the
    issuing company&#x2019;s common stock. See &#x201c;&#x2014; General Risks&#x2014;Interest Rate Risks Generally.&#x201d;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Sector
    Risk. &lt;/i&gt;Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will trail
    returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
    securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that dominate
    this market change over time.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_zHi7TKDJ5V73" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in market
value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities held by
the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund holds. An investment
in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the most part traded on securities
exchanges or in the OTC markets. The market value of these securities, like other market investments, may move up or down, sometimes
rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less than the amount at the time the stockholder
invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_zju7OiA2Z8Yj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;Common stock of an issuer in the Fund&#x2019;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline
in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual value to preferred
stock, bonds and other debt instruments in a company&#x2019;s capital structure, in terms of priority to corporate income, and therefore
will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition, while common stock has
historically generated higher average returns than fixed income securities, common stock has also experienced significantly more volatility
in those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_z5E3Pxi1xMZa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund&#x2019;s investing in preferred securities, including:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Deferral.
    &lt;/i&gt;Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for
    a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends
    or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Non-Cumulative
    Dividends. &lt;/i&gt;Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid.
    A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
    to make up any arrearages to its stockholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
    not to pay dividends or distributions on such security, the Fund&#x2019;s return from that security may&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;be adversely affected. There is no assurance
    that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be declared or otherwise made
    payable.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Subordination.
    &lt;/i&gt;Preferred securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms of
    priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt
    security instruments.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Liquidity.
    &lt;/i&gt;Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Limited
    Voting Rights. &lt;/i&gt;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company
    unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may
    be entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been paid, the preferred
    security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Special
    Redemption Rights. &lt;/i&gt;In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified
    date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax
    or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--WarrantsAndRightsRiskMember_zBowj3rjlGV6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Warrants
and Rights Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in warrants and rights (including those acquired in units or attached to other securities)
which entitle the holder to buy equity securities at a specific price for or at the end of a specific period of time. The Fund will do
so only if the underlying equity securities are deemed appropriate by the Investment Adviser for inclusion in the Fund&#x2019;s portfolio.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investing
in rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and
thus can be a riskier investment. The value of a right or warrant may decline because of a decline in the value of the underlying security,
the passage of time, changes in interest rates or in the dividend or other policies of the Fund whose equity underlies the warrant, a
change in the perception as to the future price of the underlying security, or any combination thereof. Rights and warrants generally
pay no dividends and confer no voting or other rights other than the right to purchase the underlying security.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesRiskMember_zVH5Tgm5pdyk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities Risk. &lt;/i&gt;&lt;/b&gt;The prices of these lower grade securities are more sensitive to negative developments, such as a decline
in the issuer&#x2019;s revenues or a general economic downturn, than are the prices of higher grade securities. Securities of below investment
grade quality&#x2014;those securities rated below &#x201c;Baa&#x201d; by Moody&#x2019;s or below &#x201c;BBB&#x201d; by S&amp;amp;P (or unrated
securities considered by the Investment Adviser to be of comparable quality)&#x2014; are predominantly speculative with respect to the
issuer&#x2019;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. Securities rated
below investment grade commonly are referred to as &#x201c;junk bonds&#x201d; or &#x201c;high yield&#x201d; securities and generally pay
a premium above the yields&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;of
U.S. government securities or securities of investment grade issuers because they are subject to greater risks than these securities.
These risks, which reflect their speculative character, include the following:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;greater
    volatility;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;greater
    credit risk and risk of default;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;potentially
    greater sensitivity to general economic or industry conditions;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;potential
    lack of attractive resale opportunities (illiquidity); and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;additional
    expenses to seek recovery from issuers who default.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in the issuer&#x2019;s
revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade securities tend to be less
liquid than investment grade securities. The market value of non-investment grade securities may be more volatile than the market value
of investment grade securities and generally tends to reflect the market&#x2019;s perception of the creditworthiness of the issuer and
short-term market developments to a greater extent than investment grade securities, which primarily reflect fluctuations in general
levels of interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#x2019;s historical
financial condition and the rating agencies&#x2019; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&#x2019;s current financial condition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies involved
in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant financial returns
to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for
successful investments in issuers experiencing significant business and financial difficulties is unusually high. There can be no assurance
that the Fund will correctly evaluate the value of the assets collateralizing its investments or the prospects for a successful reorganization
or similar action. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose all or part
of its investment or may be required to accept collateral with a value less than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The Fund invests
in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations and emerge
from bankruptcy protection and that the value of such issuers&#x2019; securities will appreciate. By investing in the securities of issuers
in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection
or that the value of these securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of issuers
in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the issuer.
Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements, value of assets
in relation to historical cost, strength of management, responsiveness to business conditions, credit standing and current anticipated
results of&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;operations.
In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated changes in interest
rates and the outlook for specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible that
statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis. Moreover,
such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the securities by the
Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Income
securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back features that
permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises these rights during
periods of declining interest rates, the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased
return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic recession,
experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the value of such securities
as well as the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance such securities.
The market for those securities could react in a similar fashion in the event of any future economic recession.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_zP4KWw5MV5p4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk. &lt;/i&gt;&lt;/b&gt;Short-selling involves selling securities which may or may not be owned and borrowing the same securities for delivery
to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security sold short increases
between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the
price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction
costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities).
Although the Fund&#x2019;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered short
sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short position, and
any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the Fund to the risk of
uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which a security may rise. Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.
There is the risk that the securities borrowed by the Fund in connection with a short-sale must be returned to the securities lender
on short notice. If a request for return of borrowed securities occurs at a time when other short-sellers of the security are receiving
similar requests, a &#x201c;short squeeze&#x201d; can occur, and the Fund may be compelled to replace borrowed securities previously sold
short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds
received at the time the securities were originally sold short.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
September&#160;2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held by investment
managers. The SEC&#x2019;s temporary ban on short&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;selling
of such stocks has since expired, but should similar restrictions and/or additional disclosure requirements be promulgated, especially
if market turmoil occurs, the Fund may be forced to cover short positions more quickly than otherwise intended and may suffer losses
as a result. Such restrictions may also adversely affect the ability of the Fund to execute its investment strategies generally. Similar
emergency orders were also instituted in non-U.S. markets in response to increased volatility. The Fund&#x2019;s ability to engage in
short sales is also restricted by various regulatory requirements relating to short sales.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryConcentrationRiskMember_z3VwjTnKfxz6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Industry
Concentration Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests a significant portion of its assets in companies in the telecommunications, media, publishing,
and entertainment industries, also known as communication services companies, and, as a result, the value of the Fund&#x2019;s shares
is more susceptible to factors affecting those particular types of companies and those industries, including governmental regulation,
a greater price volatility than the overall market, rapid obsolescence of products and services, intense competition, and strong market
reactions to technological developments. Fluctuating domestic and international demand, shifting demographics and often unpredictable
changes in consumer tastes can drastically affect a communication services company&#x2019;s profitability. In addition, while all companies
may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of
hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect
on their businesses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Various
types of ownership restrictions are imposed by the Federal Communications Commission, or FCC, on investment in media companies and cellular
licensees. For example, the FCC&#x2019;s broadcast and cable multiple-ownership and cross ownership rules, which apply to the radio, television,
and cable industries, provide that investment advisers are deemed to have an &#x201c;attributable&#x201d; interest whenever the adviser
has the right to determine how five percent or more of the issued and outstanding voting stock of a broadcast company or cable system
operator may be voted. These rules limit the number of broadcast stations both locally and nationally that a single entity is permitted
to own, operate, or control and prohibit ownership of certain competitive communications providers in the same location. The FCC also
applies limited ownership restrictions on cellular licensees serving rural areas. An attributable interest in a cellular company arises
from the right to control 20% or more of its voting stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#x2019;s ability to invest in certain mass media and cellular companies. In the event that the Investment
Adviser and its affiliates may be deemed to have such an attributable interest, the Board of the Fund may delegate, from time to time,
to the Fund&#x2019;s Proxy Voting Committee, voting power over certain shares of securities held by the Fund in view of these ownership
limitations to ensure compliance with certain FCC regulations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new
regulatory requirements may negatively affect the business of communications companies. Government actions around the world, specifically
in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. The telecommunications, media, publishing,
and entertainment industries can also be significantly affected by intense competition for market share, including competition with alternative
technologies such as wireless communications, product compatibility and standardization, consumer preferences, rapid product obsolescence,
research and development of new products, lack of standardization or compatibility with existing technologies, and a dependency on patent
and copyright protections. Communication&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;services
companies may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly
in developing new products and services using new technology. Technological innovations may make the products and services of certain
communications companies obsolete.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Telecommunications
providers with exposure to the U.S. are generally required to obtain franchises or licenses in order to provide services in a given location.
Licensing and franchise rights in the telecommunications sector are limited, which may provide an advantage to certain participants.
Limited availability of such rights, high barriers to market entry and regulatory oversight, among other factors, have led to consolidation
of companies within the sector, which could lead to further regulation or other negative effects in the future. Telecommunication providers
investing in non-U.S. countries may be subject to similar risks. Additional risks include those related to competitive challenges in
the U.S. from non-U.S. competitors engaged in strategic joint ventures with U.S. companies and in non-U.S. markets from both U.S. and
non-U.S. competitors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Companies
in the media and entertainment industries can be significantly affected by several factors, including competition, particularly in formulation
of products and services using new technologies, cyclicality of revenues and earnings, a potential decrease in the discretionary income
of targeted individuals, changing consumer tastes and interests, and the potential increase in government regulation. Companies in the
media and entertainment industries may become obsolete quickly. Advertising spending can be an important revenue source for media and
entertainment companies. During economic downturns advertising spending typically decreases and, as a result, media and entertainment
companies tend to generate less revenue.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallerCompaniesInvestmentRiskMember_zkg7LmpKii7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Smaller
Companies Investment Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in the securities of smaller, less seasoned companies. Smaller companies offer
investment opportunities and additional risks. They may not be well known to the investing public, may not be significantly owned by
institutional investors and may not have steady earnings growth. These companies may have limited product lines and markets, as well
as shorter operating histories, less experienced management and more limited financial resources than larger companies. In addition,
the securities of such companies may be more vulnerable to adverse general market or economic developments, more volatile in price, have
wider spreads between their bid and ask prices and have significantly lower trading volumes than the securities of larger capitalization
companies. As such, securities of these smaller companies may be less liquid than those of larger companies, and may experience greater
price fluctuations than larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors,
which may result in reduced demand.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price.
The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities, particularly when
other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
securities of smaller capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, smaller capitalization securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in smaller capitalization securities requires a longer-term
view.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Securities
of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities
of larger, more established companies or stock market averages in&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;general.
Competitors of certain companies, which may or may not be in the same industry, may have substantially greater financial resources than
the companies in which the Fund may invest.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketValueAndNetAssetValueMember_zEiEzGoZysc5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Value and Net Asset Value. &lt;/i&gt;&lt;/b&gt;The Fund is a diversified, closed-end management investment company. Shares of closed-end funds are
bought and sold in the securities markets and may trade at either a premium to or discount from net asset value. Listed shares of closed-end
investment companies often trade at discounts from net asset value. This characteristic of shares of a closed-end fund is a risk separate
and distinct from the risk that its net asset value may decrease. The Fund cannot predict whether its listed stock will trade at, below,
or above net asset value. As of December&#160;31, 2023, the shares of common stock traded at a premium of 51.60%. Stockholders desiring
liquidity may, subject to applicable securities laws, trade their Fund common stock on the NYSE or other markets on which such shares
may trade at the then-current market value, which may differ from the then-current net asset value. Stockholders will incur brokerage
or other transaction costs to sell stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_z9Mx6pcbQgSc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated
with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located in the United
States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable
to those applicable to U.S. companies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Foreign
securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than exists in the United
States. Dividend and interest income may be subject to withholding and other foreign taxes, which may adversely affect the net return
on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect
repatriation of capital invested in certain countries. In addition, with respect to certain countries, there are risks of expropriation,
confiscatory taxation, political or social instability or diplomatic developments that could affect assets of the Fund held in foreign
countries. Dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to
qualified dividend income. Moreover, certain equity investments in foreign issuers classified as passive foreign investment companies
may be subject to additional taxation risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
may be less available information about a foreign company than a U.S. company, and foreign companies may not be subject to accounting,
auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. Foreign securities
markets may have substantially less volume than U.S. securities markets and some foreign company securities are less liquid and their
prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign securities may also be adversely
affected by fluctuations in the rates of exchange between the currencies of different nations and by exchange control regulations, and
there is generally less government supervision and regulation of exchanges, brokers, and issuers than there is in the U.S. The Fund might
have greater difficulty taking appropriate legal action in non-U.S. courts and there may be less developed bankruptcy laws. Foreign markets
also have different clearance and settlement procedures that could cause the Fund to encounter difficulties in purchasing and selling
securities on such markets and may result in the Fund missing attractive investment opportunities or experiencing loss. In addition,
a portfolio that includes foreign securities can expect to have a higher expense ratio because of the increased transaction costs on
non-U.S. securities markets and the increased costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in the countries
that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have historically experienced,
and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt,
balance of payments and trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political
uncertainty and instability. The cost of servicing external debt will generally be adversely affected by rising international interest
rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or trust
companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs may not necessarily
be denominated in the same currency as the securities into which they may be converted, many of the risks associated with foreign securities
may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered
depositary receipts, are under no obligation to distribute stockholder communications to the holders of such receipts, or to pass through
to them any voting rights with respect to the deposited securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following provides more detail on certain pronounced risks with foreign investing:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Foreign
    Currency Risk. &lt;/i&gt;The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars
    or have significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
    including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#x2019;s shares are denominated) and
    such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S. securities
    may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets measured in U.S.
    dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations. Fluctuations in currency
    rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous prices and may also adversely
    affect the performance of such assets.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future. Currency
devaluations generally have a significant and adverse impact on the devaluing country&#x2019;s economy in the short and intermediate term
and on the financial condition and results of companies&#x2019; operations in that country. Currency devaluations may also be accompanied
by significant declines in the values and liquidity of equity and debt securities of affected governmental and private sector entities
generally. To the extent that affected companies have obligations denominated in currencies other than the devalued currency, those companies
may also have difficulty in meeting those obligations under such circumstances, which in turn could have an adverse effect upon the value
of the Fund&#x2019;s investments in such companies. There can be no assurance that current or future developments with respect to foreign
currency devaluations will not impair the Fund&#x2019;s investment flexibility, its ability to achieve its investment objectives or the
value of certain of its foreign currency-denominated investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Tax
    Consequences of Foreign Investing. &lt;/i&gt;The Fund&#x2019;s transactions in foreign currencies, foreign currency-denominated debt obligations
    and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary
    income or loss to the extent such income&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;or loss results from fluctuations in the
    value of the foreign currency concerned. This treatment could increase or decrease the Fund&#x2019;s ordinary income distributions
    to you, and may cause some or all of the Fund&#x2019;s previously distributed income to be classified as a return of capital. In certain
    cases, the Fund may make an election to treat gain or loss attributable to certain investments as capital gain or loss.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;EMU
    and Redenomination Risk. &lt;/i&gt;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the
    European Monetary Union (&#x201c;EMU&#x201d;), or even the collapse of the Euro as a&#160;common currency, arose, creating significant
    volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one
    or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events
    could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution
    of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio
    investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#x2019;s investments in such
    countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline
    significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency
    risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent
    a currency used for redenomination purposes is not specified in respect of certain EMU-related investments, or should the Euro cease
    to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly
    difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification
    of the denomination or value of such securities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Emerging
    Markets Risk. &lt;/i&gt;The considerations noted above in &#x201c;Foreign Securities Risk&#x201d; are generally intensified for investments
    in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
    and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging markets
    may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization,
    confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
    of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging
    securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The
    limited size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities could
    cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market
    size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&#x2019; perceptions,
    whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these markets.
    Other risks include high concentration of market capitalization and trading volume in a small number of issuers representing a&#160;limited
    number of industries, as well as a high concentration of investors and financial intermediaries; overdependence on exports, including
    gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened infrastructure
    and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities
    custodial services and settlement practices. Certain emerging markets may also face other significant&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;internal or external risks, including the
    risk of war and civil unrest. For all of these reasons, investments in emerging markets may be considered speculative.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Eurozone
    Risk. &lt;/i&gt;A number of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties.
    In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments
    in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland. As a result, financial markets in the EU have
    been subject to increased volatility and declines in asset values and liquidity. Responses to these financial problems by European
    governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and
    may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments
    and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.
    Greece, Ireland, and Portugal have already received one or more &#x201c;bailouts&#x201d; from other Eurozone member states, and it
    is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future.
    One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.
    The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Brexit
    Risk. &lt;/i&gt;On January&#160;31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#x201c;Brexit.&#x201d;
    Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#x201c;UK/EU Trade Agreement&#x201d;),
    which came into full force on May&#160;1, 2021 and set out the foundation of the economic and legal framework for trade between the
    United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement
    may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The
    United Kingdom&#x2019;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
    Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards
    between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets,
    and adversely affect our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive
    attractive returns.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected by market
movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential declines in
the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the United Kingdom&#x2019;s
sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located in the United Kingdom or
Europe.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative interest
rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value
(i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may result in
heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest rates.
Among other things, these developments adversely affected the value and exchange rate of the euro and pound sterling, and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;any
similar developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse
effect on the Fund&#x2019;s investments in such countries, other countries that depend on EU countries for significant amounts of trade
or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect the economies
of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries, other countries
that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, certain European countries have recently experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative
value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may result
in heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest
rates. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and
any similar developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse
effect on the Fund&#x2019;s investments in such countries, other countries that depend on EU countries for significant amounts of trade
or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect the economies
of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries, other countries
that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentInDerivativeTransactionsMember_zDhBjeq31IId" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivative Transactions. &lt;/i&gt;&lt;/b&gt;The Fund may participate in certain derivative transactions, as described
herein. Such transactions entail certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks.
Participation in the options or futures markets, in currency exchange transactions and in other derivatives transactions involves investment
risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#x2019;s
prediction of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets
is inaccurate, the consequences to the Fund may leave the Fund in a worse position&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;than
if it had not used such strategies. Risks inherent in the use of options, swaps, foreign currency, futures contracts and options on futures
contracts, securities indices and foreign currencies include:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;dependence
    on the Investment Adviser&#x2019;s ability to predict correctly movements in the direction of the relevant measure;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;imperfect
    correlation between the price of the derivative instrument and movements in the prices of the referenced assets;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    fact that skills needed to use these strategies are different from those needed to select portfolio securities;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible absence of a liquid secondary market for any particular instrument at any time;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible need to defer closing out certain hedged positions to avoid adverse tax consequences;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible inability of the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to
    do so, or the possible need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to
    remain in compliance with the 1940 Act restrictions regarding derivatives transactions; and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges.
Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism
and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities.
The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii)
lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the ability of the Fund to
act upon economic events occurring in the foreign markets during non-business hours in the United States, (iv) the imposition of different
exercise and settlement terms and procedures and margin requirements than in the United States, and (v) less trading volume. Exchanges
on which options, futures, swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take
in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Many
OTC derivatives are valued on the basis of dealers&#x2019; pricing of these instruments. However, the price at which dealers value a particular
derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund wish or be forced
to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#x2019;s net asset value
and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments. Exchange-traded
derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial
and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the
CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives. These margin requirements
will increase the overall costs for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between
the derivative and the underlying security, and there can be no assurance that the Fund&#x2019;s hedging transactions will be effective.
Derivatives may give rise to a form of leverage and may&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;expose
the Fund to greater risk and increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict
the Fund&#x2019;s ability to use these instruments as a part of the Fund&#x2019;s investment strategy, increase the costs of using these
instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative
transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability of
derivatives, or may otherwise adversely affect the value or performance of derivatives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesOfInvestmentCompaniesRiskMember_zQgnsNbmjbm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Securities
of Investment Companies Risk. &lt;/i&gt;&lt;/b&gt;To the extent permitted by law, the Fund may invest in investment company securities, including
preferred stock and the common equity of such companies. Investments in the common equity of investment companies will cause the Fund
to bear a ratable share of any such investment company&#x2019;s expenses, including management fees. The Fund will also remain obligated
to pay management fees to the Investment Adviser with respect to the assets invested in any securities of another investment company.
In these circumstances, holders of the Fund&#x2019;s common stock will be subject to duplicative investment expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotCompleteInvestmentProgramRiskMember_zBLDD0eaqLug" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Long-Term
Objective; Not a Complete Investment Program Risk. &lt;/i&gt;&lt;/b&gt;The Fund is intended for investors seeking long-term capital growth. The Fund
is not meant to provide a vehicle for those who wish to exploit short-term swings in the stock market. An investment in shares of the
Fund should not be considered a complete investment program. Each stockholder should take into account the Fund&#x2019;s investment objectives
as well as the stockholder&#x2019;s other investments when considering an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_z6RA9A6bzu0e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will apply investment
techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired
results.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_zOYFzDslWJr7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Dependence
on Key Personnel Risk. &lt;/i&gt;&lt;/b&gt;The Investment Adviser is dependent upon the expertise of Mr.&#160;Mario J. Gabelli in providing advisory
services with respect to the Fund&#x2019;s investments. If the Investment Adviser were to lose the services of Mr.&#160;Gabelli, its ability
to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for Mr.&#160;Gabelli
in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_zYpYHyQ2bDA5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;General economic and market conditions, such as interest rates, availability of credit, inflation
rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers,
currency exchange controls and national and international political circumstances (including governmental responses to public health
crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide financial markets and economy.
These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit
spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may
adversely affect the Company, including by making valuation of some of the Fund&#x2019;s securities uncertain and/or result in sudden
and significant valuation increases or declines in the Fund&#x2019;s holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition
of financial institutions and the Fund&#x2019;s business, financial condition and results of operation. Market and economic disruptions
have affected, and may in the future affect, consumer confidence&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;levels
and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the
extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs
for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest
rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility,
rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment
objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics, epidemics or outbreaks
of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes
and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign
debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest
in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of
political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility,
may have long-term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and
worldwide.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to supply
chains and energy resources may impact the Fund&#x2019;s portfolio companies, result in an economic downturn or recession either globally
or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military
action, reignited &#x201c;cold&#x201d; wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging
impacts and consequences and have an adverse impact on the Fund&#x2019;s returns and net asset values. In response to the conflict between
Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist
regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. Any of the above
factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect
on the Fund. The Fund has no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly
developing and beyond the Fund&#x2019;s control. Prolonged unrest, military activities, or broad-based sanctions could have a material
adverse effect on companies in which the Fund invests. Such consequences also may increase such companies&#x2019; funding costs or limit
their access to the capital markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed
tariffs on the other country&#x2019;s products. These actions may trigger a significant reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments
of China&#x2019;s export industry, which could have a negative impact the Fund&#x2019;s performance. U.S. companies that source material
and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions.
Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against
safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and
it is unclear whether further tariffs may&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;be
imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Periods
of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain
interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility,
dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund&#x2019;s performance or impair
the Fund&#x2019;s ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_z4gk4i7DR4Hh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Economic
Events and Market Risk. &lt;/i&gt;&lt;/b&gt;Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in many cases
continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many
securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation
of some of the Fund&#x2019;s securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#x2019;s
holdings. If there is a significant decline in the value of the Fund&#x2019;s portfolio, this may impact the asset coverage levels for
the Fund&#x2019;s outstanding leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial
condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have
affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and
default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively
impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly
and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely
affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or
a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_znJzWZDvoJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly impact the regulation
of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax
rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration,
healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can,
and have, been effectuated through executive order. For example, the current administration has taken steps to rejoin the Paris climate
accord of 2015 and incentivize certain clean energy technologies, cancel the Keystone XL pipeline, provide military support to Ukraine
and change immigration enforcement priorities. Other potential changes that could be pursued by the current presidential administration
could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy
and infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy,
securities markets or the financial stability of the U.S. The Fund may be affected by governmental&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;action
in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and
the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government
has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns
of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact
on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could
have a material adverse effect on the Fund&#x2019;s net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those
changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals
and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to &#x201c;sunset&#x201d;
provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility
of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the
deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by
non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international
tax rules. In addition, on August&#160;16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies
key aspects of the Code, including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases
by certain corporations. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an
investment in the Fund&#x2019;s shares and their indirect effect on the value of the Fund&#x2019;s assets, Fund shares or market conditions
generally.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on
the closed-end fund industry in general. The SEC&#x2019;s final rules and amendments that modernize reporting and disclosure, along with
other potential upcoming regulations, could, among other things, restrict the Fund&#x2019;s ability to engage in transactions, and/or
increase overall expenses of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have
a significant adverse effect on the Fund and its ability to achieve its investment objective(s).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--LIBORRiskMember_zjG0qovAdYA2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;LIBOR
Risk. &lt;/i&gt;&lt;/b&gt;The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;)
to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest
at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating
rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
July&#160;2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December&#160;31, 2021. Since December&#160;31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or
are no longer representative.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Overnight
and 12-month US dollar LIBOR settings permanently ceased as of June&#160;30, 2023. 1-, 3-, and 6-month U.S. dollar LIBOR settings will
continue to be published using a synthetic methodology until September&#160;2024. Various financial industry groups have begun planning
for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate.
Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering committee
comprised of large U.S. financial institutions, recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;),
a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities. Abandonment of, or modifications
to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing financial instruments which reference
LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there
are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as
the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition,
SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market
acceptance could adversely affect the return on, value of and market for securities linked to such rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against instruments whose terms currently
include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing
for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative
methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains
uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments.
Moreover, these alternative rate-setting provisions may not be designed for regular use in an environment where LIBOR ceases to be published,
and may be an ineffective fallback following the discontinuation of LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;On
March&#160;15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for utilizing
SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market value of and/or
transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or
on our overall financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_zjnfzis7vNPd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risks. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund or
its stockholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate is evolving,
and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the value of derivative
instruments held by the Fund and the ability of the Fund to pursue its investment strategies. Similarly, the Biden administration has
indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. Changes to the
U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;We
cannot assure you what percentage of the distributions paid on the Fund&#x2019;s shares, if any, will consist of tax-advantaged qualified
dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, meet certain
asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute
for each taxable year at least 90% of its &#x201c;investment company taxable income.&#x201d; Statutory limitations on distributions on
the common stock if the Fund fails to satisfy the 1940 Act&#x2019;s asset coverage requirements could jeopardize the Fund&#x2019;s ability
to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes or preferred stock, if any, to the
extent necessary in order to maintain compliance with such asset coverage requirements, there can be no assurance that such actions can
be effected in time to meet the Code requirements. If for any taxable year the Fund does not qualify as a RIC, all of its taxable income
for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions
to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated
earnings and profits. The resulting corporate taxes would materially reduce the Fund&#x2019;s net assets and the amount of cash available
for distribution to stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--Act1940RegulationMember_zyWR3vZ2djui" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;1940
Act Regulation. &lt;/i&gt;&lt;/b&gt;The Fund is a registered closed-end investment company and as such is subject to regulations under the 1940 Act.
Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the 1940 Act or any
rule or regulation thereunder is unenforceable by either party unless a court finds otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_zf3QBhDOhHpl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Legislation
Risk. &lt;/i&gt;&lt;/b&gt;At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets of
the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot predict the
effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental regulation
will not adversely affect the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_zo29omJttOdk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Reliance
on Service Providers Risk. &lt;/i&gt;&lt;/b&gt;The Fund must rely upon the performance of service providers to perform certain functions, which may
include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service provider to carry
out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations
to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#x2019;s performance
and returns to stockholders. The termination of the Fund&#x2019;s relationship with any service provider, or any delay in appointing a
replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on
the Fund&#x2019;s performance and returns to stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesRiskMember_z2oloDoRhtKd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities Risk. &lt;/i&gt;&lt;/b&gt;Consistent with applicable regulatory requirements and the Fund&#x2019;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are callable
at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with applicable regulatory
requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned securities while at the same
time earning interest on the cash amounts deposited as collateral, which will be invested in short-term obligations. The Fund&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;will
not lend its portfolio securities if such loans are not permitted by the laws or regulations of any state in which its shares are qualified
for sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_zdYvuhY0qVI2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Cybersecurity
Risk. &lt;/i&gt;&lt;/b&gt;The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized
monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized
access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund&#x2019;s
operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service
providers. Cyber attacks are becoming increasingly common and more sophisticated, and may be perpetrated by computer hackers, cyber-terrorists
or others engaged in corporate espionage. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely
impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders
to transact business and the Fund to process transactions; inability to calculate the Fund&#x2019;s net asset value; violations of applicable
privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/ or additional
compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber
security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers
to lose value. There have been a number of recent highly publicized cases of companies reporting the unauthorized disclosure of client
or customer information, as well as cyberattacks involving the dissemination, theft and destruction of corporate information or other
assets, as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including
actions by terrorist organizations and hostile foreign governments. Although service providers typically have policies and procedures,
business continuity plans and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations
in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control
the cyber security policies, plans and systems put in place by its service providers or any other third parties whose operations may
affect the Fund or its stockholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Because
technology is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some
risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#x2019;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the
inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises, the
Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_zRBQQRbwXbr5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or the Fund&#x2019;s
service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed
authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which,
in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses
could also result from actions by the Fund&#x2019;s service providers, including, without limitation, failing to recognize trades and
misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which
could result in litigation or serious financial harm, including limiting&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
Fund&#x2019;s business prospects or future marketing activities. Despite the Investment Adviser&#x2019;s due diligence efforts, misconduct
and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Adviser&#x2019;s
due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Investment Adviser will identify
or prevent any such misconduct.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_zNd2EJzUAujj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s Governing Documents include provisions that could limit the ability of other entities or persons
to acquire control of the Fund or convert the Fund to an open-end fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonStockMember_zka4WbrkwA8g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks to Holders of Common Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Dilution
Risk. &lt;/i&gt;&lt;/b&gt;If the Fund determines to conduct a rights offering to subscribe for common stock, holders of common stock may experience
dilution or accretion of the aggregate net asset value of their common stock. Such dilution or accretion will depend upon whether (i)
such stockholders participate in the rights offering and (ii) the Fund&#x2019;s net asset value per common share is above or below the
subscription price on the expiration date of the rights offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Stockholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest in the
Fund than if they exercised their subscription rights. As a result of such an offering, a stockholder may experience dilution in net
asset value per share if the subscription price per share is below the net asset value per share on the expiration date. If the subscription
price per share is below the net asset value per share of the Fund&#x2019;s shares on the expiration date, a stockholder will experience
an immediate dilution of the aggregate net asset value of such stockholder&#x2019;s shares if the stockholder does not participate in
such an offering and the stockholder will experience a reduction in the net asset value per share of such stockholder&#x2019;s shares
whether or not the stockholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any)
if the stockholder does not exercise such stockholder&#x2019;s subscription rights because the Fund does not know what the net asset value
per share will be when the offer expires or what proportion of the subscription rights will be exercised.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund uses financial leverage for investment purposes by issuing preferred stock. The amount of leverage represents
approximately 43% of the Fund&#x2019;s Managed Assets (defined as the aggregate net asset value of outstanding shares of common stock
plus assets attributable to outstanding shares of preferred stock, with no deduction for the liquidation preference of such shares of
preferred stock) as of December&#160;31, 2023.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment objective
and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset value of the Fund
and the asset coverage for the preferred stock. Such volatility may increase the likelihood of the Fund having to sell investments in
order to meet its obligations to make distributions on the preferred stock or principal or interest payments on debt securities, or to
redeem preferred stock or repay debt, when it may be disadvantageous to do so. The Fund&#x2019;s use of leverage may require it to sell
portfolio investments at inopportune times in order to raise cash to redeem preferred stock or otherwise de-leverage so as to maintain
required asset coverage amounts or comply with the mandatory redemption terms of any outstanding preferred stock. The use of leverage
magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. To the extent that the Fund
employs leverage in its investment operations, the Fund is subject to substantial risk of loss. The Fund cannot assure you that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;borrowings
or the issuance of preferred stock will result in a higher yield or return to the holders of the common stock. Also, since the Fund utilizes
leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such a failure to
make distributions could result in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Because
the advisory fee paid to the Investment Adviser is calculated on the basis of the Fund&#x2019;s Managed Assets rather than only on the
basis of net assets attributable to the shares of common stock, the fee may be higher when leverage is utilized, giving the Investment
Adviser an incentive to utilize leverage. However, the Investment Adviser has agreed to reduce any management fee on the incremental
assets attributable to the cumulative preferred stock during the fiscal year if the total return of the net asset value of the outstanding
shares of common stock, including distributions and advisory fee subject to reduction for that year, does not exceed the stated dividend
rate or corresponding swap rate of each particular series of preferred stock. This fee waiver will not apply to any preferred stock issued
from this offering. The Investment Adviser currently intends that the voluntary advisory fee waiver will remain in effect for as long
as the Series C Auction Rate Preferred Stock, Series E Preferred and Series G Preferred are outstanding. The Investment Adviser, however,
reserves the right to modify or terminate the voluntary advisory fee waiver at any time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Portfolio
    Guidelines of Rating Agencies for Preferred Stock and/or Credit Facility. &lt;/i&gt;In order to obtain and maintain attractive credit quality
    ratings for preferred stock, the Fund must comply with investment quality, diversification and other guidelines established by the
    relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940
    Act. In the event that a rating on the Fund&#x2019;s preferred stock is lowered or withdrawn by the relevant rating agency, the Fund
    may also be required to redeem all or part of its outstanding preferred stock, and the common stock of the Fund will lose the potential
    benefits associated with a leveraged capital structure.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p id="xdx_89D_ecef--EffectsOfLeverageTextBlock_zl6lTH7LRj0h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common stock
total return, assuming investment portfolio total returns (comprised of net investment income of the Fund, realized gains or losses of
the Fund and changes in the value of the securities held in the Fund&#x2019;s portfolio) of -10%, -5%. 0%, 5% and 10%. These assumed investment
portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected
to be experienced by the Fund. The table further reflects leverage representing 43% of the Fund&#x2019;s net assets, the Fund&#x2019;s
current projected blended annual average leverage dividend or interest rate of 5.14%, a management fee at an annual rate of 1.00% of
the liquidation preference of any outstanding preferred stock and estimated annual incremental expenses attributable to any outstanding
preferred stock 0.08% of the Fund&#x2019;s net assets attributable to common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 40%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Assumed
    Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;0.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Corresponding
    Return to Common Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecef--ReturnAtMinusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zhm9VQzra4Oj" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(22.32&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecef--ReturnAtMinusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z3I5bgLiIDb1" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(13.52&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtZeroPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zh3TA4SKI2ck" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(4.72&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtPlusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z9i7ZYuRq8sf" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;4.08&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtPlusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zI2vSWXhzRKl" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;12.87&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following factors associated with leveraging could increase the investment risk and volatility of the price of the shares of common stock:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;leveraging
    exaggerates any increase or decrease in the net asset value of the shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    dividend requirements on the Fund&#x2019;s shares of preferred stock may exceed the income from the portfolio securities purchased
    with the proceeds from the issuance of preferred stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value results if the investment performance of the additional securities purchased fails to cover their cost
    to the Fund (including any dividend requirements of preferred stock);&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value could affect the ability of the Fund to make dividend payments on shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Pursuant
to Section&#160;18 of the 1940 Act, it is unlawful for the Fund, as a registered closed-end investment company, to issue any class of
senior security, or to sell any senior security that it issues, unless it can satisfy certain &#x201c;asset coverage&#x201d; ratios. The
asset coverage ratio with respect to a senior security representing indebtedness means the ratio of the value of the Fund&#x2019;s total
assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of the Fund&#x2019;s senior
securities representing indebtedness. The asset coverage ratio with respect to a senior security representing stock means the ratio of
the value of the Fund&#x2019;s total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate
amount of the Fund&#x2019;s senior securities representing indebtedness plus the aggregate liquidation preference of the Fund&#x2019;s
outstanding shares of preferred stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If,
as is the case with the Fund, a registered investment company&#x2019;s senior securities are equity securities, such securities must have
an asset coverage of at least 200% immediately following its issuance. If a registered investment company&#x2019;s senior securities represent
indebtedness, such indebtedness must have an asset coverage of at least 300% immediately after their issuance. Subject to certain exceptions,
during any period following issuance that the Fund fails to satisfy these asset coverage ratios, it will, among other things, be prohibited
from declaring any dividend or declaring any other distribution in respect of its common stock except a dividend payable in shares of
common stock issued by the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AE_zShOiUQp42dd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockDistributionPolicyRiskMember_zW9FXeAipsm1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Distribution Policy Risk. &lt;/i&gt;&lt;/b&gt;The Fund has adopted a policy, which may be changed at any time by the Board, of paying a minimum
annual distribution of 10% of the average net asset value of the Fund to common stockholders. In the event the Fund does not generate
a total return from dividends and interest received and net realized capital gains in an amount equal to or in excess of its stated distribution
in a given year, the Fund may return capital as part of such distribution, which may have the effect of decreasing the asset coverage
per share with respect to the Fund&#x2019;s preferred stock. Distributions on the Fund&#x2019;s common stock may contain a return of capital.
Any return of capital should not be considered by investors as yield or total return on their investment in the Fund. For the fiscal
year ended December&#160;31, 2023, the Fund distributed a return of capital. Distributions sourced from return of capital should not
be considered as dividend yield or the total return from an investment in the Fund. Stockholders who periodically receive the payment
of a dividend or other distribution consisting of a return of capital may be under the impression that they are receiving net profits
when they are not. Stockholders should not assume that the source of a distribution from the Fund is net profit. The composition of each
distribution is estimated based on the earnings of the Fund as of the record date for each distribution. The actual composition of each
of the current year&#x2019;s distributions will be based on the Fund&#x2019;s investment activity through the end of the calendar year.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_zbS59vIkC2Ni" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks to Holders of Fixed Rate Preferred Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Illiquidity
Prior to Exchange Listing. &lt;/i&gt;&lt;/b&gt;Prior to the offering, there will be no public market for any additional series of fixed rate preferred
stock. In the event any additional series of fixed rate preferred stock is issued, prior application will have been made to list such
shares on a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to
exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period,
the underwriters may make a market in such shares, though, they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Price Fluctuation. &lt;/i&gt;&lt;/b&gt;Shares of fixed rate preferred stock may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksForHoldersOfAuctionRatePreferredStockMember_zazwylPh1avc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks for Holders of Auction Rate Preferred Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Auction
Risk. &lt;/i&gt;&lt;/b&gt;You may not be able to sell your auction rate preferred stock at an auction if the auction fails, i.e., if more shares
of auction rate preferred stock are offered for sale than there are buyers for those shares. Also, if you place an order (a hold order)
at an auction to retain auction rate preferred stock only at a specified rate that exceeds the rate set at the auction, you will not
retain your auction rate preferred stock. Additionally, if you place a hold order without specifying a rate below which you would not
wish to continue to hold your shares and the auction sets a below market rate, you will receive a lower rate of return on your shares
than the market rate. Finally, the dividend period may be changed, subject to certain conditions and with notice to the holders of the
auction rate preferred stock, which could also affect the liquidity of your investment. Since February&#160;2008, most auction rate preferred
stock, including our Series C Auction Rate Preferred, have had failed auctions and holders of such stock have suffered reduced liquidity.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Secondary
Market Risk. &lt;/i&gt;&lt;/b&gt;If you try to sell your auction rate preferred stock between auctions, you may not be able to sell them for their
liquidation preference per share or such amount per share plus accumulated dividends. If the Fund has designated a special dividend period
of more than seven days, changes in interest rates could affect the price you would receive if you sold your shares in the secondary
market. Broker-dealers that maintain a secondary trading market for the auction rate preferred stock are not required to maintain this
market, and the Fund is not required to redeem auction rate preferred stock if either an auction or an attempted secondary market sale
fails because of a lack of buyers. The auction rate preferred stock will not be registered on a stock exchange. If you sell your auction
rate preferred stock to a broker-dealer between auctions, you may receive less than the price you paid for them, especially when market
interest rates have risen since the last auction or during a special dividend period. Since February&#160;2008, most auction rate preferred
stock, including our Series C Auction Rate Preferred, have had failed auctions and holders of such stock have suffered reduced liquidity,
including the inability to sell such stock in a secondary market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskForHoldersOfSubscriptionRightsMember_zIBq7M7Sygwl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks for Holders of Subscription Rights&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
is a risk that changes in market conditions may result in the underlying common or preferred stock purchasable upon exercise of the subscription
rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the
subscription rights. Investors who receive subscription rights may find that there is no market to sell rights they do not wish to exercise.
If investors&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;exercise
only a portion of the rights, the number of common or preferred stock issued may be reduced, and the common or preferred stock may trade
at less favorable prices than larger offerings for similar securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--AdditionalRisksRelatingToDerivativeInvestmentsMember_zSid5W1jr7L2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Additional
Risks Relating to Derivative Investments&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Transactions Subject to Rule&#160;18f-4. &lt;/i&gt;&lt;/b&gt;Rule&#160;18f-4 under the 1940 Act governs the Fund&#x2019;s use of derivative instruments
and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule&#160;18f-4 permits the Fund to
enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance
of &#x201c;senior securities&#x201d; under Section&#160;18 of the 1940 Act. Section&#160;18 of the 1940 Act, among other things, prohibits
closed-end funds, including the Fund, from (i) issuing or selling any &#x201c;senior security&#x201d; representing indebtedness unless,
immediately after such issuance or sale, the fund will have asset coverage of at least 300%, and (ii) issuing or selling any &#x201c;senior
security&#x201d; which is stock unless, immediately after such issuance or sale, the fund will have asset coverage of at least 200%. In
connection with the adoption of Rule&#160;18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for
covering Derivatives Transactions and certain financial instruments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Under
Rule&#160;18f-4, &#x201c;Derivatives Transactions&#x201d; include the following: (i) any swap, security-based swap (including a contract
for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any
similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life
of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing;
(iii) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivatives Transactions
under Rule&#160;18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced
(&#x201c;TBA&#x201d;) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically
settle the transaction and the transaction will settle within 35 days of its trade date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Unless
a fund is relying on the Limited Derivatives User Exception (as defined below), the fund must comply with Rule&#160;18f-4 with respect
to its Derivatives Transactions. Rule&#160;18f-4, among other things, requires a fund to (i) appoint a Derivatives Risk Manager, (ii)
maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives
Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument&#x2019;s or portfolio&#x2019;s
potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain reporting and recordkeeping
requirements of the fund&#x2019;s board of directors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Rule&#160;18f-4
provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply
with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if a fund&#x2019;s &#x201c;derivatives
exposure&#x201d; (as defined in Rule&#160;18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule&#160;18f-4)
and the fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the &#x201c;Limited
Derivatives User Exception&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Pursuant
to Rule&#160;18f-4, if the Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate
the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount
of any other &#x201c;senior securities&#x201d; representing indebtedness&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;(e.g.,
bank borrowings, if applicable) when calculating the Fund&#x2019;s asset coverage ratio or (ii) treat all such transactions as Derivatives
Transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
requirements of Rule&#160;18f-4 may limit the Fund&#x2019;s ability to engage in Derivatives Transactions as part of its investment strategies.
These requirements may also increase the cost of the Fund&#x2019;s investments and cost of doing business, which could adversely affect
the value of the Fund&#x2019;s investments and/or the performance of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures Risk. &lt;/i&gt;&lt;/b&gt;Futures and options on futures entail certain risks, including but not limited to the
following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction of the yield
of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging instrument; possible
lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts and the securities being hedged;
and losses from investing in futures transactions that are potentially unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Options
Risk. &lt;/i&gt;&lt;/b&gt;To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the
underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the
exercise price (in the case of a call), the Fund will lose its entire investment in the option.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the price
of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed, the Fund may
be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased on a security, it
will have to exercise the option in order to realize any profit or the option may expire worthless.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts Risk. &lt;/i&gt;&lt;/b&gt;The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency and the
U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such contracts on
a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering into a forward
contract to purchase or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency
at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the
date of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically, commercial
banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are typically consummated
without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring deposits or involving the
payment of commissions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security positions
denominated or quoted&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;in
the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation, respectively, in the value of the
currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter into a forward contract to sell or purchase
a different foreign currency for a fixed U.S. dollar amount where it is believed that the U.S. dollar value of the currency to be sold
or bought pursuant to the forward contract will fall or rise, as the case may be, whenever there is a decline or increase, respectively,
in the U.S. dollar value of the currency in which its portfolio securities are denominated (this practice being referred to as a &#x201c;cross-hedge&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency contracts
is limited to the amount of its aggregate investments in foreign currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations under
the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the
contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency contracts with parties
which the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Transactions Risk. &lt;/i&gt;&lt;/b&gt;The Fund may enter into interest rate swap or cap transactions with respect to all or a portion of any
series of floating rate preferred stock in order to manage the impact on its portfolio of changes in the dividend rate of such stock.
Through these transactions the Fund seeks to obtain the equivalent of a fixed rate for such floating rate preferred stock that is lower
than the Fund would have to pay if it issued fixed rate preferred stock. The use of interest rate swaps and caps is a highly specialized
activity that involves certain risks to the Fund including, among others, counterparty risk and early termination risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased by the
Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties,
the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization
proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing
organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#x2019;
performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations
under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations
to the Fund, or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing organization
in the event of the default by the clearing organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative transactions
benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared
OTC derivative transactions generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will
not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or
not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x201c;counterparty
risk&#x201d; is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has
concentrated its transactions with a single or small group of counterparties.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Regulation Risk. &lt;/i&gt;&lt;/b&gt;The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority to the
CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank Act is intended
to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity
registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units
to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing
and exchange-trading of certain derivatives contracts including many standardized interest rate swaps and credit default index swaps.
The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty
credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central
clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to
certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in the Fund
and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized
reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market
transparency, but may subject the Fund to additional administrative burdens, and the safeguards established to protect trader anonymity
may not function as expected.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85A_zKDTXskbOtR7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_MarketRiskMember"
      id="ixv-21383">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_zo7xH43ioDcb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may
decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets.
The value of a security may decline due to general market conditions which are not specifically related to a particular company, such
as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency
rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors
which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within
an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity
securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect
securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase
in value along with the broader market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For
instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments,
public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can
all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or
economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current
contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the
U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may
in the future result, in a government shutdown, which could have an adverse impact on the Fund&#x2019;s investments and operations. Additional
and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets
and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators
throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy
changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest
rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities
markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing
advantageous investment decisions in a timely manner. To the extent that the Fund focuses its investments in a region enduring geopolitical
market disruption, it will face higher risks of loss, although the increasing interconnectivity between global economies and financial
markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region or
financial&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;market.
Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs
and tolerance for risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Current
market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in fixed income securities. Central banks such
as the Federal Reserve Bank have been increasing interest rates, though this trend has tempered recently as the rate of inflation slows.
There is a risk that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter
a recession. Additional interest rate increases in the future could cause the value of the Fund to decrease. Recently, inflation levels
have been at their highest point in nearly 40 years and the Federal Reserve has been engaged in a campaign to raise certain benchmark
interest rates in an effort to combat inflation. As inflation increases, the real value of the Fund&#x2019;s common stock and distributions
therefore may decline.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result in, among
other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately
price its portfolio investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_InterestRateRiskGenerallyMember"
      id="ixv-21429">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_zf1aOy3DTJDd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk Generally. &lt;/i&gt;&lt;/b&gt;The primary risk associated with dividend-and interest-paying securities is interest rate risk. A decrease
in interest rates will generally result in an increase in the investment value of such securities, while increases in interest rates
will generally result in a decline in the investment value of such securities. This effect is generally more pronounced for fixed rate
securities than for securities whose income rate is periodically reset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;General
interest rate fluctuations may have a substantial negative impact on the Fund&#x2019;s investments, the value of the Fund and the Fund&#x2019;s
rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend rates on current investments
could also have an adverse impact on the Fund&#x2019;s net investment income. An increase in interest rates could decrease the value of
any investments held by the Fund that earn fixed interest or dividend rates, including debt securities, convertible securities, preferred
stocks, loans and high-yield bonds, and also could increase interest or dividend expenses, thereby decreasing net income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater for
those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect interest income
derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value. The Fund may lose money
if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests
in securities that may be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase
(to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset
only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some
fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles of
bond prices also apply to U.S. government securities. A security backed by the &#x201c;full faith and credit&#x201d; of the U.S. government
is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other income- or
dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s use of leverage will tend to increase the Fund&#x2019;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;fixed
rate instruments but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest
do not rise as much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally
will not increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar credit
quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating rate securities,
an increase) in market interest rates will adversely affect the income received from such securities, which may adversely affect the
net asset value of the Fund&#x2019;s common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Central
banks such as the Federal Reserve Bank have been increasing interest rates, though this trend has tempered recently as the rate of inflation
slows. There is a risk that heightened interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;severe
    declines in the Fund&#x2019;s net asset values;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to accurately or reliably value its portfolio;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to pay any dividends or distributions;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inability
    of the Fund to maintain its status as a registered investment company (&#x201c;RIC&#x201d;) under the Internal Revenue Code of 1986,
    as amended (the &#x201c;Code&#x201d;);&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;declines
    in the value of the Fund&#x2019;s investments;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;increased
    risk of default or bankruptcy by the companies in which the Fund invests;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;increased
    risk of companies in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby
    impairing their ability to continue functioning as a going concern; and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;limited
    availability of new investment opportunities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_InflationRiskMember"
      id="ixv-21551">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_zoRCeG2eihHe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation
decreases the value of money. This risk may be elevated compared to historical market conditions because of recent monetary policy measures
and the current interest rate environment. Inflation rates may change frequently and significantly as a result of various factors, including
unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund&#x2019;s investments may not keep pace
with inflation, which may result in losses to Fund stockholders. As inflation increases, the real value of the Fund&#x2019;s shares and
dividends may decline. In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would
likely increase, which would tend to further reduce returns to stockholders. This risk is greater for fixed-income instruments with longer
maturities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_ConvertibleSecuritiesRiskMember"
      id="ixv-21558">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zPPvqzfyju0e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;Convertible securities generally offer lower interest or dividend yields than non-convertible securities of
similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase
as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in the value of the
Fund&#x2019;s holding may occur in the event the underlying stock is subdivided, additional equity securities are issued for below market
value, a stock dividend is declared or the issuer enters into another type of corporate transaction that has a similar effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and preferred
stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest increase. In addition,
although debt securities are liabilities of a corporation which the corporation is generally obligated to repay at a specified time,
debt securities, particularly convertible debt securities, are often subordinated to the claims of some or all of the other creditors
of the corporation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential for capital
appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles include &#x201c;equity-linked&#x201d;
securities, which are securities or derivatives that may have fixed, variable, or no interest payments prior to maturity, may convert
(at the option of the holder or on a mandatory basis) into cash or a combination of cash and common stock, and may be structured to limit
the potential for capital appreciation. Equity-linked securities may be illiquid and difficult to value and may be subject to greater
credit risk than that of other convertibles. Moreover, mandatory conversion securities and equity-linked securities have increased the
sensitivity of the convertible securities market to the volatility of the equity markets and to the special risks of those innovations,
which may include risks different from, and possibly greater than, those associated with traditional convertible securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation of the
corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled to a preference
as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities normally do not
have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Credit
    Risk. &lt;/i&gt;Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
    that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit rating
    of a company&#x2019;s convertible securities is generally lower than that of its conventional debt securities. Convertible securities
    are normally considered &#x201c;junior&#x201d; securities&#x2014;that is, the company usually must pay interest on its conventional
    debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it could invest in
    securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result, the Fund may incur
    cost and delays in enforcing its rights against the issuer.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Market
    Risk. &lt;/i&gt;Although convertible securities do derive part of their value from that of the securities into which they are convertible,
    they are not considered derivative financial instruments. However, the Fund&#x2019;s mandatory convertible securities include features
    which render them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk
    than traditional convertible securities, but generally less than that of the underlying common stock.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Interest
    Rate Risk for Convertible Securities. &lt;/i&gt;The Fund may be subject to a greater risk of rising interest rates due to recent monetary
    measures and the current interest rate environment. The Federal Reserve has been engaged in a campaign to increase certain benchmark
    interest rates, and any additional increases in interest rates would be likely to drive down the prices of convertible securities
    held by the Fund. Convertible securities are particularly sensitive to interest rate changes when their predetermined&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;conversion price is much higher than the
    issuing company&#x2019;s common stock. See &#x201c;&#x2014; General Risks&#x2014;Interest Rate Risks Generally.&#x201d;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Sector
    Risk. &lt;/i&gt;Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will trail
    returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
    securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that dominate
    this market change over time.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_EquityRiskMember"
      id="ixv-21672">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_zHi7TKDJ5V73" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in market
value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities held by
the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund holds. An investment
in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the most part traded on securities
exchanges or in the OTC markets. The market value of these securities, like other market investments, may move up or down, sometimes
rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less than the amount at the time the stockholder
invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_CommonStockRiskMember"
      id="ixv-21679">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_zju7OiA2Z8Yj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;Common stock of an issuer in the Fund&#x2019;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline
in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual value to preferred
stock, bonds and other debt instruments in a company&#x2019;s capital structure, in terms of priority to corporate income, and therefore
will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition, while common stock has
historically generated higher average returns than fixed income securities, common stock has also experienced significantly more volatility
in those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_PreferredStockRiskMember"
      id="ixv-21686">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_z5E3Pxi1xMZa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund&#x2019;s investing in preferred securities, including:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Deferral.
    &lt;/i&gt;Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for
    a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends
    or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Non-Cumulative
    Dividends. &lt;/i&gt;Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid.
    A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
    to make up any arrearages to its stockholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
    not to pay dividends or distributions on such security, the Fund&#x2019;s return from that security may&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;be adversely affected. There is no assurance
    that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be declared or otherwise made
    payable.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Subordination.
    &lt;/i&gt;Preferred securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms of
    priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt
    security instruments.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Liquidity.
    &lt;/i&gt;Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Limited
    Voting Rights. &lt;/i&gt;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company
    unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may
    be entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been paid, the preferred
    security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Special
    Redemption Rights. &lt;/i&gt;In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified
    date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax
    or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_WarrantsAndRightsRiskMember"
      id="ixv-21785">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--WarrantsAndRightsRiskMember_zBowj3rjlGV6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Warrants
and Rights Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in warrants and rights (including those acquired in units or attached to other securities)
which entitle the holder to buy equity securities at a specific price for or at the end of a specific period of time. The Fund will do
so only if the underlying equity securities are deemed appropriate by the Investment Adviser for inclusion in the Fund&#x2019;s portfolio.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investing
in rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and
thus can be a riskier investment. The value of a right or warrant may decline because of a decline in the value of the underlying security,
the passage of time, changes in interest rates or in the dividend or other policies of the Fund whose equity underlies the warrant, a
change in the perception as to the future price of the underlying security, or any combination thereof. Rights and warrants generally
pay no dividends and confer no voting or other rights other than the right to purchase the underlying security.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_NonInvestmentGradeSecuritiesRiskMember"
      id="ixv-21796">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesRiskMember_zVH5Tgm5pdyk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities Risk. &lt;/i&gt;&lt;/b&gt;The prices of these lower grade securities are more sensitive to negative developments, such as a decline
in the issuer&#x2019;s revenues or a general economic downturn, than are the prices of higher grade securities. Securities of below investment
grade quality&#x2014;those securities rated below &#x201c;Baa&#x201d; by Moody&#x2019;s or below &#x201c;BBB&#x201d; by S&amp;amp;P (or unrated
securities considered by the Investment Adviser to be of comparable quality)&#x2014; are predominantly speculative with respect to the
issuer&#x2019;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. Securities rated
below investment grade commonly are referred to as &#x201c;junk bonds&#x201d; or &#x201c;high yield&#x201d; securities and generally pay
a premium above the yields&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;of
U.S. government securities or securities of investment grade issuers because they are subject to greater risks than these securities.
These risks, which reflect their speculative character, include the following:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;greater
    volatility;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;greater
    credit risk and risk of default;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;potentially
    greater sensitivity to general economic or industry conditions;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;potential
    lack of attractive resale opportunities (illiquidity); and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;additional
    expenses to seek recovery from issuers who default.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in the issuer&#x2019;s
revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade securities tend to be less
liquid than investment grade securities. The market value of non-investment grade securities may be more volatile than the market value
of investment grade securities and generally tends to reflect the market&#x2019;s perception of the creditworthiness of the issuer and
short-term market developments to a greater extent than investment grade securities, which primarily reflect fluctuations in general
levels of interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#x2019;s historical
financial condition and the rating agencies&#x2019; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&#x2019;s current financial condition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies involved
in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant financial returns
to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for
successful investments in issuers experiencing significant business and financial difficulties is unusually high. There can be no assurance
that the Fund will correctly evaluate the value of the assets collateralizing its investments or the prospects for a successful reorganization
or similar action. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose all or part
of its investment or may be required to accept collateral with a value less than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The Fund invests
in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their obligations and emerge
from bankruptcy protection and that the value of such issuers&#x2019; securities will appreciate. By investing in the securities of issuers
in default, the Fund bears the risk that these issuers will not continue to honor their obligations or emerge from bankruptcy protection
or that the value of these securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of issuers
in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the issuer.
Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements, value of assets
in relation to historical cost, strength of management, responsiveness to business conditions, credit standing and current anticipated
results of&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;operations.
In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated changes in interest
rates and the outlook for specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible that
statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis. Moreover,
such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the securities by the
Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Income
securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back features that
permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises these rights during
periods of declining interest rates, the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased
return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic recession,
experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the value of such securities
as well as the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance such securities.
The market for those securities could react in a similar fashion in the event of any future economic recession.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_ShortSalesRiskMember"
      id="ixv-21934">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_zP4KWw5MV5p4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk. &lt;/i&gt;&lt;/b&gt;Short-selling involves selling securities which may or may not be owned and borrowing the same securities for delivery
to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security sold short increases
between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the
price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction
costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities).
Although the Fund&#x2019;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered short
sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short position, and
any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the Fund to the risk of
uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which a security may rise. Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.
There is the risk that the securities borrowed by the Fund in connection with a short-sale must be returned to the securities lender
on short notice. If a request for return of borrowed securities occurs at a time when other short-sellers of the security are receiving
similar requests, a &#x201c;short squeeze&#x201d; can occur, and the Fund may be compelled to replace borrowed securities previously sold
short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds
received at the time the securities were originally sold short.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
September&#160;2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held by investment
managers. The SEC&#x2019;s temporary ban on short&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;selling
of such stocks has since expired, but should similar restrictions and/or additional disclosure requirements be promulgated, especially
if market turmoil occurs, the Fund may be forced to cover short positions more quickly than otherwise intended and may suffer losses
as a result. Such restrictions may also adversely affect the ability of the Fund to execute its investment strategies generally. Similar
emergency orders were also instituted in non-U.S. markets in response to increased volatility. The Fund&#x2019;s ability to engage in
short sales is also restricted by various regulatory requirements relating to short sales.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_IndustryConcentrationRiskMember"
      id="ixv-21976">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryConcentrationRiskMember_z3VwjTnKfxz6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Industry
Concentration Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests a significant portion of its assets in companies in the telecommunications, media, publishing,
and entertainment industries, also known as communication services companies, and, as a result, the value of the Fund&#x2019;s shares
is more susceptible to factors affecting those particular types of companies and those industries, including governmental regulation,
a greater price volatility than the overall market, rapid obsolescence of products and services, intense competition, and strong market
reactions to technological developments. Fluctuating domestic and international demand, shifting demographics and often unpredictable
changes in consumer tastes can drastically affect a communication services company&#x2019;s profitability. In addition, while all companies
may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of
hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect
on their businesses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Various
types of ownership restrictions are imposed by the Federal Communications Commission, or FCC, on investment in media companies and cellular
licensees. For example, the FCC&#x2019;s broadcast and cable multiple-ownership and cross ownership rules, which apply to the radio, television,
and cable industries, provide that investment advisers are deemed to have an &#x201c;attributable&#x201d; interest whenever the adviser
has the right to determine how five percent or more of the issued and outstanding voting stock of a broadcast company or cable system
operator may be voted. These rules limit the number of broadcast stations both locally and nationally that a single entity is permitted
to own, operate, or control and prohibit ownership of certain competitive communications providers in the same location. The FCC also
applies limited ownership restrictions on cellular licensees serving rural areas. An attributable interest in a cellular company arises
from the right to control 20% or more of its voting stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#x2019;s ability to invest in certain mass media and cellular companies. In the event that the Investment
Adviser and its affiliates may be deemed to have such an attributable interest, the Board of the Fund may delegate, from time to time,
to the Fund&#x2019;s Proxy Voting Committee, voting power over certain shares of securities held by the Fund in view of these ownership
limitations to ensure compliance with certain FCC regulations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new
regulatory requirements may negatively affect the business of communications companies. Government actions around the world, specifically
in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. The telecommunications, media, publishing,
and entertainment industries can also be significantly affected by intense competition for market share, including competition with alternative
technologies such as wireless communications, product compatibility and standardization, consumer preferences, rapid product obsolescence,
research and development of new products, lack of standardization or compatibility with existing technologies, and a dependency on patent
and copyright protections. Communication&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;services
companies may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly
in developing new products and services using new technology. Technological innovations may make the products and services of certain
communications companies obsolete.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Telecommunications
providers with exposure to the U.S. are generally required to obtain franchises or licenses in order to provide services in a given location.
Licensing and franchise rights in the telecommunications sector are limited, which may provide an advantage to certain participants.
Limited availability of such rights, high barriers to market entry and regulatory oversight, among other factors, have led to consolidation
of companies within the sector, which could lead to further regulation or other negative effects in the future. Telecommunication providers
investing in non-U.S. countries may be subject to similar risks. Additional risks include those related to competitive challenges in
the U.S. from non-U.S. competitors engaged in strategic joint ventures with U.S. companies and in non-U.S. markets from both U.S. and
non-U.S. competitors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Companies
in the media and entertainment industries can be significantly affected by several factors, including competition, particularly in formulation
of products and services using new technologies, cyclicality of revenues and earnings, a potential decrease in the discretionary income
of targeted individuals, changing consumer tastes and interests, and the potential increase in government regulation. Companies in the
media and entertainment industries may become obsolete quickly. Advertising spending can be an important revenue source for media and
entertainment companies. During economic downturns advertising spending typically decreases and, as a result, media and entertainment
companies tend to generate less revenue.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SmallerCompaniesInvestmentRiskMember"
      id="ixv-22030">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallerCompaniesInvestmentRiskMember_zkg7LmpKii7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Smaller
Companies Investment Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in the securities of smaller, less seasoned companies. Smaller companies offer
investment opportunities and additional risks. They may not be well known to the investing public, may not be significantly owned by
institutional investors and may not have steady earnings growth. These companies may have limited product lines and markets, as well
as shorter operating histories, less experienced management and more limited financial resources than larger companies. In addition,
the securities of such companies may be more vulnerable to adverse general market or economic developments, more volatile in price, have
wider spreads between their bid and ask prices and have significantly lower trading volumes than the securities of larger capitalization
companies. As such, securities of these smaller companies may be less liquid than those of larger companies, and may experience greater
price fluctuations than larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors,
which may result in reduced demand.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price.
The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities, particularly when
other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
securities of smaller capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, smaller capitalization securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in smaller capitalization securities requires a longer-term
view.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Securities
of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities
of larger, more established companies or stock market averages in&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;general.
Competitors of certain companies, which may or may not be in the same industry, may have substantially greater financial resources than
the companies in which the Fund may invest.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_MarketValueAndNetAssetValueMember"
      id="ixv-22076">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketValueAndNetAssetValueMember_zEiEzGoZysc5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Value and Net Asset Value. &lt;/i&gt;&lt;/b&gt;The Fund is a diversified, closed-end management investment company. Shares of closed-end funds are
bought and sold in the securities markets and may trade at either a premium to or discount from net asset value. Listed shares of closed-end
investment companies often trade at discounts from net asset value. This characteristic of shares of a closed-end fund is a risk separate
and distinct from the risk that its net asset value may decrease. The Fund cannot predict whether its listed stock will trade at, below,
or above net asset value. As of December&#160;31, 2023, the shares of common stock traded at a premium of 51.60%. Stockholders desiring
liquidity may, subject to applicable securities laws, trade their Fund common stock on the NYSE or other markets on which such shares
may trade at the then-current market value, which may differ from the then-current net asset value. Stockholders will incur brokerage
or other transaction costs to sell stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_ForeignSecuritiesRiskMember"
      id="ixv-22083">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_z9Mx6pcbQgSc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated
with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located in the United
States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable
to those applicable to U.S. companies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Foreign
securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than exists in the United
States. Dividend and interest income may be subject to withholding and other foreign taxes, which may adversely affect the net return
on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect
repatriation of capital invested in certain countries. In addition, with respect to certain countries, there are risks of expropriation,
confiscatory taxation, political or social instability or diplomatic developments that could affect assets of the Fund held in foreign
countries. Dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to
qualified dividend income. Moreover, certain equity investments in foreign issuers classified as passive foreign investment companies
may be subject to additional taxation risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
may be less available information about a foreign company than a U.S. company, and foreign companies may not be subject to accounting,
auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. Foreign securities
markets may have substantially less volume than U.S. securities markets and some foreign company securities are less liquid and their
prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign securities may also be adversely
affected by fluctuations in the rates of exchange between the currencies of different nations and by exchange control regulations, and
there is generally less government supervision and regulation of exchanges, brokers, and issuers than there is in the U.S. The Fund might
have greater difficulty taking appropriate legal action in non-U.S. courts and there may be less developed bankruptcy laws. Foreign markets
also have different clearance and settlement procedures that could cause the Fund to encounter difficulties in purchasing and selling
securities on such markets and may result in the Fund missing attractive investment opportunities or experiencing loss. In addition,
a portfolio that includes foreign securities can expect to have a higher expense ratio because of the increased transaction costs on
non-U.S. securities markets and the increased costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in the countries
that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have historically experienced,
and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt,
balance of payments and trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political
uncertainty and instability. The cost of servicing external debt will generally be adversely affected by rising international interest
rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or trust
companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs may not necessarily
be denominated in the same currency as the securities into which they may be converted, many of the risks associated with foreign securities
may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered
depositary receipts, are under no obligation to distribute stockholder communications to the holders of such receipts, or to pass through
to them any voting rights with respect to the deposited securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following provides more detail on certain pronounced risks with foreign investing:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Foreign
    Currency Risk. &lt;/i&gt;The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars
    or have significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
    including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#x2019;s shares are denominated) and
    such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S. securities
    may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets measured in U.S.
    dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations. Fluctuations in currency
    rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous prices and may also adversely
    affect the performance of such assets.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future. Currency
devaluations generally have a significant and adverse impact on the devaluing country&#x2019;s economy in the short and intermediate term
and on the financial condition and results of companies&#x2019; operations in that country. Currency devaluations may also be accompanied
by significant declines in the values and liquidity of equity and debt securities of affected governmental and private sector entities
generally. To the extent that affected companies have obligations denominated in currencies other than the devalued currency, those companies
may also have difficulty in meeting those obligations under such circumstances, which in turn could have an adverse effect upon the value
of the Fund&#x2019;s investments in such companies. There can be no assurance that current or future developments with respect to foreign
currency devaluations will not impair the Fund&#x2019;s investment flexibility, its ability to achieve its investment objectives or the
value of certain of its foreign currency-denominated investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Tax
    Consequences of Foreign Investing. &lt;/i&gt;The Fund&#x2019;s transactions in foreign currencies, foreign currency-denominated debt obligations
    and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary
    income or loss to the extent such income&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;or loss results from fluctuations in the
    value of the foreign currency concerned. This treatment could increase or decrease the Fund&#x2019;s ordinary income distributions
    to you, and may cause some or all of the Fund&#x2019;s previously distributed income to be classified as a return of capital. In certain
    cases, the Fund may make an election to treat gain or loss attributable to certain investments as capital gain or loss.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;EMU
    and Redenomination Risk. &lt;/i&gt;As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the
    European Monetary Union (&#x201c;EMU&#x201d;), or even the collapse of the Euro as a&#160;common currency, arose, creating significant
    volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one
    or more countries from the EMU, on the U.S. and global economy and securities markets are impossible to predict and any such events
    could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution
    of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio
    investments. If one or more EMU countries were to stop using the Euro as its primary currency, the Fund&#x2019;s investments in such
    countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline
    significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency
    risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent
    a currency used for redenomination purposes is not specified in respect of certain EMU-related investments, or should the Euro cease
    to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly
    difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification
    of the denomination or value of such securities.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Emerging
    Markets Risk. &lt;/i&gt;The considerations noted above in &#x201c;Foreign Securities Risk&#x201d; are generally intensified for investments
    in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
    and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging markets
    may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization,
    confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
    of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging
    securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The
    limited size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities could
    cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market
    size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&#x2019; perceptions,
    whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these markets.
    Other risks include high concentration of market capitalization and trading volume in a small number of issuers representing a&#160;limited
    number of industries, as well as a high concentration of investors and financial intermediaries; overdependence on exports, including
    gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened infrastructure
    and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities
    custodial services and settlement practices. Certain emerging markets may also face other significant&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top; text-align: justify"&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-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;internal or external risks, including the
    risk of war and civil unrest. For all of these reasons, investments in emerging markets may be considered speculative.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Eurozone
    Risk. &lt;/i&gt;A number of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties.
    In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments
    in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland. As a result, financial markets in the EU have
    been subject to increased volatility and declines in asset values and liquidity. Responses to these financial problems by European
    governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and
    may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments
    and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world.
    Greece, Ireland, and Portugal have already received one or more &#x201c;bailouts&#x201d; from other Eurozone member states, and it
    is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future.
    One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.
    The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Brexit
    Risk. &lt;/i&gt;On January&#160;31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#x201c;Brexit.&#x201d;
    Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#x201c;UK/EU Trade Agreement&#x201d;),
    which came into full force on May&#160;1, 2021 and set out the foundation of the economic and legal framework for trade between the
    United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement
    may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The
    United Kingdom&#x2019;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
    Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards
    between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets,
    and adversely affect our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive
    attractive returns.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected by market
movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential declines in
the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the United Kingdom&#x2019;s
sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located in the United Kingdom or
Europe.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative interest
rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value
(i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may result in
heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest rates.
Among other things, these developments adversely affected the value and exchange rate of the euro and pound sterling, and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;any
similar developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse
effect on the Fund&#x2019;s investments in such countries, other countries that depend on EU countries for significant amounts of trade
or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect the economies
of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries, other countries
that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, certain European countries have recently experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative
value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may result
in heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest
rates. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and
any similar developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse
effect on the Fund&#x2019;s investments in such countries, other countries that depend on EU countries for significant amounts of trade
or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect the economies
of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries, other countries
that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SpecialRisksRelatedToInvestmentInDerivativeTransactionsMember"
      id="ixv-22308">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentInDerivativeTransactionsMember_zDhBjeq31IId" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivative Transactions. &lt;/i&gt;&lt;/b&gt;The Fund may participate in certain derivative transactions, as described
herein. Such transactions entail certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks.
Participation in the options or futures markets, in currency exchange transactions and in other derivatives transactions involves investment
risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#x2019;s
prediction of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets
is inaccurate, the consequences to the Fund may leave the Fund in a worse position&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;than
if it had not used such strategies. Risks inherent in the use of options, swaps, foreign currency, futures contracts and options on futures
contracts, securities indices and foreign currencies include:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;dependence
    on the Investment Adviser&#x2019;s ability to predict correctly movements in the direction of the relevant measure;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;imperfect
    correlation between the price of the derivative instrument and movements in the prices of the referenced assets;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    fact that skills needed to use these strategies are different from those needed to select portfolio securities;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible absence of a liquid secondary market for any particular instrument at any time;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible need to defer closing out certain hedged positions to avoid adverse tax consequences;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    possible inability of the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to
    do so, or the possible need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to
    remain in compliance with the 1940 Act restrictions regarding derivatives transactions; and&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges.
Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism
and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities.
The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii)
lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the ability of the Fund to
act upon economic events occurring in the foreign markets during non-business hours in the United States, (iv) the imposition of different
exercise and settlement terms and procedures and margin requirements than in the United States, and (v) less trading volume. Exchanges
on which options, futures, swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take
in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Many
OTC derivatives are valued on the basis of dealers&#x2019; pricing of these instruments. However, the price at which dealers value a particular
derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund wish or be forced
to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#x2019;s net asset value
and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments. Exchange-traded
derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial
and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the
CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives. These margin requirements
will increase the overall costs for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between
the derivative and the underlying security, and there can be no assurance that the Fund&#x2019;s hedging transactions will be effective.
Derivatives may give rise to a form of leverage and may&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;expose
the Fund to greater risk and increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict
the Fund&#x2019;s ability to use these instruments as a part of the Fund&#x2019;s investment strategy, increase the costs of using these
instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative
transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability of
derivatives, or may otherwise adversely affect the value or performance of derivatives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SecuritiesOfInvestmentCompaniesRiskMember"
      id="ixv-22444">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesOfInvestmentCompaniesRiskMember_zQgnsNbmjbm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Securities
of Investment Companies Risk. &lt;/i&gt;&lt;/b&gt;To the extent permitted by law, the Fund may invest in investment company securities, including
preferred stock and the common equity of such companies. Investments in the common equity of investment companies will cause the Fund
to bear a ratable share of any such investment company&#x2019;s expenses, including management fees. The Fund will also remain obligated
to pay management fees to the Investment Adviser with respect to the assets invested in any securities of another investment company.
In these circumstances, holders of the Fund&#x2019;s common stock will be subject to duplicative investment expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_LongTermObjectiveNotCompleteInvestmentProgramRiskMember"
      id="ixv-22451">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotCompleteInvestmentProgramRiskMember_zBLDD0eaqLug" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Long-Term
Objective; Not a Complete Investment Program Risk. &lt;/i&gt;&lt;/b&gt;The Fund is intended for investors seeking long-term capital growth. The Fund
is not meant to provide a vehicle for those who wish to exploit short-term swings in the stock market. An investment in shares of the
Fund should not be considered a complete investment program. Each stockholder should take into account the Fund&#x2019;s investment objectives
as well as the stockholder&#x2019;s other investments when considering an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_ManagementRiskMember"
      id="ixv-22458">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_z6RA9A6bzu0e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will apply investment
techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired
results.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_DependenceOnKeyPersonnelMember"
      id="ixv-22465">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_zOYFzDslWJr7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Dependence
on Key Personnel Risk. &lt;/i&gt;&lt;/b&gt;The Investment Adviser is dependent upon the expertise of Mr.&#160;Mario J. Gabelli in providing advisory
services with respect to the Fund&#x2019;s investments. If the Investment Adviser were to lose the services of Mr.&#160;Gabelli, its ability
to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for Mr.&#160;Gabelli
in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_MarketDisruptionAndGeopoliticalRiskMember"
      id="ixv-22472">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_zYpYHyQ2bDA5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;General economic and market conditions, such as interest rates, availability of credit, inflation
rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers,
currency exchange controls and national and international political circumstances (including governmental responses to public health
crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide financial markets and economy.
These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit
spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may
adversely affect the Company, including by making valuation of some of the Fund&#x2019;s securities uncertain and/or result in sudden
and significant valuation increases or declines in the Fund&#x2019;s holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition
of financial institutions and the Fund&#x2019;s business, financial condition and results of operation. Market and economic disruptions
have affected, and may in the future affect, consumer confidence&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;levels
and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the
extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs
for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest
rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility,
rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment
objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics, epidemics or outbreaks
of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes
and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign
debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest
in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of
political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility,
may have long-term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and
worldwide.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to supply
chains and energy resources may impact the Fund&#x2019;s portfolio companies, result in an economic downturn or recession either globally
or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military
action, reignited &#x201c;cold&#x201d; wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging
impacts and consequences and have an adverse impact on the Fund&#x2019;s returns and net asset values. In response to the conflict between
Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist
regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. Any of the above
factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect
on the Fund. The Fund has no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly
developing and beyond the Fund&#x2019;s control. Prolonged unrest, military activities, or broad-based sanctions could have a material
adverse effect on companies in which the Fund invests. Such consequences also may increase such companies&#x2019; funding costs or limit
their access to the capital markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed
tariffs on the other country&#x2019;s products. These actions may trigger a significant reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments
of China&#x2019;s export industry, which could have a negative impact the Fund&#x2019;s performance. U.S. companies that source material
and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions.
Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against
safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and
it is unclear whether further tariffs may&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;be
imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Periods
of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain
interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility,
dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund&#x2019;s performance or impair
the Fund&#x2019;s ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_EconomicEventsAndMarketRiskMember"
      id="ixv-22553">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_z4gk4i7DR4Hh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Economic
Events and Market Risk. &lt;/i&gt;&lt;/b&gt;Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in many cases
continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many
securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation
of some of the Fund&#x2019;s securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#x2019;s
holdings. If there is a significant decline in the value of the Fund&#x2019;s portfolio, this may impact the asset coverage levels for
the Fund&#x2019;s outstanding leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial
condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have
affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and
default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively
impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly
and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely
affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or
a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_RegulationAndGovernmentInterventionRiskMember"
      id="ixv-22564">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_znJzWZDvoJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly impact the regulation
of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax
rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration,
healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can,
and have, been effectuated through executive order. For example, the current administration has taken steps to rejoin the Paris climate
accord of 2015 and incentivize certain clean energy technologies, cancel the Keystone XL pipeline, provide military support to Ukraine
and change immigration enforcement priorities. Other potential changes that could be pursued by the current presidential administration
could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy
and infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy,
securities markets or the financial stability of the U.S. The Fund may be affected by governmental&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;action
in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and
the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government
has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns
of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact
on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could
have a material adverse effect on the Fund&#x2019;s net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those
changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals
and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to &#x201c;sunset&#x201d;
provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility
of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the
deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by
non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international
tax rules. In addition, on August&#160;16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies
key aspects of the Code, including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases
by certain corporations. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an
investment in the Fund&#x2019;s shares and their indirect effect on the value of the Fund&#x2019;s assets, Fund shares or market conditions
generally.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on
the closed-end fund industry in general. The SEC&#x2019;s final rules and amendments that modernize reporting and disclosure, along with
other potential upcoming regulations, could, among other things, restrict the Fund&#x2019;s ability to engage in transactions, and/or
increase overall expenses of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have
a significant adverse effect on the Fund and its ability to achieve its investment objective(s).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_LIBORRiskMember"
      id="ixv-22614">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--LIBORRiskMember_zjG0qovAdYA2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;LIBOR
Risk. &lt;/i&gt;&lt;/b&gt;The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;)
to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest
at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating
rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
July&#160;2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December&#160;31, 2021. Since December&#160;31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or
are no longer representative.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Overnight
and 12-month US dollar LIBOR settings permanently ceased as of June&#160;30, 2023. 1-, 3-, and 6-month U.S. dollar LIBOR settings will
continue to be published using a synthetic methodology until September&#160;2024. Various financial industry groups have begun planning
for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate.
Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering committee
comprised of large U.S. financial institutions, recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;),
a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities. Abandonment of, or modifications
to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing financial instruments which reference
LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there
are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as
the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition,
SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market
acceptance could adversely affect the return on, value of and market for securities linked to such rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against instruments whose terms currently
include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing
for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative
methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains
uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments.
Moreover, these alternative rate-setting provisions may not be designed for regular use in an environment where LIBOR ceases to be published,
and may be an ineffective fallback following the discontinuation of LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;On
March&#160;15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for utilizing
SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market value of and/or
transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or
on our overall financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_LegalTaxAndRegulatoryRiskMember"
      id="ixv-22664">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_zjnfzis7vNPd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risks. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund or
its stockholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate is evolving,
and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the value of derivative
instruments held by the Fund and the ability of the Fund to pursue its investment strategies. Similarly, the Biden administration has
indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. Changes to the
U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;We
cannot assure you what percentage of the distributions paid on the Fund&#x2019;s shares, if any, will consist of tax-advantaged qualified
dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, meet certain
asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute
for each taxable year at least 90% of its &#x201c;investment company taxable income.&#x201d; Statutory limitations on distributions on
the common stock if the Fund fails to satisfy the 1940 Act&#x2019;s asset coverage requirements could jeopardize the Fund&#x2019;s ability
to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes or preferred stock, if any, to the
extent necessary in order to maintain compliance with such asset coverage requirements, there can be no assurance that such actions can
be effected in time to meet the Code requirements. If for any taxable year the Fund does not qualify as a RIC, all of its taxable income
for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions
to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated
earnings and profits. The resulting corporate taxes would materially reduce the Fund&#x2019;s net assets and the amount of cash available
for distribution to stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_Act1940RegulationMember"
      id="ixv-22702">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--Act1940RegulationMember_zyWR3vZ2djui" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;1940
Act Regulation. &lt;/i&gt;&lt;/b&gt;The Fund is a registered closed-end investment company and as such is subject to regulations under the 1940 Act.
Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the 1940 Act or any
rule or regulation thereunder is unenforceable by either party unless a court finds otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_LegislationRiskMember"
      id="ixv-22709">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_zf3QBhDOhHpl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Legislation
Risk. &lt;/i&gt;&lt;/b&gt;At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets of
the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot predict the
effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental regulation
will not adversely affect the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_RelianceOnServiceProvidersRiskMember"
      id="ixv-22716">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_zo29omJttOdk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Reliance
on Service Providers Risk. &lt;/i&gt;&lt;/b&gt;The Fund must rely upon the performance of service providers to perform certain functions, which may
include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service provider to carry
out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations
to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Fund&#x2019;s performance
and returns to stockholders. The termination of the Fund&#x2019;s relationship with any service provider, or any delay in appointing a
replacement for such service provider, could materially disrupt the business of the Fund and could have a material adverse effect on
the Fund&#x2019;s performance and returns to stockholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_LoansOfPortfolioSecuritiesRiskMember"
      id="ixv-22723">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesRiskMember_z2oloDoRhtKd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities Risk. &lt;/i&gt;&lt;/b&gt;Consistent with applicable regulatory requirements and the Fund&#x2019;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are callable
at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with applicable regulatory
requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned securities while at the same
time earning interest on the cash amounts deposited as collateral, which will be invested in short-term obligations. The Fund&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;will
not lend its portfolio securities if such loans are not permitted by the laws or regulations of any state in which its shares are qualified
for sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_CyberSecurityRiskMember"
      id="ixv-22757">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_zdYvuhY0qVI2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Cybersecurity
Risk. &lt;/i&gt;&lt;/b&gt;The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized
monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized
access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund&#x2019;s
operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service
providers. Cyber attacks are becoming increasingly common and more sophisticated, and may be perpetrated by computer hackers, cyber-terrorists
or others engaged in corporate espionage. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely
impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders
to transact business and the Fund to process transactions; inability to calculate the Fund&#x2019;s net asset value; violations of applicable
privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/ or additional
compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber
security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers
to lose value. There have been a number of recent highly publicized cases of companies reporting the unauthorized disclosure of client
or customer information, as well as cyberattacks involving the dissemination, theft and destruction of corporate information or other
assets, as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including
actions by terrorist organizations and hostile foreign governments. Although service providers typically have policies and procedures,
business continuity plans and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations
in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control
the cyber security policies, plans and systems put in place by its service providers or any other third parties whose operations may
affect the Fund or its stockholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Because
technology is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some
risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#x2019;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the
inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises, the
Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember"
      id="ixv-22768">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_zRBQQRbwXbr5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or the Fund&#x2019;s
service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed
authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which,
in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses
could also result from actions by the Fund&#x2019;s service providers, including, without limitation, failing to recognize trades and
misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which
could result in litigation or serious financial harm, including limiting&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
Fund&#x2019;s business prospects or future marketing activities. Despite the Investment Adviser&#x2019;s due diligence efforts, misconduct
and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Adviser&#x2019;s
due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Investment Adviser will identify
or prevent any such misconduct.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_AntiTakeoverProvisionsMember"
      id="ixv-22802">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_zNd2EJzUAujj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s Governing Documents include provisions that could limit the ability of other entities or persons
to acquire control of the Fund or convert the Fund to an open-end fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SpecialRisksToHoldersOfCommonStockMember"
      id="ixv-22809">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonStockMember_zka4WbrkwA8g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks to Holders of Common Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Dilution
Risk. &lt;/i&gt;&lt;/b&gt;If the Fund determines to conduct a rights offering to subscribe for common stock, holders of common stock may experience
dilution or accretion of the aggregate net asset value of their common stock. Such dilution or accretion will depend upon whether (i)
such stockholders participate in the rights offering and (ii) the Fund&#x2019;s net asset value per common share is above or below the
subscription price on the expiration date of the rights offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Stockholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest in the
Fund than if they exercised their subscription rights. As a result of such an offering, a stockholder may experience dilution in net
asset value per share if the subscription price per share is below the net asset value per share on the expiration date. If the subscription
price per share is below the net asset value per share of the Fund&#x2019;s shares on the expiration date, a stockholder will experience
an immediate dilution of the aggregate net asset value of such stockholder&#x2019;s shares if the stockholder does not participate in
such an offering and the stockholder will experience a reduction in the net asset value per share of such stockholder&#x2019;s shares
whether or not the stockholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any)
if the stockholder does not exercise such stockholder&#x2019;s subscription rights because the Fund does not know what the net asset value
per share will be when the offer expires or what proportion of the subscription rights will be exercised.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund uses financial leverage for investment purposes by issuing preferred stock. The amount of leverage represents
approximately 43% of the Fund&#x2019;s Managed Assets (defined as the aggregate net asset value of outstanding shares of common stock
plus assets attributable to outstanding shares of preferred stock, with no deduction for the liquidation preference of such shares of
preferred stock) as of December&#160;31, 2023.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x2019;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment objective
and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset value of the Fund
and the asset coverage for the preferred stock. Such volatility may increase the likelihood of the Fund having to sell investments in
order to meet its obligations to make distributions on the preferred stock or principal or interest payments on debt securities, or to
redeem preferred stock or repay debt, when it may be disadvantageous to do so. The Fund&#x2019;s use of leverage may require it to sell
portfolio investments at inopportune times in order to raise cash to redeem preferred stock or otherwise de-leverage so as to maintain
required asset coverage amounts or comply with the mandatory redemption terms of any outstanding preferred stock. The use of leverage
magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. To the extent that the Fund
employs leverage in its investment operations, the Fund is subject to substantial risk of loss. The Fund cannot assure you that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;borrowings
or the issuance of preferred stock will result in a higher yield or return to the holders of the common stock. Also, since the Fund utilizes
leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such a failure to
make distributions could result in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Because
the advisory fee paid to the Investment Adviser is calculated on the basis of the Fund&#x2019;s Managed Assets rather than only on the
basis of net assets attributable to the shares of common stock, the fee may be higher when leverage is utilized, giving the Investment
Adviser an incentive to utilize leverage. However, the Investment Adviser has agreed to reduce any management fee on the incremental
assets attributable to the cumulative preferred stock during the fiscal year if the total return of the net asset value of the outstanding
shares of common stock, including distributions and advisory fee subject to reduction for that year, does not exceed the stated dividend
rate or corresponding swap rate of each particular series of preferred stock. This fee waiver will not apply to any preferred stock issued
from this offering. The Investment Adviser currently intends that the voluntary advisory fee waiver will remain in effect for as long
as the Series C Auction Rate Preferred Stock, Series E Preferred and Series G Preferred are outstanding. The Investment Adviser, however,
reserves the right to modify or terminate the voluntary advisory fee waiver at any time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;i&gt;Portfolio
    Guidelines of Rating Agencies for Preferred Stock and/or Credit Facility. &lt;/i&gt;In order to obtain and maintain attractive credit quality
    ratings for preferred stock, the Fund must comply with investment quality, diversification and other guidelines established by the
    relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940
    Act. In the event that a rating on the Fund&#x2019;s preferred stock is lowered or withdrawn by the relevant rating agency, the Fund
    may also be required to redeem all or part of its outstanding preferred stock, and the common stock of the Fund will lose the potential
    benefits associated with a leveraged capital structure.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p id="xdx_89D_ecef--EffectsOfLeverageTextBlock_zl6lTH7LRj0h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common stock
total return, assuming investment portfolio total returns (comprised of net investment income of the Fund, realized gains or losses of
the Fund and changes in the value of the securities held in the Fund&#x2019;s portfolio) of -10%, -5%. 0%, 5% and 10%. These assumed investment
portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected
to be experienced by the Fund. The table further reflects leverage representing 43% of the Fund&#x2019;s net assets, the Fund&#x2019;s
current projected blended annual average leverage dividend or interest rate of 5.14%, a management fee at an annual rate of 1.00% of
the liquidation preference of any outstanding preferred stock and estimated annual incremental expenses attributable to any outstanding
preferred stock 0.08% of the Fund&#x2019;s net assets attributable to common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 40%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Assumed
    Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;0.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Corresponding
    Return to Common Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecef--ReturnAtMinusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zhm9VQzra4Oj" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(22.32&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecef--ReturnAtMinusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z3I5bgLiIDb1" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(13.52&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtZeroPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zh3TA4SKI2ck" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(4.72&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtPlusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z9i7ZYuRq8sf" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;4.08&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtPlusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zI2vSWXhzRKl" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;12.87&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following factors associated with leveraging could increase the investment risk and volatility of the price of the shares of common stock:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;leveraging
    exaggerates any increase or decrease in the net asset value of the shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    dividend requirements on the Fund&#x2019;s shares of preferred stock may exceed the income from the portfolio securities purchased
    with the proceeds from the issuance of preferred stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value results if the investment performance of the additional securities purchased fails to cover their cost
    to the Fund (including any dividend requirements of preferred stock);&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value could affect the ability of the Fund to make dividend payments on shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Pursuant
to Section&#160;18 of the 1940 Act, it is unlawful for the Fund, as a registered closed-end investment company, to issue any class of
senior security, or to sell any senior security that it issues, unless it can satisfy certain &#x201c;asset coverage&#x201d; ratios. The
asset coverage ratio with respect to a senior security representing indebtedness means the ratio of the value of the Fund&#x2019;s total
assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of the Fund&#x2019;s senior
securities representing indebtedness. The asset coverage ratio with respect to a senior security representing stock means the ratio of
the value of the Fund&#x2019;s total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate
amount of the Fund&#x2019;s senior securities representing indebtedness plus the aggregate liquidation preference of the Fund&#x2019;s
outstanding shares of preferred stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If,
as is the case with the Fund, a registered investment company&#x2019;s senior securities are equity securities, such securities must have
an asset coverage of at least 200% immediately following its issuance. If a registered investment company&#x2019;s senior securities represent
indebtedness, such indebtedness must have an asset coverage of at least 300% immediately after their issuance. Subject to certain exceptions,
during any period following issuance that the Fund fails to satisfy these asset coverage ratios, it will, among other things, be prohibited
from declaring any dividend or declaring any other distribution in respect of its common stock except a dividend payable in shares of
common stock issued by the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AE_zShOiUQp42dd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:EffectsOfLeverageTextBlock contextRef="From2023-01-01to2023-12-31" id="ixv-22874">&lt;p id="xdx_89D_ecef--EffectsOfLeverageTextBlock_zl6lTH7LRj0h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common stock
total return, assuming investment portfolio total returns (comprised of net investment income of the Fund, realized gains or losses of
the Fund and changes in the value of the securities held in the Fund&#x2019;s portfolio) of -10%, -5%. 0%, 5% and 10%. These assumed investment
portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected
to be experienced by the Fund. The table further reflects leverage representing 43% of the Fund&#x2019;s net assets, the Fund&#x2019;s
current projected blended annual average leverage dividend or interest rate of 5.14%, a management fee at an annual rate of 1.00% of
the liquidation preference of any outstanding preferred stock and estimated annual incremental expenses attributable to any outstanding
preferred stock 0.08% of the Fund&#x2019;s net assets attributable to common stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 40%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Assumed
    Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;0.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 9%; font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10.0&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Corresponding
    Return to Common Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecef--ReturnAtMinusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zhm9VQzra4Oj" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(22.32&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecef--ReturnAtMinusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z3I5bgLiIDb1" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(13.52&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtZeroPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zh3TA4SKI2ck" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(4.72&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--ReturnAtPlusFivePercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_z9i7ZYuRq8sf" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;4.08&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtPlusTenPercent_dp_c20230101__20231231__cef--RiskAxis__custom--CommonStocksMember_zI2vSWXhzRKl" style="font-weight: bold; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;12.87&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
following factors associated with leveraging could increase the investment risk and volatility of the price of the shares of common stock:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;leveraging
    exaggerates any increase or decrease in the net asset value of the shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;the
    dividend requirements on the Fund&#x2019;s shares of preferred stock may exceed the income from the portfolio securities purchased
    with the proceeds from the issuance of preferred stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value results if the investment performance of the additional securities purchased fails to cover their cost
    to the Fund (including any dividend requirements of preferred stock);&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;a
    decline in net asset value could affect the ability of the Fund to make dividend payments on shares of common stock;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Pursuant
to Section&#160;18 of the 1940 Act, it is unlawful for the Fund, as a registered closed-end investment company, to issue any class of
senior security, or to sell any senior security that it issues, unless it can satisfy certain &#x201c;asset coverage&#x201d; ratios. The
asset coverage ratio with respect to a senior security representing indebtedness means the ratio of the value of the Fund&#x2019;s total
assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of the Fund&#x2019;s senior
securities representing indebtedness. The asset coverage ratio with respect to a senior security representing stock means the ratio of
the value of the Fund&#x2019;s total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate
amount of the Fund&#x2019;s senior securities representing indebtedness plus the aggregate liquidation preference of the Fund&#x2019;s
outstanding shares of preferred stock.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;If,
as is the case with the Fund, a registered investment company&#x2019;s senior securities are equity securities, such securities must have
an asset coverage of at least 200% immediately following its issuance. If a registered investment company&#x2019;s senior securities represent
indebtedness, such indebtedness must have an asset coverage of at least 300% immediately after their issuance. Subject to certain exceptions,
during any period following issuance that the Fund fails to satisfy these asset coverage ratios, it will, among other things, be prohibited
from declaring any dividend or declaring any other distribution in respect of its common stock except a dividend payable in shares of
common stock issued by the Fund.&lt;/span&gt;&lt;/p&gt;

</cef:EffectsOfLeverageTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="From2023-01-012023-12-31_custom_CommonStocksMember"
      decimals="INF"
      id="ixv-30700"
      unitRef="Ratio">-0.2232</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="From2023-01-012023-12-31_custom_CommonStocksMember"
      decimals="INF"
      id="ixv-30701"
      unitRef="Ratio">-0.1352</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="From2023-01-012023-12-31_custom_CommonStocksMember"
      decimals="INF"
      id="ixv-30702"
      unitRef="Ratio">-0.0472</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="From2023-01-012023-12-31_custom_CommonStocksMember"
      decimals="INF"
      id="ixv-30703"
      unitRef="Ratio">0.0408</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="From2023-01-012023-12-31_custom_CommonStocksMember"
      decimals="INF"
      id="ixv-30704"
      unitRef="Ratio">0.1287</cef:ReturnAtPlusTenPercent>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_CommonStockDistributionPolicyRiskMember"
      id="ixv-23041">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockDistributionPolicyRiskMember_zW9FXeAipsm1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Distribution Policy Risk. &lt;/i&gt;&lt;/b&gt;The Fund has adopted a policy, which may be changed at any time by the Board, of paying a minimum
annual distribution of 10% of the average net asset value of the Fund to common stockholders. In the event the Fund does not generate
a total return from dividends and interest received and net realized capital gains in an amount equal to or in excess of its stated distribution
in a given year, the Fund may return capital as part of such distribution, which may have the effect of decreasing the asset coverage
per share with respect to the Fund&#x2019;s preferred stock. Distributions on the Fund&#x2019;s common stock may contain a return of capital.
Any return of capital should not be considered by investors as yield or total return on their investment in the Fund. For the fiscal
year ended December&#160;31, 2023, the Fund distributed a return of capital. Distributions sourced from return of capital should not
be considered as dividend yield or the total return from an investment in the Fund. Stockholders who periodically receive the payment
of a dividend or other distribution consisting of a return of capital may be under the impression that they are receiving net profits
when they are not. Stockholders should not assume that the source of a distribution from the Fund is net profit. The composition of each
distribution is estimated based on the earnings of the Fund as of the record date for each distribution. The actual composition of each
of the current year&#x2019;s distributions will be based on the Fund&#x2019;s investment activity through the end of the calendar year.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember"
      id="ixv-23071">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_zbS59vIkC2Ni" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks to Holders of Fixed Rate Preferred Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Illiquidity
Prior to Exchange Listing. &lt;/i&gt;&lt;/b&gt;Prior to the offering, there will be no public market for any additional series of fixed rate preferred
stock. In the event any additional series of fixed rate preferred stock is issued, prior application will have been made to list such
shares on a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to
exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period,
the underwriters may make a market in such shares, though, they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Market
Price Fluctuation. &lt;/i&gt;&lt;/b&gt;Shares of fixed rate preferred stock may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SpecialRisksForHoldersOfAuctionRatePreferredStockMember"
      id="ixv-23089">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksForHoldersOfAuctionRatePreferredStockMember_zazwylPh1avc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks for Holders of Auction Rate Preferred Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Auction
Risk. &lt;/i&gt;&lt;/b&gt;You may not be able to sell your auction rate preferred stock at an auction if the auction fails, i.e., if more shares
of auction rate preferred stock are offered for sale than there are buyers for those shares. Also, if you place an order (a hold order)
at an auction to retain auction rate preferred stock only at a specified rate that exceeds the rate set at the auction, you will not
retain your auction rate preferred stock. Additionally, if you place a hold order without specifying a rate below which you would not
wish to continue to hold your shares and the auction sets a below market rate, you will receive a lower rate of return on your shares
than the market rate. Finally, the dividend period may be changed, subject to certain conditions and with notice to the holders of the
auction rate preferred stock, which could also affect the liquidity of your investment. Since February&#160;2008, most auction rate preferred
stock, including our Series C Auction Rate Preferred, have had failed auctions and holders of such stock have suffered reduced liquidity.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Secondary
Market Risk. &lt;/i&gt;&lt;/b&gt;If you try to sell your auction rate preferred stock between auctions, you may not be able to sell them for their
liquidation preference per share or such amount per share plus accumulated dividends. If the Fund has designated a special dividend period
of more than seven days, changes in interest rates could affect the price you would receive if you sold your shares in the secondary
market. Broker-dealers that maintain a secondary trading market for the auction rate preferred stock are not required to maintain this
market, and the Fund is not required to redeem auction rate preferred stock if either an auction or an attempted secondary market sale
fails because of a lack of buyers. The auction rate preferred stock will not be registered on a stock exchange. If you sell your auction
rate preferred stock to a broker-dealer between auctions, you may receive less than the price you paid for them, especially when market
interest rates have risen since the last auction or during a special dividend period. Since February&#160;2008, most auction rate preferred
stock, including our Series C Auction Rate Preferred, have had failed auctions and holders of such stock have suffered reduced liquidity,
including the inability to sell such stock in a secondary market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_SpecialRiskForHoldersOfSubscriptionRightsMember"
      id="ixv-23107">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskForHoldersOfSubscriptionRightsMember_zIBq7M7Sygwl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Special
Risks for Holders of Subscription Rights&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
is a risk that changes in market conditions may result in the underlying common or preferred stock purchasable upon exercise of the subscription
rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the
subscription rights. Investors who receive subscription rights may find that there is no market to sell rights they do not wish to exercise.
If investors&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;exercise
only a portion of the rights, the number of common or preferred stock issued may be reduced, and the common or preferred stock may trade
at less favorable prices than larger offerings for similar securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2023-01-012023-12-31_custom_AdditionalRisksRelatingToDerivativeInvestmentsMember"
      id="ixv-23144">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--AdditionalRisksRelatingToDerivativeInvestmentsMember_zSid5W1jr7L2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Additional
Risks Relating to Derivative Investments&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Transactions Subject to Rule&#160;18f-4. &lt;/i&gt;&lt;/b&gt;Rule&#160;18f-4 under the 1940 Act governs the Fund&#x2019;s use of derivative instruments
and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule&#160;18f-4 permits the Fund to
enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance
of &#x201c;senior securities&#x201d; under Section&#160;18 of the 1940 Act. Section&#160;18 of the 1940 Act, among other things, prohibits
closed-end funds, including the Fund, from (i) issuing or selling any &#x201c;senior security&#x201d; representing indebtedness unless,
immediately after such issuance or sale, the fund will have asset coverage of at least 300%, and (ii) issuing or selling any &#x201c;senior
security&#x201d; which is stock unless, immediately after such issuance or sale, the fund will have asset coverage of at least 200%. In
connection with the adoption of Rule&#160;18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for
covering Derivatives Transactions and certain financial instruments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Under
Rule&#160;18f-4, &#x201c;Derivatives Transactions&#x201d; include the following: (i) any swap, security-based swap (including a contract
for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any
similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life
of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing;
(iii) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivatives Transactions
under Rule&#160;18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced
(&#x201c;TBA&#x201d;) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically
settle the transaction and the transaction will settle within 35 days of its trade date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Unless
a fund is relying on the Limited Derivatives User Exception (as defined below), the fund must comply with Rule&#160;18f-4 with respect
to its Derivatives Transactions. Rule&#160;18f-4, among other things, requires a fund to (i) appoint a Derivatives Risk Manager, (ii)
maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives
Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument&#x2019;s or portfolio&#x2019;s
potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain reporting and recordkeeping
requirements of the fund&#x2019;s board of directors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Rule&#160;18f-4
provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply
with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if a fund&#x2019;s &#x201c;derivatives
exposure&#x201d; (as defined in Rule&#160;18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule&#160;18f-4)
and the fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the &#x201c;Limited
Derivatives User Exception&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Pursuant
to Rule&#160;18f-4, if the Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate
the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount
of any other &#x201c;senior securities&#x201d; representing indebtedness&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;(e.g.,
bank borrowings, if applicable) when calculating the Fund&#x2019;s asset coverage ratio or (ii) treat all such transactions as Derivatives
Transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
requirements of Rule&#160;18f-4 may limit the Fund&#x2019;s ability to engage in Derivatives Transactions as part of its investment strategies.
These requirements may also increase the cost of the Fund&#x2019;s investments and cost of doing business, which could adversely affect
the value of the Fund&#x2019;s investments and/or the performance of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures Risk. &lt;/i&gt;&lt;/b&gt;Futures and options on futures entail certain risks, including but not limited to the
following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction of the yield
of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging instrument; possible
lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts and the securities being hedged;
and losses from investing in futures transactions that are potentially unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Options
Risk. &lt;/i&gt;&lt;/b&gt;To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the
underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the
exercise price (in the case of a call), the Fund will lose its entire investment in the option.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the price
of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed, the Fund may
be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased on a security, it
will have to exercise the option in order to realize any profit or the option may expire worthless.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts Risk. &lt;/i&gt;&lt;/b&gt;The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency and the
U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such contracts on
a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering into a forward
contract to purchase or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency
at a future date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the
date of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically, commercial
banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are typically consummated
without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring deposits or involving the
payment of commissions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security positions
denominated or quoted&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;in
the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation, respectively, in the value of the
currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter into a forward contract to sell or purchase
a different foreign currency for a fixed U.S. dollar amount where it is believed that the U.S. dollar value of the currency to be sold
or bought pursuant to the forward contract will fall or rise, as the case may be, whenever there is a decline or increase, respectively,
in the U.S. dollar value of the currency in which its portfolio securities are denominated (this practice being referred to as a &#x201c;cross-hedge&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency contracts
is limited to the amount of its aggregate investments in foreign currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations under
the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the
contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency contracts with parties
which the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Transactions Risk. &lt;/i&gt;&lt;/b&gt;The Fund may enter into interest rate swap or cap transactions with respect to all or a portion of any
series of floating rate preferred stock in order to manage the impact on its portfolio of changes in the dividend rate of such stock.
Through these transactions the Fund seeks to obtain the equivalent of a fixed rate for such floating rate preferred stock that is lower
than the Fund would have to pay if it issued fixed rate preferred stock. The use of interest rate swaps and caps is a highly specialized
activity that involves certain risks to the Fund including, among others, counterparty risk and early termination risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased by the
Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties,
the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization
proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing
organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#x2019;
performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations
under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations
to the Fund, or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing organization
in the event of the default by the clearing organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative transactions
benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared
OTC derivative transactions generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will
not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or
not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;













&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#x201c;counterparty
risk&#x201d; is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has
concentrated its transactions with a single or small group of counterparties.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Regulation Risk. &lt;/i&gt;&lt;/b&gt;The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority to the
CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank Act is intended
to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity
registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units
to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing
and exchange-trading of certain derivatives contracts including many standardized interest rate swaps and credit default index swaps.
The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty
credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central
clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to
certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in the Fund
and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized
reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market
transparency, but may subject the Fund to additional administrative burdens, and the safeguards established to protect trader anonymity
may not function as expected.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
</xbrl>
